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Budget director outlines midyear projection; city projects about $4.5M surplus while Metro faces a $4.2M gap
Summary
Budget Director Christine Coe presented the midyear projection showing approximately $4.5 million in surplus driven by stronger revenues and agency underspending; the resolution includes technical transfers, $500,000 from contingent reserve to agencies, and increased budget authority for Metro, which projects a separate $4.2 million operating shortfall.
Budget Director Christine Coe presented the city’s midyear projection and the elements of the midyear appropriation resolution. Using actuals through May 31 and agency projections, staff estimate roughly $767,000 above-budget revenues and about $4,000,000 of agency underspending, yielding a projected surplus near $4,500,000.
Coe explained the six main components of the midyear resolution: carry-forward encumbrances, intra-department transfers, appropriating $500,000 from contingent reserve to agencies, increasing Metro Transit budget authority for non-personnel accounts, various other appropriations and transfers, and capital budget adjustments and TIF-related corrections. She noted the projection is a point-in-time analysis with data lag and that some overspending at agency level (for example personnel costs) will be offset by transfers from direct appropriations at year-end.
The committee adopted the resolution unanimously at committee. Coe emphasized that the resolution does not fully close Metro’s projected operating gap; instead it increases non-personnel budget authority for Metro by about $3,000,000 to avoid budget stops while Metro refines options for closing the remainder of the gap.
