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Tempe City Council approves 2018-19 budget

Post Date:06/11/2018 4:32 PM

Nikki Ripley

City of Tempe

480-350-8846

nikki_ripley@tempe.gov

 

Tempe, AZ – The Tempe City Council has worked with city staff and community members to formulate, refine and approve the city’s operating and capital improvements budgets for the 2018-19 fiscal year, which begins July 1. 

Community members contributed to the budget formulation process over the last several months, through an online forum and public hearings. The Council approved the budgets at a special June 7 public meeting. To find a recap of the process, including related documents, visit www.tempe.gov/BudgetPlan.

The city’s fiscal year 2018-19 budget totals $745.2 million, consisting of a $501.5 million operating budget and a $243.7 million capital budget.

Although capital projects are scheduled throughout the five-year plan, only those projects during the first year of the plan are adopted as part of the city’s annual budget. The first year of the Capital Improvements Program (CIP) constitutes the capital budget. The remaining years within the CIP serve as a guide for future planning. The CIP contains maintenance and construction projects related to streets, water, parks and city facilities, along with equipment purchases and more. The city’s portion of secondary property tax is used to repay bonds that fund repair and construction projects in the CIP.

The 2018-19 fiscal year starts July 1, 2018, and goes through June 30, 2019.

 

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