AGENDA CAPTION:
Title
Receive a Staff presentation and hold discussion regarding the 2024-2025 Fiscal Year Proposed Budget; set the dates of September 3 and September 17, 2024 as the dates to hold public hearings on the budget; and provide direction to Staff.
Body
Meeting date: August 20, 2024
Department: Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: Visioning - January 25 & 26, 2024; Budget Policy Workshop - February 22,2024; Budget Policy Adoption - March 19, 2024; Budget Workshops - May 21, 2024 and June 27, 2024
City Council Strategic Initiative: [Please select from the dropdown menu below]
Public Safety, Core Services & Fiscal Excellence
Choose an item.
Choose an item.
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☐ Economic Development - Choose an item.
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☐ Core Services
☒ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
The budget process began with Visioning in January. City Council provided direction and prioritized different initiatives. In March City Council approved the Budget Policy Statement that provided the foundation for the Fiscal Year 2025 budget. In May and June City Council received budget updates in the budget workshops where they provided additional direction to staff on the budget.
The Fiscal Year 2025 proposed budget has appropriations of $342.6 million across all funds.
• General Fund = $123.0 million
• Electric Utility Fund = $79.8 million
• Water-Wastewater Utility Fund = $67.4 million
• Debt Service Fund = $18.8 million
• Health Insurance Internal Service Fund = $11.9 million
• Special Revenue Funds = $11.4 million
• Stormwater Fund = $10.0 million
• Tax Increment Financing Funds = $8.6 million
• Resource Recovery Fund = $7.9 million
• Transit Fund = $2.8 million
• Airport Fund = $873K
Council Committee, Board/Commission Action:
N/A
Alternatives:
N/A
Recommendation:
Receive Fiscal Year 2025 budget presentation; set dates of September 3rd and September 17th to hold public hearings on the budget; and provide direction to staff.