|
Item 2.
|
| City Council Work Session | |
| Date: | 06/06/2022 |
| Title: | FY23 Budget Wrap-up |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | |
| Legal Review | |
RECOMMENDATION
City staff has provided overview of the FY23 Proposed Budget. This will be the final work session for Council to discuss proposed changes to the FY23 Proposed Budget, prior to adoption on June 27, 2022. Amendments to the budget will be made by Council at the June 27 meeting.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
City staff presented the FY23 budget to City Council over 4 work sessions in May. On June 6th, Council will hold the final work session discussing the FY23 budget. City Council may propose changes to the FY23 budget in the form of direction to staff at the June 6th work session, or make amendments when the budget is adopted on June 27th, 2022.
The goal of the budget wrap up is to provide information on topics that Council requested over the past 5 weeks and receive feedback from City Council on what changes the majority of Council members want to see. City staff is looking for clear direction from City Council, so the budget can be adopted on June 27, 2022. Council has begun drafting proposed amendments to the budget using a shared drive. The proposals that have been completed as of 6/3/22 are attached for public and Council discussion.
The information provided to Council was made available to the public through posting on the City's Finance website, and can be found at www.billingsmt.gov/finance. The proposed budget resolution and related exhibits are attached for Council review.
Proposed Addition to the FY23 Budget:
During review of the Proposed Budget, Finance staff identified the need for additional budget authority within the Capital Replacement Fund. This fund is used to purchase replacement City vehicles. When the City asked voters to support funding for the Fire Deparment MRT program, the new tax revenue did not include any new funding for vehicles for this program. The plan was to use funding that had been set aside for F-550 Quick Response Vehicles (QRV's), which were not going to be replaced with a similar vehicle, to purchase the smaller MRT units. The original Proposed Budget did not include the budget authority to purchase the MRT's. City staff is requesting that an additional $100,000 of budget authority be added to the FY23 Capital Replacement Fund to purchase 2 MRT vehicles. Current funds set aside in anticipation of the QRV replacement is approximately $308,000.
The goal of the budget wrap up is to provide information on topics that Council requested over the past 5 weeks and receive feedback from City Council on what changes the majority of Council members want to see. City staff is looking for clear direction from City Council, so the budget can be adopted on June 27, 2022. Council has begun drafting proposed amendments to the budget using a shared drive. The proposals that have been completed as of 6/3/22 are attached for public and Council discussion.
The information provided to Council was made available to the public through posting on the City's Finance website, and can be found at www.billingsmt.gov/finance. The proposed budget resolution and related exhibits are attached for Council review.
Proposed Addition to the FY23 Budget:
During review of the Proposed Budget, Finance staff identified the need for additional budget authority within the Capital Replacement Fund. This fund is used to purchase replacement City vehicles. When the City asked voters to support funding for the Fire Deparment MRT program, the new tax revenue did not include any new funding for vehicles for this program. The plan was to use funding that had been set aside for F-550 Quick Response Vehicles (QRV's), which were not going to be replaced with a similar vehicle, to purchase the smaller MRT units. The original Proposed Budget did not include the budget authority to purchase the MRT's. City staff is requesting that an additional $100,000 of budget authority be added to the FY23 Capital Replacement Fund to purchase 2 MRT vehicles. Current funds set aside in anticipation of the QRV replacement is approximately $308,000.
ALTERNATIVES
No alternatives have been analyzed. Formal Council action on the budget will occur on June 27th, 2022
FISCAL EFFECTS
The Proposed FY2023 budget totals $503,615,782.
| Personal Services | $ 103,389,306 |
| Operation & Maintenance | 100,493,769 |
| Capital Outlay | 238,669,549 |
| Debt Service | 24,049,337 |
| Transfers Out to Other Funds | 37,004,821 |
| Total FY2023 Proposed Budget | $503,615,782 |