03 - Ordinance Adopting the Proposed 2019-20 City Budget

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Item No. 3 TO: Mayor & City Council FROM: Gene Anderson, Interim City Manager & Finance Director SUBJECT: ORDINANCE ADOPTING THE PROPOSED 2019-20 CITY BUDGET DATE: September 10, 2019 BACKGROUND: The proposed 2019-20 City budget was filed with the City Clerk on August 16. A public hearing was held September 3rd on the proposed budget. The Council directed the Manager to make the proposed budget revenue neutral if possible. This was accomplished by reducing proposed expenditures by $568,338. The Council could adopt the Effective Tax Rate which brings in the same amount of property tax revenue as fiscal year 2018-19 and fund the reduced budget. Since a public hearing was held on the proposed budget, the Council can adopt the original budget proposal, the reduced revenue neutral budget, or something in between those two budgets. However, no line item may be increased since there is insufficient time to have a public hearing on any line item increases. This budget ordinance summarizes revenues and expenses for all budgeted city funds and departments. It also provides for certain transfers to be made between various city funds. STATUS OF ISSUE: The proposed city budget has been reviewed by the City Council and a public hearing was held in accordance with city charter requirements. The proposed budget now awaits the City Council's formal adoption through this ordinance. The ordinance provided represents a revenue neutral budget. BUDGET: N/A RECOMMENDATION: Motion to approve the 2019-20 City Budget Ordinance.