Title
Consider and take action on Ordinance 2023-28 adopting the Annual Budget for Governmental and Proprietary Funds for Fiscal Year 2024 - Second Reading (Assistant City Manager - CFO)
Council approved 7-1-0 on August 22, 2023.
Background:
Pursuant to City Charter and state law, adoption of this ordinance will establish the budget for the 2024 fiscal year. The budget ordinance is based on the proposed budget, as adjusted, and as described in Exhibit A, B and C.
The FY2024 Proposed Budget provided to City Council on July 17, 2023, included $177,860,894 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 22, 2023. The proposed ordinance estimates property tax revenue at the proposed tax rate of $0.396783 with a total operating budget of $177,332,519.
Changes to the Proposed Operating Budget
City Council held a series of work sessions on July 17th, 24th, 31st and August 1st. A Public Hearing was held on August 8th. As a result of these discussions, the first reading of the FY2024 budget was adjusted. The operating budget appropriation for the first reading of $176,603,019 is $1,257,875 less than the July 17th proposed budget of $177,860,894.
(SEE CHART IN DATA SHEET-CLEAN VERSION)
The property tax rate required to fund changes made to the proposed budget during Council workshops is $0.389783 per $100 valuation. This rate is $0.007 less than the no-new-revenue rate of $0.396783, which was proposed by Council on August 8, 2023.
General Fund Revenues - Net decrease of $447,705
· Due to current trends, FY2024 revenue estimates for sales tax has been reduced by $600,000.
· Property tax has a net reduction of $180,000 due to changes to the Senior Exemption (-$480,000) and a decrease in Debt Service estimates ($300,000).
· EMS ambulance revenue estimates have increased by $32,295.
· A correction has been made to the Utility Fund Overhead Payment totali...
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