HomeMy WebLinkAboutITEM 9 - FY 23/24 PRELIMINARY RESULTSFiscal Year
2023-2024
Preliminary
Results
October 15, 2024
Overview
Background info 2023-2024 Amended Budget
General Fund
Water Fund
Backbone Fee Fund and Land Sale Proceeds Fund
FY 2023-2024 Budget Timeline
June 2023: 23-24 budget adoption
February 2024: 23-24 mid -year budget review and
amendments
Council also approved budget amendments throughout the year
for specific items (i.e. approved $466,000 transfer from GF to
Housing Authority to buy back an affordable housing unit).
23-24 amended budget
GF Fund Balance and Reserve
(A) (B) (B) - (A)
Actual Amended Actual Budget
(Amounts in Thousands) 22/23 Budget 23/24 23/24 Variance
Beginning Fund Balance $31,976 $31,166 $31,166
Add: Operating Revenue
Less: Operating Expenditures
Net Operating Change
Less: Non -Operating Water Loan
Less: Trf to Risk Management Funds (for approval 10/15/24
Change in Fund Balance (Excluding N Hangar Fire)
90,975 90,454 94,998
(87,954) (97,891) (95,642)
3,021 (7,437) (644)
(3,831)
(192)
(809) (7,437) (836)
GF reserve % (excluding North Hangar fire) 35% 24% 32%
4,543
2,250
6,793
General
Fund
Revenues
(Amounts in Thousands)
Operating Revenues:
Sales Tax
Property Tax
Franchise Fees
Transient Occupancy Tax
Other Tax Revenue
Departmental Revenue
Use of Money & Property
Fines & Forfeitures
Transfers and Reimbursements
Other Revenues*
Total Operating Revenues
Non -Operating Revenues:
Navv Reimbursement
(A) (B) (B) - (A)
Actual Amended Actual Budget
22/23 Budqet 23/24 23/24 Variance
$35,434
$35,000
$35,403
$403
24,563
25,777
26,205
427
1,802
1,751
1,864
113
2,151
2,300
2,392
92
1,647
1,461
1,479
18
5,809
3,671
4,355
685
3,990
4,190
5,409
1,219
1,110
950
867
(83)
11,355
13,421
13,777
356
3,113
1,933
3,246
1,313
90,975
90,454
94,998
4,543
0 88.000 36.634 (51.366
* Other revenues include grants, street and curb permit revenues, admin cost recovery, and
misc. revenues, etc.
GF Revenues 22/23 vs. 23/24
Recurring revenues $91M without one-time ARPA fund ($4.3M), 3.5%
increase
Sales Tax —flat compared to 22/23. Expect this trend to continue in 24/25.
Property Tax — 6.7% increase. Expect 3% increase in 24/25.
General
Fund
Expenditures
(Amounts in Thousands)
Operating Expenditures:
City Council
City Clerk
City Attorney
City Manager
Economic Development
Finance
Human Resources
Community Development
Public Works
Police Services
Fire Services
Parks and Recreation
Non -Departmental
Total Operating Expenditure
Non -Operating Expenditures:
Navv North Hangar Fire
Actual
22/23
(A)
Amended
Budget 23/24
(B)
Actual
23/24
(A) - (B)
Budget
Variance
$50
$87
$62
$25
870
893
824
69
728
1,069
792
277
905
1,007
800
208
1,199
1,983
2,021
(38)
1,785
1,958
1,891
66
1,170
1,264
1,301
(36)
4,534
5,369
5,103
266
14,734
16,172
16,075
97
31,797
35,555
34,725
830
10,016
10,624
10,703
(79)
5,230
5,460
5,650
(190)
14,937
16,449
15,695
754
87,954
97,891
95,642
2,250
0 88,000 71,713 16,287
GF Expenditures 22/23 vs. 23/24
Recurring expenditure increased by 9%.
Salary/benefit related items increased by 7%.
PERS costs increased by 5%
Operation costs (excluding fire contract and transfers) increased by 13%.
Water Fund Overview
(A)
(B)
(B) - (A)
Actual
Amended
Actual
Budget
(Amounts in Thousands)
22/23
23/24
23/24
Variance
Beginning Net Position 7/1
$13,112
$14,471
$14,471
Add: Operating Revenue
19,258
22,617
22,000
(617)
Less: Operating Expenditures
(20,032)
(19,507)
(20,409)
(902)
Net Operating Change
(775)
3,110
1,592
(1,519)
Add: Non -Operating Revenue
Less: Capital Project Expenses
Less: Debt Service/Issuance Costs
4,096 4,259 11,631
(630) (3,711) (617)
(1,332) (2,777) (1,567)
Change in Net Position 1,359 882 11,038
Water Fund 22/23 vs. 23/24
Operating revenue increased by 6% (9% rate increase 1/1/24).
Total operating cost increased by 2%
water supply costs decreased by 3% (consumption down by 2%)
other costs increased by 7%
Net revenue coverage 138% (minimum 120%).
Legacy
Funds
Overview
(Amounts in Thousands)
187-Backbone
Fees
189-Land Sale
Proceeds
Total
Available Balance 7/1/2023
$15,570
$97,591
$113,161
Less: Legacy Capital Expenditures
(4,748)
(3,336)
(8,084)
Less: Legacy Related Expenditures
(64)
(2,421)
(2,486)
Less: Non -Legacy Expenditures (UAL/PARS)
-
(4,320)
(4,320)
Less: Funding for Economic Development Dept
-
(1,959)
(1,959)
Net Operating Change
(4,812)
(12,036)
(16,848)
Add: Interest Earnings
Change in Net Position
FY 2024-2025 CIP Budget
FY 2024-2025 Professional/UAL/PARS/Transfers Budget
FY 2023-2024 Budget Professional Carryover to FY 2024-2025
FY 2024-2025 Total Budaet
671
(4,141)
10,181
107
(7,044)
61,356
13,412
909
$10,288 $75,677
5,663
(11,185)
71,537
13,519
909
85.965
Recommendations
Receive and file the report
Approve FY 2023-2024 supplemental appropriations identified in the
report.
Approve FY 2023-2024 operating purchase order and related budget
carryovers identified in the report.
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