TITLE
The Mayor and City Council shall discuss and possibly take action on adopting a tentative budget for fiscal year 2019-2020 (FY19-20) and the 5-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 FY19-20 is presented for Council consideration. The tentative operating and capital budgets, based on Council strategic priorities and staff input, total $105,654,318. The tentative operating budget totals $67,568,626 and the tentative Capital Improvement Projects (CIP) budget totals $38,085,692.
Final budget adoption is scheduled for June 4, 2019, at a Council Meeting.
Operating Budget
The proposed operating budget was developed through input from the April 15, 2019 Council Budget and Finance Committee (BFC) Subcommittee meeting. Based on this meeting, the proposed FY19-20 tentative operating budget 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:
? The 19-20 Tentative Budget is $900,000 less than the previous year.
? There will be no increase to the primary property tax rate.
? 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.
? Funding for street maintenance will increase by more than $2 million through...
Click here for full text