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Fiscal Year 2025/26 – 2026/27 Budget <br />Development Calendar <br />December 17, 2024 <br />Key Financial Challenges <br />•City faces significant fiscal challenges in both the operating and <br />capital budgets <br />o Forecasted General Fund structural deficit <br />¾$13M in projected average annual deficit <br />¾$ 22M in projected average annual deficit (recession scenario) <br />o Significant infrastructure funding gap <br />¾$900M for both the General Fund and Enterprise Funds over 10 <br />years <br />o Unfunded retiree medical and pension liabilities <br />¾Over $200M <br />2 <br />Page 287 of 893