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Urbana council holds public hearing on 2027 tax budget; officials say revenue exceeds expenditures
Summary
At a June 2 meeting, Urbana held a public hearing on the city’s 2027 tax budget; Director of Finance Matt Wellbaum said revenues are expected to exceed expenditures and that about 15% of the budget is unencumbered and placed in a rainy‑day fund.
Urbana City Council opened and immediately closed a public hearing on the city’s tax budget for the fiscal year beginning Jan. 1, 2027, at a special meeting June 2.
Director of Finance Matt Wellbaum told the council the revenue estimates for 2027 exceed projected expenditures. “The unencumbered amount went into the city's rainy‑day fund and accounts for roughly fifteen percent of the total budget,” Wellbaum said, and he added the city plans to present the expense budget to Council later this fall.
Council President Paul said the revenue projections are higher than the expenditure plan. Mrs. Bean asked whether water infrastructure will require large increases next year; Wellbaum replied the city is not planning rate increases for next year and noted some debt will come off in the next few years and ease pressure on revenue funds.
Wellbaum also said staff has adjusted interest assumptions for certificates of deposit and is evaluating whether to use a financial advisor to consider investments such as U.S. Treasury bonds.
The hearing was procedural: Council completed the second reading of Ordinance 4429‑26 (the tax budget ordinance) and did not take final action on adoption at the June 2 meeting. President Paul closed the hearing at 6:06 p.m.
