HomeMy WebLinkAboutProposed Budget-Workshop 8.29.22FY 2022-2023
Proposed Budget
Workshop
August 29, 2022
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Increases (Decreases) to Proposed Budget
General Fund Revenues-Reduce Property Tax Revenue ($1,400,000)
General Fund Expenditures
•Reduce Cost of Living increase to 3.5%($260,000)
•Remove legal services in Special Purpose ($70,000)
•Fund Emergency Preparedness position with grant ($98,000)
•Reduce transfer for Cap Reserve (Generator grant-funded)($100,000)
Total Expenditures ($528,000)
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General Fund
FY 2022
Estimate
FY 2023
Proposed
FY 2023
Revised
FY 2023
Difference
Revenues 80,806,706 76,731,426 75,331,426 (1,400,000)
Operating Expenditures 69,444,997 73,277,000 72,849,000 (428,000)
Transfers to Capital Impr.10,462,000 8,707,766 8,607,766 (100,000)
Other Transfers 2,174,592 2,199,188 2,199,188 -
Rev over (under) Exp (1,274,883)(7,452,528)(8,324,528)(872,000)
Beginning Fund Balance 30,932,365 29,657,482 29,657,482 -
Ending Fund Balance 29,657,482 22,204,954 21,332,954 (872,000)
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General Fund
Transfers To Other Funds
FY 2022
Estimate
FY 2023
Proposed
FY 2023
Revised
FY 2023
Difference
Capital Improvement 7,869,000 6,055,500 6,055,500 -
Capital Reserve 2,593,000 2,652,266 2,552,266 (100,000)
Solid Waste -
General Liability 1,875,000 1,875,000 1,875,000 -
EDC 88,392 132,588 132,588 -
Transit Operating 21,000 ---
Health Grant 96,000 97,000 97,000 -
Golf Course 50,000 50,000 50,000 -
TIRZ 44,200 44,600 44,600 -
Total 12,636,592 10,906,954 10,806,954 (100,000)4
Fund Balance Policy
Target Fund Balance =60 days operating expenditures + $1.5M
FY 2023
Proposed Days
FY 2023
Revised Days
Ending Fund Balance $22.2M 111 $21.3M 107
Required Minimum + $1.5
million $13.5M 68 $13.5M 68
Excess $8.7M 43 $7.8M 39
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Increases (Decreases) to Proposed Budget
Water Fund Revenues-8% rate increase ($2,424,906)
Water Fund Expenses
•Reduce Cost of Living increase to 3.5%($45,000)
•Remove Vactor Truck ($480,000)
•Reduce Lift Station Capital Improvements ($1,000,000)
Total Expenses ($1,525,000)
Water Fund
FY 2022
Estimate
FY 2023
Proposed
FY 2023
Revised Difference
Revenues 31,904,074 36,881,305 34,456,399 (2,424,906)
Operating Expenses 22,375,902 25,780,947 25,735,947 (45,000)
Transfers 8,124,098 9,530,206 8,050,206 (1,480,000)
Rev over (under) Exp 1.404,074 1,570,152 670,246 (899,906)
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Increases (Decreases) to Proposed Budget
Capital Improvement Expenditures
•General Improvements-Emergency Generators at City Facilities $499,500
•Water Improvements-Reduce Lift Stations ($1,000,000)
•Water Improvements-Remove Elevated Storage Tank Rehab ($100,000)
•Solid Waste Equipment-Increase cost of 2 Trash Trucks $100,000
•Pleasure Island Improvements-move bulkhead proj. to FY24 ($800,000)
•Pleasure Island Improvements-Lakefront Park playscapes $800,000
Total Capital Improvements ($500,500)
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Other Increases (Decreases) to Proposed Budget
Solid Waste Fund –Reduce Cost of Living Increase to 3.5%($16,000)
Pleasure Island Fund –Reduce Cost of Living Increase to 3.5% ($2,000)
Transit Fund –Reduce Cost of Living Increase to 3.5% ($10,000)
Regulatory Enforcement Fund –Reduce Cost of Living Increase to 3.5% ($300)
Capital Reserve Fund-Remove Generator at HO Mills(grant-funded)($100,000)
-Remove Water Vactor Truck ($480,000)
EDC–Reduce Cost of Living Increase to 3.5% ($4,000)
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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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