The City of King staff has released the recommended Biennial Budget for FY 2021-22/ FY 2022-23. The budget will be presented to the City Council for review and consideration at the virtual Budget Workshop on Wednesday, May 26th at 4:00 p.m. The public is invited to attend and provide input. The Budget Workshop can be accessed at https://bit.ly/3hBVK9A.
The full budget document can be found at the link below. The budget proposal was recommended unanimously by the Budget Advisory Committee at their meeting on May 17th. Once the City Council has completed its review, staff will make any changes directed by the City Council and provide a Resolution for approval at the June 8, 2021 meeting.
The total proposed City budget is $24,087,756 in FY 2021-22 and $18,538,906 in FY 2022-23. Of these amounts, the total proposed General Fund is $8,766,374 in FY 2021-22 and $9,099,482 in FY 2022-23. When the pandemic began, the City reacted quickly to adjust the budget to plan for anticipated financial impacts. Since the adjustments have exceeded revenue losses, the City is now in a relatively positive position moving forward. All recommended budgets are balanced and make progress toward accomplishing each of the major budget goals/priorities that were approved by the City Council in the first step of the budget process. The most exciting feature of this budget is that it is projected to repay the remainder of the negative fund balance in the General Fund. The last time the City had a positive General Fund balance was in 2005. Therefore, this represents a major accomplishment in the City’s fiscal management.
The most significant changes in the General Fund expenditures include the following:
· Addition of a full-time Public Works Director position
· Addition of one full-time Public Works Maintenance Worker position
· Funding to contract maintenance of specialized landscaped areas
· Increase in funding for Public Works and Parks repairs
· Redesign of the City’s website to provide more online services
· Fire Department equipment purchases
The budget also includes an extensive list of major projects funded from primarily from grants and other funding sources. Major items include increased funding for the annual Street Improvement Program, construction of the Citywide Sidewalk Improvement Project, design and planning for the Multimodal Transportation Center, paving of the taxiway at Mesa Del Rey Airport, Lynn Street sewer line, Phase I expansion of corner bulbouts in the downtown area, and installation of solar streetlights on Jayne Street.
One of the most important components of the Biennial Budget is the Long Range Financial Plan. In this budget, two scenarios are presented. Scenario I is the Base Plan, which provides a 10-year projection of existing revenues and expenditures. This plan projects that recommended expenditures can be sustained over the next 10-year period while accumulating a reserve up to 12% of the General Fund. Scenario II forecasts costs to address deferred maintenance needs and other high priority unfunded costs. These items include needed facility repairs, street improvements, public safety enhancements, maintenance of new parks, and Public Works staffing. Revenue enhancement strategies to address these needs will be reviewed as part of the long range financial planning process.
Contact City Hall at 385-3281 for more information.