TO: Mayor Bien-Willner and Town Council Members
FROM: Jill Keimach, Town Manager
Douglas Allen, CPA
DATE: May 28, 2020
DEPARTMENT: Finance
Staff Contact Douglas Allen 480-348-3696
End
AGENDA TITLE:
Title
Adoption of Resolution Number 2020-16 Approving the FY2020/21 Tentative Budget
Body
RECOMMENDATION:
Recommendation
Adopt Resolution Number 2020-16 approving the FY2020/21 Tentative Budget that sets the maximum appropriation for the fiscal year at $64,220,371; and hold a Special Meeting/Public Hearing on June 11, 2020.
Background
SUMMARY STATEMENT:
One of the most important duties of the Mayor and Town Council is to adopt an annual budget for the Town. The budget process provides the Council with the opportunity to match the needs of the Town and available resources with the intent of gaining the maximum return on each dollar.
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.
I. REQUEST OF MAYOR AND COUNCIL MAY 28TH
The request of Mayor and Council at the May 28th meeting is to consider adopting a Tentative Budget. This stage of the budget process is the result of all departments, management and Town Council's collaborative efforts to set and communicate the Town's financial plan, policies and operational guide for the upcoming fiscal year 2020/21.
II. UNIQUE BUDGET PROCESS
The Town underwent a unique budget process this year. Departments submitted their budget requests for their programs, incorporating specific needs. Then over a month later, they were asked to reprioritize their entire set of requests in anticipation of limited revenue for an unknown duration of time.
In March 2020, the Town experienced sharp revenue drops that were abrupt, extremely deep and with the duration for rebound and recovery still uncertain.
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