The special fiscal committee met on July 27, 2026, to review the city’s second-quarter financial reports and a long-term financial plan. The meeting included presentations from the city controller and financial staff, public comment, and discussions on state tax law changes, capital funding, and bond timing.
Controller’s Second Quarter Financial Report – City Controller Jeff McKinn presented revenue and expenditure reports for the second quarter. Key points included:
Long‑Term Financial Plan and Capital Needs – Presenters from the finance office (likely the deputy mayor and other staff) discussed:
All right. On that note, I'll uh call this meeting of the uh special fiscal committee in the order on Friday, July 24th at 834 a.m. Um be stock for uh district free fair. Uh we do introduction certain shaker, we thought you should read Justin Chang reading from Angelo. Isabella Montsmith, City Council District What? Sophia McDowell Clerk's Office. Jeff McKinn, City Controller. Regiment, Deputy Maiden. Thank you. Um, so today our um meeting, if we recall, was gonna be a little bit longer because of the buckera information and the never have time problem that we all have whenever we get um into these serious financial reports or reading. Um so we're gonna start with uh controller with second quarter reports, um, and then uh have questions and comments about that from the committee public comments on the reports, and then we will take it away with our more long-term umcial information and challenges. Any questions or concerns about great. Uh thank you very much. Um, so what you have in your packet and also on screen here is the um second quarter uh reports. And just to kind of remind everybody how it's structured, we have uh two revenue reports, which are the same. We're just at two different levels of detail, it's same numbers. Um, and then we have two expense reports, which are at this at the same, they're the same data but at different levels of level detail. And then we have a fund balance report. And I'm happy to take questions about any of them. I'm just gonna point out a few things. This is to kind of tell you about things I looked at when I get reports like that. So um, you know, first let's talk about the expenditures. When we look at the uh expenditure report, you know, one of the things I always look at is just that what percentage of the uh the fund departments lines have been spent uh by this time of year. So what we would expect is about 50% if the budget is being spent down completely in a straight line. So I tend to look at the big operating funds, um, which uh primarily the general fund and the economic development lit fund. Um so if I look at the general fund, and by the way, I the I added these percentages just as I was looking at these, they're not in the version I gave to you. Obviously, percentages would be useful. So we'll just add that to this edition of the report. But you could see that for the general fund, for example, uh we're spending we've got 48.81% of the of the appropriate expenditures spent so far. Um and then for the economic development lit, we have 48.5%. So, you know, in general, that would tell us that you know we're on track to spend uh uh 100 near 100% of the budget with some small uh reversions at the end of the year. However, there are a couple of large expenditures that aren't paid out even within these funds, but instead are paid out at the beginning of the year. So for example, the um almost $4 million in ED lit that's paid out in the ESD budget for Bloomington Transit. Um, that was paid out at the beginning of the year. We also have um project, we also have all the train, which we talked about at the last uh or one of these previous meetings, uh transfers to other funds like alternative transportation, Jack Hopkins, uh sanitation, et cetera, those were also paid out at the beginning of the year. So actually what that tells me is that although we're seeing nearly 50% of the budget be the appropriations being spent down at the midpoint, then in reality, because some big expenses were front loaded that actually were like we would expect to have some uh reversions at the end of the year. So we're actually not, and you know, I don't know a good way to uh to to try to end the indicate that without literally going through every line and doing the projection. But what was the other one? You said Wellington Transit, Jack Hopkins, what was another example? Uh there were a couple of couple of transfers that are done at the beginning of the year. Sanitation. Sanitation, uh also fleets, because you know, the way we manage our our fleet is that each of the uh operating budgets transfer money into the um in the fleets and management of the cars associated vehicles associated with that fund. So yeah, there are a whole bunch of kind of large front loaded expenses, which indicates that we're we're in good shape to have uh some decent reversions by the end of the year in our in our major uh operating funds. Um couple things when uh there is a decent reversions, just giving some number on that might look like well. I mean, we've got so the economic development lit is or the economic development lit payment to bullentin transit is nearly four million dollars. So I would say, you know, because that's all front loaded, I would say two million dollars of that we would have expected in the second half if it had been evenly paid out. So you know, there's two million dollars there, and the the transfers I think were about two million dollars. So you expect another million dollars uh to just you know back of the mapping calculations. Um when you see a negative note, so in other words, more is has been spent than was in the appropriation. Usually what that would mean, well, that could mean a couple of things.