On Monday the Brentwood City Commission unanimously passed the first reading of the city’s budget and an ordinance to adopts the property tax rate for fiscal year 2020-2021.
The proposed budget was submitted to the commission on May 5 and was reviewed in a budget work session on May 14.
According to the online agenda, projected revenues for next fiscal year total $40,730,700, while appropriated expenditures including the planned $5,000,000 fund balance transfer to the Capital Projects Fund will be $45,718,655, leaving a projected year end deficiency of $4,987,955.
The city notes that the $5,000,000 transfer has been part of the city's long-term financial planning, and is earmarked for completion of the Brentwood Police Headquarters project of $4,000,000, and the final payment on purchase of the Windy Hill Park property of $1,000,000. Excluding the $5,000,000 fund balance transfer, the city has announced a $12,045 surplus of revenues over expenditures.
The city has said that certain proposed projects and equipment purchases in the FY 2021 Capital Improvements Program will require a FY 2020 special year-end transfer totaling $3,740,000 from the General Fund to the Capital Projects Fund, as well as $405,000 to the Equipment Replacement Fund and $45,000 to Facilities Maintenance Fund, funded through current year excess revenue collections.
The city has also said that $2,600,000 from the General Fund unassigned fund balance is necessary for the first installment to purchase Windy Hill Park which will account for another special FY 2020 year-end appropriation.
With those year-end transfers are taken into account, the minimum unassigned fund balance in the General Fund as of June 30 is estimated at $39.4 million.
The ordinance providing for that proposed FY 2020 year-end special appropriation transfers, as well as other "clean up" budget amendments, will be presented to the Commission on first reading at the June 8 Commission meeting.
The city has also budgeted $12,310,000 for both real and personal property taxes for FY 2021, in what the city said is the 30th year of effectively the same tax rate.
“I’m happy to report that for a 30th year, mayor and commissioners, we are proposing an effective tax rate that has not changed from the prior year and I know that’s a source of great pride both for the commission, the staff and I’m sure many of our residents who pay the tax bill,” Assistant City Manager Jay Evans said during the electronically-held meeting. “And so $0.36 per $100 of assessed value will again be our effective rate for property taxes for fiscal year 2021.”
The final public hearing for both ordinances is scheduled for the June 8 commission meeting and the final reading and final vote on the ordinances will be during the June 22 meeting.