Public Notice Website
|Subject:||Political Subdivisions (Local Issues)|
|Notice Title:||To Adopt FY 2021 Budget & FY 2020 Adjusted Budget|
|Meeting Location:||7688 Big Cottonwood Canyon Rd.
|Event Date & Time:||
June 9, 2020
June 9, 2020 06:30 PM - June 9, 2020 08:30 PM
ITEM: FY 2021 Tentative Budget & FY 2020 Adj. Budget DATE: May 12, 2020 SUBMITTED BY: Nate Rockwood ITEM TYPE: Legislative SUBJECT: Approval of the Tentative Budget Resolution, a Resolution Adopting the Fiscal Year 2021 Tentative Budget and setting a date and time for the Budget Hearing. SUMMARY: The process of adopting the fiscal year 2021 budgets requires several steps that the Town Council is required to take to be compliant with state statute. As a reminder, the purpose of a tentative budget is to have a working tool from which the Council can start the formal adoption process. The budget can be adjusted with Council's direction prior to final adoption. At the time of final adoption, the budget must be balanced with expenditures equaling revenues (including fund balance). The General Fund can have a fund balance of up to 75% of year end revenues. The following timeline shows the budget process and dates: May 12th - Adopt Tentative Budget and make available to public - Set proposed property tax rate to no increase (There is no property tax levy by the Town of Brighton) - Set time and place for public hearing (June 9th) - Discuss budget and funds available for Town Goals and Priorities June 2nd - Provide notice of the place, purpose, and time of the public hearing by publishing notice at least seven days before the hearing June 9th (final budget needs to be adopted before June 30) - Hold a public hearing on the Budget - By resolution or ordinance adopt FY 2021 Final Budget & FY 2020 Adj. Budget Before July 2nd - File a copy of the final budget for each fund with the state auditor within 30 days after adoption Budget Information and Analysis: The Budget consists of all anticipated revenues to be received by the Town and all anticipated expenditures. State code requires that all Cities and Towns follow a July - June fiscal year (FY) budget and that all Counties (including the MSD) are required to follow a calendar year budget. Because Brighton will have an adopted Town Budget and an adopted MSD Budget, Brighton will have both a fiscal year and calendar year budget. This is a unique situation in Utah. The goal will be to always have the FY and CY budget match. To make things additionally complicated, because the Town was created in January, the first FY will be from January 1, 2020 to June 30, 2020 and will be a six-month period (FY2020). Fiscal Year 2021 will run from July 1, 2020 to June 30, 2021 (FY2021). The County MSD calendar year will run from January 1, 2020 to December 31, 2020 (CY2020). Sales Tax Revenue Analysis The town currently applies the following sales tax rates. The 1% Local Option and the .25% County Option Highway and Transportation tax are allocated to cover services and transfers provided by the MSD: - 1% Local Option (Brighton receives .5% Point of Sale; .5% population is distributed statewide) - .25% SB 136 Sales Tax Hwy/Transit (Brighton receives .1% of the .25% County Tax) - 1.1% Resort Communities Sales Tax - 1% Municipal TRT The following table details the projected revenue from each sales tax. The projection was created using 18 months of historic sales tax collection data from business in Brighton and two moths of actuals from January and February 2020. The table places the revenue forecast into the correct period for FY 2020 and FY 2021. These numbers have been used in the recommended budget. Because of the current economic situation, it is extremely difficult to project sales revenue for the upcoming winter season. The forecast below is based on a winter season at 70% of the revenue received in the 2019 winter season. It is hoped that this is conservative figure. The Town will continue to monitor the economic conditions and make adjustments as necessary during the winter.
|Notice of Special Accommodations:||YES. Meeting starts 6:30 PM|
|Notice of Electronic or telephone participation:||Yes|
|Posted on:||May 29, 2020 04:17 PM|
|Last edited on:||May 29, 2020 04:18 PM|