FY2024 Proposed Budget

WATER FUND The Water Fund accounts the City’s water utility operations including the operation of a water production plant, water storage facilities, water distribution system, water meter reading, and water quality monitoring. The business-like fund is primarily supported through user fees. Fund Balance: The Water Fund’s unassigned fund balance at the close of fiscal year 2022 was $7,075,369 or $630,619 higher than fiscal year 2021. The increase in unassigned fund balance in fiscal year 2022 was primarily due a 50% cost share of the Customer Service function with the Wastewater Fund totaling $532,242 that was added in fiscal year 2022.

(1) FY23 - FY25 figures are estimates

The fiscal year 2023 unassigned fund balance is estimated to increase to $7,155,432 or $80,063. This is primarily due to a new 50% cost share of the Customer Service function with the Wastewater Fund totaling $638,690 that was added in fiscal year 2022, offset by an additional $500,000 being transferred to capital reserves. Fiscal year 2024 unassigned fund balance is anticipated to grow by $223,027 over fiscal year 2023. This is primarily due to a 4% rate increase. The Water Fund maintains two reserved funds: one restricted fund for debt service and one assigned fund for capital reserves. The debt service reserve will have an estimated $2,745,223 in restricted fund balance, and the capital reserve is estimated to have $793,500 in assigned fund balance at the end of fiscal year 2024. Contributions into the Capital Reserve increased to $1,800,000 in fiscal year 2023.

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