Title
Review and Discussion Proposed FY 2027 Mid-Cycle Update
Staffreport
SUMMARY
The City budgets on a biennial cycle every two years. At the midpoint of each biennial, staff reviews revenues and expenditures, recommending necessary adjustments.
The FY 2027 Mid-Cycle update includes proposed changes that will result in a balanced budget. During the FY 2026-27 biennial budget process, City Council provided clear directive to ensure long-term fiscal stability. The proposed changes for consideration will result in a positive outlook on the City’s long-term financial position. The proposed FY 2027 Mid-Cycle update provides projected increases in revenue and reductions in operating expenditures and interfund transfers.
The proposed FY 2027 Mid-Cycle Update presents adjustments for the City Council Finance Committee to consider and provide input before subsequently being considered by City Council for further input and action.
RECOMMENDATIONS
Staff recommend that the City Council Finance Committee review and provide input on proposed changes to the FY 2027 Mid-Cycle update, and proposed changes planned for FY 2028 and FY 2029. That the City Council Finance Committee recommend to present to the full City Council for input and action.
ATTACHMENT
A: Proposed FY 2027 Mid-Cycle Update Presentation
PREPARED BY: Nicole Gonzales, Finance Director