Submitted by: Laura Reams
Submitting Department: City Clerk
Agenda Section: Action
Item Title:
title
Hyattsville Ordinance 2020-03: Fiscal Year 2021 Budget (ADOPTION)
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Suggested Action:
recommendation
I move that the Mayor and Council approve Hyattsville Ordinance 2020-03, adopting an annual budget for fiscal Year 2021 beginning July 1, 2020 through June 30, 2021, for the General Purpose; fixing the tax rates for the Fiscal Year beginning July 1, 2020; authorizing collection of taxes herein levied; and appropriating funds for the Fiscal Year (SECOND READING & ADOPTION).
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Summary Background:
The FY2021 budget process began internally in December 2019 with initial staff meetings to determine budgetary requirements for FY21. The City's Administrator's Proposed FY20 budget was presented to the Mayor and Council on April 6, 2020. During the presentation, It was noted that the impact of the COVID-19 pandemic on the proposed budget was uncertain. The staff committed to reviewing the budget for possible modifications.
A Public Hearing on the proposed Real Property Tax Rate was held on May 4, 2020, at which a rate of $0.63 per $100 of assessed value was adopted by the Council.
The 2021 Special Tax Report for the Special Obligation Bonds, University Town Center are attached as required to the Budget Ordinance. Also attached is the Proposed 5-year forecast for the operating budget in accordance with Section C5-5 of the Hyattsville Charter and Code.
A first reading of the budget was held on May 18, 2020. During that meeting, Council amended the budget by $100,000 for the purpose of including a 1.5% Cost of Living Adjustment (COLA) for City employees.
Next Steps:
Adoption of the FY21 Budget Ordinance.
Fiscal Impact:
Total Budget All Funds: 33.6M
City Administrator Comments:
See summary background above.
Community Engagement:
Per City Charter, upon adoption of an ordinance, a fair summary will be published twice in a newspaper of general circulation. In...
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