TO: Honorable Mayor and Council
FROM: Gregory Smothers, Interim Administrative Services Director
SUBJECT:Title
Adopt Resolution No. 15-2956 Adopting the Fiscal Year 2015-16 Budget; and Approving the Fiscal Year 2016-17 Estimated Budget
Body
FUNDING SOURCE:
Various Departments
PURPOSE:
To adopt the Fiscal Year 2015-16 Budget and approve the Fiscal Year 2016-17 Estimated Budget.
BACKGROUND:
Attached for City Council adoption is a Resolution and state budget forms for the Fiscal Year 2015-16 Final Budget. State statute allows the adoption of a single fiscal year budget and does not specifically allow for adoption of a biennial budget; therefore year one of the biennial budget is to be adopted and year two is to be approved.
The City Council adopted the Fiscal Year 2015-16 Tentative Budget and approved the Fiscal Year 2016-17 on June 9, 2015. The Fiscal Year 2015-16 Tentative Budget and Fiscal Year 2016-17 Estimated Budget was duly published as required by state law on June 14, 2015 and June 21, 2015.
Today, City Council meets to adopt the Fiscal Year 2015-16 Final Budget and approve the Fiscal Year 2016-17 Estimated Budget. At this meeting, any taxpayer is privileged to appear and be heard in favor of or against any of the proposed expenditures or estimated tax levies. The Final Budget for Fiscal Year 2015-16 is $418,676,431. The Estimated budget for Fiscal Year 2016-17 is $121,434,519.
The City Council will meet on July 14, 2015, for the purpose of adopting the tax levy rates:
City Property Tax: $0.7235
Rate Per $100 Primary Assessed Value
Irrigation & Drainage District: $268.85
Rate Per Acre
The City Council will meet on July 14, 2015, for the purpose of adopting the tax levies for special districts:
Improvement District No. 2: $0.8502
Rate Per $100 Secondary Assessed Value
Improvement District No. 4: $0.6941
Rate Per $100 Secondary Assessed Value
COMMUNITY IMPACT:
The budget is developed as a spending plan for outlining priorities and providing services to the community.
FISCAL IMPACT:
Fiscal Year 2015-16
Projected expenditures of $418,676,431
Projected revenues of $356,330,855
Fiscal Year 2016-17
Projected expenditures of $121,434,519
Projected revenues $103,476,886
ATTACHMENTS:
Resolution No. 15-2956
Exhibit A - Fiscal Year 2015-16 State Budget Forms, Schedules A through G
Exhibit B - Fiscal Year 2016-17 Projected Available Resources Summary
Exhibit C - Fiscal Year 2016-17 Operating Transfers
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 15-2956 adopting the Fiscal Year 2015-16 Budget in the amount of $418,676,431; and approve the Fiscal Year 2016-17 Estimated Budget in the amount of $121,434,519.