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Item # 4.
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| Town Council Regular Session |
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| Information |
| SUBJECT: |
| PUBLIC HEARING: RESOLUTION NO. (R)18-20, ADOPTION OF THE TENTATIVE BUDGET FOR FY 2018/19 AND SETTING THE LOCAL ALTERNATIVE EXPENDITURE LIMITATION FOR FY 2018/19 |
| RECOMMENDATION: |
| Staff recommends approval. |
| EXECUTIVE SUMMARY: |
This item is for Council consideration and adoption of the Town's Tentative Budget for FY 2018/19 in the amount of $142,906,231, a $268,970 decrease from the FY 2018/19 Recommended Budget of $143,175,201, presented on April 18, 2018. This decrease is attributable to reducing the budget for the Palisades Road multi-use path capital improvement program project by $300,000, to reflect the developer-owned portion of the project that will now be completed by the developer, as opposed to the Town. Once their portion is completed and approved, it will be turned over to the Town. In addition, capacity of $31,030 was added to the budget to accommodate two additional, grant-funded license plate readers that will be acquired by the Police Department. These two revisions result in a net decrease of $268,970 for the Tentative Budget.
Adoption of this resolution will also set the maximum local expenditure limitation at this amount. Once the limitation is set, expenditures for the year may not exceed that amount. The Council has the authority to make changes to the budget prior to the final budget adoption scheduled for June 6, 2018; however, the total amount of the final budget may not exceed the expenditure limitation set this evening. The Council also has the authority to modify the budget throughout the fiscal year. |
| BACKGROUND OR DETAILED INFORMATION: |
Staff presented the FY 2018/19 Manager's Recommended Budget in the amount of $143,175,201 at the April 18, 2018 regular Town Council meeting. The full copy of the Recommended Budget has been posted on the Town's website, www.orovalleyaz.gov.
The FY 2018/19 Tentative Budget is presented for approval this evening in the amount of $142,906,231, a decrease of $268,970 from the Recommended Budget. This decrease is attributable to reducing the budget for the Palisades Road multi-use path capital improvement program project by $300,000, to reflect the developer-owned portion of the project that will now be completed by the developer, as opposed to the Town. Once their portion is completed and approved, it will be turned over to the Town. In addition, capacity of $31,030 was added to the budget to accommodate two additional, grant-funded license plate readers that will be acquired by the Police Department. These grant funds have already been awarded by the Arizona Department of Homeland Security under the Operation Stonegarden program.
These adjustments have been incorporated into the budget figures shown in the attached Official Auditor General budget forms.
During the Tentative Budget presentation, staff will also be recommending increases in the overall fuel budget in expectation of increased fuel prices. The impact of this adjustment is estimated at $100,000, allocated among the General Fund, Water Utility Fund and Stormwater Utility Fund. In addition, the decision was made to increase the hourly pay rate for lifeguards in order to retain positions. The impact of this adjustment is estimated at $40,000, allocated between the General Fund and Community Center Fund. Sufficient capacity exists in our reserve balances to make both of these adjustments without the need to increase the overall budget cap.
Council budget study sessions were held on May 2 and May 9, 2018, to provide overviews of the larger, service delivery department budgets, Town administrative department budgets, Town benefits and the Capital Improvement Program. This agenda item is a public hearing and approval of the resolution to adopt the FY 2018/19 Tentative Budget in the amount of $142,906,231. Once approved, the attached Auditor General Budget forms with the approved budget amounts will be published for two consecutive weeks prior to the next public hearing for Final Budget approval scheduled for June 6, 2018. |
| FISCAL IMPACT: |
| N/A |
| SUGGESTED MOTION: |
I MOVE to (approve or deny) Resolution No. (R)18-20, adopting the Tentative Budget for fiscal year 2018/19 and setting the local alternative expenditure limitation for fiscal year 2018/19 at $142,906,231.
OR
I MOVE... |
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