Part of our responsibility of providing superior municipal services to our community includes using our resources wisely and maintaining a balanced budget. The operating budget is a planning document outlining the uses of the City’s monetary resources. The Mayor, Board of Aldermen, and Staff have been in the planning process for the past month creating the FY2021 Operating Budget for the fiscal year that begins January 1.
The current FY2020 Operating Budget, with amendments, supported nearly $30.6 million in expenditures and is estimated to end overall under budget 19.5%, a majority of which consists of capital projects that will be re-budgeted, or carried over, to FY2021. The past eight months have been conflicted with the COVID pandemic and has influenced City finances. In April, an operational spending plan was amended as result of anticipated financial challenges due to the pandemic. It was estimated early in the pandemic a need for a 15% decrease for FY2020 revenues, all sources, equating to nearly $1.5 million dollars. This required nearly $580,000 in expenditures to be cut and a use of nearly $920,000 in reserves to be used. However, as we moved through the summer months those targets were adjusted to meet more positive financial change, compared to what was anticipated. As we end the FY2020 year, excluding one-time revenues that follow capital purchases and projects to be re-budgeted in FY2021, on-going revenues are estimated to come in less than 1% overall.
The FY2021 Operating Budget remains in preparation with the completion anticipated in the upcoming weeks. As it stands, the current draft for FY2021 supports nearly $30.1 million in expenditures, all funds. The Mayor and Board of Aldermen will be presented with a final draft for the FY2021 Operating Budget in December for adoption. A public hearing will precede the first reading request.
City staff is dedicated to being good stewards to our community and will continue to operate efficiently to deliver superior municipal services to our citizens and visitors; and, we want to hear from our community. Please stay engaged through our social media pages as well as our website, never miss any information by signing up for all City alerts at www.osagebeach.org. Click on the “Notify Me Sign Up” and follow the easy steps.