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Home My WebLink About(1A) Proposed Budget 2023 #1 080222 (2)FY 2022-2023 Proposed Budget August 2, 2022 1 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. 2 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 3 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 4 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 5 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 6 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 7 Fund Balance Policy Target Fund Balance=60 days operating expenditures Oper. Exp. Days General Fund Ending Balance (FY2023)$22.2 M 111 Required $12.0 M 60 General Fund Additional Policy Requirement $1.5 M 8 Excess $8.7 M 43 8 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 9 Estimated Results YE 2022 FY22 Estimates General Fund Debt Service Fund Water Utility Fund Solid Waste Fund Total Major Operating Funds Estimated Revenue 80,806,706 11,399,420 31,904,074 10,368,580 134,478,780 Operating Expenditure (69,444,997)(11,528,530)(22,375,902)(6,827,837)(110,177,266) Transfers Out (12,636,592)-(8,124,098)(3,381,386)(24,142,076) Rev Over (Under) Exp $ (1,274,883)$ (129,110)$ 1,404,074 $ 159,357 $ 159,438 Am Bud Rev Over (Under) Exp $ (7,096,024)$ (319,110)$ 404,783 $ 37,384 $ (6,972,967) 10 Estimated Results YE 2022 General Fund Original Budget Amended Budget Estimated Orig.Budget- Est.Variance Revenue 77,809,914 77,809,914 80,806,706 2,996,792 Operating Expenditure (72,105,046)(72,271,046)(69,444,997)(2,660,049) Transfers Out (12,618,500)(12,634,892) (12.636,592)18,092 Rev Over (Under) Exp $ (6,913,632)$ (7,096,024)$ (1,274,883) $5,638,749 Beginning Fund Balance $ 27,465,628 $ 30,932,365 $ 30,932,365 $ 3,466,737 Ending Fund Balance $ 20,551,996 $ 23,836,341 $ 29,657,482 $ 9,105,486 11 General Fund Summary FY 2022 Budget FY 2022 Estimate FY 2023 Proposed Revenues 77,809,914 80,806,706 76,731,426 Operating Expenditures 72,271,046 69,444,997 73,277,000 Transfers & Other Exp 12,634,892 12,636,592 10,906,954 Rev over (under) Exp (7,096,024)(1,274,883)(7,452,528) Beginning Balance 30,932,365 30,932,365 29,657,482 Ending Balance 23,836,341 29,657,482 22,204,954 12 General Fund Transfers To Other Funds FY 2022 Budget FY 2022 Estimate FY 2023 Proposed Capital Impr&Equip 10,462,000 10,462,000 8,707,766 General Liability 1,875,000 1,875,000 1,875,000 EDC 88,392 88,392 132,588 Transit Operating 21,000 21,000 - Health Grant 96,000 96,000 97,000 Golf Course 50,000 50,000 50,000 TIRZ 42,500 44,200 44,600 Total 12,634,892 12,636,592 10,906,954 13 Water Utility Fund Summary FY 2022 Budget FY 2022 Estimate FY 2023 Proposed Revenues 30,984,000 31,904,074 36,881,305 Operating Expenditures 21,488,119 22,375,902 25,780,947 Transfers out 9,091,098 8,124,098 9,530,206 Revenue over (under) expenses $ 404,783 $ 1,404,074 $ 1,570,152 14 Solid Waste Fund Summary FY 2022 Budget FY 2022 Estimate FY 2022 Proposed Revenues 10,510,100 10,368,580 10,600,000 Operating Expenditures 7,091,330 6,827,837 7,616,303 Transfers out 3,381,386 3,381,386 2,294,386 Revenue over (under) expenses $ 37,384 $ 159,357 $ 689,311 15 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 16 Next Workshop August 9 Discussion : Tax Rate and Assessed Values Suggestions?? 17