23/24 Mid-Cycle Financial Review
6/19/23
BUDGET CYCLE
Adopt 2 Year Budget – FY 22/23 & 23/24 (June 2022)
22/23 surplus – ($6.9)
23/24 surplus– ($6.2)
1st Budget Review – FY 22/23 (Mid Year - April 2023)
Project Revenues & Expenditures for both budget years
Request revisions for Year 1 (FY 22/23)
2nd Budget Review – FY 23/24 (Mid Cycle - June 2023)
Report revenue/expenditure changes from Mid-Year
Request revisions for Year 2 (FY 23/24)
3rd Budget Review – FY 23/24 GF Only (Mid Year - May 2024) Re-project GF Revenues & Expenditures for Year 2 (FY 23/24)
5 YEAR PRELIMINARY GF FORECAST - Conservative
Revenue forecast :
23/24 24/25-26/27
Sales Tax: 1.0% 2.0%
Property Tax: 3.0% 3.0%
Expenditure forecast:
Wages: 2.5% 4.0% (position changes)
Vacancies: 0 0
PERS: 9.0% Per Schedule
Health Ins: 2.5% 4.0%
Capital: $1.4m $1.5m annually
79% of GF
Revenues
22/23 – 26/27 GF PROJECTION
Conservative Forecast:
No Recession
Continued Growth in revenues
No additional PERS increases
No changes in wages
No new State/Fed mandates
5 YEAR PRELIMINARY GF FORECAST – Slight Recession
Revenue forecast :
23/24 24/25 25/26 &26/27
Sales Tax: -3.0% -2.0% 1%
Property Tax: 0% 0% 1%
Franchise Tax: 1% 1% 1%
All Other Revenues: -3.0% -2.0% 1%
Expenditure forecast:
Wages: 2.5% 4.0% (position changes)
Vacancies: 0 0
PERS: 9.0% Per Schedule
Health Ins: 2.5% 4.0%
Capital: $1.3m $1.5m annually
79% of GF
Revenues
22/23 – 26/27 GF PROJECTION
Slight Recession Forecast:
No Recession
Continued Growth in revenues
No additional PERS increases
No changes in wages
No new State/Fed mandates
BUDGET CALENDAR
QUESTIONS