During a recent government meeting, officials discussed key budgetary allocations and financial strategies for the upcoming fiscal year. A significant focus was placed on the city's unfunded liability, which is projected to be resolved by 2027, contingent on stable stock market conditions. Current estimates suggest the remaining balance could be around $40 million, although precise figures will be provided by the actuary.

Another critical topic was the funding for Wave Transit, which has seen a substantial increase in city contributions. The budget for FY 2025 anticipates a $10 million allocation, up from $8.1 million in FY 2023. This increase is attributed to a decline in federal grant funding, which has historically supported Wave Transit’s operational costs. City officials acknowledged the need for further discussions with Wave Transit to clarify future funding requirements.

The meeting also highlighted a notable rise in business license revenue, projected to increase by $5 million compared to the previous year. However, officials faced questions regarding the allocation of this revenue within the budget, with some members expressing a desire for clearer tracking of these funds.

Additionally, the city is experiencing a boost in interest income from idle funds, with projections indicating a $2 million increase. This uptick is linked to favorable interest rates, although officials cautioned that a decrease in rates is expected in the coming year.

Overall, the discussions underscored the city's ongoing financial challenges and the need for strategic planning to ensure sustainable funding for essential services.