Page 24 - CityofMansfieldFY24Budget

FY 2023-2024 BUDGET IN BRIEF

The following pages contain brief summaries of each major fund in the FY 2023-2024 budget.

GENERAL FUND
The General Fund is the operating fund of the City. It is used to account for all revenues and
expenditures relating to the operations of the City that are not accounted for in other funds.

Revenues
The overall General Fund budget for FY 2023-2024 is $94,745,797 or an increase of 8.25% over
estimated revenues in FY 2022-2023. Property tax collections make up approximately 56% of the
General Fund operating revenue. Property tax revenue increased 7.9% in the General Fund. Other
revenue increases include sales tax, franchise tax, and fines and fees. Projected sales tax revenues are
expected to increase by $2,162,121, or 11.8%.

Staffing
The 2023-2024 Service Plan includes the addition of 8 full-time equivalent positions. Other staffing
changes occurred because of reallocation and distribution of salaries. Overall, salaries and benefits
increased $2,246,037 or 3.9% due to the addition of personnel and a provision for a one-time
supplemental payment based on performance. New positions totaled approximately $775,500; however
the cost is offset by organizational changes such as position reclassifications and outsourcing to contract
services, bringing the impact to the General Fund to only $355,000.

Operations and Maintenance
Operating and Maintenance costs increased 19% due primarily to contractual services. The Street
maintenance budget alone increased 17% in contractual services to address concerns voiced by citizens.
Many departments need computer/technology replacements due to outdated hardware and software that is
no longer supported. Travel and training budgets also increased. COVID nearly eliminated in-person
training over the last several years. Those opportunities are finally returning, allowing staff to complete
certifications and other continuing education requirements.

Transfers
Transfers are estimated to be $1,108,547 for the City’s liability, auto and property insurance, $309,975 for
the Fieldhouse USA infrastructure debt, and $4,120,577 to the Equipment Replacement Fund.

Equipment
The General Fund transfer of $4,120,577 will address new and replacement vehicles for the Police, Fire,
Building Safety, Public Grounds, and Street departments. These funds will also be used to purchase
servers for the Information Technology division and building facility improvements City-wide.

Debt
The General Obligation Debt payment is $20,565,033 in FY 2023-2024. In addition, the City anticipates
pre-paying $5 million of debt in late 2023. Management and City Council continue to make conscious
efforts to reduce the overall debt ratio. The total outstanding General Obligation Debt is $192,175,000.

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