Finance & Budget Committee Meeting 5-6-2026

The City of Evanston Finance & Budget Committee met on May 6, 2026, to discuss several key budget and procurement-related items. The committee approved virtual participation and minutes from the previous meeting. A significant portion of the meeting focused on the 2025 budget amendment, where staff explained that budget amendments are required when actual expenses exceed budgeted amounts in any fund. The committee reviewed overages and underspending across multiple funds, including the general fund, ARPA fund, and capital improvement funds. Members discussed improving budget forecasting and transparency, with suggestions for midyear adjustments and better reporting of fund balances. The committee approved a $1 million transfer from the general fund to the special assessment fund to address a backlog of alley paving petitions. They also deliberated extensively on the West Evanston Tax Increment Financing (TIF) district, ultimately recommending allowing it to expire naturally in 2029 rather than an early termination, considering existing commitments and the impact on local schools. Additionally, the committee reviewed a cost overrun of approximately $538,000 for the 2026 lead service line replacement project, funded through a state loan and water fund, and discussed adjustments to the capital improvement bond issuance, reducing it by $6 million due to current interest rates and project delays. The meeting concluded with plans to address the $12 million budget deficit and upcoming contract reviews to identify structural cost savings and revenue options.