FY 2023/24 AND FY 2024/25 PROPOSED OPERATING BUDGET
Table 1:
FY 2023/24 and FY 2024/25 Proposed Budget
Fund Type
FY 2022/23
Adopted
Budget
FY 2023/24
Proposed
Budget
FY 2024/25
Proposed
Budget
General Fund $272,355,355 $281,795,558 $287,458,968
Special Revenue Funds 28,469,289 48,639,70 9 37,111,22 6 Enterprise Funds 815,864,620 872,344,414 968,035,945
Internal Service Funds 42,429,153 39,606,41 4 41,304,60 2 Debt/Other 19,846,647 374,983,049 40,658,134
Less (Transfers, Contributions, and Reserves)* (203,142,482) (515,319,491) (247,455,561) Subtotal Operating Budget $975,822,582 $1,102,049,653 $1,127,113,314 Capital Funds $357,380,666 $657,486,151 $108,385,754
Less (Transfers, Contributions, and Reserves)* (1,454,000) (3,188,20 5) (1,454,00 0) Subtotal Capital Budget $355,926,666 $654,297,946 $106,931,754 Total Budget $1,331,749,248 $1,756,347,599 $1,234,045,068 * Adjusts for transfers, contributions, and reserves to avoid double counting of the same funds (e.g., internal service funds are excluded)
FY 2023/24 AND FY 2024/25 PROPOSED OPERATING BUDGET
Table 2:
FY 2023/24 and FY 2024/25 Biennial Operating Budget
General Fund Balancing
($ in millions)
FY 2023/24 FY 2024/25 Ongoing
Forecast Shortfall ($8.0 M) ($8.9 M) ($11.4 M)
Increased Revenues
- Increase TOT Rate (phased 2%) 0.9 1.7 3.4
- AdjustFee ments 0.5 0.8 0.8
- One-Time Revenues 0.2 0.0 0.0
Total Revenue Solutions 1.6 2.5 4.2
Expenditure Reductions
- Fire SAFER Grant 1.0 3.1 0.0
- Police Vacancy Savings 1.6 1.7 0.0
- Other Departmental Proposals 2.7 2.7 2.0
Total Expenditure Solutions 5.3 7.5 2.0
Use of Reserves
- Budget Balancing Reserve 1.1 (1.1) 0.0
Total Use of Reserves 1.1 (1.1) 0.0
Future Unidentified Solutions 5.2
General Fund Balancing Total $8.0 M $8.9 M $11.4 M