Photo Credit: YouTube / Budget Manager Yuliya Elbo (left) and Finance Director Jennifer Wakeman (right)
(SAN RAMON, CA.) – The City of San Ramon has begun the process of developing the budget for Fiscal Year 2026-27, which begins on July 1, 2026 and ends on June 30, 2027.
As part of the regular city council meeting on May 12, a presentation was given for the FY26-27 Preliminary Budget.
Over the past two months, Finance Director Jennifer Wakeman and Budget Manager Yuliya Elbo have presented a strategic roadmap for the FY26-27 budget, focusing on long-term fiscal sustainability. Wakeman kicked off the process on Mar. 24 by introducing a 10-year General Fund forecast, revised Measure N projections, and an outline for addressing the deficit through policy and operational shifts.
At the Apr. 14 meeting, Elbo provided information on revenue projections for the budget and emphasized a fiscal sustainability roadmap that aims to keep expenditure growth 2.3% below expected revenue growth to combat the city's ongoing structural deficit.
The discussions continued on Apr. 28, when Wakeman and Elbo provided the council with a picture of the City’s financial commitments and debt service obligations. Their presentation offered a comprehensive look at expenditure projections, reserve calculations, and significant changes to the Capital Improvement Program (CIP) starting in FY26-27.
The first full presentation of the FY26-27 preliminary budget on May 12 highlighted a sobering reality: a persistent deficit and a risky, increasing reliance on Measure N revenues. To balance the budget within the next decade, the city must accelerate its financial resilience efforts.
The defining challenge of the FY26-27 preliminary budget remains the City’s structural deficit. For the sixth consecutive year, the cost of maintaining current service levels is rising faster than recurring revenue. While the City implements a multi-year recovery plan, it continues to rely on one-time funds like Measure N to stabilize the city’s finances.
Excluding Measure N, the city’s preliminary revenue for FY26-27 is projected at $70.4 million, a 6.4% increase over the previous year. This growth is driven by rising property and sales taxes, development fees, and investment income, as well as accounting changes. These increases offset a reduction in franchise fees of $1.8 million following recent contract renegotiations.
The City is actively working to end its reliance on Measure N one-time funding before its 2035 expiration. Once the presentation was concluded, Mayor Mark Armstrong asked about the Financial Resilience Framework, which serves as the strategic blueprint for this transition.
Photo Credit: Attachment F from City of San Ramon Agenda
Finance Director Wakeman provided a breakdown to Armstrong and the council of the framework that was laid out to help explain the process of making operational and policy decisions that will help get the city to financial resilience.
“I tried to frame it as fiscal sustainability, a moment in time, when our operating budget is balanced, and we’re not creating liability somewhere else, but financial resilience is really this set of philosophies and decisions and processes that we built into our organization that helps us to maintain fiscal sustainability,” she says.
Already completed are new and expanded financial norms and budget guidelines. In progress is the established model for forecasting. Referencing the policy and operational discussions, Wakeman emphasizes, “In terms of timeline, this is up to the council when you would like to hear these things.”
In response to the explanation, Armstrong confesses, “I’d like to move quickly. I think that’s going to help us in the long term. The sooner we do it, the better.”
Video Credit: YouTube / Interaction between Councilman Verose and City Manager Steven Spedowfski
When the time came for public comments, all three speakers in attendance voiced their similar concerns. Former councilmember Jim Blickenstaff took to the mic first. While acknowledging staff responsiveness, he expressed concern over the regressive nature of sales tax. He highlighted the “net loser” status of housing developments under state mandates and advocated for a shift toward commercial and entertainment-led revenue streams.
Next up was Paschalis Ntatsos, who, speaking from his perspective as a business owner, flagged a troubling trend of increases in expenses outpacing revenue growth. He critiqued the budget presentation for failing to outline sufficient strategies for increasing city revenue, describing the current investment income of 1.2% as “extremely small.”
Demanding greater transparency, Ntatsos urged the city to adopt a more forward-thinking approach to fiscal growth, noting that these strategic discussions are already long overdue.
Also reinforcing concerns regarding the sunsetting of Measure N was longtime San Ramon resident Yohannes Tilahun.
“To me, it seems like Measure N is a temporary solution. What are we going to do about it? Either we have to increase the revenue or cut expenses, and I don’t hear any of that.”
Citing Contra Costa’s Measure B, he signaled firm opposition to any additional tax burdens on residents. He questioned why car dealerships aren’t pursued as significant revenue generators and insisted on “cost cut” rather than “cost containment,” suggesting a private sector approach to budget management.
Right as he was turning to leave the dais, he wanted to make sure his last point was heard. Worrying about the current 11% investment return, Tilahun bluntly tells the council, “If the market tanks, we’re screwed.”
Finance Director Wakeman reminded the council and the community that “we are continuing these discussions and these efforts towards financial resilience and sustainability. At the July 14 council meeting, we’ll be discussing the long-term financial plan, which will show a ten-year forecast.”
Before the July 14 meeting, the council is set to adopt the FY26-27 proposed budget on May 26.
For more information regarding the FY26-27 budget process, the City of San Ramon has provided a link to subscribe to timely updates.
If you have any questions or comments, please email me at kathleen.p@lead4earth.org or comment below.
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