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OMB director presents long-range financial plan; report flags reserve risk in late 2020s
Summary
Boca Raton staff told the City Council workshop that, under current assumptions, expenditures are projected to outpace revenues and could draw the general-fund reserve below the 10% target in the late 2020s; pension costs and the end of CRA repayments are key drivers.
Sharon McGuire, director of the Office of Management and Budget, presented the city's 27th update to the long-range financial plan at the May 13 workshop and said the forecast shows expenditures outpacing revenues over the planning horizon, leaving the city to consider options to preserve reserves.
"This is the 27th update to the long range financial plan," McGuire said, framing the document as a planning tool rather than an immediate budget. She said the plan uses a baseline assumption of about 5% average growth in property assessments over the forecast period and roughly 2% growth for other revenues, while projecting higher growth in public-safety personnel costs and a substantial near-term increase in pension contributions for police and fire.
Why it matters: the plan shows the city's general-fund balance declining under current assumptions and could fall below the 10%…
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