TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Govt Affairs
DATE: June 9, 2016
DEPARTMENT: Administration and Government Affairs Department
Staff Contact Dawn Marie Buckland, 480.348.3555
End
AGENDA TITLE:
Title
Adoption of Resolution Number 2016-12; Approving the Final Budget for FY 2017
Body
Council Goals or Statutory Requirements:
Finance: Develop a long term sustainable budget
RECOMMENDATION:
Recommendation
Adopt Resolution 2016-12 approving the Fiscal Year 2016-17 (FY 2017) final budget
Background
SUMMARY STATEMENT:
The Town undertook an extensive process to ensure that the budget for FY 2017 would not only be balanced, but would also reflect the community’s priorities and Council policies and decisions. The State budget forms (Schedules A and C-G) have been prepared in accordance with State requirements. The Town is not required to submit Schedule B, as the Town does not have a property tax.
Total expenditures budgeted for FY 2017 equal $38.2 million, approximately $4.4 million under the maximum threshold set by Town Council on May 12, 2016. Utilizing available exclusions, the recommended budget is both balanced and within the annual expenditure limitation of $25.4 million. The Town does anticipate exhausting its available exclusions during the upcoming fiscal year.
BUDGETARY IMPACT:
The recommended budget is balanced and reflects an approximation of revenues and expenditures for the upcoming year.
ATTACHMENT(S):
Resolution 2016-12
PowerPoint