FY 2025 BUDGET BOOK - Flipbook - Page 111
013 Street Improvement Fund: $535,980 or 71% fund balance decrease.
Gas tax revenue is budgeted to increase by $3,906, or less than 1%. One cent tax has been budgeted
to decrease by $22,000, or 12.79%. Third party donations have been budgeted at $0 as FDOT has
changed the way reimbursements for street lighting repair are processed. Reimbursements will not
be reimbursed straight to Lake County, not the City. In FY 2024/25 City expenses for street
maintenance, lighting control, road construction and mowing services has been budgeted to
increase by 23%.
020 Building Services Fund: $328,533 or 15.8% fund balance increase.
The building permits revenue is budgeted to increase by $59,300, or 5.13%. Rapid population
growth, City development and building construction has allowed the City to bring more revenue into
the Building Services Fund.
Building Inspection expenditures are budgeted to increase by $85,580, or 10.68%.
042 Water & Sewer Renew & Replace Fund: $574,600 or 2.8% fund balance decrease.
Total revenue has been budgeted to decrease by $8,578,392, or 77.61%. In FY 2023/24 the City fully
expended ARPA funds previously received. The City provided additional funds for the Bates Avenue
WWTP project because of current inflation. Total FY 2024/25 CIP project expenses are budgeted to
decrease by $17,117,943, or 84.88%.
049 Stormwater Utility Revenue Fund: $298,281 or 42% fund balance decrease.
Proposed revenues are budgeted to increase by $35,800, or 4.02%; expenditures are budgeted
to increase by $241,290 or 24.55% due to planned capital improvement projects.
059 Fire Prevention Capital Trust Fund: $7,400 or 3% fund balance decrease.
A new Capital Improvement Project is budgeted to purchase machinery and equipment in the amount
of $50,000.
062 Fire Pension Trust Fund: $1,720,000 or 11.7% fund balance increase.
Fire insurance premium tax has been budgeted to increase by 11.11% - City contributions are
budgeted to increase by $30,000 while employee contributions are budgeted to increase by
$10,000.
063 Parks & Recreation Capacity Expansion Trust Fund: $84,725 or 25.8% fund balance decrease.
Interest revenue has been budgeted to increase $1,500 or 30%, impact fee revenue has remained
unchanged at $90,000. The Corey Rolle Field Improvements are budgeted to increase by $114,750
or 181.07%.
064 Law Enforcement Capacity Expansion: $42,235 or 17% fund balance increase.
The evidence storage project was completed in FY 2023/34 and no new capital projects have been
budgeted in FY 2024/25.
065 Water Impact Trust: $92,000 or 1.7% fund balance decrease.
In FY 2024/25 water impact fees are budgeted to increase from $100,000 to $200,000. Several
capital improvement projects were completed in FY 2023/24 and there are no budgeted transfers
to the Water & Wastewater R&R Fund. For these reasons, budgeted expenditures have decrease
by $1,856,619 or 85.18%.
068 Economic Development Trust Fund: $127,400 or 718% fund balance decrease.
In FY 2024/25, the projected revenue has been budgeted to decrease by $59,512 due to the
expiration of a Federal economic development grant and a reduction in lease income.
Expenditures are budgeted to decrease by $93,500 due to the completion of the Federal economic
development project and the economic development marketing plan that was completed in FY
2023/24.
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