City Council Meeting

JC MartinezstaffThis proposed financing was incorporated in the manager's proposed FY 2027 budget. Again, given the city's very strong credit ratings and the type of bonds, the city's general obligation school bonds, series 2026, will not require any additional collateral other than a pledge of the city's full faith and credit and general taxing power. the revenues of the city's general fund operations will be the source of repayment for the proposed bond issuance again I have on con bond council for the city along with Davenport here to answer any questions if council has any

Gwen RiddlestaffSo this does not include any new funding for 27 or future. In total, for general fund, we're about $113 million available. There's about $600,000 that's not been committed for schools that was authorized last year, $126 million with other fundings that the city receives from other organizations or other types of taxes that are not general fund. So our recommendations as we continue our FY27 budget deliberations. We'll continue to use the current year trends and update projections to inform your financial decisions on rates, spending priorities, and long-term structural balance. will contain maintain conservative fiscal management will continue to close monitoring of all revenues and expenditures given current geopolitical events and anticipated debt issuances

JC MartinezstaffCOMPENSATION STUDY AND THEN AN ADDITIONAL STUDY OF $200,000 ASSOCIATED WITH A SOLID WASTE FUND TO SORT OF SEE WHAT OPTIONS THE CITY MAY HAVE BASED OFF OF THE RESULTS OF THAT STUDY. THEN LASTLY WE HAD A NEGATIVE OR A BUDGET SAVINGS OF $1.3 MILLION AND IT OPERATED IN MAINTENANCE REDUCTIONS. THIS WAS IN THE CONVERSION OF AVAILABLE BALANCES IN THE CIP FUND THAT WERE TRANSFERRED OVER TO THE GENERAL FUND. AGAIN, THESE WERE MAINTENANCE AND OPERATING EXPENSES, NOT CIP. WHEN THE BUDGET TEAM, SPECIFICALLY DIRECTOR RIDDLE AND JESSICA IMS, WHEN THEY REVIEWED THE BALANCES, THERE WERE SOME FAVORABLE BALANCES THERE AND DISCUSSIONS WITH DEPARTMENT HEADS WE WERE ABLE TO NOT HAVE TO FUND SOME REQUESTS IN FY27.

Daniel AlexanderstaffAs a result of that, um, the revised personal property revenue stays the same B poll doesn't change in this scenario. Neither does that 9% to 12% increase on TOT. We have the old town transfer in here and also the lost revenue on old town hall. So your total revenue impact as a result of this is 213,000 in the positive. And so as you compare from a revenue perspective, the scenario, because it's below what we proposed is pretty significant in terms of revenue impact. Now, on the expense side, we've talked to you before a little bit about the school bond under your previous scenarios, you have the general fund supporting the full bond amount at about 1.6 or so million dollars. As we've talked to you before, we have proposed an option whereby we would pay close to $600,000,

Catherine ReadOther thoughts? Are we getting there, Gwen? okay we're getting there I mean we're still the fact of matter is we're still taking money out of the assigned fund balance one way or the other correct right so we're taking money out of our savings account basically we're taking money out of our savings account for things and so we really do need to think about what what value and what priorities these things have when we're spending money out of our savings account. That's serious to me. I mean, our general fund balance has an enormous impact on our financial health as Wall Street sees it. Can we manage our money? Can we manage our priorities? Can we get to a budget or not? So I'm cognizant that taking money out of our savings account