Resolution adopting a fixed two-year budgetary cycle for the following City departments: Airport, Port, and Public Utilities Commission for Fiscal Years 2026-2027 and 2027-2028; and defining terms and setting deadlines.

This resolution establishes a fixed two-year budgetary cycle for the Airport, Port, and Public Utilities Commission for Fiscal Years 2026-2027 and 2027-2028. This means the budget adopted for these departments in FY2026 will remain in effect for FY2027, with potential adjustments under specific conditions.

Key Definitions and Deadlines:

• Significant Revenue Changes: Defined as a greater than 5% increase or decrease between adopted and projected revenues for the Airport, Port, and Public Utilities Commission funds in the second year of the cycle. For the General Fund, this threshold is 2.5%.
• Significant Expenditure Changes: Defined as expenditure changes required to address the defined significant revenue changes.
• Controller's Report: Due by May 1, 2027, to identify projected significant revenue or expenditure changes for FY2027.
• Mayor's Proposed Amendment: Due by June 1, 2027, to address the Controller's findings.