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City Releases Five-Year Financial Forecast

Annual planning tool anticipates return to historical growth.
March 15, 2024

Today, the City released its five-year forecast for fiscal years 2024 through 2028. Each year, the City of Albuquerque creates this financial planning tool to estimate future revenues and expenditures. This forecast projects a return to historical growth after the post-pandemic recovery and includes impacts to revenues, such as the ongoing phase-out of food and medical hold harmless payments. The minor anticipated deficit can be addressed though program reviews and adjustments.

The City will continue to invest in priority areas like public safety, accomplishing the key milestone of operating the Albuquerque Community Safety Department 24/7; homeless solutions, including ramping up operations at the Gateway Center and bringing more services online; and the City workforce, ensuring wage increases for employees.

The five-year forecast is a conservative projection and does not include the possible economic impacts from large companies like Maxeon and the expansion of Netflix. If these projects come to fruition as planned, they will provide a significant boost to our revenues.

“We believe that fiscal responsibility is a cornerstone of good government, and we will adapt to changes in the financial landscape to put our city in a strong position moving forward,” said Chief Financial Officer Kevin Sourisseau. “We will present a balanced budget that allows us to invest in public safety, homeless solutions, and quality of life projects for our families.”

The five-year forecast helps identify possible financial challenges and opportunities in the coming years. The forecast does not necessarily reflect what will be presented in the upcoming budget.