2021 JUNE 5 ISSUE: REVENUES STRONG FOR FY21-22

With that “extra” $4.7 million discovered last year still unspent, intact and sitting in reserve, the Village Council has approved a budget for the next fiscal year that anticipates revenues of $5.9 million in the general fund. As always, the biggest chunks of that would go to the Police Department ($1,216,796) and Fire Department ($753,026). Corrales’ preliminary budget has been submitted to the N.M. Department of Finance and Administration for review and corroboration before the FY21-22 starts July 1. Parks and Recreation expects to spend $440,198; Corrales Library $260,218; Public Works $440,854; Planning and Zoning $336,938; and Municipal Court $172,429. According to the budget approved, another big slice goes to “General Services” for $902,337, while Finance/Administration is to get $916,028.

Where will that money come from? Mostly gross receipts tax (much of it apportioned from GRT collected around the state) and property taxes. Property tax coming to Corrales in the next fiscal year is expected to reach $1,736,621, and a mix of GRT collections destined for Corrales coffers would be $3,221,007. Every little bit helps, of course. Sale of Corrales license plates is expected to bring in $1,500, and noise permits $200. Among those more miscellaneous sources of revenue are swimming pool fees at $55,000, rent of public facilities $29,000 and animal impound fees $2,500. Village Administrator Ron Curry said May 30 he is optimistic that income for Village government will improve in the coming fiscal year. “We are projecting a five percent increase in revenue, and we believe that’s fairly conservative.”

He said Corrales businesses are starting to bounce back after pandemic closures and property taxes will stay strong. Some help is expected from the federal government’s pandemic economic recoverly spending, he said without speculating how much that might be. Curry was asked specifically about what became of the “found” $4.7 million that had been found sitting in a reserve account. None of it has been spent, he assured. “We want to be as conservative about that as possible. But of course, with savings interest rates being what they are, that sum is not growing much at all.”

Curry offered possible clarification for what seemed to be a random conversation at the May 25 council meeting about prospects that the Village might consider buying property. He pointed out that at the council’s budget work-study session last month, former Councillor Fred Hashimoto had asked that consideration be given to purchase of the front three acres of the Gonzales tract, adjacent to Wells Fargo Bank. He and others have made that request repeatedly over the past five years, but he got no assurances that is likely to happen during the next fiscal year.