For your review attached are following documents:
1. FY2025 Proposed Budget Presentation
2. FY2025 Proposed Budget and Capital Improvement Plan
3. Supporting Documentation
The following has been revised since Tuesday evening:
1. PowerPoint Presentation (slide 12) - revised the title for the Human Resource Specialist to be Senior Human Resource Specialist
2. PowerPoint Presentation (Slide 14) - revised the title for the new communications position to Community Engagement Specialist
3. PowerPoint Presentation (Slide 21) - added Total Column
4. PowerPoint Presentation (Slide 23) - added Total Column
5. PowerPoint Presentation (Slide 29) - revised so amounts match the budget worksheets.
6. PowerPoint Presentation (Slide 31) - revised so amounts match the budget worksheets
7. Budget Worksheet - All funds show the surplus/deficit at the bottom which would be the change in fund balance. It is highlighted green. Please note the general fund's operating surplus/deficit and surplus/deficit after transfers out are both highlighted.
8. Budget Worksheet pages 41 & 45 - EDC A & B Sales Tax has been revised to match and also reflect the same increase as the General Fund for both FY24 Projected and FY25 Budget
Before Transfers Out, there is a surplus of $875,706 (Highlighted Green on the Spreadsheet). It is proposed to use $350,000 of this surplus to fund two CIP Projects (Branding Implementation & Citywide Flashing Beacon and Installation Upgrades). This leaves a surplus of $525,706. Administration is still reviewing options in order to make recommendations to Council for use of this surplus. Since there are a few items still pending such as Health Insurance renewals, City-wide Insurance rerates, and storm rehabilitation costs for the City Hall, it was determined that Staff will present recommendations on the use of the surplus at the regular August meeting. At this time, staff will have more information on all items listed above and be able to make a more informed decision.
Also, please note the $1,300,000 transfer out is from the excess fund balance and not the operating surplus.