Bob Yancy said:MidRatsAg said:
Bob, this may not be the correct thread, but can you briefly elaborate on some of the immediate impact the budget constraints are likely to have?
The budget is silent on Terafab, SpaceX, semiconductors and any impacts from growth it may have and resources it may require.
It more than doubles capital spending and completely eliminates any new debt capacity through fiscal year 2034.
It requires a tax increase to meet budget on O&M this year, and requires approximately 12 cents of increase over the next handful of years to satisfy debt obligations on the capital side. With retiring debt as we go, that obligation falls to between 4 cents and 5, but that still constitutes an approximate 10% required increase in property taxes for this future council to contend with.
This budget maxes out the credit card with no contemplation of the largest economic development project in our region's history.
It has my primary attention at this time.
Respectfully
Yancy '95
I don't see how you could include anything related to Terafab when it was announced so late in the budget cycle and planning. There were rumors, but it wasn't even officially announced and finalized until Aug 6. You and council already had been meeting for months about the current FY2027 budget.
Wouldn't adding items geared and directed towards Terafab cause you to backtrack and start over? And possibly not have a budget agreed upon in time for FY2027? Surely there are state laws that have to be adhered to, to ensure you meet budget deadlines, no?