FY25 Proposed Budget

C. Fund Balance It is part of the City’s Financial & Fiscal Policies that the General F und’s unassigned fund balance shall not fall below twenty-five percent (25%) of total revenues and transfers in and not grow greater than thirty-five percent (35%). This policy also states that fund balance in excess of thirty percent (35%) of revenues and transfers in will be trans ferred to the City’s Emergency Fund, used to retire outstanding debt, used to provide property tax relief, or be used for facility replacement. General Fund unassigned fund balance was transferred into the Emergency Fund starting in fiscal year 2014. Transfers into the Emergency Fund have totaled $6.4 million from fiscal year 2014 through fiscal year 2023. Emergency Fund ’s estimated balance is $5.4 million at the end of fiscal year 2025. General Fund unassigned fund balance was also transferred into the Facility Master Plan Reserve, within the General Fund, in the fiscal year 2019 and fiscal year 2020 at $2 million each year. In fiscal year 2021 and 2022, $4 million and $5 million was transferred, respectively. A transfer of $4.7 million was completed for fiscal year 2023. This fund is assigned for implementation of the 2012 Facilities Space Needs Study and Master Plan. 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

FY2024

$ 9,467,480

$ 22,229,714 (12,762,234) $

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)

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