Page 83 - FY 2023-24 ADOPTED BUDGET

BUDGET SYNOPSIS

OPERATING FUNDS BUDGET

The 2023-24 Budget (General Fund and Debt Service Fund) is based on total revenues in the amount of $25,437,557
and expenditures in the amount of $25,770,272. The 2023-24 Budget also includes the transfer of $338,485 to the
Debt Service Fund from the Stormwater Utility Fund, the transfer of $250,000 from the General Fund to the Capital
Asset Replacement Fund, and $50,000 from the General Fund to the IT/Facilities Fund. Also, there is a projected

transfer of $300,000 of Sanitation revenue to the General Fund.

Total revenues and transfers to the Operating Funds in the amount of $26,076,072 represent a net increase of
$1,002,864 or 4.04 percent over the 2022-23 re-estimate total of $25,073,179.

Total expenditures, transfers, and the use of General Fund reserves in the amount of $24,537,643 for 2023-24
represent a net increase of $2,442,080 or 11.05 percent over the 2022-23 re-estimate total of $22,095,563.

EXPENDITURES BY CLASSIFICATION

PERSONAL SERVICES

Personnel expenditures are projected to increase by $680,223 from the 2022-23 budget to $17,709,956 in 2023-
24. This increase is attributed to salary adjustments, and adjustments for insurance and fringe benefits.

The Budget includes funds for merit increases for those employees that are at steps one through six on the City’s
seven step salary matrix; employees are eligible for an up-to five-percent increase on their anniversary date. A 3.0%
Cost of Living increase is also included.

Funds are also included in the Budget for an up-to twenty percent increase in employee health, dental, and life
insurance premiums. Funds are included for the increase of the City’s contribution rate for employee retirement,
effective January 1, 2024, the current rate of 16.33 percent increases to 17.36 percent; the employee contribution
rate remains at 7.00 percent.

SUPPLIES AND MATERIALS

The cost of supplies and materials is projected to increase by $40,889 from the 2022-23 re-estimate of $829,863 to
$870,752 in 2023-24. The 2023-24 Budget includes funds for general office and operating supplies, postage, and
other items for City departments. The increase is mainly due to the rise in fuel costs and inflation.

Funds for the replacement of computers, monitors, peripherals, software, and other technology-related equipment

are included in the Information Technology Activity of the General Fund.

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