|
|
File #:
|
MISC 24-13
Version:
1
|
Name:
|
FY24-25 Tentative Budget Approval
|
|
Type:
|
Miscellaneous Item
|
Status:
|
Passed
|
|
On agenda:
|
5/7/2024
|
Final action:
|
5/7/2024
|
|
Title:
|
The Mayor and City Council shall discuss and possibly take action on adopting a tentative budget for fiscal year 2024-2025 (FY24-25) and the 10-Year Capital Improvement Plan. Discussion and Action.
|
TITLE
The Mayor and City Council shall discuss and possibly take action on adopting a tentative budget for fiscal year 2024-2025 (FY24-25) and the 10-Year Capital Improvement Plan. Discussion and Action.
AGENDA ITEM DESCRIPTION
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the tentative budget for FY24-25 is presented for Council consideration. The tentative operating and capital budgets, based on Council strategic priorities and staff input, total $289,145,771. The tentative operating budget totals $139,164,814 and the tentative Capital Improvement Projects (CIP) budget totals $149,980,957.
Final budget adoption is scheduled for June 4, 2024, at a Council Meeting.
Operating Budget
The proposed operating budget was developed through input from the January 29, 2024 and April 24, 2024 Council Budget and Finance Committee (BFC) meeting. Based on these meetings, the proposed FY24-25 tentative operating budget totals $139,164,814. The totals, by fund, are as follows:
|
Operating Budget |
|
|
General Fund |
$ 74,350,296 |
|
Special Revenue |
|
|
Highway User Revenue Fund |
$ 4,758,684 |
|
1/2 Cent County Road Tax |
$ 2,110,000 |
|
Grants Operating Fund |
$ 51,543,333 |
|
Debt Service Fund |
$ 6,402,501 |
|
Total Operating Expenditures |
$ 139,164,814 |
The information above includes all operating funds of the City with the General Fund being the largest operating fund.
Capital Budget
The 10-Year Capital Improvement Plan (Plan) serves as the basis for developing the FY24-25 Capital Improvement Projects (CIP) budget. Based on the Plan, the FY24-25 tentative CIP budget totals $149,980,957 and is as follows:
|
Capital Project Funds |
|
|
General Government CIP |
$ 44,551,070 |
|
Grants CIP |
$ 44,950,957 |
|
Fire Impact Fee Fund |
$ 760,000 |
|
Library Impact Fee Fund |
|
|
Parks Impact Fee Fund |
$ 2,612,733 |
|
Police Impact Fee Fund |
$ 3,721,776 |
|
Transportation Impact Fee Fund |
$ 1,918,255 |
|
Special Revenue Funds |
|
|
Highway User Revenue Fund |
$ 1,581,474 |
|
1/2 Cent County Road Tax |
$ 5,227,856 |
|
Asset Replacement Fund |
$ 3,734,082 |
|
Land Acquisition Enhancement Fund |
$ 13,400,000 |
|
Revenue Bond |
$ 27,522,754 |
|
Total Capital Project Funds |
$ 149,980,957 |
PRESENTER
This item will be presented by Matt Kozlowski, Chief Financial Officer.
STAFF RECOMMENDATION
Staff recommends that the Mayor and Council adopt the tentative budget for fiscal year 2024-2025 (FY24-25) and the 10-Year Capital Improvement Plan.
|