Fiscal year

Um, and Europe is also following suit, so their, you know, their, their one-third of their revenue.

Uh, yeah, we've seen their, uh, FY revenue growth go from 41% in FY '23, down to 20% FY '24, 8% FY '25, and Q1 it was 1%.

Um, and that's hurting profits as well.

They've, they reported a loss of 99 million, uh, US recent quarter, um, down from I think it was around 400 million profit-

And similar to ServiceNow and, and a lot of other software companies, you've gotta show and you gotta prove, uh, before the market's going to really re-rate you and, and I think that's a prime example into it at these levels.

What do you, what do you n- do you know what their rule of 40 number is?

Their rule of 40 number is, uh, on FY26 numbers, 54, so 14% revenue growth-

Yeah

Travel bans help, but some of these countries that I've mentioned are not even covered under the current travel bans.

And just to give you an idea of the scale of the problem, in FY twenty-four, which is the last complete year of statistics that I have on this, there were a hundred and fourteen thousand non-immigrant visas and fifteen thousand immigrant visas issued to individuals from those five former Soviet countries.

So that's a big haystack to be trying to track down.

We need to address overstays, create more consequences for visitors and their sponsors.

Thank you.

Moving on to 7B, introduction and first reading of Ordinance 26-10, amending Skagway Municipal Code 4.12.030 Investment Policy to clarify land fund income availability for expenditure in the following fiscal year.

Move for first reading of Ordinance 26-10.

Second.

This land fund and sales tax are the only two remaining to be updated.

Staff wants to wait, obviously, on any kind of sales tax update until we have a resolution on the CLIA lawsuit.

So this is a pretty minor change tweak in language that adds the phrase and estimate, um, what has been happening, um, because of the, uh, I guess the alignment of fiscal years and, um, Deputy Manager Kameka probably spent a lot more time thinking about this today than I did.

But basically what staff has been doing when it comes to budget time, so code says we need to use that interest that goes into the budget cycle, but we don't have that exact number when it comes to budget season.

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This episode is an encore presentation of our conversation about the end of the government fiscal year and all the stress that the government and industry feels during this time of year.

All right, let's get right to it.

When the sun comes up on October 1st, it's a different world if you didn't get your contracts done on time.

What are we talking about here? We're talking about the fact that unlike the money in your pocket, the government's money may disappear at the end of their fiscal year.

So the government fiscal year runs from October 1st to September 30th.

September 30th is literally the last day that certain kinds of money can be spent.

Congress passes it out on a timetable, and we talked about in podcast, uh, 19, The Colors of Money, we talked about some of the things we're gonna touch on later in this episode.