Page 17 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

Fund Summary
The FY 2022-2023 primary operational and debt service budgets are listed in the table below. The
total annual budget is $83,445,736, which represents a 4.3% percent increase from the previous
year. This table includes city wide operations and all debt service obligations which includes debt
supported by enterprise fund and sales tax revenues. The major operating funds include the
General Fund, Enterprise Fund, and the two half-cent sales tax funds. These major funds account
for nearly 90% of the city-wide budget and will be discussed below.

FUND FY 2021-2022 FY 2022-2023 % CHANGE

General Fund $37,935,080 $40,579,457 6.97%
Enterprise Fund 23,596,799 23,634,918 0.16%

Anti-crime Sales Tax Fund 5,015,181 5,447,756 8.63%

4B Sales Tax Fund 5,017,080 5,221,710 4.08%

other operating funds 4,835,164 4,926,988 1.90%

Debt Service Fund 3,619,015 3,634,907 0.44%

Total $80,018,319 $83,445,736 4.28%

General Fund
To meet the budget priorities established above, the General Fund budget had an increase of
6.97% which is well below the various measures of inflation that impact local government
operations. The American City and County organization publishes their Municipal Cost Index
(MCI) which accounts for the impact of the Consumer Price Index (CPI), the Producer Price Index
(PPI), and the Construction Cost Index (CCI) all have upon local government operations. Each of

the various index measures reflect the relative impact upon local government wages, supplies,
materials, and contract services. At the adoption of the budget, the year-over-year increase in
the MCI was over 12%. The 10-year average increase in the General Fund budget stands at 2.55%
while the same average in the MCI is at 3.56%. The increase is primarily driven by inflationary
pressures felt in materials and supplies and the current environment in the labor market. Local
government is not exempt from the recent “Great Resignation” which has impacted our
workforce in similar fashion as the private market. General Fund operations are service based

17