Extracted text (via pymupdf)
3244 characters
1 Introduction Tentative Budget oOverview oSpecial Funds oCapital Improvement Program oReserves oSet Expenditure Limitation oPublish Schedules Town Council Tentative Budget 3 Tentative Budget Adoption Adoption of the Tentative Budget sets the Town’s maximum allowable expenditures for the upcoming fiscal year. Once adopted, the total expenditure limitation cannot be increased, only reduced. Once adopted, A.R.S. § 42-17105, mandates public posting of budget schedules which must remain posted online for 60 months. The Tentative Budget serves as the legal framework for final budget adoption. 4 • Includes 5% base wage increase, 9.5% health insurance increase, and 2% employee match in 457B plan • Capital Outlay 5-Year plan • Establishes significant progress towards capital projects in Council identified priority areas • Provides funding for Town’s Community Support Grant Key Achievements of This Budget 5 FY2026 (Current) FY2027 Budgeted New Revenue $18,848,844 $17,611,843 Budgeted Expenses without CIP $19,370,341 $19,906,023 Budgeted Use of Fund Balance $12,275,518 $15,174,209 Budgeted General Fund CIP ($4,875,203) ($7,849,000) General Fund Transfer to Other Funds ($2,498,902) ($2,898,902) Remaining Unrestricted Fund Balance $4,379,916 $2,132,127 The Big Picture General Fund 6 Reserves and Contingencies Should be appropriated to provide for emergencies, mid-year requests, and unanticipated expenditures Policy: General Fund Reserve will be maintained in an amount not less than 15% of new General Fund revenues for the budgeted fiscal year Policy: Contingency will be established for all other applicable funds of at least 10%, and the equity of all funds will be maintained to meet the objectives of the fund requiring Policy: $100,000 will be budgeted under General Services each year to indemnify the Town of unanticipated insurance claims 7 General Fund - Fund Balance Summary • -Contingency $2,132,127 • -Capital Reserve $1,000,000 • -Reserve $4,402,961 (funded at 25%) – policy is 15% FY27 Restricted Fund Balance- $22,709,297 Unrestricted Fund Balance- $15.174M 8 FY27 Streets Fund PROJECT FY27 BUDGETED Lewis Addition $250,000 Coconino Parking Lot Upgrade $750,000 Tegner Street Phase 3 $500,000 Community Center Parking Lot Rehabilitation $500,000 Service to Maintain Streets $1,200,000 Total FY26 Streets Capital Expense $3,200,000 • Date of last principal and interest payment is 03/22/2027 o Schedule principal $2,350,000 o Schedule interest $144,507.61 o Total P+I $2,494,507.61 9 FY27 Debt Service Fund Project FY27 Budgeted Wickenburg Ranch Fire Station $498,902 10 Project FY26 Budgeted Reduced Status & Funding Source Pool Heaters & Covers $202,000 ($202,000) Removed – Bed Tax Building Low Voltage Cabling $200,000 ($200,000) Moved to FY28 Total Reduction From FY26 CIP Budget $402,000 Changes to CIP Priorities Since 04/20/26 11 5-Year Capital Improvement Program 12 5-Year Capital Improvement Program 13 5-Year Capital Improvement Program 14 5-Year Capital Improvement Program 15 Budget Schedules o Open Exhibit 16 Next Steps Tentative Budget Schedule Postings Final Budget Hearing and Adoption June 1, 2026 17 • Council Discussion Recap and Close of Session