TITLE
PUBLIC HEARING. A Resolution of the Mayor and City Council of the City of Maricopa, Arizona adopting the final budget for fiscal year 2024-2025 (FY24-25). Discussion and Action.
AGENDA ITEM DESCRIPTION
Title 42 of the Arizona Revised Statutes requires the City of Maricopa to hold a public hearing at which any taxpayer can appear before the Mayor and City Council to comment on the Final Budget for Fiscal Year 2024-2025 prior to formal adoption.
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the final budget for FY24-25 is presented for council consideration. The final operating and capital budgets, based on Council strategic priorities and staff input, total $289,145,771. The final operating budget totals $139,164,814 and the final Capital Improvement Projects (CIP) totals $149,980,957.
Per state statute, the tentative budget was adopted on May 7, 2024. Additionally, a public notice indicating the final budget adoption was to take place on June 4, 2024 was published on May 21, 2024 and again on May 28, 2024.
Operating Budget
The proposed operating budget was developed through input from the April 24, 2024, Council Budget and Finance Committee (BFC) meeting. Based on these meetings, the proposed FY24-25 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 proposed capital budget was developed through input from the January 29, 2024, Council Budget and Finance Committee (BFC) meeting. 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 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.
STAFF RECOMMENDATION
Staff recommends that the Mayor and Council adopt the final budget for fiscal year 2024-2025 (FY24-25) and the 10-Year Capital Improvement Plan.