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File #: 20-202    Version: 1 Name:
Type: Study Session Item Status: Agenda Ready
File created: 5/7/2020 In control: Town Council
On agenda: 5/14/2020 Final action: 5/14/2020
Title: Information, discussion and direction on the Town's Recommended Budget for Fiscal Year 2020/21 (Beginning July 1, 2020 and Ending June 30, 2021) and Capital Improvement Plan for Fiscal Years 2019/20 through 2024/25
Attachments: 1. 1 - Enterprise and Program Budgets FY2021 2020_0514, 2. 2 - CIPSummaryFY21-25, 3. 3 - CIP Projects, 4. 4 - Revenue and Executive Summary FY2021 2020_0514, 5. 5 CIP FY21-25
TO: Mayor Bien-Willner and Town Council Members

FROM: Jill Keimach, Town Manager
Douglas Allen, CPA
Jeremy Knapp, Community Development Director
Paul Mood, Town Engineer
Jason Harris, Capital Projects Administrator


DATE: May 14, 2020

DEPARTMENT: Finance

Staff Contact Douglas Allen
End

AGENDA TITLE:
Title
Information, discussion and direction on the Town's Recommended Budget for Fiscal Year 2020/21 (Beginning July 1, 2020 and Ending June 30, 2021) and Capital Improvement Plan for Fiscal Years 2019/20 through 2024/25
Body

RECOMMENDATION:
Recommendation
To receive information and provide direction to staff for incorporation into the Final Budget
Background

SUMMARY STATEMENT:
Guided by the long-standing traditions of Paradise Valley's solid fiscal policy and prudent budgeting lead by the Mayor, Town Council and Management, the Town has saved and set-aside sufficient resources for fiscal emergencies to maintain Town services.

In March 2020, the Town experienced sharp revenue drops that were abrupt, extremely deep and with the duration for rebound and recovery still uncertain.

Local tourism activity revenues are received by the Town two months in arrears. The biggest months for Tourism activity revenues are March and April. Although actual revenues will not be known by the Town until May and June, respectively, we do know they will be drastically lower than normal.

From July 2019 through February 2020, the Town experienced elevated tourism and was on-track to exceed its minimum revenue goal for the current fiscal year ending June 30, 2020. Though the Town could sustain a 25% drop in tourism the rest of the fiscal year and meet the minimum revenue goal, the recent drop in tourism is much deeper. As a result, the Town will fall short of its minimum revenue goal.

To maintain the high standard of Town services, Town Management and all Departments are identifying various mitigating financing options to address this, and other ...

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