The Cottonwood City Council adopted the city’s tentative budget for fiscal year 2023-24 at its meeting on Tuesday, June 20.
The proposed budget for the upcoming fiscal year is $154,228,910, which is $58,979,115 higher than the 2023 revised budget due to updated numbers discussed during this year’s budget sessions, capital purchases and adjustments to rollovers due to capital projects in progress but not completed in Fiscal Year 2022-23.
The balanced budget is set at a high number to allow the city room to incur future expenses should grants and funding be secured during the upcoming fiscal year.
City Manager Scotty Douglass said that the tentative budget supports the three strategic directions laid out in the city’s strategic plan:
- Building quality of life through sustainable growth and development. Douglass noted that one of the city’s top priorities for housing is availability and affordability and that the city wants to create a citywide comprehensive housing strategy to collaborate with local developers, community members and stakeholders to meet the diverse needs of residents.
- Infrastructure. The budget allocates resources to address critical needs such as road repairs. Douglass stated that these infrastructure elements are important for the smooth functioning of the city and the comfort of residents.
- Financial accountability and transparency. Douglass said that there was a strong emphasis on this in the budget and that taxpayer dollars will be used appropriately and efficiently.
The budget likewise emphasizes staff recruitment and retention. Douglass said that the city cannot be successful without a strong and committed workforce and that it must invest in its current staff. The city is also developing a comprehensive economic development strategy to stimulate economic growth, increase job opportunities and nurture a business-friendly environment.
Overall, the tentative budget paired with the strategic plan “underscores our commitment to addressing key challenges while seizing opportunities for our growth and progress,” Douglass said.
Financial Services Manager Kirsten Lennon presented the tentative budget and described the changes that have been made since the proposed budget was presented on April 25.
The budget was reduced to $154 million, or about $28 million less than the proposed budget. Items that caused this decrease included an increase in the general fund of $988,790 in revenue and expenses due to an increased carryover amount for moving the final purchase of the fire department’s ladder truck and other capital projects to FY 24.
Other changes include adding a school resource officer and creating an economic development plan.
The council approved the tentative budget unanimously.
