FY25 Proposed Budget

ROAD USE TAX FUND The Road Use Tax Fund (RUTF) accounts for revenue sharing from state taxes related to transportation (road use taxes). The City’s use of road use taxes is restricted to street and storm sewer maintenance, repair, and construction including engineering, streetlights, traffic signs and signals, snow removal, street cleaning, right-of-way maintenance, etc. Fund Balance: Road Use Tax Fund’s fund balance on June 30, 2024 is projected to be $5,273,012, a decrease of $897,687 or 14.5% from the fiscal year 2023 year-end balance. This decrease is primarily due to a conservative estimate in Road Use Tax revenue. The fiscal year 2025 estimated fund balance is budgeted to decrease by another $276,500 to $4,996,512. This decrease due to increased capital projects funding.

Fund Balance (1)

$7,000,000

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

FY2022

FY2023

FY2024

FY2025

FY2026

Unassigned $5,087,054

$6,170,699

$5,273,012

$4,996,512

$4,808,163

(1) FY23 - FY25 figures are estimates. The Road Use Tax Fund borrowed $1.4 million from the Landfill Cell Replacement Reserve during fiscal year 2019 to help construct portions of the new Public Works Facility. The following is a summary of that loan:

Principal Outstanding as of 6/30/24

Total Payment FY25

Final Payment

FY25 Principal

FY25 Interest

Loan

Date

Loan Amount

2019 Public Works Facility Loan

6/30/2019

$ 1,400,000

2036

$ 1,047,634

$ 93,173

$ 77,990

$ 15,183

378