We're live.

Okay.

So I think it's gonna come.

Good evening, everyone.

Um, I call this committee of the whole meeting to order.

All counselors are present this evening with Councillor Grout attending via Zoom and Councillor Bacca attending via Zoom as well, but he will be attending in person here shortly.

So welcome everyone.

Uh, usually Councilor Grout reads this, and I don't know if she's prepared to read it now on Zoom, or do you want me to go ahead and read it, Councillor Grout?

I'd be happy to read it.

Okay, Madam.

Madam Vice Chair.

Thank you, Madam Chair.

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to 5 p.m.

Tonight is the third of three public hearings.

The council is required to hold on the city's operating budget to consider amendments or committee substitutes.

No live public comment will be taken tonight.

However, live public comment will be taken at the city council meeting on Monday, May 20th.

Thank you, Madam Vice President.

Um now we are on R 36, but before we get started, I am actually gonna have Mr.

Matsko just talk a little bit about the highlights of this budget.

Madam Chair, uh members of the committee, thank you very much.

Tonight we are very pleased to present the committee substitute for R2436.

A thoughtful enhancement to our city's operating budget for fiscal year 2025.

This proposal builds on the solid foundation laid by the budget submitted on April 1st, incorporating critical feedback and new economic data to better serve our community.

Some key highlights of the committee substitute.

Our commitment remains strong with sustained funding for APD, ACS, and AFR.

Additionally, we have initiated a pilot program to offer wraparound services for individuals with psychiatric andor substance abuse disorders using federal waivers.

Recognizing our continued economic challenges, this budget maintains affordability at our senior centers and cultural landmarks by removing proposed fee increases.

It also boosts fundings for food at the centers and supports our biopark and animal welfare shelter animals with additional resources.

To address the impact of economic conditions on our employees, the budgets proposes a cost of living adjustment.

Particularly benefiting those earning less than 75,000 in non-union uh members.

It also lays the groundwork for a comprehensive comprehensive compensation study next fiscal year.

Finally, additional funding for a new food inspector enhances public health and increased library technology funding will expand digital access and educational opportunities across Albuquerque.

The proposed budget before you represents a.6 increase, a 0.6% increase from the initial proposed amounting to $851 million in general fund appropriations.

It is balanced on a recurring basis, leaving an unreserved fund balance of 1.1 million dollars.

Thank you, Mr.

Matsko.

And of course, kudos later, uh depending on where we go with this.

Just joking.

But now I'd like to actually ask our city economist to come up, and that's um Miss Christine Boehner, because um I think we made some changes to the floor sub based on some information that we received from her.

I know I'm going off script, but um Christine Byrne, I'm happy to answer questions.

So I know at the last uh committee, the whole meeting, we were just discussing the economy and and you know um that we had um allocated our growth to be like a point seven percent.

I know after some discussion, can you just tell us a little bit about how you reviewed and came to um the position you're at now?

Member uh madam chair, members of the committee.

Yes.

Uh so uh we get a lot of our uh input data from UNM Bieber, and um Bieber had its 2024 second quarter forecast meeting May 3 May 2nd was the last Thursday, so May May 3rd, uh after, of course, the uh administration uh provided the proposed budget, and in that quarterly report, uh there were a number of variables that had improved slightly since the January um first quarter report.

So, for example, uh employment for the city is projected to grow uh overall.

I believe it was 0.3% faster.

I don't have it in front of me, I apologize.

Maybe 0.4% faster than in January, and more importantly, construction employment was projected to grow faster both in FY24 and in FY25, and that is one of the key elements of the revenue growth model, and then uh additionally, construction is very important uh for you uh GRT growth and uh UNM Bieber provides estimates for housing construction for the city, and my if I memory serves, I believe it was 20% faster expected in FY25 at second quarter than it was in the first quarter, and so that of course isn't um a measure of construction overall, and neither is there a one-to-one relationship, but it does uh give us more confidence in our projection for FY25, and so the additional revenue that you saw 3.8 million.

I wouldn't say that's jumping into an optimistic viewpoint, um, an optimistic scenario per se, but it does give us more confidence, and we can be a little more um confident in the projection.

And so uh taking into account that new revenue.