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Council approves FY27 general-fund revenue projections amid sales‑tax slowdown
Summary
Finance staff presented FY27 projections showing flattening sales-tax growth (projected 2% vs prior ~6%) and rising investment revenue; council approved the revenue assumptions to guide the FY27 budget.
Finance staff presented the first budget meeting for fiscal-year 2027 and proposed general-fund revenue projections to guide departmental budgets.
The presentation noted a flattening in city sales-tax growth and proposed a conservative 2% year‑over‑year increase (versus prior years’ roughly 6% growth). Property-tax, investment income and other revenue sources were noted: investment income has improved and the golf-course revenue exceeded expectations, partially offsetting weaker sales-tax performance. Staff cautioned that legislative proposals (including renewed attention to food‑tax exemptions) could change state-shared revenue later in the session.
Council approved the revenue projections to use for the FY27 budgeting process; departments will prepare spending plans based on the approved revenue assumptions and staff will return with the balanced budget required under state law.
Next steps: departments will finalize expenditure requests and staff will present balanced budget options for council review in subsequent meetings leading to final adoption by state statutory deadline.
