Page 14 - Saginaw FY24 Adopted Budget

CITY OF SAGINAW
BUDGET HIGHLIGHTS
2023-2024

• The transfer to the General Escrow Fund for vehicle replacement will increase by
$5,760.

• A total of $679,335 is budgeted in the General Fund for one-time items described above.
The General Fund balance will be reduced by $669,335.

DEBT SERVICE FUND:

• The adopted budget includes $7,086,295 funding for principal and interest payments.
$7,470 of property tax collections from the previous year will be used for FY23-24 debt
service. The estimated fund balance at year end will be $1,295,544.

ENTERPRISE FUND:

• The City of Saginaw purchases water from the City of Fort Worth. Fort Worth has
proposed a 4.99% decrease in wholesale water rates. This budget includes a 5%
decrease in water rates for our customers.

• The City of Fort Worth bills the City of Saginaw for wastewater treatment based on the
strengths and volume that pass through the system. Fort Worth has proposed a 14.82%
increase in wastewater rates. This budget includes a 15% increase in rates for our
customers.

• The average customer using 8,000 gallons of water per month will see a monthly
increase of $3.11 as a result of the water and sewer rate increases.

• The proposed budget includes: 2 service trucks ($60,000), a flat file cabinet ($12,000),
consultant fees for lead/copper service line identification ($100,000), a water master plan
update ($75,000), and 50% funding ($25,000) for the home renovation incentive
program, SHIP.

• Construction of the Fairmont 12” Sanitary Sewer Rehabilitation Phase 2 project
$3,000,000 is budgeted. Revenue bonds will be issued for this project.

• Construction of the W McLeroy 12” Water Line Project ($650,000) will be partially funded
with water impact fees ($451,000).

• The Enterprise Fund has been balanced with $148,925 of reserves for one time and
capital items. Any operating surplus will begin funding a systematic replacement of old
water and sewer lines throughout the City in conjunction with street rehabilitation.

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