Revised Budget FY
2024-25
Projected YE FY
2024-25
Assumed
Projected
Growth Rate
Projected FY
2025-26
Projected FY
2026-27
Projected FY
2027-28
Projected FY
2028-29
Projected FY
2029-30
Projected FY
2030-31
Projected FY
2031-32
Projected FY
2032-33
Projected FY
2033-34
Projected FY
2034-35
Projected FY
2035-36
Projected FY
2036-37
Projected FY
2037-38
GENERAL FUND REVENUES
Property Tax 20,150,000 20,150,000 4.0% 20,956,000 21,794,240 22,666,010 23,572,650 24,515,556 25,496,178 26,516,025 27,576,666 28,679,733 29,826,922 31,019,999 32,260,799 33,551,231 Public Safety Property Tax 3,746,394 3,746,394 5.0% 3,933,714 4,130,400 4,336,920 4,553,766 - - - - - - - - - Sales Tax 627,000 645,000 3.0% 664,350 684,281 704,809 725,953 747,732 770,164 793,269 817,067 841,579 866,826 892,831 919,616 947,204 Utility User & Franchise Taxes 2,912,900 3,239,900 3.5% 3,353,297 3,470,662 775,567 802,712 830,807 859,885 889,981 921,130 953,370 986,738 1,021,274 1,057,019 1,094,015 Charges for Services 2,263,632 2,288,632 3.5% 2,368,734 2,451,640 2,537,447 2,626,258 2,718,177 2,813,313 2,911,779 3,013,691 3,119,170 3,228,341 3,341,333 3,458,280 3,579,320 Licenses & Permits 1,363,000 1,705,000 2.0% 1,739,100 1,773,882 1,809,360 1,845,547 1,882,458 1,920,107 1,958,509 1,997,679 2,037,633 2,078,386 2,119,954 2,162,353 2,205,600 Other Revenues/ARPA 4,590,387 4,614,587 1.0% 3,488,723 3,523,610 3,558,846 3,594,434 3,630,378 3,666,682 3,703,349 3,740,382 3,777,786 3,815,564 3,853,720 3,892,257 3,931,180 Total Revenues 35,653,313 36,389,513 36,503,918 37,828,715 36,388,959 37,721,320 34,325,108 35,526,329 36,772,912 38,066,615 39,409,271 40,802,777 42,249,111 43,750,324 45,308,550
GENERAL FUND EXPENDITURES
Personnel 8,192,885
Salaries - Miscellaneous 7,390,033 7,390,033 4.0% 2.5% 7,685,634 7,993,059 8,192,885 8,397,707 8,607,650 8,822,841 9,043,412 9,269,497 9,501,234 9,738,765 9,982,234 10,231,790 10,487,585 Salaries - Safety 10,024,135 9,435,868 4.0% 2.5% 10,425,100 10,842,104 11,113,157 11,390,986 11,675,761 11,967,655 12,266,846 12,573,517 12,887,855 13,210,051 13,540,302 13,878,810 14,225,780 Overtime - Miscellaneous 25,845 25,845 4.0% 2.5% 26,879 27,954 28,653 29,369 30,103 30,856 31,627 32,418 33,228 34,059 34,910 35,783 36,678 Overtime - Safety 1,113,691 1,905,359 4.0% 2.5% 1,158,239 1,204,569 1,234,683 1,265,550 1,297,189 1,329,619 1,362,859 1,396,930 1,431,853 1,467,649 1,504,340 1,541,949 1,580,498 Medical, Medicare, Allowances 2,645,990 2,612,391 7.0% 2,795,258 2,990,926 3,200,291 3,424,311 3,664,013 3,920,494 4,194,929 4,488,574 4,802,774 5,138,968 5,498,696 5,883,605 6,295,457 Pension Payments - Miscellaneous 840,261 840,261 n/a 1,020,930 1,103,000 1,171,000 1,317,000 1,345,000 1,369,000 1,964,000 2,061,000 2,126,000 2,166,000 2,206,000 2,243,000 2,227,000 Pension Payments - Public Safety 2,609,910 2,609,910 n/a 3,047,357 3,247,000 3,422,000 3,772,000 3,852,000 3,929,000 5,147,000 5,400,000 5,498,000 5,588,000 5,646,000 5,702,000 5,634,000 Debt Service - Pension Bonds n/a - - - - - - - - - - - - - Retirees' Medical (OPEB) 200,000 200,000 2.0% 204,000 208,080 212,242 216,487 220,817 225,233 229,738 234,333 239,020 243,800 248,676 253,650 258,723 Total Personnel 24,849,864 25,019,667 26,363,397 27,616,692 28,574,911 29,813,410 30,692,533 31,594,698 34,240,411 35,456,269 36,519,964 37,587,292 38,661,158 39,770,587 40,745,721 Non-Personnel
Workers' Compensation 697,375 1,728,177 3.0% 1,064,043 1,095,964 1,128,843 1,162,708 1,197,589 1,233,517 1,270,523 1,308,639 1,347,898 1,388,335 1,429,985 1,472,885 1,517,072 General Liability & Insurance 984,970 984,970 5.0% 1,034,219 1,085,930 1,140,227 1,197,238 1,257,100 1,319,955 1,385,953 1,455,251 1,528,014 1,604,415 1,684,636 1,768,868 1,857,311 Legal Services 655,000 733,000 3.0% 754,990 777,640 800,969 824,998 849,748 875,240 901,497 928,542 956,398 985,090 1,014,643 1,045,082 1,076,434 Office Supplies, Repair & Maint., Misc. 1,971,035 2,003,360 3.0% 2,063,461 2,125,365 2,189,126 2,254,800 2,322,444 2,392,117 2,463,881 2,537,797 2,613,931 2,692,349 2,773,119 2,856,313 2,942,002 Contract Services 4,441,886 4,446,886 3.5% 4,602,527 4,763,615 4,930,342 5,102,904 5,281,506 5,466,359 5,657,682 5,855,701 6,060,651 6,272,774 6,492,321 6,719,552 6,954,736 Utilities 812,969 1,010,789 3.0% 979,312 1,008,691 1,038,952 1,070,121 1,102,225 1,135,292 1,169,351 1,204,432 1,240,565 1,277,782 1,316,115 1,355,598 1,396,266 Capital Equipment 87,441 87,441 n/a - - - - - 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 Other (Depreciation, Training, etc.) 879,625 879,625 3.0% 906,014 933,194 961,190 990,026 1,019,727 1,050,319 1,081,829 1,114,284 1,147,713 1,182,144 1,217,608 1,254,136 1,291,760 OPEB Trust Contribution 100,000 100,000 n/a 100,000 - - - - - - - - - - - - Pension Trust Contribution - - n/a - - - - - - - - - - - - - Windstorm Expenditures - 261,277
Annual Reserve Contribution - - - - - - - 444,079 459,661 475,833 492,616 510,035 528,114 546,879 566,357 Total Non-Personnel 10,630,301 12,235,525 11,504,566 11,790,399 12,189,649 12,602,795 13,030,339 14,316,878 14,790,377 15,280,479 15,787,786 16,312,924 16,856,541 17,419,313 18,001,938 Total Expenditures 35,480,165 37,255,191 37,867,963 39,407,091 40,764,560 42,416,205 43,722,872 45,911,576 49,030,788 50,736,748 52,307,750 53,900,216 55,517,699 57,189,900 58,747,659 Annual Operating Surplus (Deficit) 173,148 (865,678) (1,364,045) (1,578,376) (4,375,601) (4,694,885) (9,397,764) (10,385,247) (12,257,876) (12,670,133) (12,898,479) (13,097,439) (13,268,588) (13,439,576) (13,439,109) Available Fund Balance for Capital Improvements
SUMMARY
Beginning Capital Reserve Balance 14,254,998 14,254,998 410,667 (4,319,333) (9,049,333) (13,779,333) (18,509,333) (23,239,333) (27,969,333) (32,699,333) (37,429,333) (42,159,333) (46,889,333) (51,619,333) (53,485,630) Annual Funding for Infrastructure (13,844,331) (13,844,331) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (4,730,000) (1,866,297) (1,866,297) Ending Capital Reserve Balance/(Deficit) 410,667 410,667 (4,319,333) (9,049,333) (13,779,333) (18,509,333) (23,239,333) (27,969,333) (32,699,333) (37,429,333) (42,159,333) (46,889,333) (51,619,333) (53,485,630) (55,351,927)
INFRASTRUCTURE FUNDING
Street & Pavement Mtce 8,044,712 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 636,297 636,297 Sewer & Storm Drain 3,357,773 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 Sidewalk Maintenance 477,752 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Building Maintenance 1,964,094 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 Total Infrastructure 13,844,331 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 4,730,000 1,866,297 1,866,297
OPERATING RESERVE
Prior Year Ending Reserve Balance 17,706,613 17,706,613 16,840,935 15,476,890 13,898,514 9,522,913 4,828,028 (4,569,736) (14,066,825) (25,405,379) (37,123,846) (49,037,093) (61,114,462) (73,326,822) (85,672,640) Annual Operating Surplus (Deficit) - (865,678) (1,364,045) (1,578,376) (4,375,601) (4,694,885) (9,397,764) (9,941,168) (11,798,215) (12,194,300) (12,405,863) (12,587,404) (12,740,474) (12,892,697) (12,872,752) Current Year Contribution to Reserves 444,079 459,661 475,833 492,616 510,035 528,114 546,879 566,357 Current Year Ending Reserve Balance 17,706,613 16,840,935 15,476,890 13,898,514 9,522,913 4,828,028 (4,569,736) (14,066,825) (25,405,379) (37,123,846) (49,037,093) (61,114,462) (73,326,822) (85,672,640) (97,979,035) General Fund Reserves as a % of General Fund Revenues 42% 37% 26% 13% -13% Long-Term Financial Projections
Attachment #5
ATTACHMENT V
Projected FY
2038-39
Projected FY
2039-40
Projected FY
2040-41
Projected FY
2041-42
Projected FY
2042-43
Projected FY
2043-44
Projected FY
2044-45
Projected FY 2045-
46 Projected FY 2046-
47 Projected FY 2047-
48 Projected FY
2048-49
Projected FY
2049-50
Projected FY
2050-51
Projected FY
2051-52
Projected FY
2052-53
Projected FY
2053-54
GENERAL FUND REVENUES
Property Tax 34,893,280 36,289,011 37,740,571 39,250,194 40,820,202 42,453,010 44,151,130 45,917,175 47,753,862 49,664,016 51,650,577 53,716,600 55,865,264 58,099,875 60,423,870 62,840,825 Public Safety Property Tax - - - - - - - - - - - - - - - - Sales Tax 975,620 1,004,889 1,035,036 1,066,087 1,098,070 1,131,012 1,164,942 1,199,890 1,235,887 1,272,964 1,311,153 1,350,488 1,391,003 1,432,733 1,475,715 1,519,986 Utility User Tax 1,132,306 1,171,937 1,212,955 1,255,408 1,299,347 1,344,824 1,391,893 1,440,609 1,491,030 1,543,216 1,597,229 1,653,132 1,710,992 1,770,877 1,832,858 1,897,008 Charges for Services 3,704,596 3,834,257 3,968,456 4,107,352 4,251,109 4,399,898 4,553,894 4,713,280 4,878,245 5,048,984 5,225,698 5,408,597 5,597,898 5,793,824 5,996,608 6,206,489 Licenses & Permits 2,249,712 2,294,706 2,340,600 2,387,412 2,435,160 2,483,863 2,533,540 2,584,211 2,635,895 2,688,613 2,742,385 2,797,233 2,853,178 2,910,242 2,968,447 3,027,816 Other Revenues 3,970,492 4,010,197 4,050,299 4,090,802 4,131,710 4,173,027 4,214,757 4,256,905 4,299,474 4,342,469 4,385,894 4,429,753 4,474,051 4,518,792 4,563,980 4,609,620 Total Revenues 46,926,006 48,604,997 50,347,917 52,157,255 54,035,598 55,985,634 58,010,156 60,112,070 62,294,393 64,560,262 66,912,936 69,355,803 71,892,386 74,526,343 77,261,478 80,101,744
GENERAL FUND EXPENDITURES
Personnel
Salaries - Miscellaneous 10,749,775 11,018,519 11,293,982 11,576,332 11,865,740 12,162,384 12,466,444 12,778,105 13,097,558 13,424,997 13,760,622 14,104,638 14,457,254 14,818,685 15,189,152 15,568,881 Salaries - Safety 14,581,425 14,945,961 15,319,610 15,702,600 16,095,165 16,497,544 16,909,983 17,332,733 17,766,051 18,210,202 18,665,457 19,132,093 19,610,395 20,100,655 20,603,171 21,118,250 Overtime - Miscellaneous 37,595 38,535 39,498 40,485 41,497 42,534 43,597 44,687 45,804 46,949 48,123 49,326 50,559 51,823 53,119 54,447 Overtime - Safety 1,620,010 1,660,510 1,702,023 1,744,574 1,788,188 1,832,893 1,878,715 1,925,683 1,973,825 2,023,171 2,073,750 2,125,594 2,178,734 2,233,202 2,289,032 2,346,258 Medical, Medicare, Allowances 6,736,139 7,207,669 7,712,206 8,252,060 8,829,704 9,447,783 10,109,128 10,816,767 11,573,941 12,384,117 13,251,005 14,178,575 15,171,075 16,233,050 17,369,364 18,585,219 Pension Payments - Miscellaneous 1,983,000 1,996,000 1,974,000 1,961,000 1,907,000 1,933,000 1,888,000 1,737,000 1,681,000 1,700,000 1,583,000 1,473,000 1,363,000 1,253,000 1,253,000 1,253,000 Pension Payments - Public Safety 4,737,000 4,692,000 4,644,000 4,677,000 4,489,000 4,408,000 4,260,000 3,985,000 3,831,000 3,843,000 3,623,000 3,513,000 3,403,000 3,293,000 3,293,000 3,293,000 Debt Service - Pension Bonds - - - - - - - - - - - - - - - - Retirees' Medical (OPEB) 263,897 269,175 274,559 280,050 285,651 291,364 297,191 303,135 309,198 315,382 321,690 328,124 334,686 341,380 348,208 355,172 Total Personnel 41,828,369 40,708,841 42,959,878 44,234,101 45,301,945 46,615,502 47,853,058 48,923,110 50,278,377 51,947,818 53,326,647 54,904,350 56,568,703 58,324,795 60,398,046 62,574,227 Non-Personnel
Workers' Compensation 1,562,584 1,609,462 1,657,746 1,707,478 1,758,702 1,811,463 1,865,807 1,921,781 1,979,434 2,038,817 2,099,982 2,162,981 2,227,870 2,294,706 2,363,547 2,434,453 General Liability & Insurance 1,950,177 2,047,686 2,150,070 2,257,574 2,370,453 2,488,976 2,613,425 2,744,096 2,881,301 3,025,366 3,176,634 3,335,466 3,502,239 3,677,351 3,861,219 4,054,280 Legal Services 1,108,727 1,141,989 1,176,249 1,211,536 1,247,882 1,285,318 1,323,878 1,363,594 1,404,502 1,446,637 1,490,036 1,534,737 1,580,779 1,628,202 1,677,048 1,727,359 Supplies, R&M, Misc. Other 3,030,262 3,121,170 3,214,805 3,311,249 3,410,586 3,512,904 3,618,291 3,726,840 3,838,645 3,953,804 4,072,418 4,194,591 4,320,429 4,450,042 4,583,543 4,721,049 Contract Services 7,198,152 7,450,087 7,710,840 7,980,719 8,260,044 8,549,146 8,848,366 9,158,059 9,478,591 9,810,342 10,153,704 10,509,084 10,876,902 11,257,594 11,651,610 12,059,416 Utilities 1,438,154 1,481,299 1,525,738 1,571,510 1,618,655 1,667,215 1,717,231 1,768,748 1,821,810 1,876,464 1,932,758 1,990,741 2,050,463 2,111,977 2,175,336 2,240,596 Capital Equipment 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 Other 1,330,513 1,370,428 1,411,541 1,453,887 1,497,504 1,542,429 1,588,702 1,636,363 1,685,454 1,736,018 1,788,099 1,841,742 1,896,994 1,953,904 2,012,521 2,072,897 OPEB Trust Contribution - - - - - - - - - - - - - - - - Pension Trust Contribution - - - - - - - - - - - - - - - - Annual Reserve Contribution 586,575 607,562 629,349 651,966 675,445 699,820 725,127 751,401 778,680 807,003 836,412 866,948 898,655 931,579 965,768 1,001,272 Total Non-Personnel 18,605,144 19,229,683 19,876,338 20,545,919 21,239,271 21,957,271 22,700,827 23,470,882 24,268,417 25,094,451 25,950,043 26,836,290 27,754,331 28,705,355 29,690,592 30,711,322 Total Expenditures 59,313,985 61,058,052 62,836,216 64,780,020 66,541,216 68,572,773 70,553,885 72,393,992 74,546,794 77,042,269 79,276,690 81,740,640 84,323,034 87,030,150 90,088,638 93,285,549 Annual Operating Surplus (Deficit) (12,387,979) (12,453,055) (12,488,299) (12,622,765) (12,505,618) (12,587,139) (12,543,729) (12,281,922) (12,252,401) (12,482,007) (12,363,754) (12,384,837) (12,430,648) (12,503,807) (12,827,160) (13,183,805) Available Fund Balance for Capital Improvements
SUMMARY
Beginning Capital Reserve Balance (55,351,927) (57,218,225) (59,084,522) (60,950,819) (62,817,116) (64,683,413) (66,549,711) (68,416,008) (70,282,305) (72,148,602) (74,014,899) (75,881,197) (77,747,494) (79,613,791) (81,480,088) (83,346,385) Annual Funding for Infrastructure (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) (1,866,297) Ending Capital Reserve Balance/(Deficit) (57,218,225) (59,084,522) (60,950,819) (62,817,116) (64,683,413) (66,549,711) (68,416,008) (70,282,305) (72,148,602) (74,014,899) (75,881,197) (77,747,494) (79,613,791) (81,480,088) (83,346,385) (85,212,683)
INFRASTRUCTURE FUNDING
Street & Pavement Mtce 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 636,297 Sewer & Storm Drain 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 Sidewalk Maintenance 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Building Maintenance 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 380,000 Total Infrastructure 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297 1,866,297
OPERATING RESERVE
Prior Year Ending Reserve Balance (109,193,864) (97,979,035) (120,431,795) (131,661,396) (142,980,229) (154,134,957) (165,322,456) (176,415,931) (187,195,051) (197,890,092) (208,758,093) (219,449,023) (230,099,964) (240,733,302) (251,373,951) (262,269,575) Annual Operating Surplus (Deficit) (11,845,493) (11,801,404) (11,858,950) (11,970,799) (11,830,173) (11,887,319) (11,818,602) (11,530,521) (11,473,721) (11,675,004) (11,527,342) (11,517,889) (11,531,993) (11,572,228) (11,861,392) (12,182,533) Current Year Contribution to Reserves 607,562 586,575 629,349 651,966 675,445 699,820 725,127 751,401 778,680 807,003 836,412 866,948 898,655 931,579 965,768 1,001,272 Current Year Ending Reserve Balance (109,193,864) (120,431,795) (131,661,396) (142,980,229) (154,134,957) (165,322,456) (176,415,931) (187,195,051) (197,890,092) (208,758,093) (219,449,023) (230,099,964) (240,733,302) (251,373,951) (262,269,575) (273,450,836) Long-Term Financial Projections