Page 93 - FY 2023-24 ADOPTED BUDGET

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.

CONTRACTUAL SERVICES

The projected cost of contractual services in 2023-24 in the amount of $1,522,905 decreases by $1,387,318 from
the 2022-23 re-estimate of $2,910,223. This decrease is because the City no longer has to pay property taxes to
the TIF which expired in November 2022. This category includes funds for utilities, professional services, dues and
memberships, training, and printing services. Funds are included in the 2023-24 Budget for the general election
and for a run-off election.

MAINTENANCE AND REPAIR

Maintenance and repair costs decrease by $23,001 from the 2022-23 re-estimate of $3,957,191 to the 2023-24
Budget allocation of $3,934,190. Funds for vehicle, equipment, radio, and software maintenance costs are
budgeted near the 2022-23 re-estimate level for 2023-24.

CAPITAL OUTLAY

The purchase of capital outlay equipment in 2023-24 in the amount of $199,840 is $27,974 more than the $171,866
re-estimate for 2022-23. Funds for both fiscal years are for replacement of Police Department vehicles. No other
capital purchases are budget for 2023-24 due to the COVID-19 pandemic, and S.B. 2 property tax legislation,
inflation and possible recession. A capital outlay is defined as an item or piece of equipment that costs a minimum
of $5,000, has a useful life of more than one year, and/or is recorded as a fixed asset on the City's official inventory.

DEBT SERVICE

Debt service requirements increased by $624,400 from $908,229 in 2022-23 to $1,532,629 in 2023-24. Principal
payments increased by $645,000 in 2023-24 to $950,000 from $305,000 in 2022-23; interest expenses decreased
by $20,600 from $599,429 in 2022-23 to $578,829 in 2023-24. Agent fees remain at $3,800.

TRANSFERS AND USE OF UNAPPROPRIATED RESERVES

The 2023-24 Budget and the 2022-23 re-estimate include the transfer of reserves from the General Fund to the
Capital Asset Replacement Fund; these funds are designated for the purchase of major pieces of equipment in
future years. Also, in both 2022-23 and 2023-24 a $50,000 transfer to the IT/Facilities Fund is budgeted.

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