DeKalb City Council to Discuss 2019 Budget Tuesday

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There will be a Special Joint Meeting of the DeKalb City Council and Finance Advisory Committee on Tuesday, December 4, 2018 at 5:30 p.m.

They will be discussing the FY 2019 budget, and in particular how to close the newly-disclosed funding gap that “may be be as much as $1.8 million.”

The meeting will include public participation.

Summary:

Staff made public the Fiscal Year (FY) 2019 Proposed Annual Budget on November 15, 2018. The FY19 Proposed Budget is the result of several months of collaborative work on the part of the City Council, Finance Advisory Committee (FAC) and City staff to solve a significant funding gap. A June 2018 update to the Five-Year Financial Plan revealed the existence of a structural imbalance in the City’s revenues and expenditures, which at the time, projected a $1.68 million funding gap by the end of FY19 according to the requirements of the City’s Fund Balance Policy. Through a collaborative effort, consensus was reached on budget-balancing measures that brought the FY19 Proposed Budget within $240,742 of meeting the FY19 General Fund ending unassigned fund balance to $9.4 million, which is 25% of expenditures.

On November 20, 2018, at a Joint Meeting of the City Council and FAC, staff updated Council and FAC on the currently projected funding gap. Staff identified the additional funding gap after a miscalculation in Hotel/Motel Tax revenue, which significantly over projected revenues; this was realized on November 1, 2018. That miscalculation led to a series of events, which called for further review of the financial forecast. That review revealed the current funding gap may be as much as $1.8 million. On November 20, Council and FAC requested additional meetings to discuss this additional funding gap and requested information on a number of topics to be discussed further at those meetings. This document provides summary information for discussion.

For the full document, see below.

To view pages 2-15, mouse over the document and then use the arrows at the bottom to scroll down.

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