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ITEM 15 |
City Council Memorandum Management Services Memo No.
23-057
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Date: |
May 22, 2023 |
To: |
Mayor and Council |
Thru: |
Joshua H. Wright, City Manager Dawn Lang, Deputy City Manager - CFO |
From: |
Matthew Dunbar, Budget and Policy Assistant Director |
Subject: |
Resolution No. 5694, Adopting the Fiscal Year (FY) 2023-24 Tentative Budget and 2024-2033 Tentative Capital Improvement Program (CIP) and Giving Notice of the Dates and Times for Hearing Taxpayers for Final Adoption of the Budget and for Setting the Tax Levies and Tax Rates |
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Resolution No. 5694 will adopt the FY 2023-24 Tentative Budget and the State Auditor General Schedules (budget forms), as prescribed by Arizona Revised Statutes 42-17101 and 42-17102. The Tentative Budget sets the total expenditure amount for the fiscal year. As required, the budget forms will be published in the Arizona Republic newspaper, as will a notice that the City Council will meet on June 15, 2023, at 6:00 p.m., for the purpose of a public hearing and for final adoption of the FY 2023-24 Budget, and will further meet for the purpose of setting the tax levies on June 29, 2023, at 6:00 p.m. |
In summary, the FY 2023-24 Budget totals $1,656,274,385 and includes funding for departmental operating budgets of $562,831,306 which includes the Public Safety Personnel Retirement System (PSPRS) projected payoff of $73 million (34%); funding for bond debt service of $75,546,185 (4.6%); budget for equipment, technology, and vehicle replacements of $11,983,298 (0.7%); and contingencies and reserves in the amount of $149,444,982 (9%) in various funds. The capital budget totals $856,468,614 (51.7%) and includes $358,254,615 in new appropriation, capital carryforward of $497,763,999, and contingency and reserve funding of $450,000. Included in the projected operating revenues of $721,272,909 is revenue from a property tax levy of $42,862,435 based on a reduced rate of $1.0926 per $100 assessed property valuation, the majority of which funds the debt service on General Obligation bonds that fund capital projects. The Proposed Budget, as provided at the all-day Budget Briefing on April 28, 2023, is currently online. Since that day, Council-requested updates have been incorporated, including the reduced property tax rate and shift of the passport agent position from one-time to ongoing funding. The resulting Proposed (Tentative) Budget and Resolution, budget forms, and 2024-2033 Tentative CIP are also available for public review and inspection on the City’s official website http://www.chandleraz.gov/budget or by calling the Budget Division at 480-782-2254. As in past years, Section 4 of the Resolution includes certain delegations to the City Manager or designee to transfer funds for specific administrative purposes such as year-end encumbrances, capital project carryforward, and the allocation of personnel budgets to departments following final approval of memorandums of understanding (MOUs) and general employee merit and market adjustments as approved by City Council. There are no changes to the delegations. |