Fiscal Year 2020/2021
Annual Budget Message
The city’s budget is the blueprint for financial and policy decisions implemented during each fiscal year. The budget is not just a document; it is the method we use as a regulator over the direction of the city, how it changes, and how future priorities are determined. It is the blueprint for the future.
Preparing the budget this year is presenting more of a challenge than ever as the city prioritizes and adapts to the impacts made by the Covid-19 pandemic. State revenues have already shown a decline, but as the economy recovers and restrictions continue to relax, the city will continue to gain a more defined picture.
To prepare for potential revenue shortfalls, City Hall, the Police Department and City Council are all scrutinizing the budget, carefully looking for any waste or cuts that can be made without sacrificing essential services. There may not be drastic changes this coming year, but the real effects will surface in the 2021/2022 fiscal year, as we see the consequences of foreclosures and reduced revenues from the State. Some budget items may be put on hold or significantly streamlined, depending on long-term priorities
While there are still some unknowns as we work through the budget process, there are some guidelines and practices the residents of Edgewood can continue to count on from their council:
- The city will continue to be fiscally responsible, maintain our debt-free status, and practice fiscal conservatism.
- The focus in fiscal year 2020/2021 will be roads and streets and trees. An inventory has been taken, and each need will be addressed by priority.
- The city will continue to stay with charter requirements Sec. 5.09 unreserved reserves shall not exceed 75% of gross annual revenues.
- The 2018/2019 audit showed favorable to the city for fiscal responsibility, which we continually strive to maintain.
I am grateful for the dedicated work of Edgewood City Council. They are committed to the city and have guided progress over the last couple of years as we rolled out the new Edgewood Central District for the redevelopment and beautification of Orange Avenue, continue to maintain infrastructure, and look to Edgewood’s place in the future.
I look forward to seeing all who are interested in the budget workshops and during City Council meetings as City Council fine-tunes this year’s budget and welcomes your feedback.