HomeMy WebLinkAboutProposed Budget 08.08.23#2FY 2023-2024
Proposed Budget
August 8, 2023
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Comparison of Assessed Value
Tax Years 2022-2023
Certified Certified Inc/(Dec)%
(in Billions)2022 2023 2022-2023 Inc/(Dec)
Total Market Value 5,402 5,945 543 10%
Less Caps & Exemptions 1,633 1,707 74 5%
Taxable Value 3,769 4,238 469 12%
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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% without requiring an automatic election
•Calculation resulted in a required $.04 reduction in proposed property tax
rate
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Proposed Tax Rates
FY 2023-2024
Calculated: FY2023 FY2024 Inc/(Dec)
No-New Revenue Tax Rate 0.617512 0.547795 (.07)
Voter Approval Tax Rate 0.691535 0.648641 (.04)
Proposed:
M&O Rate 0.434681 0.398468 (.04)
Debt Rate 0.256854 0.250173 (.01)
Total Proposed Tax Rate 0.691535 0.648641 (.04)
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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
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Fund Balance Policy
Target Fund Balance=60 days operating expenditures +$1.5 Million
Oper. Exp.
Days
General Fund Ending Balance (FY2024)$22 M 107
Required $12.5 M 60
General Fund Additional Policy Requirement $1.5 M 7
Excess $8M 40
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Staff Recommended Changes to
Proposed Budget
•General Fund
•Increase Revenues
•Transfer from Water Fund for Admin and Collection Costs (+587,000)
•Increase Expenditures
•Increase Cost of Living Adjustment from 2% to 3% (+$524,000)
•Increase Transfer to Transit for City share of additional salary increase (+$5,500)
•Increase Transfer to Capital Reserve for purchase of a Lift Truck for Parks (+145,000)
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Staff Recommended Changes to
Proposed Budget
Other Funds Increase Expenditures:
Increase Cost of Living Adjustment from 2% to 3%
•Water Fund (+$96,000)
•Solid Waste Fund (+$34,000)
•Pleasure Island Fund (+$6,000)
•Transit (+$22,000)
•EDC (+$10,000)
•Regulatory Enforcement Fund (+$630)
Capital Reserve Fund – Purchase Lift Truck for Parks (+145,000)
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General Fund
FY 2024 Proposed Proposed Changes FY 2024
Revised
Revenues 79,107,207 587,000 79,694,207
Operating Expenditures 74,460,114 524,000 74,984,114
Transfers 10,479,838 150,500 10,630,338
Rev over (under) Exp (5,832,745)(87,500)(5,920,245)
Beginning Fund Balance 27,821,788 -27,821,788
Ending Fund Balance 21,989,043 (87,500)21,901,543
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General Fund
Summary
FY 2023
Budget
FY 2023
Estimate
FY 2024
Proposed (Rev)
Revenues 75,331,426 77,505,348 79,694,207
Operating Expenditures 73,109,000 72,128,615 74,984,114
Transfers & Other Exp 10,806,954 10,806,954 10,630,338
Rev over (under) Exp (8,584,528)(5,430,221)(5,920,245)
Beginning Balance 33,252,009 33,252,009 27,821,788
Ending Balance 24,667,481 27,821,788 21,901,543
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General Fund
Transfers To Other Funds
FY 2023
Budget
FY 2023
Estimate
FY 2024
Proposed (Rev)
Capital Impr&Equip 8,607,766 8,607,766 7,040,700
General Liability 1,875,000 1,875,000 2,600,000
EDC 132,588 132,588 132,588
Transit Operating --673,350
Health Grant 97,000 97000 89,100
Golf Course 50,000 50,000 50,000
TIRZ 44,600 44,600 44,600
Total 10,806,954 10,806,954 10,630,338 11
Water Utility Fund
Summary
FY 2023 Budget FY 2023 Estimate FY 2024
Proposed (Rev)
Revenues 34,456,399 35,200,000 37,543,300
Operating
Expenditures 25,780,947 25,112,917 27,704,452
Transfers out 8,050,206 8,050,206 9,008,248
Revenue over
(under) expenses $ 625,246 $ 2,036,877 $ 830,600
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Solid Waste Fund
Summary
FY 2023 Budget FY 2023 Estimate FY 2024
Proposed (Rev)
Revenues 10,600,000 11,990,000 11,570,000
Operating
Expenditures 7,616,303 7,542,590 8,038,680
Transfers out 2,294,386 2,294,386 3,024,667
Revenue over
(under) expenses $ 689,311 $ 2,153,024 $ 506,653
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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 15
Discussion : Capital
Suggestions?
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