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The City of Newport this evening in a press release announced that it has released its proposed FY2021 budget.
The $96.4 million spending plan, which can be found on the City’s website, represents a roughly 3.5 percent reduction from the current fiscal year with the City anticipating over $3.5 million in lost revenue as a result of the COVID-19 outbreak.
According to its most recent estimates, the City is projecting General Fund revenue for the upcoming fiscal year to total $96,424,097, with roughly $79.8 million coming from local property and motor vehicle taxes. By comparison, the current fiscal year’s adopted budget, which is due to expire on June 30th, totaled $99,981,982.
The following are among the most significant changes to the proposed FY2021 budget, according to a press release from the City:
• $1,070,000 decrease in meals and beverage tax revenue
• $1,030,000 decrease in hotel occupancy tax revenue
• $460,000 decrease in Easton’s Beach parking revenue
• $489,807 decrease in parking ticket revenues
• $300,000 decrease in Special Detail revenue
• $238,000 decrease in Beach revenue
• $150,000 decrease in Parking Fund share revenueFY2021-Proposed-Final-Combined
The City Council is due to discuss the proposed budget during a remote meeting beginning at 6:30 p.m. on Wednesday, May 13th.
The public is being invited to download and review the proposal by visiting the City’s website at www.CityofNewport.com/Finance.
Public comments will be heard during the meeting via video and teleconferencing and may also be sent in advance to LSwistak@CityofNewport.com until 6 p.m. on Wednesday, May 13, 2020.
A full agenda and meeting information will be posted on the City’s website at www.CityofNewport.com/Events on Wednesday, May 6th.