TITLE
The Mayor and City Council shall discuss and possibly take action on adopting a tentative budget for fiscal year 2015-2016 (FY15-16). Discussion and Action.
AGENDA ITEM DESCRIPTION
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the tentative budget for FY15-16 is presented for Council consideration. The tentative operating and capital budget, based on Council strategic priorities and staff input, totals $113,828,826. The tentative operating budget totals $51,293,293 and the tentative Capital Improvement Projects (CIP) budget totals $62,535,533.
Final budget adoption is scheduled for the June 16, 2015 at a Special Council Meeting.
Operating Budget
The proposed operating budget was developed through input from the April 9, 2015 Council Budget, Finance and Operations (BFO) Subcommittee and the subsequent April 28, 2015 City Council Budget Retreat.
Based on these meetings, the proposed FY15-16 tentative operating budget totals $51,293,293. The totals, by fund, are as follows:
Tentative Operating Expenditures
General Fund $ 31,826,765
General Fund - Contingency 500,000
Highway User Revenue Fund 1,752,068
Copper Sky Recreation Fund 4,949,572
Grants Fund 8,532,112
Debt Service Fund 3,732,776
Total $ 51,293,293
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:
· Staff utilized a zero-based budget approach
· General Fund anticipated revenues exceed proposed expenditures $12,000
· The proposed budget includes reduced primary and secondary property tax rates
The initial General Fund budget requests, as presented to the City Manager, totaled $34.4 million resulting in expenditures exceeding anticipated revenues by $2.1 million. As a result of City Manager review, BFO Subcommittee review, and full Council review at the...
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