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Controller and deputy controller warn deficit borrowing is a short-term fix as cash flow turns sharply negative
Summary
Deputy Controller Delano Dowell reported a February ending cash balance near negative $66M and projected negative cash through May; the controller's office and council members urged structural revenue or expenditure changes rather than relying on deficit bonds.
Deputy Controller Delano Dowell told the Committee on Finance that the city began February with a negative cash balance of $39,576,000, received $23,108,000 in February receipts and dispersed $49,501,000, leaving a negative ending cash balance of $65,969,000. He projected negative cash-flow through May 2026 that could peak at roughly $94.9 million in the absence of corrective measures and anticipated recovery in June when larger state aid payments arrive.
"We had a negative cash balance of $39,576,000," Delano Dowell…
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