Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Rio Rancho council adopts FY25 balanced budget and five-year ICIP
Summary
The Rio Rancho governing body approved the fiscal year 2025 balanced budget and a five-year Infrastructure Capital Improvement Plan that together set recurring general fund revenues at $107.7 million and a five-year capital plan totaling $614 million; both measures passed by roll call.
The City of Rio Rancho adopted its fiscal year 2025 balanced budget and its five-year Infrastructure Capital Improvement Plan after presentations from Financial Services staff and unanimous roll-call approval.
Financial Services staff told the council the FY25 balanced budget includes $107,700,000 in recurring general fund revenue, $87,000,000 in recurring expenses, $3,300,000 in nonrecurring expenses and $30,500,000 in transfers out; the budget leaves an ending general fund balance of $25,900,000, or 28.7% of reserves. "The balanced budget is the culmination of a cooperative effort between all of the city's departments," staff said during the presentation.
The presentation also covered the utilities enterprise, which incorporates a 1.75% water-only rate increase, recurring utility revenues of $55,600,000 and O&M expenses of $30,800,000. Staff said the utility ending balance equates to about 131 days cash and maintains capital reserves for planned projects.
On capital planning, staff presented the FY25–FY29 ICIP, which anticipates $178,500,000 in FY25 capital investments and a five-year total of $614,000,000. The ICIP shows approximately $143,500,000 in pay-as-you-go financing, $113,400,000 in debt financing across the planning period and $6,600,000 in funding sources yet to be determined. Staff said utilities-related projects account for about 47% of the plan.
Councilors asked procedural and transparency questions during the discussion; staff noted the five-year plan is available as part of the budget book posted on the city website and offered follow-up assistance to citizens seeking detailed line-item information. Acting Mayor Tyler called for a roll call after a motion to approve each item; Miss Davis announced affirmative votes and the chair declared R41 and R42 carried.
The council approved the preliminary budget so the city can submit required documents to the state; Financial Services noted a final budget hearing is scheduled for July 25 and the final budget will be due to the Department of Finance and Administration by July 31.
