Description
Title: Revenue & Expense Report for First Quarter Fiscal Year 2026
Summary
Executive Communication EC-26-18 provides the Albuquerque City Council with the first quarter revenue and expense report for Fiscal Year 2026. This legislation is crucial as it fulfills the requirement of the Budget Ordinance, which mandates regular updates on the city's financial health. The report outlines projected revenues and expenses across various funds, highlighting key areas such as Gross Receipts Tax (GRT), property taxes, and franchise fees. With GRT expected to grow by 3.4% and property taxes projected to rise by 3.5%, the overall financial outlook for FY/26 remains cautiously optimistic. This transparency allows city officials and the public to assess budgetary impacts and make informed decisions regarding future expenditures and financial planning.