TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona adopting the final budget for fiscal year 2019-2020 (FY19-20). Discussion and Action.
AGENDA ITEM DESCRIPTION
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the final budget for FY19-20 is presented for council consideration. The final operating and capital budget, based on Council strategic priorities and staff input, totals $105,654,318. The final operating budget totals $$67,568,626 and the final Capital Improvement Projects (CIP) budget totals $38,085,692.
Per state statute, the tentative budget was adopted on May 7, 2019. Additionally, a public notice indicating the final budget adoption was to take place on June 4, 2019 was published on May 16, 2019 and again on May 28, 2019.
Operating Budget
The operating budget request was developed through input from the April 15, 2019 Council Budget and Finance (BF) Subcommittee.
Based on this meeting, the FY19-20 operating budget request totals $67,568,626. The totals, by fund, are as follows:
|
General Fund |
$ 48,336,095 |
|
Special Revenue Funds |
|
|
Highway User Revenue Fund |
$ 5,326,370 |
|
Grants Operating Fund |
$ 7,800,000 |
|
1/2 Cent County Road Tax |
$ 2,100,000 |
|
Debt Service Fund |
$ 4,006,161 |
|
Total Operating Expenditures |
$ 67,568,626 |
The information above includes all operating funds of the City with the General Fund being the largest operating fund. Highlights of the tentative operating budget are as follows:
1. The 19-20 Tentative Budget is $900,000 less than the previous year.
2. There will be no increase to the primary property tax rate.
3. For the first time in this City’s history this budget establishes an asset replacement fund and sets aside additional money in support of self-insured loses and disaster contingency reserves.
4. Funding for street maintenance will increase by more than $2 million through prudent utilization of DIF, HURF and County Road Tax Funding.
5. This budget includes paying off the total unfunded liability for Police PSPRS.
Capital Budget
The 5-Year Capital Improvement Plan (Plan) serves as the basis for developing the FY19-20 Capital Improvement Projects (CIP) budget. Based on the Plan, the FY19-20 final CIP budget totals $38,085,692 and is as follows:
Final Capital Improvement Projects (CIP) Expenditures:
|
Capital Project Funds |
|
|
General Government CIP |
$ 5,398,323 |
|
Grants CIP |
$ 15,070,799 |
|
Transportation DIF |
$ 5,319,870 |
|
Parks DIF |
$ 1,294,004 |
|
Library Impact Fee Fund |
$ 3,280,221 |
|
Special Revenue Funds |
|
|
1/2 Cent County Road Tax |
$ 780,020 |
|
Highway User Revenue Fund |
$ 3,002,703 |
|
Asset Replacement Fund |
$ 3,939,752 |
|
Total |
$ 38,085,692 |
This item will be presented by Rick Horst, City Manager.
STAFF RECOMMENDATION
Staff recommends passing the resolution of the Mayor and Council of the City of Maricopa, Arizona adopting the final budget for fiscal year 2019-2020.