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City budget workshop: staff projects $365.1 million in recurring revenue; $2.6M available for general appropriation
Summary
Finance staff projected $365.1 million in recurring FY22 revenue, an estimated $6.7 million increase from the prior year but only about $2.6 million available for council discretion after commitments to schools and debt service.
Finance staff led by Carl Daughtry told the council that preliminary FY22 recurring revenues are projected at $365,100,000, an increase Daughtry described as about $6,700,000 or roughly 1.9% over the current baseline.
"When you look at recurring revenues, we are projecting... $365,100,000," Daughtry said, noting that of the $6.7 million increase only approximately $2.6 million would be available for general appropriation because roughly $4.1 million is already committed to items such as the school funding formula and debt service for the science wing.
Daughtry walked council through revenue drivers: a projected 5.71% increase in real-estate assessments that would generate roughly $7.6 million in additional real-estate tax revenue, and a projected improvement in personal-property collections tied in part to strong used-car prices. He also warned that consumer-driven taxes such as lodging and meals remain below historical levels because of pandemic impacts.
Council members pressed staff on the composition of the available dollars and asked that the manager prepare a consolidated legislative and revenue 'tool' identifying state commitments and local items that constrain tax-rate flexibility. The manager and finance director said they will provide further detail as the manager's recommended budget is prepared.
