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Finance director presents Type A preliminary FY2027 budget projecting $10.1M in revenue
Summary
Erica Solis, director of finance, presented a preliminary FY2027 Type A budget showing $10.1 million in proposed revenues and $9.8 million in proposed expenses, with projected year-end fund balance and reserve guidance; no action was taken tonight.
Erica Solis, the Type A Economic Development Corporation’s director of finance, presented the board with a preliminary FY2027 budget and said no action was required at this meeting. "Revenues for 2027 are budgeted at $10,100,000 while expenses are budgeted at $9,800,000," Solis told the board during her presentation.
Solis said sales-tax-driven revenues through May were trending roughly 1.19% over budget and staff conservatively projected base sales-tax growth of 2% into 2027 before accounting for redevelopment-related receipts. She described expense drivers as primarily debt service and economic-development agreements, and said staff would return next month to request formal budget approval before the citywide budget goes to council for adoption on Sept. 10.
The presentation included fund-balance projections: Solis reported a projected ending fund balance of $21,000,000 as of Sept. 30, 2026, and said the preliminary FY2027 budget would increase the fund balance. She also cited the reserve policy as roughly two months of budgeted sales-tax collections plus one year of debt service. The transcript contains an apparent numeric typo for a post-reserve figure (see audit notes); otherwise Solis said the board would have about $16,500,000 available for one-time allocations after reserves.
