Today, July 1, 2013, the City of University City’s Fiscal Year 2014 (FY2014) begins. University City starts this next fiscal year in excellent financial shape.
On Monday, June 10th, the City Council of University City approved an operating budget presented by staff that included a surplus of over $137,000. While doing that, Council passed a total budget that uses about $3 million of reserves for long delayed maintenance and work on the City's infrastructure. After careful review, Council saw that University City has an operating budget that maintains services with reserves over 50% of annual operating revenue and decided to dedicate some reserve funds to the infrastructure.
Fiscal Year 2013 is the third year in a row that University City had a surplus operating budget. Since Lehman Walker’s arrival in University City as City Manager in FY2011, and through FY2013, the final figures on which will be released soon, revenues have exceeded expenditures by about $4.6 million. The savings come from efficient management. For instance, we have reduced the number of city departments from 8 to 5 without reducing services, and eliminated unnecessary upper-level management positions including an assistant city manager. With our current revenue, we can continue to maintain our current level of City services into the future.
Find out what's happening in University Citywith free, real-time updates from Patch.
Because of Mr. Walker’s s efficient management of the City’s resources, the majority on the City Council felt confident enough to authorize the use of the reserves to put more funds towards the repair and maintenance of the City’s streets, sidewalks, curbs and tree trimming. We are about $15 million behind on such work because of the systematic underfunding of infrastructure repair and maintenance over the past generation.
As we start FY2014, while acknowledging we are doing well financially, the City Council and staff still face financial challenges. Most important is about $40 million in capital needs. We will have to determine how best to fund those capital improvements. I fully expect that we will be asking for your thoughts and input on how best to move forward. A city cannot remain healthy if its infrastructure crumbles.
Find out what's happening in University Citywith free, real-time updates from Patch.
In October of this year we will start the budget process again as we begin work on a budget for FY2015. As in the past, we will hold multiple community meetings, and City Council meetings, to discuss needs, priorities and wishes. City Manager Walker should present us with the draft budget in late February of 2014.
Please let me know if you have any thoughts about how we should move ahead. You can always reach me at mayor@ucitymo.org or 314-505-8606.
If you would like to be added to the mailing list for my weekly University City Bulletin Board to have information about what's happening in the community delivered directly to your INBOX, please e-mail me at shelleywelsch@ucitymo.com.
Follow me on FACEBOOK and TWITTER @MayorShelley