Title
Consider and take action on Ordinance 2024-30 adopting the Annual Budget for Governmental and Proprietary Funds for Fiscal Year 2025 - Second Reading (Assistant City Manager - CFO)
Council approved 7-0-0 with one member absent on August 27, 2024.
Background:
Pursuant to City Charter and state law, adoption of this ordinance will establish the budget for the 2025 fiscal year. The budget ordinance is based on the proposed budget, as adjusted, and as described in Exhibit A, B and C.
The FY2025 Proposed Budget provided to City Council on July 15, 2024, included $184,969,878 for operations. Changes were made during the series of workshops in July and August.
City Council held a first reading of the budget ordinance on August 27, 2024. The proposed ordinance estimates property tax revenue at the no-new-revenue tax rate of $0.371461 with a total operating budget of $184,184,985.
Changes to the Proposed Operating Budget
City Council held a series of work sessions on July 23rd, 30th, and August 6th. Public Hearings were held on August 6th and 27th. As a result of these discussions, the first reading of the FY2025 budget was adjusted. The operating budget appropriation for the first reading of $184,184,985 is $784,893 less than the July 15th proposed budget of $84,969,878.
Exhibit A to the ordinance outlines the operation budget which includes:
Special Revenue Fund - Asset Forfeiture Fund - decrease of $784,893
Removal of Evidence Shelving ($300,000)
Removal of Lenco Bearcat Rescue Vehicle ($484,893)
($784,893)
CITYWIDE
FY2024 FY2025 Workshop FY2025
Amended Proposed Changes 1ST Reading
Budget Budget Budget
Operating Budget $187,812,605 $184,969,878 $(784,893) $184,184,985
Capital Budget $156,110,458 $235,104,427 $ - $235,104,427
Grand Total $343,923,063 $420,074,305 $(784,893) $419,289,412
The second reading of the budget ordinance remains the same due to no changes during the first reading.
The property tax rate required to fund the proposed operating budget is $0.371461 per $100 valuation, which is the no-new-revenue rate proposed by Council on August 6, 2024.
Deadline to approve the FY2025 Budget
Charter requires the budget to be approved by at least ten (10) days before the beginning of the fiscal year, which is September 20th.
Attachments:
1. Proposed Ordinance with Exhibits A, B, and C
FUNDING
{X} NOT APPLICABLE
STRATEGIC PLANNING
{X} NOT APPLICABLE