Financial Outlook Focuses on Preserving Future Financial Flexibility

The City continues to recognize the importance of controlling budget growth and maintaining healthy reserves, which are vital to providing financial flexibility, promoting stability, as well as protecting the ability to respond quickly to unforeseen circumstances and unanticipated financial challenges.

Over the past fiscal year, the City has worked closely with the City Council, through the Finance Committee, to consider the FY25 Budget in the context of multi-year budget growth projections, slower growth in assessed commercial property values, increased use of reserves, and new anticipated areas of spending. These discussions provided an opportunity to help provide input on the FY25 Budget as well as to begin to create a framework for future discussions related to goals and prioritization.

Looking to the future, several potential large projects and investments may require further discussions regarding prioritization, timing, and possibly tradeoffs. The City will continue to adhere to our five-year financial and capital plan, debt and reserve policies, and the City Council goals as guides in our long-term planning to maintain stability and predictability in our budgeting process.