About two months ago, City CFO Robert Cortinas made a presentation to the International Association of Firefighters Local 51 that included a revised multiyear financial outlook for the City of El Paso through FY 2031.
The previous version of the multiyear outlook was from February 2026 but the revised version, dated August 2026, accounts for the property tax increase incorporated into the FY 2027 budget.
Yes, we are talking about the 6.0% property tax increase on the average-valued single-family residence for FY 2027, which is in addition to the 5.2% increase enacted for FY 2026.
Incumbent city reps. Alejandra Chavez, Ivan Nino, Art Fierro, and Chris Canales voted for both tax increases.
According to Cortinas’ revised projections, the budget gap for FY 2029 will be approximately $12.8 million, the gap for FY 2030 will widen to $22 million, and the gap for FY 2031 will reach $33.8 million.
Taking into account the small budget surpluses projected for fiscal years 2027-2028, the City will need to close a total budget gap of $64.4 million for fiscal years 2027-2031.
This figure, which has not yet been released to the media or public, is based upon several assumptions, including that the police and fire unions don’t force the City into an even more precarious financial position.
Moreover, the figure assumes the City does not issue any additional bonds.
Brace yourself for additional tax increases!