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

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

3. 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 ,549
Total Revenue Increase $835,524

4. 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 ,232
Marketing Assistance – City Restaurants ,440
General Fund Transfer to CIP for Charlottesville Affordable 1,000,000
Housing Fund
Other Expenditure Adjustments ,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

5. 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

6. 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

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

8. 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

9. 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

10. Budget Information Access
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