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HomeMy WebLinkAboutCouncil Presentation 06/23/2020- 2021 Tentative Budget PresentationFiscal Year 2020-2021 Tentative Budget FY2021 TENTATIVE BUDGET BUDGET BRIEFING Tentative Budget brings forward operating funds presented at Manager’s Recommended Budget and adds: Special Revenue Funds Capital Projects Funds (including impact fees) Debt Service Funds Internal Service Funds If approved, Tentative Budget establishes the overall expenditure limitation (Home Rule) BUDGET BRIEFING FY2021 TENTATIVE BUDGET The Tentative Budget is presented on the required Auditor General Forms Schedule A—Summary Schedule of Estimated Revenues and Expenditures/Expenses Schedule B—Tax Levy and Tax Rate Information Schedule C—Revenues Other Than Property Taxes Schedule D—Other Financing Sources/<Uses> and Interfund Transfers Schedule E—Expenditures/Expenses by Fund Schedule F—Expenditures/Expenses by Department (as applicable) Schedule G—Full-Time Employees and Personnel Compensation BUDGET BRIEFING MEASURES TO BALANCE BUDGET Operating budget reductions Deferral of one-time projects and equipment purchases Salary savings through hiring freezes and delays No compensation adjustments New positions –2 for Water utility based on new rate structure Use of restricted budget capacity BUDGET BRIEFING FY2021 TENTATIVE BUDGET 2020 Tentative 2021 Adopted Dollar Change Percentage ChangePrimary Entity General Fund $51,751,547 $53,710,549 $1,959,002 3.8% Special Revenue Funds 10,935,733 15,082,178 4,146,445 37.9% Capital Projects Funds 22,252,106 29,370,943 7,118,837 32.0% Debt Service Funds 5,933,359 5,917,415 -15,944 -0.3% Enterprise Funds 39,915,310 29,786,160 -10,129,150 -25.4% Internal Service Funds 5,049,200 4,711,332 -337,868 -6.7% Primary entity 135,837,255 138,578,577 2,741,322 2.0% Component Units Special Districts 7,943,540 10,680,688 2,737,148 34.5% Total $143,780,795 $149,259,265 $5,478,470 3.8% BUDGET BRIEFING FY2021 REVENUES/SOURCES Sales taxes, $31.5 , 21% Property taxes, $1.4 , 1% Intergovernmental , $30.4 , 20% Licenses, fees and permits, $11.2 , 8% Charges for services, $8.4 , 6% Fines and forfeiture, $0.5 , 0% Grants and contributions, $3.0 , 2%Investment income, $0.7 , 1% Miscellaneous, $5.8 , 4%Bond/loan proceeds, $15.4 , 10% Uses of Fund Balances, $41.0 , 27% TENTATIVE REVENUES/SOURCES -$149.3M BUDGET BRIEFING FY2021 EXPENDITURES/USES Personnel and benefits, $34.7 , 23% Contracted services, $14.1 , 10% Operating supplies & equipment, $33.1 , 22% Capital outlay, $55.0 , 37% Debt service, $12.4 , 8% TENTATIVE EXPENDITURES/USES -$149.3M BUDGET BRIEFING GENERAL FUND BUDGET SUMMARY Revenues –State Shared and Urban Revenue updated Expenditures –$10.6 million contingency, CIP project carry forward adjustments, etc. Transfers in –AZCares Transfers out -$700K NWRRDS funding, $25,200 additional Airport funding Category FY2021 Recommended FY2021 Tentative $ Change % Change Revenue 44,248,402$ 44,636,390$ 387,988$ 0.9% Expenditures 42,678,805 53,710,549 11,031,744 25.8% Transfers In - 5,628,966 5,628,966 100.0% Transfers Out 3,789,685 4,514,884 725,199 19.1% Change in fund balance (2,220,088)$ (7,960,077)$ (5,739,989)$ 258.5% BUDGET BRIEFING FY2021 GENERAL FUND RESERVES Structurally balanced budget Provides flexibility Makes one-time investments in key projects $35M estimated ending reserve Provide adequate cash balances Capacity for major projects Maintain bond ratings Internal Service Funds 25.0 29.6 36.6 43.0 35.0 $0$5$10$15$20$25$30$35$40$45$50 2016-17 2017-18 2018-19 2019-20 Estimated 2020-21 BudgetedMillionsGeneral Fund Reserve Balances Fund Balance 25% Coverage BUDGET BRIEFING SUMMARY Established the overall expenditure limitation for FY2021 at $149.3 million Expenditure authority may only be reallocated or reduced Budget reflects the careful allocation of available resources Maintains services to residents Invests in key areas Provides flexibility Public hearing for final budget adoption on July 21, 2020 THANK YOU