Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Overview topic
No spam. Unsubscribe anytime.
City of Savannah staff present FY20 budget proposal emphasizing reserves and revenue projections
Summary
City staff presented the FY20 proposed budget highlighting the city’s strong unassigned fund balance (18.8% in 2018), steps toward a higher bond rating and revenue assumptions that will be included when the adoption ordinance is placed on the Dec. 5 council agenda. No formal votes were taken at the work session.
City Manager Pat Monahan and Chief Financial Officer David Maxwell presented the City of Savannah’s FY20 budget overview and year-end review during a Nov. 15 special budget work session.
David Maxwell, the city’s Chief Financial Officer, noted that the City of Savannah’s unassigned fund balance for 2018 was 18.8%, or $37,945,263, and that including the Sales Tax Stabilization Fund of $5,501,000 would raise the reserve balance to about 21.5%. Maxwell cited the Government Finance Officers Association guideline that a reserve of at least two months of expenditures (about 16.67%) is recommended for municipal fiscal stability.
Chief Budget Officer Melissa Carter outlined projected revenues and proposed expenditures that staff will present in the adoption ordinance scheduled for the Dec. 5 council agenda. Staff emphasized that recommendations reflected current initiatives and risk-avoidance priorities and that the budget package includes community partnership and cultural arts funding as part of the recommended expenditures.
Council members asked staff about steps to pursue a AAA bond rating; staff discussed comparative data for peer cities and described the financial metrics being used to evaluate rating improvements but did not commit to a timetable for a rating change. No formal motion or vote occurred during the workshop; staff recorded questions and compiled items for follow-up.
The work session concluded with direction to include the recommended appropriations on the Dec. 5 adoption agenda and with staff noting several follow-up items to be reported back to council as the budget process continues.
