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Palo Alto council approves FY2026 midyear technical adjustments and $10M Section 115 pension disbursement
Summary
Council approved staff's midyear budget adjustments recognizing a $9M sales-tax reduction and consolidating reserves; the council authorized a $10 million disbursement from the Section 115 trust toward pension liabilities and asked staff to develop FY27 efficiency options to address a projected structural gap.
The Palo Alto City Council received the FY2026 midyear budget report and unanimously approved a set of technical adjustments and reserve actions recommended by staff.
CFO Lauren Lai and budget staff said the general fund is tracking within expenditure levels but staff recommended recognizing a $9,000,000 reduction in sales-tax revenue and a $1,300,000 reduction in property taxes. To offset these adjustments, staff recommended using the budget stabilization reserve (BSR)…
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