FY2024 Proposed Budget

STORMWATER FUND The Stormwater Fund is an enterprise fund that accounts for the activities of the City’s Stormwater Utility. Fund Balance: The Stormwater Fund’s fund balance on June 30, 2022 was $1,062,799 which was a 28.6% decrease from the fiscal year 2021. The fiscal year 2023 fund balance is estimated to increase 37.1% from fiscal year 2022 to $1,456,820. These changes are primarily due to the level of capital project funding and the amounts that are retained in the capital reserves at year end. Fiscal year 2024 projected fund balance represents a 12.1% increase over the fiscal year 2023 estimated year-end balance to finish at $1,632,877. This increase is due to a $0.50 rate increase per month in fiscal year 2024. In fiscal year 2020, a Capital Reserve fund was created in the Stormwater Fund to set funds aside for future infrastructure replacement. These funds are shown below as assigned. The Capital Reserve balance is expected to be at $724,000 in fiscal year 2023 and $834,000 in fiscal year 2024.

(1) FY23 - FY25 figures are estimates

Revenues: The Stormwater Fund is primarily funded through a monthly Stormwater Utility fee. This fee will be increased in fiscal year 2024 by $.50 per equivalent residential unit (ERU) per month to $5.50 per ERU and by $.25 per rental unit per month to $3.00 per rental unit per month. Commercial properties pay a $5.50 base fee and then $2.00 per ERU per month.

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