DeSoto FY21----FY22-Approved-Budget


July 23, 2020

Honorable Mayor and Members of the DeSoto City Council: In accordance with Article VII, § 2 of the City Charter, I dutifully submit the proposed budget for Fiscal Year (FY) 2021. Within this proposed budget document are financial policies for the forthcoming FY with clearly defined explanations of any changes from FY 2020. Equally important as the aforesaid statement are revenue estimates derived from taxes and various other sources, which are inclusive of the current tax rate structure and valuation of properties for FY 2020. Additionally, an itemization of proposed expenses by all municipal agencies will be juxtaposed to previous FY actual expenses and current year-to-date (YTD) expenses. These various capital improvement projects are categorized and presented in a five (5) year format based upon its defined level of importance determined by the City Council. On Thursday, April 23, 2020, the City Council and Administration began the process of strategically developing a budget for FY 2021. During this meeting, the Council defined their goals and objectives for FY 2021. At the conclusion of this discussion, it was decided that the following items will be funded: • Incorporate a 1% raise in annual personnel salaries • Utilize General Fund/Fund Balance for the following items: Economic Development $150,000 Electronic Equipment ($500,000); Future Capital Projects (400,000); Stabilization Fund ($250,000); In addition to the aforementioned items, the City Council also integrated the following items into the FY 2021 budget at its annual planning retreat: • Membership & Subscriptions $15,000 • Other Contractual Services $15,500 ~Property Tax Rate~ The FY 2021 budget continues to reflect our conservative philosophy toward managing all municipal operations and monetary affairs. Since the implementation of this practice in late 2011, the City of DeSoto has been duly recognized by state and national organizations for its financial stewardship. In order to attain these prestigious accolades, numerous policies and procedures were


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