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Finance staff: FY26 first-quarter finances broadly on target, but sales tax softness and GMT reimbursements raise concerns
Summary
Finance staff reported that FY26 first‑quarter revenues and expenditures were largely in line with budgeted estimates but highlighted weakening sales‑tax growth, uncertainty around GMT reimbursements, and some timing effects on capital and personnel accounting.
City finance staff presented the FY26 first‑quarter financial report to the Finance & Budget Committee on Dec. 1, saying overall revenues and expenditures are "in line with budgeted estimates" while flagging several items for monitoring.
Finance presenter Mr. Stoyanov told the committee that, through November, sales tax collections were down 0.3% year‑over‑year while use tax rose 5.8%, leaving combined sales and use tax up 0.9%. He identified the Ground Emergency Medical Transportation (GMT)…
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