2024 Budget
Fiscal Year 2024 All Funds Budget
| Funds | Beginning Balance | Estimated Revenues | Estimated Expenses | Ending balance |
|---|---|---|---|---|
| General Fund | $14,908,493 | $15,313,939 | $13,697,709 | $16,524,723 |
| Special Revenue Funds | $19,109,293 | $7,893,992 | $7,590,568 | $19,412,717 |
| Debt Service Funds | $5,472,180 | $4,389,000 | $4,870,286 | $4,990,894 |
| Capital Projects Funds | $9,070,882 | $4,036,300 | $8,029,640 | $5,077,542 |
| Fiduciary Funds | $1,089,250 | $212,594 | $279,550 | $1,022,294 |
| Total Budget | $49,650,098 | $31,845,825 | $34,467,753 | $47,028,170 |
Revenue Estimates
- Earnings Tax estimate of $13.5 million is a 5% increase over FY 2023 due to increased collections in 2023.
- Real Estate Taxes are estimated to be at 3% above 2023 collections.
- Al.l other revenue sources to remain relatively flat over the next five years
Expenditure Assumptions
- Personnel estimates are in line with current union agreements and include a 3.75% COLA in FY 2024
- Non-personnel line items such as contractual services, materials and supplies for the General Fund have increased an average of 11%. This average is higher than usual due to the addition of RITA processing fees.
General Fund Budget
| Projected Beginning Balance | $14,908,493 |
| Estimated Revenues and Transfers In | $15,313,939 |
| Estimated Revenues and Transfers Out | $13,697,709 |
| Positive Variance | $1,616,230 |
| Projected Ending Balance | $16,524,723 |
| 6 Month Reserve Policy | $6,848,855 |
| Unreserved Fund Balance | $9,675,869 |
General Fund Budget
- FY 2024 General Fund Revenues and transfers-in are about 5% higher than the original FY 2023 Budget due to actual FY 2023 collections trending above estimates.
- This includes the updated earnings tax projection to include 5% of receipts diverted to the General Bond Retirement Fund to save dollars to pay off the bond anticipation notes at an accelerated pace.
- The 2023 General Fund estimated expenditures (excludes transfers out) increased by $1.3 million or 11% year over year due to cost-of-living adjustments for staff, increased materials and supplies cost in department budgets and RITA processing fees.
- The budget includes staffing all positions at 100% of cost so any vacancies will generate budget savings while the position is recruited and ultimately filled.
Capital Projects Funds Budget
City Parks
- FY 2024 includes replacement of playground equipment.
General Government
- Fleet management program includes expenditure of $575,000.
Street Maintenance and Repair
- Annual street asphalt overlay determined by pavement rating analysis estimated at $1.2 million
Roundabout Hardscape/Landscape Project
- The FY 2024 Budget includes 2.4 million for the proposed hardscape and landscaping associated with the roundabout at Montgomery Road and Cross County Highway.
Fund Balance Policy
| Projected Beginning Balance | $14,908,493 |
| Estimated Revenues and Transfers In | $15,313,939 |
| Estimated Revenues and Transfers Out | $13,697,709 |
| Positive Variance | $1,616,230 |
| Projected Ending Balance | $16,524,723 |
| 6 Month Reserve Policy | $6,848,855 |
| Unreserved Fund Balance | $9,675,869 |
Fund Balance Policy Other Funds
- General Fund (established target of six – twelve months of operating expenditures).
- Capital Improvement Fund 410 - established target of $1,000,000.
- Arts and Amenities Fund 485 (established at $376,237, equivalent to two substantial restricted bequests to the fund).
- Fire/EMS Levy Fund 223 (established target of six – twelve months of operating expenditures).
| Fund | Description | Policy | Projected Balance 2027 | Policy Met? |
|---|---|---|---|---|
| 261 | Street Maintenance and Repair | No Policy | $1,338,885 | Yes |
| Fund 223 | Fire/EMS Levy | 6-12 months operating expenditures | $15,902,973 | Yes |
| Fund 410 | Capital Improvement | $1,000,000 | $2,747,971 | Yes |
| Fund 485 | Arts and Amenities | Restricted bequests of $376,237 | $555,076 | Yes |
Next Steps
- First reading of the budget on October 4.
- Second reading on November 1.
- Third reading and passage on December 6.
- Any final appropriation adjustments for FY 2023 for consideration on last scheduled Council Meeting of 2023.
Contact
Maura Gray
Finance Director
513-792-8349