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At the state level, the legislature is working with a $456 million surplus based on the February 2025 <br />forecast, but are anticipating a $6 billion shortfall for the FY 2028-29 biennium. The Legislature will need <br />to adopt any budget amendments by May 19t", or hold a special session to complete any unfinished <br />business. <br />Finance Department Operations: <br />The audit fieldwork is complete for the 2024 audit and LB Carlson will present their management report <br />at an upcoming Council meeting. Staff is working on the five year financial plan with adoption at a July <br />Council meeting. Staff has started work on the 2026 City budget. Budget work will continue thru the <br />summer and into the fall. <br />Recommendation <br />Staff recommends the City Council review and accept the quarterly report. <br />Respectfully Submitted, <br />Gayle Bauman, Finance Director <br />Attachments <br />Exhibit A — <br />General Fund <br />Exhibit B — <br />Other Governmental Funds <br />Exhibit C — <br />Water Fund <br />Exhibit D — <br />Sewer Fund <br />Exhibit E — <br />Street Lighting Fund <br />Exhibit F — <br />Surface Water Management Fund <br />