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File #: 21-244    Version: 1 Name:
Type: General Business Status: Agenda Ready
File created: 6/7/2021 In control: Board of Trustees
On agenda: 6/15/2021 Final action:
Title: 2021 First Supplemental and 2022 Budget, CIP and Federal Funding Discussion
Attachments: 1. 2021 Supplemental & 2022 Budgets
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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SUBJECT:
Title
2021 First Supplemental and 2022 Budget, CIP and Federal Funding Discussion
Body
DEPARTMENT: Finance Department

PRESENTER: Victoria Runkle, Interim Finance Director


TIME ESTIMATE: 180 minutes
only required for non-consent items

STAFF RECOMMENDATION:
Recommendation
Discussion of the Board of Trustees' priorities for the 2022 and 2023 budgets, including the $5.8 million in American Rescue Plan Act monies, as well as proposed supplemental budget for 2021.

End

SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Town staff are beginning to prepare the Town's 2022 Budget. To ensure the budget addresses the Board's priorities, staff wants to confirm with the Board major operating and capital areas staff plans to consider while creating the Proposed 2022 budget. This involves consideration of the past actual revenue and expenditures (2020), current (2021) budget, and projected/proposed (2022) revenues and expenditures.

Last year Erie, like most other public and private entities, anticipated lower revenue due to the pandemic, and scaled back expenditures. While some revenue areas struggled (recreation fees, in particular), in contrast to expectations, sales tax revenue for Erie (and many other Colorado cities and towns), particularly from internet sales, actually grew. Thus, Erie is emerging from the pandemic in far better financial condition than expected, and that trend continues.

The impact of this is the Town ended 2020 with a General Fund fund balance $6.7 million higher than budgeted, going from $31.1 million to $37.7 million. Additionally, current revenue trends support increasing 2021 General Fund budgeted revenue by $2.1 million, from $34.5 million to $36.6 million. These increases support the Board's approval earlier this year of eight new positions and significant new program expenditures for air quality monitoring. Staff also propose in the First Budget Supplemental an additional police position, two more positions to maintain serv...

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