HomeMy WebLinkAbout(1A) Proposed Budget 2023 #1 080222FY 2022-2023
Proposed Budget
August 2, 2022
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FY 2022-2023 Budget Highlights
Estimated Tax Rate reduction of $0.03 - From $0.740715 to 0.71 per $100 Valuation
Proposed Salary Increase for all employees – 4%
Budgets are balanced in all major operating funds with the exception of transfers for capital improvements and equipment
Some adjustments to current rate structure for Water and Sewer
Overall – operating departments are budgeted at a “status quo” with limited additions.
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FY 2022-2023 Budget Highlights
Changes include:
Increase of 8 authorized positions – 5 General Fund, 2 Water Utilities, 1 Pleasure Island
Equipment purchases of $5.5 million
Lease of 37 Vehicles through Enterprise Program
New technology purchases of $246,000
Increase of 9.5% in projected costs for health insurance
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FY 2022-2023 Budget Highlights
*Capital Improvements of $37 Million – Including:
$10.7 Million Street Reconstruction, Bridge and Sidewalk Rehab
$9.2 Million Facility Improvements
$6.7 Million Water Utility Infrastructure Improvements
$4.9 Million Solid Waste/Landfill Improvements and Equipment
$2.1 Million Improvements to Pleasure Island
*Primarily funded with operations and new bond issues
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FY 2022-2023 Budget Highlights
Funding for Capital Improvements primarily from operations and new bond issues
From Operations
General Fund $6.1 million
Water Utilities Fund $2.2 million
New Bond Issues
Tax Supported $15.2 million
Revenue Supported $8.9 million
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New Positions
General Fund (5)
Information Technology Network Infrastructure Specialist
Equipment Services Mechanic
Fire Deputy Chief of Operations
Public Works Sign Technician
Health Public Health Emergency Preparedness
(previously grant-funded)
Water Fund (2) Customer Service Representative
Maintenance Worker
Pleasure Island Equipment Operator
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Fund Balance – General Fund
Fund balance is an accumulation of revenues minus expenditures
Beginning fund balance represents available, spendable resources of the fund
It is essential that governments maintain adequate levels of fund balance to mitigate revenue shortfalls and unanticipated expenditures
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Fund Balance Policy
Target Fund Balance=60 days operating expenditures
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Estimated Results YE 2022
Budgets are balanced in all major operating funds with the exception of transfers for capital improvements and equipment
Estimates reflect an increase in balances of $159,438 due to lower than expected expenses
There was a $7.1 million positive movement from the amended budget to the year end estimate
This movement was primarily due to higher than budgeted revenues in the General Fund and Water Fund as well as management’s efforts to contain costs
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Estimated Results YE 2022
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Estimated Results YE 2022
General Fund
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General Fund
Summary
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General Fund
Transfers To Other Funds
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Water Utility Fund
Summary
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Solid Waste Fund
Summary
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Key Dates
Jul. 22 Friday File Proposed Budget with the City Secretary
Aug. 2 Tuesday City Council Proposed Budget Workshop
Aug. 9 Tuesday City Council Proposed Budget Workshop, Hold record vote on the proposed tax rate via resolution
Aug.17 Wednesday City Council Proposed Budget Workshop
Aug.19 Friday Public Hearing on Budget
Aug.22 Monday Public Hearing on Tax Rate, Adopt Budget, Tax Roll and Tax Rate
Denotes a special Council Meeting
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Next Workshop August 9
Discussion : Tax Rate and Assessed Values
Suggestions??
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