City of Albuquerque
File #: EC-23-258   
Type: Executive Communication Status: Filed
File created: 3/6/2023 In control: City Council
Final action: 5/1/2023
Enactment date: Enactment #:
Title: Submission Of The Five-Year Forecast FY2023 To FY2027
Attachments: 1. EC-258
Date Action ByActionResultAction Details
5/1/2023 City Council Receipt Be NotedPass Action details
4/17/2023 City Council Accepted with a recommendation Receipt Be Noted  Action details
4/10/2023 Finance & Government Operations Committee Sent to Council with a recommendation of Receipt Be NotedPass Action details
3/6/2023 City Council Received and Referred  Action details
3/6/2023 President Referred  Action details

Mayor Timothy M. Keller


TO: Pat Davis, President, City Council

FROM: Timothy M. Keller, Mayor

SUBJECT: title
Submission Of The Five-Year Forecast FY2023 To FY2027

Attached please find the City of Albuquerque Five-Year Forecast. The Five-Year Forecast estimates future revenues and expenditures for the General Fund and subsidized funds for the current fiscal year, and for fiscal years 2024 through 2027. The purpose of the report is to provide a planning analysis that identifies key trends in revenues and expenditures and information about the financial challenges and opportunities anticipated over the next few years.

As with previous Five-Year Forecasts, the forecast broadly includes potential expenditures but does not reflect expenditure levels that will be presented in the upcoming budget. Similar to previous years, this does forecast unmet deficits for the out-years of the City. This trend continues as result of expanding City needs, historical increases in wages, especially for public safety and more importantly going forward, inflation. This year's forecasted expenditures are particularly impacted by across the board cost inflation, medical and retirement increases. Lastly, expenditures going forward include recurring cost increases made this year pursuant to our requirements with respect to gender pay equity.

With respect to revenues and city income, this forecast shows a leveling off of expected recurring tax revenues. Compared to the last two years, this revenue forecast represents our expectations for the baseline scenario, which excludes any significant one time and supplementary funds, that have been included in the previous two years' revenues. Accordingly, FY23 and FY22 revenues were enhanced by significant non-recurring funding from a variety of sources, such as settlements and COVID related funds, outlined in this report.

My Administration is committed to presenting ...

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