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City staff warns long-range forecast shows expenditures outpacing revenue, reserves projected to decline
Summary
OMB Director Sharon McGuire presented the city's 27th Long Range Financial Plan, showing expenditures rising faster than projected revenues, a forecasted drawdown of the general fund, growing pension costs and a recommendation to explore fees and cost-containment measures to preserve reserves.
Sharon McGuire, the city's director of the Office of Management and Budget, told the city council that the Long Range Financial Plan forecast shows expenditures increasingly outpacing revenues and projects a multi-year drawdown of the general-fund balance if no policy changes are made.
"The forecast allows for improved decision making in maintaining fiscal discipline and delivering essential community services," McGuire said during the presentation of the 27th update to the plan.
The plan focuses on the general fund (with related treatment of transportation, water/sewer, cemetery, sanitation and stormwater funds), uses a baseline built from historical trends and staff's assumptions, and highlights several drivers of future cost pressure. Staff used a working assumption of about 5% average property-tax growth…
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