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Finance presents tentative FY2026–27 budget; council holds discussion only
Summary
Finance staff presented the tentative FY2026–27 budget, highlighting a 2.62% cost-of-living adjustment, a $7.5 million transfer to CIP, 92 net FTEs added, and a $16 million PILT transfer from utilities. The presentation was for discussion only; no adoption occurred.
William Riggs of the finance department presented the tentative FY2026–27 budget to the City Council on April 15. He described the budget development process, said staff included a 2.62% cost-of-living adjustment tied to the December CPI, and noted a $7.5 million transfer to capital projects as part of the plan. Riggs said the budget adds a net 92 full-time-equivalent positions and identified a $16 million transfer in PILT from utilities.
During the presentation Riggs said staff is implementing a new Workday financial system and that current projections show roughly flat growth with about 4% annual revenue increases in the near term. He also said the general fund ended the year at about a 43.9% ending fund balance (far above the city’s 8% policy), representing roughly four months of operations. The presentation included notes on staffing, capital transfers and debt-service projections.
No action was required on the tentative budget; council members asked clarifying questions about process and multi-year outlook and thanked staff for the work. A council member asked for clearer five-year projections once the city’s new financial software is fully implemented.
