|
Information |
TITLE: |
Consideration and Adoption of Resolution No. 2023-37: A resolution of the Council of the City of Flagstaff, Arizona, adopting the Budget for the City of Flagstaff for Fiscal Year 2023-2024. |
STAFF RECOMMENDED ACTION: |
1) Read Resolution No. 2023-37 by title only
2) City Clerk reads Resolution No. 2023-37 by title only (if approved above)
3) Adopt Resolution No. 2023-37
4) Reconvene Regular Meeting
|
Executive Summary: |
Each municipality is required to adopt a budget as prescribed by A.R.S. Title 42, Chapter 17, Articles 1 through 5. As published in the tentative adoption of the budget, the final budget is to be adopted on June 20, 2023, (during a Special Meeting), and following a public hearing to receive citizen comments. |
Financial Impact: |
The final budget adoption allows the City to commit and spend funds for community needs as described in the Fiscal Year (FY) 2023-2024 Budget. This will set the maximum allowable expenditures for FY 2023-2024. |
Policy Impact: |
The FY 2023-2024 budget is the financial plan of the City for the upcoming fiscal year. |
Connection to PBB Priorities/Objectives, Carbon Neutrality Plan & Regional Plan: |
The adoption of the Annual Budget and Financial Plan provides direction and financial resources to support the Key Community Priorities and Objectives, Regional Plan and Team Flagstaff Strategic Plan. |
Has There Been Previous Council Decision on This: |
- January Budget Retreat on January 20, 2023
- February Budget Retreat on February 2, 2023 and February 3, 2023
- Capital Improvement Program Budget Retreat on April 7, 2023
- Council Budget Work Session on April 27, 2023 and April 28, 2023
- Tentative Budget Adoption on June 6, 2023
|
Options and Alternatives: |
- Approve the budget as presented: As the City adopted the tentative budget on June 6, 2023, the maximum appropriation for FY 2023-2024 has been set.
- Amend and approve the budget: The Council could choose to make adjustments within that maximum appropriation or make reductions in the maximum appropriation.
|
Background and History: |
The budget was presented for tentative adoption on June 6 2023. The tentative adoption established the maximum appropriation for the City for FY 2023-2024. The budget legal schedules were published in the Arizona Daily Sun on June 8, 2023, and June 15, 2023.
|
Key Considerations: |
The adoption of the tentative budget set forth into motion a legally mandated time sequence of actions of which the Council must adhere to adopt a final budget. If this time sequence is not met as required by statute, the tentative budget adoption, final budget adoption, and related publications must be started over. The final budget adoption must occur after a public hearing and Council must convene into a Special Meeting to adopt the final budget. The budget must be adopted by the third week of July.
June 6, 2023 Tentative adoption of the budget by Council
June 20, 2023 Proposed budget and property tax levy public hearing
June 20, 2023 Final budget adoption (In a Special meeting)
|
Community Benefits and Considerations: |
Funds must be appropriated to allow for expenditures to occur. The City can spend less than the adopted budget, however, we cannot exceed the budget even if revenues are higher than what was adopted.
The City Council adopted an Economic Recession Plan ("Recession Plan") which provides guidance in expenditure reduction measures to ensure we stay within the revenue resources we receive as a result of changes in economic conditions. The City monitors financial revenue data throughout the year. |
Community Involvement: |
The budget process has allowed for public participation which is vital for the City Council in determining the current year priorities and objectives. The budget assists in translating the community's priorities and objectives into fiscal reality. Timely budget adoption allows the City to commit expenditures as related to the FY 2023-2024 Budget as needed for ongoing operational consistency to the citizenry. The FY 2023-2024 Budget is balanced. |
Expanded Options and Alternatives: |
Inform/Involve: Earlier this evening there was a public hearing to receive any last public comments prior to final budget adoption. Budget legal schedules were published in the June 8, 2023, and June 15, 2023, Arizona Daily Sun to allow for community review. In addition, the legal and other budget schedules were made available at City Hall, at both Flagstaff Public Libraries, and on the official city website. |
|
|