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Mayor presents FY2026 May revision as council wrestles with FY25 shortfall and possible reserve use
Summary
Mayor Todd Gloria and Department of Finance staff briefed the council on the FY2026 May revision and a FY2025 third‑quarter monitoring report that projects a $115.2 million negative net position and recommends authority to tap up to $10.1 million from the city's stability reserve; councilmembers and the public pressed staff for options to restore parks, libraries and other services.
San Diego Mayor Todd Gloria and Department of Finance officials presented the city's fiscal outlook on May 19, telling the City Council that revenues are weaker than expected and that the city faces continuing budget pressures as it finalizes the FY2026 budget.
The mayor said the May revision maintains the administration's stated priorities — public safety, homelessness services, neighborhood infrastructure and equity programs — but acknowledged the city must balance the budget under state law. He urged council members to propose implementable amendments that either identify new revenue or offsetting cuts.
Finance staff detailed the third‑quarter monitoring report and the numbers underpinning the May revision. Department of Finance staff said…
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