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Finance director reports midyear revenues ahead of expectations; health claims flagged for 2027 budget
Summary
Finance director Meredith Foster told council that general fund revenues are approximately $1.8M above midyear budget and income tax collections are running ~9.1% ahead through June; she warned health-insurance claims are pacing to about $12M for the year and said 2027 departmental contribution rates will increase to rebuild the fund.
Meredith Foster, the city finance director, delivered a midyear review for the fiscal year to 06/30/2026. Foster reported general fund revenues of $23,600,000—about 8.3% above midyear expectations—and general fund expenditures of $22,700,000, roughly 1.5% below budget, leaving the city on track to meet the adopted 2026 budget. Income tax collections totaled $13,100,000, about 9.1% above budget through June, and operating cash remained strong at $15,800,000.
Foster said investment income of $1,120,000 exceeded budget by nearly 18% and that the city has invested approximately $2,000,000 in capital improvements so far. She flagged health insurance claims as an area of risk—about $6,000,000 through June, pacing to roughly $12,000,000 for the year—and said the 2027 budget will include increased departmental health insurance contribution rates to rebuild that fund. Councilors had the opportunity to ask questions; finance signaled continued monitoring of healthcare cost inflation and revenue uncertainty.
