City News

Mid-Year Budget Review Presentation is Available

 

At the March 25, 2019 City Council meeting, the City’s Finance Director presented an update on the City’s budget and financial projections through the end of the current fiscal year.

This mid-year review is an important step in the City’s financial planning process, as it covers updated projections of revenues and expenditures from the initial estimates used when creating the FY2019 budget. Both revenues and expenditures for the City’s General Fund, which is used for operating costs, increased for FY2019. Revenues are projected to exceed expenditures by $2.4 million, mostly due to projected increases in property and sales tax revenue – two of the most important sources of revenue for the City. Expenditures are projected to be higher due to salary and benefits costs. The presentation also provides an update on the City’s unfunded liabilities including pension and retiree healthcare costs, which contribute to an ongoing structural deficit in the budget. And finally, it highlights changes to the General Fund Reserve, which is funding set aside to cover the costs of future events, such as natural disasters.

Click here for the mid-year budget review presentation.