TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona adopting the final budget for fiscal year 2022-2023 (FY22-23). Discussion and Action.
AGENDA ITEM DESCRIPTION
In compliance with Title 42 of the Arizona Revised Statutes (A.R.S.), the final budget for FY22-23 is presented for council consideration. The final operating and capital budgets, based on Council strategic priorities and staff input, total $251,049,413. The final operating budget totals $122,293,112 and the final Capital Improvement Projects (CIP) totals $128,756,301.
Per state statute, the tentative budget was adopted on May 17, 2022. Additionally, a public notice indicating the final budget adoption was to take place on June 21, 2022 was published on June 7, 2022 and again on June 9, 2022.
Operating Budget
The proposed operating budget was developed through input from the April 27, 2022 Council Budget and Finance Committee (BFC) meeting. Based on this meeting, the FY22-23 operating budget totals $122,293,112. The totals, by fund, are as follows:
Operating Budget
General Fund $ 60,912,099
Special Revenue
Highway User Revenue Fund $ 3,802,244
1/2 Cent County Road Tax $ 1,810,000
Grants Operating Fund $ 52,242,294
Local Road Maintenance $ 300,000
Debt Service Fund $ 3,226,475
Total Operating Expenditures $ 122,293,112
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:
? Reduction in primary property tax rate
? Reduction in secondary property tax rate
Capital Budget
The 5-Year Capital Improvement Plan (Plan) serves as the basis for developing the FY21-22 Capital Improvement Projects (CIP) budget. Based on the Plan, the FY21-22 CIP budget totals $128,756,301 and is...
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