Anticipated revenues are down due to the health crisis and an expected decline in property values. Therefore anticipated expenditures have been reduced by about 2%. The remaining six million dollars of 2016 BBB bond funds are scheduled to be issued in 2021. Here are some highlights:
- No new revenues from property taxes
- A 2% reduction in general fund expenditures
- Maintaining current City service levels
- Another bond issue for 2022 – over $47 million. Our bonded debt would be around $132 million by 2025.
- And a surprise, slipped into the Capital Improvment Plan for Future projects – A $6 million dollar dog pound.
For me, more review is required to deconstruct the 253 pages presented at the meeting, and I will expand my research in the next month. My first impression, however, is that we need deeper spending cuts, a more conservative fiscal policy, and concerted efforts to reduce our bonded debt. And to stop leasing vehicles and losing others to floods.
Instead the current budget proposes more debt and less savings. Is this a sustainable fiscal policy?
The first Budget Workshop is scheduled for Monday, August 10, 2020. Probably Telephonic.
The second Budget Workshop is scheduled for Monday, August 17, 2020. Probably Telephonic.
A third Budget Workshop is scheduled for Monday, August 31, 2020. Telephonie.
The fiscal year begins on October 1st, the new budget will be finalized and approved in September.
Below are several versions of the budget. The first contains only the budget, no verbiage and most of the charts, graphs, explanations, etc., have been removed. The next contains the entire proposed budget.
FY2021_Proposed Budget_ONLY– 104 pages
FY2021 Proposed Budget_CIP_ONLY– 12 pages
Bellaire’s Debt is $116.4 million as of 6/30/2020 with another $6 million in bonds still to be issued. We have one of the highest per capita debts in the state.