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Budget study session: city projects structural deficit; reserves to smooth near-term cost of MOUs
Summary
City staff presented the FY25-26 third-quarter financials and an FY26-27 study session showing a projected FY26 deficit offset by one-time fund-balance programming and a multi-year structural gap driven by salary, PERS and benefit increases; council discussed reserve use, program cuts, and next study sessions.
Budget Manager Janelle presented the finance update and the first study session on the FY26-27 general fund budget. Through the third quarter of FY25-26 the city had received about 67.9% of projected revenue; timing differences explain some categories appearing under target. Staff said property tax and Measure L remain stable sources while sales tax showed mixed sector trends.
The midyear projection shows a FY26 deficit of…
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