ADMINISTRATIVE REPORT
MEETING DATE: October 12, 2026 AGENDA CATEGORY:
TO: Finance, Economic Development and Jobs Committee
FROM: Randy McKeegan, Finance Director
DATE: October 5, 2026
SUBJECT: Update to General Fund Budget Forecast
[Document Description]
RECOMMENDATION:
Staff recommends the Committee receive and file the presentation of the budget forecast update.
BACKGROUND:
The Finance Department’s Budget Office established a new long-range forecast during the 2024-25 fiscal year to build a better understanding of the sustainability of the City’s General Fund. This forecast showed that ongoing expenditures (and related growth estimates) exceeded ongoing revenues. This deficit pointed to the need to reduce City costs. The initial plan was to initiate cuts over the next three fiscal years (2026-27 through 2028-29) for a total of 16%. With the completion of the 2026-27 Budget, preliminary results of the 2025-26 fiscal year and updates to some cost elements, the Budget Office has been able to update the forecast. Staff will present the updated budget forecast and provide opportunities for discussion.
FISCAL IMPACT:
The full fiscal impact will be explained in more detail when staff does the presentation.
COUNCIL GOAL:
Innovative and Efficient City Government
ATTACHMENTS: