HomeMy WebLinkAbout(P1) FY24 Proposed Budget overview#1 8.1.23FY 2023-2024
Proposed Budget
August 1, 2023
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FY 2023-2024 Budget Highlights
•No New Revenue and Voter Approval Property Tax Rates have not been received
from Jefferson County tax assessor as of today.
•Certified Values have been received from the Appraisal Districts and reflect a 12%
increase over last year.
•Property Tax Revenues are expected to increase approximately 3.5% for operations.
•There will be a possible reduction in the current tax rate of $0.691535 per $100
valuation due to the increase in property values.
•As assessed values increase, the corresponding tax rate must decrease in order to
generate the same amount of revenue.
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Tax Rate Calculation
FY 2023-2024
•No New Revenue Tax Rate (Previously Effective Tax Rate)
•Basically the tax rate needed to generate the same amount of taxes as last year
•Voter Approval Tax Rate (Previously Rollback Rate)
•The highest tax rate a taxing unit can adopt without holding an election
•New legislation in 2021 created a modification of formula used for the M&O rate
•Change in maximum rate from 8% to 3.5% increase without requiring an automatic
election
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FY 2023-2024 Budget Highlights
•Proposed Salary Increase for all employees – 2%
•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 2023-2024 Budget Highlights
•Changes include:
•Increase of 8 authorized positions – 6 General Fund, 2 EDC
•Equipment purchases of $5.7 million
•Lease of 19 Vehicles through Enterprise Program
•New technology purchases of $380,000
•Increase of 10% in projected costs for health insurance
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FY 2023-2024 Budget Highlights
*Capital Improvements of $40.5 Million – Including:
$10.7 Million Street Reconstruction, Street Striping and Sidewalk Rehab
$9.9 Million Facility Improvements
$8.1 Million Water Utility Infrastructure Improvements
$2.7 Million Replace 2 Fire Engines
$1.3 Million Improvements to City Parks
*Primarily funded with operations, new bond issues, capital leases, and
contributions
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FY 2023-2024 Budget Highlights
•Funding for Capital Improvements:
•From Operations
•General Fund $3.8 million
•Water Utilities Fund $2 million
•New Bond Issues
•Tax Supported $19 million
•Revenue Supported $5.6 million
•Capital Lease $2.7 million
•Contribution (EDC sales tax) $1 million
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Key Dates
•Aug. 1 Tuesday City Council Proposed Budget Overview
•Aug. 8 Tuesday City Council Proposed Budget Workshop, Hold record vote on the
proposed tax rate via resolution
•Aug. 15 Tuesday City Council Proposed Budget Workshop
•Aug. 28 Monday Public Hearing on Budget
•Aug. 29 Tuesday Public Hearing on Tax Rate, Adopt Budget, Tax Roll and Tax Rate
Denotes a special Council Meeting
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Next Workshop August 8
Discussion : Tax Rate and Assessed Values
Suggestions??
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