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1/2/2025 <br />13 <br />Capital Improvement Program (cont.) <br />•$18M in various projects were defunded/deferred to fund critical storm <br />drain projects <br />25 <br />Financial Challenges <br />•The City faces significant fiscal challenges in both the operating and capital <br />budgets <br />o Forecasted General Fund structural deficit <br />Insufficient revenues to cover all the funding needs <br />Insufficient funding for many program areas <br />$13M in projected average annual deficit <br />$22M in projected average annual deficit (recession scenario) <br />o Significant infrastructure funding gap <br />$900M for both the General Fund and Enterprise Funds over 10 years <br />o Unfunded retiree medical and pension liabilities <br />Over $200M <br />26 <br />25 <br />26 <br />Page 97 of 109