Rio Rancho council adopts FY25 balanced budget and five-year ICIP
May 23, 2024 | Rio Rancho, Sandoval County, New Mexico
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The City of Rio Rancho adopted its fiscal year 2025 balanced budget and its five-year Infrastructure Capital Improvement Plan after presentations from Financial Services staff and unanimous roll-call approval.
Financial Services staff told the council the FY25 balanced budget includes $107,700,000 in recurring general fund revenue, $87,000,000 in recurring expenses, $3,300,000 in nonrecurring expenses and $30,500,000 in transfers out; the budget leaves an ending general fund balance of $25,900,000, or 28.7% of reserves. "The balanced budget is the culmination of a cooperative effort between all of the city's departments," staff said during the presentation.
The presentation also covered the utilities enterprise, which incorporates a 1.75% water-only rate increase, recurring utility revenues of $55,600,000 and O&M expenses of $30,800,000. Staff said the utility ending balance equates to about 131 days cash and maintains capital reserves for planned projects.
On capital planning, staff presented the FY25–FY29 ICIP, which anticipates $178,500,000 in FY25 capital investments and a five-year total of $614,000,000. The ICIP shows approximately $143,500,000 in pay-as-you-go financing, $113,400,000 in debt financing across the planning period and $6,600,000 in funding sources yet to be determined. Staff said utilities-related projects account for about 47% of the plan.
Councilors asked procedural and transparency questions during the discussion; staff noted the five-year plan is available as part of the budget book posted on the city website and offered follow-up assistance to citizens seeking detailed line-item information. Acting Mayor Tyler called for a roll call after a motion to approve each item; Miss Davis announced affirmative votes and the chair declared R41 and R42 carried.
The council approved the preliminary budget so the city can submit required documents to the state; Financial Services noted a final budget hearing is scheduled for July 25 and the final budget will be due to the Department of Finance and Administration by July 31.
Financial Services staff told the council the FY25 balanced budget includes $107,700,000 in recurring general fund revenue, $87,000,000 in recurring expenses, $3,300,000 in nonrecurring expenses and $30,500,000 in transfers out; the budget leaves an ending general fund balance of $25,900,000, or 28.7% of reserves. "The balanced budget is the culmination of a cooperative effort between all of the city's departments," staff said during the presentation.
The presentation also covered the utilities enterprise, which incorporates a 1.75% water-only rate increase, recurring utility revenues of $55,600,000 and O&M expenses of $30,800,000. Staff said the utility ending balance equates to about 131 days cash and maintains capital reserves for planned projects.
On capital planning, staff presented the FY25–FY29 ICIP, which anticipates $178,500,000 in FY25 capital investments and a five-year total of $614,000,000. The ICIP shows approximately $143,500,000 in pay-as-you-go financing, $113,400,000 in debt financing across the planning period and $6,600,000 in funding sources yet to be determined. Staff said utilities-related projects account for about 47% of the plan.
Councilors asked procedural and transparency questions during the discussion; staff noted the five-year plan is available as part of the budget book posted on the city website and offered follow-up assistance to citizens seeking detailed line-item information. Acting Mayor Tyler called for a roll call after a motion to approve each item; Miss Davis announced affirmative votes and the chair declared R41 and R42 carried.
The council approved the preliminary budget so the city can submit required documents to the state; Financial Services noted a final budget hearing is scheduled for July 25 and the final budget will be due to the Department of Finance and Administration by July 31.
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