Title
Public Hearing on Proposed Fiscal Year 2019 Operating Budget and Fiscal Years 2019-2023 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
Phil Reiger, Strategy and Budget
Explanation
* On May 7, 2018, the City Manager presented the Proposed Fiscal Year (FY) 2019 Operating Budget and Fiscal Years 2019-2023 Community Investment Plan (CIP). The Proposed Budget represents the proposed City operating and capital budgets for the next fiscal year, beginning on July 1, 2018.
* State law requires the City to hold a public hearing following the presentation of the Manager's Proposed Budget (May 7, 2018) and prior to City Council adoption of the budget (currently scheduled for June 11, 2018).
Fiscal Year 2019 Operating and Capital Proposed Budgets Summary
* The City Manager's Proposed FY 2019 Operating Budget and FY 2019-2023 CIP were developed using four foundational elements: visioning the City you want, investing in great neighborhoods, building great neighborhoods through affordable housing, and progressing as a Smart City. All FY 2019 budget decisions were measured against these priorities.
* The Proposed Budget includes a recommendation for a property tax increase of 1.00?, with 0.75? dedicated to the General Fund and 0.25? dedicated to the CIP. This increases the property tax rate from 47.87? to 48.87? per $100 of assessed valuation.
* The Proposed Budget for the City consists of three major components supported by general tax revenues:
* A General Fund budget of $693.8 million for FY 2019, representing an increase of 3.7 percent above FY 2018, to address the Mayor and City Council's priorities and accommodate the resource needs of a dynamic, growing City,
* A $91.6 million Municipal Debt Service Fund, increasing 3.5 percent due to higher bond interest costs and debt issuance expense, supporting...
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