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City finances staff recommends 0.75-mill option to restore reserves
Summary
City finance staff presented five millage scenarios and recommended a 0.75-mill increase (proposed millage labeled 5.1876) to restore fund balances and approach a 25% reserve target, while noting substantial cuts would still be required.
Finance director Miss Sherman presented the commission with fund-balance analyses and five millage-rate scenarios and said staff recommendation is the 0.75 option. Sherman summarized the staff figures, saying the 0.75 option "provides an additional 6,600,000" and identified a proposed millage listed in the staff presentation as 5.1876 with a rollback rate shown as 4.2510.
Sherman also walked commissioners through the percentage increases tied to the alternatives and explained how revenue growth and use of fund balance affect unassigned reserves. Commissioners and staff agreed the tentative setting does not finalize the budget and that deeper line‑by‑line review would follow; the Chair said even with a 0.75 option the city still faces a multi‑million dollar gap that will require roughly $17,000,000 in cuts to meet the commission's reserve policy.
