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Fiscal commission hears midyear budget update; staff warns general fund is in a structural deficit
Summary
Staff told the fiscal commission midyear revenues are below expectations, the reserve projection fell to 8.9% and the general fund is operating in a structural deficit; commissioners asked staff to schedule a special meeting for a deeper review before the council’s June discussion.
The City Fiscal Commission on May 19 received a midyear budget update from staff who said revenues are coming in below expectations and the general fund is facing a structural shortfall.
A staff member responsible for the presentation said the revised general fund revenue for fiscal year 2026 is about $95.6 million, with expenditures revised to roughly $102 million, leaving the general fund showing net activity that staff described as “a deficit of $19,700,000.” "The general fund is operating in a structural deficit," the staff member said, adding that the midyear reserve projection was reduced from 11.5% to 8.9% after rolling forward…
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