Fiscal Year 2019 Budget
FY19 Budget Process
On June 19, the City Council held a workshop discussion regarding planning for the FY19 budget and reviewing the list of potential projects for inclusion in the Five Year CIP. The FY19 budget is being developed around implementation of resiliency initiatives identified in the updated Financial Management Policy Statements, such as estimating sales tax revenue with no recurring growth and property tax revenues based on an effective tax rate (no new taxes rate) plus 3%, which essentially covers increased costs of doing business.
Out of $1.67 million in recurring reductions from the FY18 budget, recurring funding for the following will likely be included in the budget proposal totaling $299,000:
- Fort Bend Transit Services
- City Calendar
- Street Sweeping
- State of the City Event
- Mulch/fertilizer for plantings in ROW
Limited additional funding for events is proposed as a one-time addition, based on direction from the City Council on community and regional special events.
In addition to planned increases in rehabilitation funding, priorities identified for funding in the FY19 operating budget are:
- Fire/EMS Department needs
- Replacement of the City's ERP Software System
- Facilities needs
- Drainage needs
The City Manager will file the proposed FY2019 budget and Capital Improvements Program on July 17, 2018.
Park Bonds Update
On June 19, the City Council held a workshop to discuss direction for the remaining projects from the 2013 General Obligation Bonds. Voters approved $31.46 million in bond projects, requiring a 3.1 cent increase to the tax rate to fully implement. To date, the City has issued $21.2 million in bonds and completed several projects, including Brazos River Park Phase II, the festival site and Imperial Connector Trail. The annual financial impact of the projects is $1.9 million or 1.9 cents on the tax rate and the 2017 tax rate is 0.867 cents higher than the tax rate was at the time of the bond election.
Implementation of the remaining projects requires the issuance of $10.26 million in bonds that will result in an increase to the tax rate of one cent. City staff reviewed the projects seeking direction from the City Council regarding including the remaining projects in the FY2019-23 CIP. At this time, City Council has directed that the projects not be included in the proposed five year CIP and that they be evaluated in the future for funding.
A schedule of public meetings relating to the budget is below. As presentations and video from the meetings are available, they will be posted here.
|June 19||5:30 p.m.||FY19 Budget Planning
Review list of FY19-23 capital projects
Discussion and direction on Park Bond projects
|July 17||5:30 p.m.||File the proposed FY19 budget and Five Year Capital Improvement Program|
|August 2||7:30 a.m.||Budget Workshop|
|August 9||7:30 a.m.||Budget Workshop|
|August 16||7:30 a.m.||Budget Workshop|
|August 21||6:00 p.m.||Public Hearing on Proposed Budget|
|August 23||7:30 a.m.||Budget Workshop|
|August 28||5:30 p.m.||Public Hearing on Proposed 2018 Tax Rate|
|August 30||7:30 a.m.||Budget Workshop|
|September 4||6:00 p.m.||Public Hearing on Proposed 2018 Tax Rate|
|September 18||5:30 p.m.||Ordinance to Adopt FY19 Budget and CIP
Ordinance to Adopt the 2018 Property Tax Rate