Subject:
Title
Adopt FY 2020-21 Budget
Body
EXPLANATION AND SUMMARY:
The Town Manager's proposed budget has been reviewed in detail during four Council budget work sessions on March 14, March 16, April 20, and May 18, 2020 and during a public hearing on April 13, 2020.
Due to economic fallout from the COVID-19 virus in the US, which has caused states of emergency to be declared at the federal, state, and local levels during March 2020, it has been necessary to revise the budget to reflect lower revenue estimates and to consider several different budget scenarios.
Adoption of the budget was postponed from May 11, 2020 until June 15, 2020 to allow staff to collect more data and for Council to make more informed budget decisions. The budget advertised was the original proposed budget, and Council may adjust the budget to a lower amount than advertised at this time.
Accordingly, the budget presented for adoption reflects staff scenario 3, which assumes a return to more normal circumstances by December 31, 2020.
The budget, proposed for adoption as revised for fiscal year 2020-21, in the total amount of $41,007,200, is appropriated as follows for the fiscal year beginning July 1, 2020 and ending June 30, 2021:
General Fund $24,842,290, decrease of $2,570,000 from proposed
Debt Service $ 5,533,140, transfer of $1,629,300 from reserves for estimated lost revenue
Water and Sewer $10,194,050
Stormwater $ 437,720
Total $41,007,200
Strategic Plan Initiative: Vienna is a fiscally responsible community.
Departmental Recommendation: Recommend that Council adopt staff scenario 3 as the adopted FY 2020-21 budget with a total amount of $41,007,200.
Finance Recommendation: Recommend Council adopt staff scenario 3 as the adopted FY 2020-21 budget with a total amount of $41,007,200.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Town Council has held a public hearing on the proposed budget and may adopt the proposed FY20-21 budget in its discretion.
Town Manager's Recommendation: I recommend the Town Counci; adopt the $41,007,200 FY 2020-21 operating budget, as presented.
Cost and Financing: $41,007,200
Account Number: various
Decision Needed by This date: June 15, 2020
PROPOSED/SUGGESTED MOTION
Recommended Action
" I move to adopt the $41,007,200 FY 2020-21 operating budget."
And
"I further move that of the said total, $24,842,290 be appropriated for General Fund expenditures; $5,533,140 be appropriated for Debt Service Fund expenditures;
$10,194,050 be appropriated for Water and Sewer Fund expenditures; and $437,720 be appropriated for Stormwater Fund expenditures."
And
“I further move that the Town Clerk be authorized to advertise a Notice of Adoption.”
Or
Other action deemed necessary by Council.