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Finance committee flags budget shortfall as transient‑occupancy tax nears expiration
Summary
The finance committee told council a projected deficit is widening as a 0.5% transient occupancy tax is set to expire next March; members recommended a continuing resolution while staff refines budget figures, including a plan to treat the Public Works building separately.
The finance committee reported it completed a first round line‑by‑line review of both the general fund and enterprise funds and identified a significant projected shortfall. Committee members said the expiration of a 0.5 percent transient occupancy tax in March of next year "puts a pretty significant hole" in projected revenues and recommended using a continuing resolution for July while staff finalizes details.
Council members asked about other pressures, including the solid waste fund and a previously discussed $2.18 supplement to rates. Committee members said staff will return with precise break‑even numbers and options. The committee also suggested treating the Public Works building replacement (estimated at about $1,000,000) as a separate agenda item and exploring financing options to spread costs over 20 years.
Finance committee meetings will be adjusted for the budget season; members invited interested residents to attend the next meeting on June 25.
