HomeMy WebLinkAboutFY25 Proposed Budget Overview for 20240730 (2)Fiscal Year 2025
Proposed Budget
October 1, 2024 – September 30, 2025
July 30, 2024
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Table of Contents
Items To Review
Tax Rate Background Information
FY25 Tax Rate Calculations
FY25 Budget Review
FY25 Proposed Changes
FY25 Capital Improvement
FY25 Capital Improvement Funding Breakdown
FY25 Important Budget Dates
Up Next
July 30, 2024
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Tax Rate Background Information
The No New Revenue and Voter Approval Property Tax Rates have been received from Jefferson County tax assessor as of today. We are waiting on the Orange County tax assessor.
Certified Values have been received from the Appraisal Districts and reflect a 6.75% increase over last year.
Property Tax Revenues are expected to increase approximately 3.5% for operations.
We expect a slight increase from the current tax rate of $0.648641 per $100 valuation due to the increase in property values.
July 30, 2024
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FY25 Tax Rate Calculations
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
July 30, 2024
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FY25 Budget Review
Budgets include all requests to include equipment and capital
This is the first review and more details to come for the next
Some adjustments to current rate structure for Water and Sewer
Overall – the department requests are in and under review
We have increases in revenue and expenses exceed those increases (General Fund & Enterprise Funds)
July 30, 2024
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FY25 Proposed Changes
Changes include:
Current request for an increase of 16 authorized positions – 10 General Fund, 6 Water/WW
Proposed salary increase for all employees – 3%
Equipment purchases of $11.9 million
Lease of 31 more Vehicles through Enterprise Program
New technology purchases of $630,000
Increase of 5% in projected costs for health insurance
July 30, 2024
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FY25 Capital Improvement
*Initial Capital Improvements Requests of approximately $294 Million – Including:
$40 Million Street Reconstruction, Street Striping and Sidewalk Rehab
$40 Million Drainage Projects ($37 million in grants)
$5.7 Million Facility Improvements
$2.7 Million Replace 2 Fire Engines
$82.4 Million New Construction (Animal Shelter, Public Safety, Parks and Rec Facility
$49.4 Million Water Utility Infrastructure Improvements
*Primarily funded with operations, grants, new bond issues, capital leases, and fund contributions
July 30, 2024
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FY25 Capital Improvement Funding Breakdown
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 $0 million
Capital Lease $0 million
Contribution (EDC sales tax) $1 million
Existing and Restricted $123 million
July 30, 2024
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FY25 Important Budget Dates
July 30 Tuesday City Council Proposed Budget Overview
Aug. 6 Tuesday City Council Proposed Budget Workshop, Hold record
vote on the proposed tax rate via resolution
Aug. 13 Tuesday City Council Proposed Budget Workshop
Aug. 26 Monday Public Hearing on Budget
Aug. 27 Tuesday Public Hearing on Tax Rate, Adopt Budget, Tax Roll and Tax Rate
Denotes a special Council Meeting
July 30, 2024
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Up Next…
Next Workshop August 6
City Council Proposed Budget Workshop
Hold record vote on the proposed tax rate via resolution
Suggestions?
July 30, 2024
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