FY24 Adopted Budget

3 Months @ Sept. 30

Receipts

Expenditures

Shortfall

FY2023

$ 10,961,006

$ 15,985,058

$ (5,024,051)

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)

D. Long-term Projections Future property tax revenues were projected to grow 3% for fiscal year 2025 and to increase by 3.00% in fiscal years 2026 and beyond. Odd numbered years are re-evaluation years, which typically lead to higher growth rates. 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 2023 expenditures are higher than average due to the transfer out for Capital Projects Funding coming from both the unrestricted fund balance and the facility reserve.

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