TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona adopting the final budget for fiscal year 2020-2021 (FY20-21). Discussion and Action.
AGENDA ITEM DESCRIPTION
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the final budget for FY20-21 is presented for council consideration. The final operating and capital budget based on Council strategic priorities and staff input, totals $124,826,026. The final operating budget totals $82,239,447 and the final Capital Improvement Projects (CIP) budget totals $42,586,579.
Per state statute, the tentative budget was adopted on May 5, 2020. Additionally, a public notice indicating the final budget adoption was to take place on June 16, 2020 was published on June 2, 2020 and again on June 9, 2020.
Operating Budget
The operating budget request was developed through input from the April 21, 2020 Council Budget and Finance (BF) Subcommittee.
Based on this meeting, the FY20-21 operating budget request totals $82,239,447. The totals, by fund, are as follows:
|
General Fund |
$ 55,654,025 |
|
Special Revenue Funds |
|
|
Highway User Revenue Fund |
$ 1,878,986 |
|
Grants Operating Fund |
$ 7,500,000 |
|
1/2 Cent County Road Tax |
$ 1,768,302 |
|
Debt Service Fund |
$ 15,438,134 |
|
Total Operating Expenditures |
$ 82,239,447 |
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:
• Increase of $11.4 million to the Debt Service Fund due to GADA bond refunding
• Reduction in primary property tax rate
• Reduction in secondary property tax rate
• $2.6 million in contingency for COVID-19
• Payment against the total unfunded liability for Fire PSPRS
Capital Budget
The 5-Year Capital Improvement Plan (Plan) serves as the basis for developing the FY20-21 Capital Improvement Projects (CIP) budget. Based on the Plan, the FY20-21 final CIP budget totals $42,586,579 and is as follows:
Final Capital Improvement Projects (CIP) Expenditures:
|
Capital Project Funds |
|
|
General Government CIP |
$ 12,249,343 |
|
Grants CIP |
$ 7,508,630 |
|
Fire DIF |
$ 631,202 |
|
Transportation DIF |
$ 9,251,003 |
|
Parks DIF |
$ 1,530,000 |
|
Library Impact Fee Fund |
$ 3,041,100 |
|
Special Revenue Funds |
|
|
1/2 Cent County Road Tax |
$ 593,818 |
|
Highway User Revenue Fund |
$ 2,678,718 |
|
Asset Replacement Fund |
$ 4,102,765 |
|
Land Acquisition Enhancement Fund |
$ 1,000,000 |
|
Total |
$ 42,586,579 |
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 2020-2021.