Title
Public Hearing on Proposed Fiscal Year 2018 Operating Budget and Fiscal Years 2018-2022 Community Investment Plan
Action
Action:
Receive public comment on the City Manager's Proposed Budget
Body
Committee Chair:
Greg Phipps, Budget Committee
Staff Resource(s):
Marcus Jones, City Manager's Office
Kim Eagle, City Manager's Office
Explanation
* On May 1, 2017, the City Manager presented the Proposed Fiscal Year 2018 Operating Budget and Fiscal Years 2018-2022 Community Investment Plan. The May 1st recommendation represents the proposed City operating and capital budgets for next fiscal year, beginning on July 1, 2017.
* State law requires the City to hold a public hearing following presentation of the Manager's Recommended Budget (May 1, 2017) and prior to the City Council adoption of the budget (currently scheduled for June 12, 2017).
Fiscal Year 2018 Operating and Capital Recommended Budgets Summary
* The City Manager's proposed Fiscal Year 2018 Operating Budget and Fiscal Years 2018-2022 Community Investment Plan were developed using the lens of meeting the goals of the City Council's letter to the community, the City Council's five Focus Areas, and the 10 Traits of Winning Cities. These priorities served as the foundational elements against which all FY 2018 budget decisions were measured.
* The proposed budget does not include a recommendation for a property tax increase. The FY 2018 Proposed Budget maintains the current FY2017 tax rate of 47.87 cents.
* The proposed budget for the City next year consists of three major components supported by general tax revenues:
* A General Fund budget of $668.5 million for Fiscal Year 2018, representing an increase of 5.3% above Fiscal Year 2017, to address the Mayor and Council's priorities and accommodate the resource needs of a dynamic, growing City;
* A $113.7 million Municipal Debt Service Fund, increasing 4.7% due to higher bond interest costs and debt issuance expense, supporting long-term capital ...
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