On May 15, 2019, the City made available the initial draft Fiscal 2019-20 Hapeville Proposed Budget. The City advertised the public hearing in the South Fulton Neighbor newspaper. A copy of the draft line item detail budget is posted to the City website along with a copy of the detailed line items supporting the budget proposal. The FY2020 budget calls for approximately $13.8M in General Fund cash inflows and Expenditures. In comparison, the 2018-19 original budget called for $12.5M in revenues and $12.35M in expenditures. At present, the budget is at a break-even status with no significant planned add to the General Fund net fund balance. This budget is meant to be conservative, to best ensure the City will meet it’s obligations. There are opportunities that may lessen the impact of General Fund cash expenditures and City Manager and staff continue to work toward improving the net financial condition of the City.
Of significant note for this upcoming fiscal year is a focus on strengthening the position of Public Safety in both staffing and equipment investments. To keep up with the current market conditions for First Responders, this budget call for investment in personnel with staffing increases and pay adjustments of approximately $700K. Capital investments for equipment approximates $800K, including a replacement fire engine and the replacement of several police and fire vehicles. Other particular highlights expected in the coming year are the completion of the Theater restoration, continued completion of railway beatification, new construction along Virginia Avenue, continued investments in the arts - all contributing to Hapeville being a desired destination for people to both play and stay.
The budget is an estimate and our projection of the next 12 months. As assumptions or actual circumstances significantly change, Mayor, Council and staff will revisit our plans to best steward the resources of the City.
The pension committee has been reviewing our current pension under Mass Mutual and thought it best to seek other options for our pension management. The committee reached out to GMEBS of GMA for an evaluation of our current plan, an estimate of pension management fees under GMEBS, and an estimate of annual pension funding under GMEBS. GMEBS manages plans for 290 local government entities, with over $2 Billion in assets. After multiple meetings and discussions with the City financial advisers and the GMEBS team, staff has asked GMEBS representatives, Randy Logan and Michelle Warner, to present the GMEBS pension plan to council. It is staff’s recommendation to change our pension administration to GMEBS. Staff desires council input and questions with the intent of an action item on the July 2nd City Council meeting.