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Commission approves 2025 budget amendments and renames industrial promotion fund
Summary
The Manhattan commission approved amendments to six 2025 funds to align forecasts with expenditures and renamed the industrial promotion fund to the industrial development fund to permit broader economic development uses; both ordinances passed unanimously.
City finance staff presented a proposal to amend six 2025 budget funds—employee benefits, fire pension (KP&F), sales tax estimates, special street maintenance, industrial promotion, and transient guest tax—to reflect updated revenue and expenditure forecasts through Sept. 30, 2025. Staff said sales tax receipts were running roughly 5% above 2024 year-to-date and recommended adjustments to avoid budget shortfalls and to transfer certain balances to allow better use of funds.
During the public hearing, staff explained the industrial promotion fund has parameters that constrain its use and recommended transferring the balance to an economic development fund for greater flexibility. After brief commissioner questions about revenue sources and timing, the commission separately moved and approved ordinance No. 7,797 amending the 2025 budget and ordinance No. 7,798 renaming the industrial promotion fund to the industrial development fund; both measures passed on unanimous 4–0 roll call votes.
"We have budgeted 8.4 currently, and we're asking to amend to 9,000,000," the finance presenter said when describing a proposed sales tax amendment and how the additional funds would be used to support benefit and pension accounts. Commissioners followed up to confirm that special street maintenance revenue comes from dedicated sales tax receipts.
By approving the amendments and the renaming, the commission allowed staff to proceed with transfers and to bring a related ordinance forward for the fund's new structure.
