HomeMy WebLinkAboutITEM 14 - MID YEAR BUDGET REVIEWFiscal Year
2023-2024
Mid -Year
Budget Review
February 20, 2024
Overview
General Fund meeting minimum reserve policy (15%)
Proposed new positions and recommend funding from ARPA Fund
Water Fund review
Other funds review and major supplemental appropriations
Capital project review and major supplemental appropriations
General Fund
Revenues
$90m4M
Operating Revenue:
Adopted budget $86.3 million
Projected revenue $90.4 million
Increase of $4.1 million
Non -Operating Revenue:
Navy's reimbursement $11 million
General Fund Projected Operating Revenues June 30, 2024
Sales tax
38.7%
Other revenue
2.1%
Transfrs &
reimbursements
14.8
II
Fines & forfeitures
1.1%
Othertaxes
1.6%
Use of money &
property Departmental revenue
4.6 % 4.1
Property taxes
28.5%
Franchise fees
1.9
TOT
2.5
General Fund Operating Revenue
Budget vs. Projection June 30, 2024
$38
$36
$34
$32
$30
$28
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
Property Tax
Sales Tax
Other Taxes Departmental Revenues
o Amended Budget o Projected
1� 0
Use of Money & Prop
Transfers and Others
General Fund
Expenditures
$97M
Operating Expenditures:
Adopted budget $90 million
Amended budget $95 million
Projected expenditures $97 million
Increase of $2.2 million
Non -Operating Expenditures:
Hangar Fire $18.8 million
General Fund Projected Operating Expenditures June 30, 2024
Public Works
16.6%
Comm Development
5.5
Economic Development
2.0
Governmental Support
6.1%
Non -Departmental
16.5
Parks & Recreation
5.6
Fire
11.0%
Police
36.7
General Fund Reserves (as % of General
Fund Operating Expenditures)
17%
20%
Targeted
(15%-2Q%)
Minimum
(15%)
25%
$25M
GFOA National city Policy Projected
Benchmark 30 24 w Navy
Reim.
17%
$17M
Projected
30 24 o
Navy Reim.
New Positions Requested
Five new positions: CM (1), PD (2), PW (2)
Total 23/24 projected cost $160,000
Total 24/25 projected cost $600,000
Requesting ARPA fund to hire public employees FY24 to FY 26.
ARPA fund available for hiring public employees $1.7 million.
Water Fund Review
$28
Water u n $26
$24 Debt
Review $22 Capital
$20
.o $18
Net position projected at $11 million $16
Meeting minimum reserve requirement of $14
$10 million $12 Operating Operating
Estimated rate revenue to increase by $1.1
$10
million $8
Capital grant revenue $550,000 $6
$4
Meeting net revenue coverage requirement $2
of 120%
$o
Revenue Expenses
Other Fund Major Supplemental
Appropriations
Liability Fund -Requesting $883,000 (funded by fund balance and
$425,000 transfer from GF).
Land Sale Proceeds Fund -Requesting $283,000 to reimburse GF for
Legacy area development staff time.
ARPA Fund -Requesting $397,000 transfer to GF for hiring public
employees.
Special Tax B -Reduction of $397,000 in transfer to GF.
Capital Project Major Supplemental
Appropriations
Legacy Dog Park —Net request $300,000 ($390,000 from Land Sale
Proceeds Fund and $90,000 reduction from Park Development Fund).
Main Street —Requesting $1.7 million from Land Sale Proceeds Fund
(Project estimated cost $5.6 million, $3.9 million from GF).
Old Town
—Adopted
budget $3.1
million in FY 24-25.
Requesting to start
project in
23-24 with
$4.2 million
from Land Sale
Proceeds Fund.
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Remembering what connects us.
11
Project Highlight
Beneta Well No.
New ground water well
capable of producing 1,000
gallons of drinking water
every minute
Schedule:
Construction currently
underway, scheduled to be
completed by fall of 2024
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