| ITEM #: 1. DATE: 06/12/2023 AI #:1537 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | FINAL ADOPTION OF THE FY2024 BUDGET |
| STAFF PRESENTER(S): | Ryan Bittle, Finance Manager |
SUMMARY
The $806,949,000 FY2024 budget is unchanged from the Tentative Budget approved by City Council on May 22, 2023. A public hearing was held today (June 12, 2023) consistent with requirements of state law.
Adoption of the Final Budget must occur in a special meeting of the council as prescribed by A.R.S. §42-17105(A).
Adoption of the Final Budget must occur in a special meeting of the council as prescribed by A.R.S. §42-17105(A).
STRATEGIC PLAN ALIGNMENT
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RECOMMENDATION
ADOPT RESOLUTION NO. 2023-2318 DETERMINING AND ADOPTING THE FINAL ESTIMATES OF PROPOSED REVENUES AND EXPENDITURES FOR THE CITY OF GOODYEAR FOR FY2024 BEGINNING JULY 1, 2023 AND ENDING JUNE 30, 2024. (Ryan Bittle, Finance Manager)
FISCAL IMPACT
The FY2024 Final Budget totals $806,949,000. It is balanced for the General Fund and within resources for Asset Management, Enterprise, Special Revenue, Capital, and Debt Service funds. The use of utility revenue, impact fee and excise tax, and/or property tax supported bond funding is anticipated for capital projects and to provide upfront financing for impact fee projects that must be constructed prior to the full revenue stream.
The primary property tax levy, including the $258,247 increase to capture the permitted 2% growth in the levy, is used in the balanced FY2024 General Fund budget. Final budget adoption must occur two weeks prior to the adoption of the property tax levy.
The primary property tax levy, including the $258,247 increase to capture the permitted 2% growth in the levy, is used in the balanced FY2024 General Fund budget. Final budget adoption must occur two weeks prior to the adoption of the property tax levy.
BACKGROUND AND PREVIOUS ACTIONS
Overview of the process to date and a public hearing on Truth-in-Taxation and on the Final Budget was conducted as part of the regular council meeting held today June 12, 2023.
STAFF ANALYSIS
The FY2024 Final Budget has not changed from the Tentative Budget presented and adopted on May 22, 2023 and is compliant with adopted financial policies.