FY2023 Adopted Budget

General Fund’s unassigned fund balance is relied upon to provide cash flow during the first quarter of the fiscal year as the majority of property taxes are not received until October/November. The following chart demonstrates how expenditures have exceeded receipts in the first three months over the past ten years. 3 Months @ Sept. 30 Receipts Expenditures Shortfall

FY2022

$ 11,282,036

$ 17,424,535 (6,142,499)

FY2021

$ 9,621,807

$ 14,521,703 (4,899,896)

FY2020

9,517,460

15,862,567 (6,345,107)

FY2019

9,833,115

15,455,184 (5,622,069)

FY2018

7,859,044

14,422,373 (6,563,329)

FY2017

7,917,409

15,727,049 (7,809,640)

FY2016

10,402,991

13,341,071 (2,938,080)

FY2015

7,163,587

13,309,505 (6,145,918)

FY2014

11,705,632

15,145,130 (3,439,498)

FY2013

9,727,204

16,725,202 (6,997,998)

FY2012

12,090,490

15,441,933 (3,351,443)

D. Long-term Projections Future property tax revenues were projected to grow 0% for fiscal year 2024 and to increase by 3.00% in fiscal years 2025 and beyond. Odd numbered years are re-evaluation years, which typically lead to higher growth rates. The Multi-Residential Property Class rollback will continue to decrease until it aligns with the Residential Rollback in fiscal year 2024. All other revenues were projected at a flatline. Future expenditures were projected with the assumptions that personnel related expenditures would grow at a 3% rate annually and services and supplies would grow at a 2% rate annually. Expenditures are projected to continue to outpace revenues within the General Fund. If this trend continues, the City will need to evaluate potential solutions to balance the budget including, but not limited to, raising property tax rates or reducing expenditures. Fiscal year 2022 revenues and expenditures are higher than average due to the transfer of $5 million into the facility reserve. The Facility Reserve Fund is included within the General Fund, so Transfers In and Out are inflated by that amount.

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