06.30.20 Budget Workshop - Laserfiche WebLink

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City Council Meeting Minutes June 30, 2020 • Advantage - lowest future increases • Disadvantage - delays priority projects in both FY21 & FY22* (*This scenario would provide for the $5.3M Advanced Funding Agreement with TxDOT but would require other FY21 priority projects (Academy/ Sessom and Hills of Hays) to be delayed to FY22) Option #2 FY21 Priority CIP increase of 5% • FY21 CIP increased by $4M from Option 1 • FY22 and beyond $6M annually Option FY21 CIP Amount FY22 CIP Amount FY23 CIP Amount FY21 Rate Increase FY22 Rate Increase FY23 Rate Increase FY24 Rate Increase 2 $6,000,000 $6,000,000 $6,000,000 12% 5% 5% 5% • Advantage - maintains FY21 priority projects • Disadvantage - delays priority projects in FY22 and increases annual rates (2% higher than Option 1) Option #3 FY21 & 22 Priority CIP increase of 7% • FY21 CIP increased by $4M from Option 1 • FY22 increased to $10M • FY23 and beyond at $6M annually Option FY21 CIP Amount FY22 CIP Amount FY23 CIP Amount FY21 Rate Increase FY22 Rate Increase FY23 Rate Increase FY24 Rate Increase 36 000 000 $10,000,000 $6,000,000 12% 7% 7% 7% • Advantage - maintains FY21 & 22 priority projects • Disadvantage - increases to higher future annual rates (4% higher than Option 1) Option #4 Minimum rate increase with FY21 Priority Projects increase of 6.5% • FY21 CIP increased to $6M • FY22 and beyond at $6M annually Option FY21 CIP Amount FY22 CIP Amount FY23 CIP Amount FY21 Rate Increase FY22 Rate Increase FY23 Rate Increase FY24 Rate Increase 4 $6,000,000 $6,000,000 $6,000,000 6.5% 6.5% 5% 5% • Advantages - Lower increase and maintains FY21 priority projects • Disadvantages - Below Fund Balance goal in FY21 (20%) but reaches 25% in FY22, Delays FY22 Priority Projects by one year Council Member Gonzales asked what is the difference between options #2 and #4. Ms. Moyer stated the difference is allowing the fund balance to go to 20% instead of keeping it at 25%. City of San Marcos Page 10