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Financial Forecast Cloudy as City Prepares to Unveil New Budget

Financial Forecast Cloudy as City Prepares to Unveil New Budget

01/21/2019 9:50 AM | Margaret Fulton (Administrator)

While the forecast for the City’s General Fund calls for a "modest revenue growth averaging 2.3 annually," a projected $467 million unfunded pension liability could drive the City into increasing debt, officials warned.

The forecast -- which will be presented to the City Council next week -- lays the framework for a Proposed Biennial Budget for Fiscal Year 2019-21 that will be the subject of two study sessions on June 4 and 5, officials said.

The report's ten-year projections show annual general fund revenues dropping under a "probable case scenario" from a $1.1 million surplus in the 2019-20 Fiscal Year to $31.5 million in the red in 2028-29.

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http://backissues.smdp.com/011919.pdf