Title
Public Hearing on Proposed Fiscal Year 2021 Operating Budget and Fiscal Years 2021-2025 Capital Investment Plan
Action
Action:
Receive public comment on the City Manager's Proposed Budget.
Body
Committee Chair:
Ed Driggs, Budget and Effectiveness Committee
Staff Resource(s):
Marcus Jones, City Manager's Office
Ryan Bergman, Strategy and Budget
Explanation
* On May 4, 2020, the City Manager presented the Proposed Fiscal Year (FY) 2021 Operating Budget and FY 2021-2025 Capital Investment Plan. The proposed budget represents the city's proposed operating and capital budgets for the fiscal year which begins July 1, 2020.
* 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 8, 2020.
* In light of the COVID-19 pandemic, Charlotte's Proposed FY 2021 Budget plan focuses on demonstrating our resilience as the city actively moves toward recovery and advancing Council's Strategic Priorities.
FY 2021 Operating and Capital Proposed Budgets Summary
* The City Manager's Proposed FY 2021 Operating Budget and FY 2021-2025 Capital Investment Plan were developed consistent with the City Council's Strategic Priorities. These priorities served as the foundational elements against which all FY 2021 budget decisions were measured.
* The proposed budget includes a property tax rate of 34.81? per $100 of assessed valuation, which is the same as in FY 2020.
* The proposed budget for the city consists of three major components supported by general tax revenues:
* A General Fund budget of $718.8 million for FY 2021, representing a decrease of 1.22 percent or $8.8 million from FY 2020, to support initiatives that will continue to deliver exceptional government services to the community;
* A $147.9 million Municipal Debt Service Fund, decreasing 18.2 percent due to updates to the debt model and revenue losses due to COVID-19; and
* A ...
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