Budget Worksession #3 Remaining Budget issues and wrap up March 19, 2019 Budget Worksession #3 Remaining Budget issues and wrap up

Agenda Overview of Budget Amendments and Outstanding Budget Items Wrap Up and Staff Follow Up Public Comment

General Fund Budget Balancing Scenario #1 - Real Estate Tax Increase of 1 cent Revenue Changes Real Estate Tax – 1 cent increase $771,975 Reimbursement for Constitutional Officers 63,549 Total Revenue Increase $835,524

General Fund Budget Balancing Scenario #1 - Real Estate Tax Increase of 1 cent Expenditure Increases CHAP and Real Estate Tax Relief $363,960 Rent Relief 26,232 Marketing Assistance – City Restaurants 124,440 General Fund Transfer to CIP for Charlottesville Affordable 1,000,000 Housing Fund Other Expenditure Adjustments 170,892 Subtotal Expenditure Increases $1,685,524 Expenditure Decreases Transfer to Debt Service (850,000) Subtotal Expenditure Decreases ($850,000) Total Expenditure Changes $835,524 Total budget for Affordable Housing in FY20 CIP increases from $10.3M to $11.3M

Debt Service Funds Re-Programmed $850k Re-programmed for FY20 2019 Bond Issue - $10.5M Issue only for projects currently underway or within 24 months of completion Authorized but Not Issued - $37.7M Previously included in current budget year Now spread out over the next 5 years

CHAP and Rent Relief Programs CHAP - Option 3 Increase of $363,960 over current FY20 Budget Serves 1,061 Rent Relief Increase of $26,232 over current FY20 budget Increase maximum allowable rent from $6,000 to $12,000 Maximum benefit amount is $1,500

General Fund Budget Balancing Scenario #2 - NO Real Estate Tax Increase Revenue Changes Reimbursement for Constitutional Officers 63,549 Total Revenue Increase $63,549 Expenditure Increases CHAP and Real Estate Tax Relief $363,960 Rent Relief 26,232 Marketing Assistance – City Restaurants 124,440 General Fund Transfer to CIP for Charlottesville Affordable 255,159 Housing Fund Other Expenditure Adjustments 157,998 Subtotal Expenditure Increases $927,789 Expenditure Decreases Transfer to Debt Service (850,000) Subtotal Expenditure Decreases ($850,000) Total Expenditure Increase $63,549

General Fund Budget Balancing Scenario NO Real Estate Tax Increase – CIP Changes Total amount budgeted for Affordable Housing in FY20 increases from $10.34M to $10.59M Total Increase of $255,159

Budget Calendar March 27: Worksession, 6pm – 8pm, City Council Chambers, Remaining budget issues and wrap up Public invited. Opportunity for Council discussion with staff. Public comment at end. April 1: Second Public Hearing on Budget/First Reading, 6:30pm, City Council Chambers, City Hall Smaller presentation with opportunity for Public feedback and Council discussion April 8: Budget Approval by City Council, 2pm, 2nd Floor Conf Room, City Hall

Budget Information Access www.charlottesville.org/budget City Manager’s Office, City Hall 8:00-5:00 PM M-F Copies of FY 2020 Proposed Budget & Supplemental Material Central and Gordon Ave. Library Branches Copies of FY 2020 Proposed Budget