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Proposed Budget 2023 Adoption day 090122
FY 2022-2023 Proposed Budget September 1, 2022 1 Increases (Decreases) to Proposed Budget General Fund Revenues-Reduce Property Tax Revenue ($1,400,000) General Fund Expenditures •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 ($268,000) 2 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 73,109,000 (168,000) 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)(8,584,528)(1,132,000) Beginning Fund Balance 30,932,365 29,657,482 29,657,482 - Ending Fund Balance 29,657,482 22,204,954 21,072,954 (1,132,000) 3 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 $21.1M 105 Required Minimum + $1.5 million $13.5M 68 $13.5M 67 Excess $8.7M 43 $7.6M 38 5 Increases (Decreases) to Proposed Budget Water Fund Revenues-8% rate increase ($2,424,906) Water Fund Expenses •Remove Vactor Truck ($480,000) •Reduce Lift Station Capital Improvements ($1,000,000) Total Expenses ($1,480,000) 6 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 25,780,947 - Transfers 8,124,098 9,530,206 8,050,206 (1,480,000) Rev over (under) Exp 1.404,074 1,570,152 625,246 (944,906) 7 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) 8