FY25 Proposed Budget

D. Long-term Projections Future property tax revenues were projected to grow 3% for fiscal year 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 2025 and 2027 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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