Champaign’s financial forecast to be discussed Tuesday

A five-year forecast of the City of Champaign’s finances will be discussed at the City Council meeting Tuesday.

The Council will identify measures to ensure a balanced budget for the next two years, and have a general outlook at the next five, according to Champaign’s website.

“Although the forecast projects a balanced budget for the next two years, it indicates that the City’s long-term fiscal picture would probably deteriorate without corrective action,” according to Champaign’s website.

Champaign Finance Director Richard Schnuer explained, “the forecast serves as an early warning signal rather than a prediction of the future,” according to Champaign’s website. “It is based on current trends assuming no corrective measures are taken, but of course, the City will take appropriate measures if needed. Clearly, holding the line on recurring expenditures is critical.”

The Council will also discuss the property tax levy, and staff will recommend additional strategies and that funds be reserved that would normally be allocated to specific purposes during the tax levy process.