Page 23 - CityofMansfieldFY25Budget

FY 2024-2025 BUDGET IN BRIEF

The following pages contain brief summaries of each major fund in the FY 2024-2025 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 2024-2025 is $99,778,080 or an increase of 5.3% over estimated
revenues in FY 2023-2024. Property tax collections make up approximately 56.7% of the General Fund
operating revenue. Property tax revenue increased 7% in the General Fund. Other revenue increases
include sales tax, franchise tax, and fines and fees. Sales tax is estimated to increase by $498,304 or
2.43%. This is a conservative projection based on a decline in the last quarter of Fiscal Year 2023-2024.

Staffing
The 2024-2025 Service Plan includes the addition of 20.3 full-time equivalent positions. (Other staffing
changes occurred because of reallocation and distribution of salaries.) Overall, salaries and benefits
increased $1,843,510 or 3.02% due to the addition of personnel and a provision for a 3% cost of living
adjustment on salaries for current personnel, offset by a decrease in the budgeted cost for health
insurance. New positions totaled approximately $2,229,682.

Operations and Maintenance
Operating and Maintenance costs increased 9.47% over last fiscal year. The Street maintenance budget
alone increased 14% in contractual services to address concerns voiced by citizens. Many departments
saw increases in contractual services and software maintenance agreements. O&M budgets also increased
in departments with new positions for items such as protective clothing, uniforms, and daily supplies.

Transfers
Transfers are estimated to be $1,187,620 for the City’s liability, auto and property insurance, $309,975 for
the Fieldhouse USA infrastructure debt, and $2,819,417 to the Equipment Replacement Fund.

Equipment
The General Fund transfer of $2,819,417 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
training equipment and pay for major building facility improvements City-wide. In addition to the
General Fund transfer, approximately $1,785,000 will be borrowed to purchase an ambulance and engine
for the Fire Department.

Debt
The General Obligation Debt payment is $22,633,200 in FY 2024-2025. In addition, the City anticipates
pre-paying $5 million of debt in February 2025. Management and City Council continue to make
conscious efforts to reduce the overall debt ratio. The increase in General Obligation Debt in FY 2024-
2025 will not be passed on to the taxpayers. Total outstanding General Obligation Debt is $234,190,000.

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