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Lake Havasu City adopts balanced fiscal year 2019–20 budget of $148.6 million
Summary
Council adopted the FY 2019–20 final budget and set the property tax levy process; the tax rate remained flat while assessed value increases will generate additional revenue.
Lake Havasu City Council adopted the fiscal-year 2019–20 final budget on June 25, approving a $148,611,388 spending plan and completing the budget process begun with the tentative budget earlier in the month.
Why it matters: The final budget funds core municipal services, a capital improvement plan with identified funding sources and personnel step increases; city staff described the budget as balanced with no new debt.
Key votes and context Council moved into a special meeting and adopted Resolution No. 19‑3319 to adopt the FY 2019–20 final budget. The motion carried 7–0. City finance staff reminded the council that the city’s property tax rate remains flat from FY 2018–19 to FY 2019–20, but because assessed values increased, the city will collect additional revenue from the same rate. The finance presentation noted that “only 7.8¢ of every dollar” on a property tax bill goes to Lake Havasu City and provided an example: each $100,000 of assessed value yields an additional $3.14 per year from the assessed-value increase.
Truth in Taxation and next steps Earlier in the meeting the council held a Truth in Taxation hearing on the proposed fiscal year 2019–20 property tax levy. Ms. Olsen (Finance) explained the rate remained flat and asked that the council set the levy adoption for the July 9 meeting; Councilmember Dolan moved to levy the proposed FY20 property tax and to assess the levy at the July 9, 2019 City Council meeting (motion carried 7–0). The council then moved to adopt the final budget during a special meeting.
What the budget does City leaders said the budget funds a fully identified capital improvement plan (CIP) and provides step increases for eligible employees and funds a positional analysis study that city staff had presented previously. City staff emphasized the budget was balanced and did not require new debt issuance.
Ending Council members thanked finance staff for their work; staff said city offices would be closed July 4 and reminded residents about permitted fireworks periods and the July 4 community fireworks show.
