RESOLUTION 5124: PUBLIC HEARING AND ADOPTION OF FISCAL YEAR 2016-2017 FINAL BUDGET (RESOLUTION) (PUBLIC HEARING REQUIRED)
Staff Contact: Vicki Rios, Interim Director, Finance and Technology
end
Purpose and Policy Recommendation
This is a request for City Council to waive reading beyond the title, review the proposed Fiscal Year 2016-2017 (FY16-17) final budget, conduct a public hearing on the final budget, and convene a special meeting to adopt a resolution formally approving the final operating, capital, debt service, and contingency appropriation budget.
Background
Arizona state law requires the governing board of cities, towns, and counties to conduct a public hearing and then convene a special meeting to adopt a resolution approving the final annual budget. The regular voting meeting does not need to be adjourned to convene and conduct the special meeting required for the budget adoption.
Council approval of the tentative budget at the May 24, 2016 meeting set the maximum level of expenditure for FY16-17. Adjustments and reallocation of appropriation authority may be made after adoption of the tentative budget, although the total amount of appropriation cannot be increased.
The FY16-17 budget process included a five-year financial forecast of the operating funds, a review of the proposed ten-year Capital Improvement Plan, and a review of the detailed budget requests for each of the department which included both operating funds and the capital outlay. To inform and deliberate on current budget issues, seven different Budget Workshops were held and focused on specific budget and financial strategies for FY16-17and future fiscal years.
Analysis
The FY16-17 Final Budget totals $693 million. This is a 9.7% increase over the prior year (FY15-16) Budget. The budget increase is mainly attributable to growth in the Capital Improvement Plan.
Staff recommends two changes from the Tentative Budget as adopted to the Final Budget Council consi...
Click here for full text