FY 2025 BUDGET BOOK - Flipbook - Page 15
The estimated beginning fund balance of all 22 City funds for FY 2024/25 is budgeted at $118,742,971.
Budgeted revenue is $ $67,573,947 and budgeted expenditures are $ $66,588,362. This results in
a total City budgeted ending fund balance of $119,728,556. Of that amount $68,029,233 is dedicated
by law or policy as reserves, leaving a remaining available undesignated fund balance of
$51,699,323. (Budget Summary, page 84). This allows for a healthy fund balance, as well as ample
funding for upcoming utility infrastructure needs as identified in the Capital Improvement Plan. The
Capital Improvement Plan for FY 2025 - 2029 is included in the Capital Improvement Section at the
end of this budget book.
Fund Balances and Reserves
The C i t y ’s financial policies call for a targeted reserve amount for its various funds. Those
target amounts and currently available funds for the major accounts are as follows:
Table 2: Fund Balances & Reserves
Fund Type
General
Library Contribution
Sales Tax
Law Enforcement Education
Police Forfeiture
Street Improvement
Community Redevelopment
Building Services
Stormwater Utility
Water & Sewer
Reclaimed Water
Water & Sewer R&R
Fire Prevention
Greenwood Cemetery Trust
Police Pension
Fire Pension
Parks & Recreation Impact Fund
Law Enforcement Impact Fund
Water Impact Fund
Sewer Impact Fund
Economic Development
Library Impact Fund
TOTAL
Target
90 Days
N/A
90 Days
N/A
N/A
90 Days
90 Days
90 Days
90 Days
90 Days
90 Days
90 Days
N/A
N/A
N/A
N/A
N/A
N/A
90 Days
90 Days
90 Days
N/A
FY 24/25
Reserves
6,025,972
675,745
956,106
221,667
306,070
5,213,334
26,808,145
16,372,032
243,196
290,000
5,215,560
5,704,385
(145,144)
142,166
$68,029,233
Available
Fund
Balance
11,353,913
24,599
1,019,956
56,404
56,235
(459,712)
1,208,065
2,188,209
105,472
15,640,001
172,839
19,856,327
238,738
238,278
$51,699,323
Total
17,379,885
24,599
1,019,956
56,404
56,235
216,033
2,164,170
2,409,876
411,543
20,853,334
172,839
19,856,327
238,738
238,278
26,808,145
16,372,032
243,196
290,000
5,215,560
5,704,385
(145,144)
142,166
$119,728,556
Anticipated Increases in Expenditures
This year the budget includes the following notable cost increases:
●
Cost of Living Adjustments of 5% for all employees, reflecting a total salary increase of
$815,122 (Salary & Benefits Increase/Decrease, page 14). This increase is necessary to retain
employees and to reach the State mandated minimum wage of $15.00/hour by 2026.
●
A $1,000 flat pay increase is included to retain employees and remain competitive. This pay
was calculated for all full-time City employees. This results in a total salary increase in FY
13
