Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Action
Item Title:
title
Hyattsville Ordinance 2022-01: Fiscal Year 2023 Budget (Introduction)
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Suggested Action:
recommendation
I move the Mayor and Council introduce Hyattsville Ordinance 2022-01, an ordinance adopting an annual budget for the Fiscal Year July 1, 2022 through June 30, 2023, for the general purpose, fixing the tax rates for the Fiscal Year beginning July 1, 2022; authorizing collection of taxes herein levied, and appropriating funds for the fiscal year (INTRODUCTION AND FIRST READING).
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Summary Background:
The FY23 budget process began internally in December 2021 with initial staff meetings to determine budgetary requirements for FY23. The City’s Administrator’s Proposed FY23 budget was presented to the Mayor and Council on March 30, 2022.
A Public Hearing on the proposed Real Property Tax Rate was held on May 2, 2022, at which a rate of $0.63 per $100 of assessed value was adopted by the Council.
The 2023 Special Tax Report for the Special Obligations Bonds, University Town Center, and five (5) year forecast documents will be included in the Council packet of June 6 in accordance with Section C5-5 of the Hyattsville Charter and Code. A second reading of the budget is scheduled for June 6, 2022.
Next Steps:
Second Reading Adoption of the FY23 Budget Ordinance is scheduled for June 6, 2022.
Fiscal Impact:
See attached FY23 budget document.
City Administrator Comments:
See summary background above.
Community Engagement:
Per the City Charter, a fair summary of the budget ordinance will be published twice in a newspaper of general circulation. The budget and corresponding documents will be posted on the City’s website and a budget guide will be mailed in the summer.
Strategic Goals:
Goal 2 - Ensure the Long-Term Economic Viability of the City
Legal Review Required?
N/A