FY 2024/25 Proposed Operating
and Capital Budget &
FY 2024/25 – 2028/29 Proposed
Capital Improvement Program
Council Meeting
5/21/2024
Town Council Core Goals
and Strategic Priorities
2024-2026
Proposed FY 2024/25 Operating Budget
• Maintain existing high levels of service
• Provide for minimal staffing changes
• Absorb unfunded State mandates
• Balance with 4.6% salary saving factor and
$0.6 million Residual Measure G District Sales
Tax – Operating Reserve
Year-End Fund Balance Allocations
General Fund Capital/Special Project Reserve
General Fund Capital/Special Projects Reserve as of 6/30/2023 $ 10,359,577 Additional for Capital Projects $ (1,615,000)
Additional to General Liability $ (430,000)
Budget Stabilization and Catastrophic Reserves per General Fund Reserve Policy $ (1,143,263) Estimated Year-End Surplus $ 1,407,950
To Pension OPEB Reserve per General Fund Reserve Policy $ (300,000) Estimated Capital/Special Projects Reserve as of 6/30/2024 $ 8,279,264 Additional for Capital Projects $ (1,110,000)
Estimated Capital/Special Projects Reserve as of 6/30/2025 $ 7,169,264 Additional for Capital Projects 5-Year Plan $ (5,550,000) Available to Reallocate $ 1,619,264
5-Year CIP FY 2023/24 FY 2024/25
$ 1,107,950
• Nine projects closed in 23/24
• 65 Projects Total
• $7M in New Funding + $25.7M in Carryforward
• Seven New Projects Proposed
o Blossom Hill Road – Union to Camden (Grant Funded, $800K) o Storm Drainage Mapping ($450K)
o TMO Roof Repairs ($80K)
o Fleet Service Bay Work Area ($45K)
o Overlook Road Trees ($40K)
o Sport Court Surfacing ($100K)
o Oak Meadow Plane Recoating (proposed for 26/27, $40K) Proposed Five-Year Capital
Improvement Program
RECOMMENDATIONS
• Consider the Recommendations of the Finance Commission; • Provide Direction on the Proposed Operating Budget,
• Provide Direction on the Proposed Capital Budget;
• Approve the FY 2024/25 List of Potential Donations Consistent with the Town’s Donation Policy; and
• Review and Approve the Town Investment Policy
QUESTIONS?