FY25 Proposed Budget

Management fund reserve for fiscal year 2025 is $3,176,456. The estimated Health Insurance reserve for fiscal year 2025 is $19,611,041 of which $8,730,093 is being reserved for Other Post Employment Benefit (OPEB) liabilities. The OPEB liability was calculated with the actuarial assumption of a 4.13% discount rate, an inflation rate of 2.6% per annum, a salary increase rate of 3.25%, and an annual medical trend rate of 7.00% decreasing 0.5% each year to a 4.5% ultimate medical trend rate. The estimated Dental Insurance reserve for fiscal year 2025 is $630,637. Capital Project Plan The five-year capital improvement program (CIP) is developed and updated annually through a process involving all City departments in the collection and review of the capital improvement needs of the City. The plan reviews, plans, and prioritizes the capital replacement and capital expansion needs of the City in coordination with the City’s financial and operational demands. The City’s five year capital improvement plan is integrated into the City’s financial plan and annual budget. This plan also coordinates with the City’s long-range debt planning to ensure that sufficient debt funding is available at the time improvements are needed or expected. The projected debt issues in the program have been integrated into the Debt Service Fund’s budget.

Below is the five-year capital improvement plan expenditure summary by division.

Capital Improvement Plan 2024-2028 Summary by Division

2024

2025

2026

2027

2028

Total

$ 2,197,732 6,500,000 $ $ 932,545 1,250,000 $ $ 150,000 11,030,277 $

Airport

12,000,000

12,000,000

Equipment

100,000 130,000

100,000

100,000

100,000

100,000

500,000

Finance Administration

500,000 2,050,000

9,500,000

12,180,000

Fire

1,000,000

250,000

450,000 60,000 775,000

250,000 689,250

50,000 2,000,000 222,500 9,382,500

Government Buildings

4,410,750 4,000,000

Landfill Library

55,000

830,000

1,015,000 1,450,000 2,675,000 1,450,000

1,350,000 1,685,000 4,200,000 1,720,000

2,565,000 8,065,000 1,540,000 11,585,000

Parking Operations Parks Maintenance

125,000 400,000

125,000 400,000

Police

Public Works Administration

550,000 10,350,000

500,000

50,000

50,000 11,500,000

Recreation

1,825,000 1,825,000

3,650,000

Senior Center

935,000

785,000 1,090,000

240,000

240,000 3,290,000 28,762,800 107,434,670 25,000 28,065,500 4,972,000 41,322,000

Stormwater

12,728,470 15,897,800 7,285,000 20,705,500

25,662,800 24,382,800

Street Operations Transit Operations Wastewater Treatment

25,000

25,000

32,723,000 2,830,000

560,000

926,000 2,141,000

970,000 3,100,000

2,250,000 2,050,000

11,200,000

Water Operations

TOTAL

$ 68,634,952 76,043,300 $ $ 43,046,345 46,108,050 $ $ 40,727,300 274,559,947 $

Total expenditures for the Capital Improvement Program for years 2024 – 2028 are $274,559,947. Total funding sources for the Capital Improvement Program for year 2024 – 2028 are $260,152,947.

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