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8a - Public Hearing - Mid Bienium Budget Adjustment2023=24 Biennium Mid -year Budget Amendment 2023 Q3 Amendment Overview Must -do's only; no wait list approvals Forecasted revenue through year-end General Fund Revenue forecasted through year-end • Estimate $2,804,000 Non -discretionary Expenses • Total $2,773,000 VAINIMl■ialIsis Y/E Act YTD Actual YTD Budget (Estimate. Investment Revenue 2,429,000 1,200,000 3,797,000 Permits & Fees 3,595,000 2,568,000 5,187,000 Utility Taxes* 8,473,000 7,551,000 11,273,000 Sales Tax 12, 016, 000 11, 233, 000 21, 042, 000 Business Lic Fees 513,000 465,000 730,000 27, 026, 000 23, 017, 000 42, 029, 000 *excludes non-GF r/E Budget Var Q1 adj Q2 Adj Q3 Adj 1,800,000 1,997,000 (330, 000) (187, 000) 1,480,000 4,052,000 1,135, 000 (529, 000) (281, 000) 325,000 10, 454, 000 819,000 (416, 000) (253, 000) 150,000 19, 887, 000 1,156, 000 (70, 000) (284, 000) 802,000 653,000 77,000 - (30, 000) 47,000 36, 846, 000 5,184, 000 (1,345,000) (1,035,000) 2,804,000 Jail fund (1,800,000) CD consults (372,000) MCourt Peer Recovery (180,000) Unemployment Fund (163,000) Lakehaven Cost Increase (135,000) CD Code Compliance (45,000) Street Fund (20,000) Debt Service Fund (15,000) CDBG Fund (15,000) FW Revised Code legal review (14,000) City Prosecutor Adj (14,000) (2,773,000) 31,000 Balance Sheet: $8,0001000 Expenses: $118001000 7751797 4671000 4581000 Revenue/Expense: $1,000,000 475,000 3631000 Other Funds Land Acquisition (Interfund) Jail cost (Jail Fund) 2024 Insurance premium (Risk) Gasoline, repair cost (Fleet) Health insurance claims (Risk) REET revenue reduction (REET) PAEC revenue increase (PAEC) Pedestrian Crossing grant Maintenance Facility Budget process: • Budget amendment is adopted • Purchase of land can proceed Debt process: • Resolution to reimburse approved • Debt issuance for entire project • Interfund loan is extinguished from proceeds • SWIVI / REET / GIF pays off debt over 25-ish yrs Next Steps Budget Amendment ✓ October FEDRAC discussion ✓ Hearing Nov. 8th ✓ Ordinance introduced Nov. 8th • Ordinance enacted Nov. 21st • Department budgets are updated LG 047.27792 - F 100 LG 04TZ7792 100