ROSWELL NEW MEXICO
AGENDA ITEM ABSTRACT
AGENDA ITEM ABSTRACT
4.
Special Council Meeting
- Meeting Date:
- 07/23/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Resolution 26-44 - Approval of Resolution 26-44: Adopting and approving the City of Roswell Final Budget for Fiscal Year 2026-2027 and authorizing its submission to the New Mexico Department of Finance and Administration, Local Government Division. (Gass/Gomez)
BACKGROUND:
Initiated by: Toni Gomez
New Mexico Law requires local governments to prepare and submit an annual budget to the New Mexico Department of Finance and Administration, Local Government Division, Budget and Finance Bureau. The City's Fiscal Year 2026-2027 Final Budget covers the period beginning July, 1, 2026, and ending June 30, 2027.
The Interim Budget was developed using projected revenues, estimated available cash balances, departmental operating requirements, personnel costs, contractual obligations, capital projects, grant-funded activities, required reserves, and other anticipated financial commitments. Departmental budget requests were reviewed by Finance and the Finance Committee to evaluate funding availability, account classification, compliance with applicable restrictions, and consistency with the City's overall financial capacity.
Following DFA's approval of the Preliminary Budget, Finance prepared the Final Budget using updated financial information. The Final Budget incorporates necessary revisions to revenue and expenditure estimates, beginning cash balances, transfers, personnel costs, grants, capital projects, outstanding commitments, and other items identified after submission of the Preliminary Budget.
DFA requires counties and municipalities to submit final budget revisions through the Local Government Budget Management System, together with the governing-body-approved budget resolution and required supporting schedules, by July 31, 2026. Following DFA approval, the Final Budget maintained in LGBMS becomes the City's official budget of record for Fiscal Year 2026-2027.
New Mexico Law requires local governments to prepare and submit an annual budget to the New Mexico Department of Finance and Administration, Local Government Division, Budget and Finance Bureau. The City's Fiscal Year 2026-2027 Final Budget covers the period beginning July, 1, 2026, and ending June 30, 2027.
The Interim Budget was developed using projected revenues, estimated available cash balances, departmental operating requirements, personnel costs, contractual obligations, capital projects, grant-funded activities, required reserves, and other anticipated financial commitments. Departmental budget requests were reviewed by Finance and the Finance Committee to evaluate funding availability, account classification, compliance with applicable restrictions, and consistency with the City's overall financial capacity.
Following DFA's approval of the Preliminary Budget, Finance prepared the Final Budget using updated financial information. The Final Budget incorporates necessary revisions to revenue and expenditure estimates, beginning cash balances, transfers, personnel costs, grants, capital projects, outstanding commitments, and other items identified after submission of the Preliminary Budget.
DFA requires counties and municipalities to submit final budget revisions through the Local Government Budget Management System, together with the governing-body-approved budget resolution and required supporting schedules, by July 31, 2026. Following DFA approval, the Final Budget maintained in LGBMS becomes the City's official budget of record for Fiscal Year 2026-2027.
FINANCIAL CONSIDERATION
Approval of the resolution establishes the City's authorized operating and capital budget for Fiscal Year 2026-2027. The revenues, expenditures, transfers, cash balances, reserves, and other appropriations by fund are detailed in the attached Final Budget.
This action does not represent a single additional expenditure. It authorizes expenditures within the amounts and purposes included in the Final Budget. Any subsequent budget adjustments will be processed in accordance with applicable state law, DFA requirements and City policy.
This action does not represent a single additional expenditure. It authorizes expenditures within the amounts and purposes included in the Final Budget. Any subsequent budget adjustments will be processed in accordance with applicable state law, DFA requirements and City policy.
LEGAL REVIEW:
Not applicable.
BOARD AND COMMITTEE ACTION:
The Final Budget has not previously been presented to a board or committee. The City Council is the first governing body to consider the Fiscal Year 2026-2027 Final Budget for adoption. Departmental budget requests were reviewed by the Finance Committee during development of the Interim Budget.
STAFF RECOMMENDATION:
Proceed as presented.