Item 01: FY 2020-21 Financial Update and Preliminary FY 2021-22 Budget

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COSM_Admin

Administrator
Staff member
Receive a Staff presentation and hold discussion regarding the Fiscal Year 2020-2021 Financial Update and preliminary Fiscal Year 2021-2022 Budget, and provide direction to Staff.
 

Attachments

  • Budget Workshop Update Presentation 6-29-21 FINAL.pdf
    90.8 KB · Views: 184
  • City Council Vacancy report June 7, 2021.pdf
    387.8 KB · Views: 165

MDerrick

CoSM Members
-You've listed the Budget Gap for FY22 as $2.9M and our personnel requests to keep up with growth and continue to provide core services only is more than $5M. Capital Outlay requests are at about $5M as well. How much of the Capital outlay requests can our budget fund, since we are already short by about $8M with the gap and personnel requests? Is it too early for an estimate?

-Our two largest requests for event funding are $100K for Sights and Sounds, and $95K for Go Wheels Up, the later of which is only two years old. Since we will likely have to cut event funding as a piece of the budget puzzle, can we get an estimate from CVB regarding estimated tourism dollars (heads in beds etc) SMTX gains from this new event.

-Is TIRZ #2 the Blanco Vista TIRZ?

-On Senior Tax exemptions, where does the additional household savings of $59.30 per year come from?

Thanks!
 

COSM_Admin

Administrator
Staff member
Responses provided by Marie Kalka, Director of Finance:
You've listed the Budget Gap for FY22 as $2.9M and our personnel requests to keep up with growth and continue to provide core services only is more than $5M. Capital Outlay requests are at about $5M as well. How much of the Capital outlay requests can our budget fund, since we are already short by about $8M with the gap and personnel requests? Is it too early for an estimate? The $2.9M General Fund gap does not include any of the personnel or capital outlay requests. Our goal at the end of day is to close this gap, fund some high priority personnel requests and fund the majority of the capital outlay requests using fund balance (based on we had budgeted using nearly $2.8M and we anticipate not having to use) This keeps with the philosophy that one-time revenues should only be used for one-time expenses. In regards to the other funds, we will be working to incorporate as many of the requests as possible but no final decisions have been made.

-Is TIRZ #2 the Blanco Vista TIRZ? Yes

-On Senior Tax exemptions, where does the additional household savings of $59.30 per year come from? It is basically the $10,000 (additional exemption)/$100*.5930 (our current tax rate) = $59.30
 
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