Next year’s budget.
Yesterday, I unveiled my Fiscal Year 2011 budget to the City Council. My budget calls for planned spending of $625.7 million and a Capital Improvement Program budget of $79.5 million. Click here to see a video of my remarks to the Council and click here to see all of our budget documents.
As with previous years, our police and fire services comprise the largest portion of the budget. Sixty percent of our spending in the year ahead will be devoted to ensuring public safety and continuing our war against crime.
Next year, we are obligated to provide the city schools with $50 million. I am proposing that we restructure some of the city’s bonded debt to free up $41 million in fiscal year 2011. This restructuring must be coupled with strategic and precise cuts to the operating budgets of some divisions to free up an additional $9 million.
These moves are not permanent solutions. They get our heads above the water so that we can craft a real plan for this city’s fiscal future, which we have been long lacking. We must position ourselves in the best possible way to not only benefit from the ongoing economic recovery, but to exceed on our own terms.
In short, Memphis must become a city of choice. My proposed FY 2011 budget is the first step in that process.