HomeMy WebLinkAboutProposed Budget 2023 Pub Hearing #4 082922FY 2022-2023
Proposed Budget
Public Hearing
August 29, 2022
10:00 am
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FY 2022-2023 Budget Highlights
•Estimated Tax Rate reduction of $0.05 -From 0.740715 to 0.691535 per $100
Valuation
•Proposed Salary Increase for all employees –3.5%
•Budgets are balanced in all major operating funds with the exception of transfers
for capital improvements and equipment
•8% adjustment 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 7 authorized positions –4 General Fund, 2 Water Utilities, 1 Pleasure Island
•Equipment purchases of $4.6 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 $36.5 Million –Including:
$10.7 Million Street Reconstruction, Bridge and Sidewalk Rehab
$9.6 Million Facility Improvements
$5.6 Million Water Utility Infrastructure Improvements
$5 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 $1.2 million
•New Bond Issues ($24.1M)
•Tax Supported $15.2 million
•Revenue Supported $8.9 million
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Fund Balance Policy
Target Fund Balance=60 days operating expenditures
Oper. Exp.
Days
General Fund Ending Balance (FY2023)$21.3 M 107
Required $12.0 M 60
General Fund Additional Policy Requirement $1.5 M 8
Excess $7.8 M 39
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General Fund
Summary
FY 2022
Budget
FY 2022
Estimate
FY 2023
Proposed
Revenues 77,809,914 80,806,706 75,331,426
Operating Expenditures 72,271,046 69,444,997 72,849,000
Transfers & Other Exp 12,634,892 12,636,592 10,806,954
Rev over (under) Exp (7,096,024)(1,274,883)(8,324,528)
Beginning Balance 30,932,365 30,932,365 29,657,482
Ending Balance 23,836,341 29,657,482 21,332,954
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Water Utility Fund
Summary
FY 2022 Budget FY 2022 Estimate FY 2023 Proposed
Revenues 30,984,000 31,904,074 34,456,399
Operating
Expenditures 21,488,119 22,375,902 25,735,947
Transfers out 9,091,098 8,124,098 8,050,206
Revenue over
(under) expenses $ 404,783 $ 1,404,074 670,246
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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 7,600,303
Transfers out 3,381,386 3,381,386 2,294,386
Revenue over
(under) expenses $ 37,384 $ 159,357 $ 705,311
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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. 29 Monday Public Hearing on Budget 10:00 a.m.
•Sept.1 Thursday Public Hearing on Tax Rate, Adopt Budget, Tax Roll and Tax Rate 10:00 a.m.
Denotes a special Council Meeting
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