Public hearing for FY21 budget scheduled for June 2
The Broken Arrow community will have an opportunity on Tuesday, June 2, to comment on the proposed Fiscal Year 2021 (FY21) Budget. The new Fiscal Year begins July 1, 2020, and ends June 30, 2021. The hearing will be held during the City Council meeting, which begins at 6:30 p.m. at City Hall, 220 S. First St.
One of the most important responsibilities of the City Council is the adoption of the annual budget and financial plan. Broken Arrow works on a fiscal year (July-June) cycle. The Administration begins preparing the annual budget in November and submits it to the governing body for consideration in May.
The primary challenge for next fiscal year is recovery from the COVID-19 pandemic.
The annual financial plan also includes the City's proposed plans of work for the organization. Also, it lists the challenges and opportunities as seen by the Administration for the coming year, to include the fact that Oklahoma municipalities are heavily dependent upon sales tax for general fund operations. Unfortunately, Oklahoma is the last state in the United States that relies solely on sales tax to fund a large portion of operations. History has demonstrated that sales tax is an unreliable source of revenue and extremely difficult to predict year-to-year. This is a continuing concern for City Officials.