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2/9/2026 <br />8 <br />Key Assumptions Beyond Current Budget Cycle <br />(Expenditure Annual Growth) <br />•No change in funding level to the Capital Improvement Program and <br />Deferred Maintenance Program* <br />•Personnel costs: 6.0% in FY28, 4.0% in FY29, and decrease to 2.0% to <br />3.0% in later years due to lower pension costs <br />•Non-personnel costs: 3.0% to 4.0% <br />•Operating transfers: $1.2M to $1.5M <br />•Capital contribution: $3.5M to $5.3M <br />•Deferred maintenance: $5.6M to $6.3M <br />15 <br />*The $44.0M annual funding gap identified in the Asset Management Plan is not addressed in the forecast. <br />Baseline Scenario – Projected Surplus/Deficit <br />16 <br />Note: FY23 available resources were retained in the General Fund to meet the City's 20.0% reserve target. 16.7% is the <br />minimum reserve recommended by the GFOA. <br />15 <br />16 <br />Page 94 of 144