Title
Public Hearing on Proposed Fiscal Year 2020 Operating Budget and Fiscal Years 2020-2024 Capital 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
Phillip Reiger, Strategy and Budget
Explanation
* On May 6, 2019, the City Manager presented the Proposed Fiscal Year 2020 Operating Budget and Fiscal Years 2020-2024 Capital Investment Plan. The proposed budget represents the city's proposed operating and capital budgets for the next fiscal year (FY), beginning on July 1, 2019.
* State law requires the city to hold a public hearing following the presentation of the Manager's Proposed Budget and prior to the City Council adoption of the budget, currently scheduled for June 10, 2019.
FY 2020 Operating and Capital Proposed Budgets Summary
* The City Manager's Proposed FY 2020 Operating Budget and FY 2020-2024 Capital Investment Plan were developed consistent with City Council priorities of Economic Development, Neighborhood Development, Transportation and Planning, and Well-Managed Government. These priorities served as the foundational elements against which all FY 2020 budget decisions were measured.
* The proposed budget includes a revenue neutral property tax rate of 34.81? 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 $727.7 million for FY 2020, representing an increase of 4.8 percent above FY 2019, to address the Mayor and City Council's priorities and accommodate the resource needs of a dynamic, growing city;
* A $180.8 million Municipal Debt Service Fund, increasing 28.8 percent due to updates to the debt model assumptions and the use of cash to finance various capital project investments as outlined in the General Capital Investment Plan; and
* A $674.7 million five-year General Capita...
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