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Glendale's 2026-27 citywide budget totals approximately $1.29 billion, and reflects spending cuts which will visibly impact service timelines, recreational programs, library services, community events and internal capacity, City Manager Roubik Golanian said, adding that "significant and painful" reductions represent an act of preservation to prevent fiscal crisis.

Glendale's local economy, he said, is confronting stagnant job growth with a 5% unemployment rate, and a persistent 3% plus inflation rate that continues to drive up the cost of everything from labor, fuel to concrete and equipment.

"At the same time, Sacramento is pulling back, impacting critical funding for local housing and infrastructure, which effectively shifts the financial burden straight onto our shoulders. Because our revenues have plateaued, while our baseline operational costs have skyrocketed, we could not simply just trim the edges this year, we had to dig deep," Golanian said.

According to the California Association of Realtors, the statewide median home price hit $914,810 in April.

“The increase in the median price was driven in large part by the composition of sales, with a greater share of activity occurring in higher-priced segments of the market,” said Jordan Levine, California Association of Realtors senior vice president and chief economist.

As California home prices set a new record high, Levine said, “housing affordability remains a significant challenge” across the state due to “tight supply and continued competition in many markets.”