FINAL ADOPTED BUDGET 2020-2021

Honorable Mayor and Members of City Council:

I am pleased to provide you with a copy of the 2020 21 Annual Budget and 2021 22 Projected Budget. This document was prepared by the City's Budget and Evaluation Department and represents a comprehensive publication of the City's budget plans and policies for the upcoming fiscal year. The document also includes a second year planning budget that gives us the opportunity to continue planning for and implementing the strategies necessary to meet the future needs of our community. I presented the recommended FY 2020 21 budget to Council on May 19, 2020 and both hard copy and electronic versions were available for public review. The Council held two budget work sessions and a public hearing on the proposed budget before adoption. City Council adopted the 2020 21 annual net budget, totaling $602,444,406, on June 16, 2020. The The adopted budget addresses multiple Council priorities and organizational financial needs. This budget addresses the challenges faced by the organization due to the COVID 19 pandemic, while protecting the organization s most important assets: employees and financial sustainability. Even with challenges expected, the budget includes compensation adjustments for all benefited employees and also does not eliminate any benefited positions. The budget includes many programmatic reductions and delays for the next year based on the significant impact to revenues, especially sales taxes, expected in FY 20 21. However, service levels are maintained at the highest levels possible with a focus on the health and safety of the community. This budget also continues Council s efforts to reduce reliance on fund balance as we work to regain our financial sustainability. Full funding for debt service related to the 2016 bond referendum will support a $60 million investment in FY 20 21 for citizen approved Parks and Recreation, Housing, Transportation and Community Development projects. The 2020 21 and 2021 22 budget columns in this document, as well as the narrative, reflect the budget as adopted by Council with changes made during the Council deliberations. The Manager's Message, however, is included as it was presented with the Recommended Budget. On behalf of the employees of the City, I thank you for your continued leadership and support of our efforts to meet your priorities in the delivery of high quality services to the Greensboro community. Respectfully, adopted FY 20 21 Budget is 3.7% higher than the revised FY 19 20 budget. The overall property tax rate of 66.25 cents is unchanged from the previous year.

David Parrish City Manager

Adopted 2020-21 Budget

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