Agenda Packets - 2026/04/27 - Laserfiche WebLink

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At the state level, the February 2026 Budget and Economic Forecast is summarized as follows: Minnesota's budget outlook has improved amid significant near-term economic and fiscal uncertainty. The FY 2026-27 projected balance is now $3.7 billion, $1.3 billion higher than November estimates. A slightly improved economic outlook drives a higher revenue forecast largely driven by more volatile sources of revenue. Spending growth outpaces revenue growth through projections for FY 2029. The projected general fund balance for the FY 2028-29 biennium is now $377 million, however a significant structural imbalance remains. Shifting policies at the federal level and missing or incomplete data due to recent federal government shutdowns introduce significant uncertainty to the projections. Finance Department Operations: The audit fieldwork is complete for the 2025 audit and LB Carlson will present their management report at an upcoming Council meeting. Staff is working on the five year financial plan with adoption at a July Council meeting. Staff has started work on the 2027 City budget. Budget work will continue through the summer and into the fall. Recommendation Staff recommends the City Council review and accept the quarterly report. Respectfully Submitted, Gayle Bauman, Finance Director Attachments Exhibit A— General Fund Exhibit B —Other Governmental Funds Exhibit C—Water Fund Exhibit D — Sewer Fund Exhibit E — Street Lighting Fund Exhibit F — Surface Water Management Fund