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HomeMy WebLinkAboutCouncil Presentation - FY2024 Tentative Budget PresentationTENTATIVE BUDGET Yiannis Kalaitzidis, Finance Director 5/16/2023 FY2024 Tentative Budget The Tentative Budget is presented on the required Auditor General Forms Schedule A—Summary Schedule of Estimated Revenues and Expenditures/Expenses Schedule B—Tax Levy and Tax Rate Information Schedule C—Revenues Other Than Property Taxes Schedule D—Other Financing Sources/<Uses> and Interfund Transfers Schedule E—Expenditures/Expenses by Fund Schedule F—Expenditures/Expenses by Department (as applicable) Schedule G—Full-Time Employees and Personnel Compensation 2 Tentative Budget Fiscal year 2023-2024 Overview 3 Sales Tax, $47.7M, 19%Intergovernmental, $87.9M, 34% Licenses, Permits & Fees, $14.6M, 6% Charges for Services, $12.9M, 5% Other, $15M, 6% Bonds/loan, $79.1M, 31% Revenues $257.2 Million Operating, $100.4M, 30% Capital Outlay, $219.1M, 65% Debt Service, $16.8M, 5% Expenditure by Category $336.3 Million F/Y 2024 Recommended Budget Summary 4 Primary Entity F/Y 2023 Adopted F/Y 2024 Recommended $ Change % Change General Fund $ 73,268,176 $ 75,340,712 $ 2,072,536 2.8% Special Revenue Funds 10,487,968 11,275,959 787,991 7.5% Capital Projects Funds 69,992,530 143,829,139 73,836,609 105.5% Debt Service Funds 6,405,137 6,247,451 (157,686)-2.5% Enterprise Funds 56,594,941 66,961,216 10,366,275 18.3% Internal Service Funds 5,289,950 5,696,168 406,218 7.7% Primary entity 222,038,702 309,350,645 87,311,943 39.3% Component Units Special Districts 11,454,435 10,755,253 (699,182)-6.1% Total $ 233,493,137 $ 320,105,898 $ 86,612,761 37.1% F/Y 2024 Tentative Budget Summary 5 Primary Entity F/Y 2023 Adopted F/Y 2024 Tentative $ Change % Change General Fund $ 73,268,176 $ 77,026,555 $ 3,758,379 5.1% Special Revenue Funds 10,487,968 13,051,469 2,563,501 24.4% Capital Projects Funds 69,992,530 154,097,667 84,105,137 120.2% Debt Service Funds 6,405,137 6,247,451 (157,686)-2.5% Enterprise Funds 56,594,941 69,386,635 12,791,694 22.6% Internal Service Funds 5,289,950 5,696,168 406,218 7.7% Primary entity 222,038,702 325,505,945 103,467,243 46.6% Component Units Special Districts 11,454,435 10,755,253 (699,182)-6.1% Total $ 233,493,137 $ 336,261,198 $ 102,768,061 44.0% Changes from Manager’s Recommended Budget Changes to CIP program –New money & carry forward adjustments: •Twin Peaks Road, Rattlesnake Pass Widening*$ 6,837,192 •Marana Community Center and Aquatics Complex*3,024,913 •Marana Park Reservoir (Water)1,791,014 •Barnett Channel, Tangerine Farms con-arch 1,188,000 •MMC Generator Upgrade 925,750 •All other net carry forward adjustments to ongoing projects (262,686) Subtotal:13,504,184 Other notable changes: •HURF –pavement preservation program carry forward 1,223,210 •Bed Tax –new capacity for tourism programming 500,000 Continued 6 *Changes include corresponding revenue/bond inflows Changes from Manager’s Recommended Budget continued Increases to operating budgets: •Personnel & Benefits: multiple funds and departments $ 109,335 •Public Works: Facilities Master plan 250,000 •Tech Services: Police radio replacement increase 127,000 •Tech Services: Permitting system implementation 47,640 •Tech Services: Restricted for unforeseen needs 50,000 •Development Services: Office Space reconfiguration 50,000 •Water Fund: Meter replacements and fiscal charges 195,000 •Water Reclamation Fund: system upgrade carry forward 68,377 •All other adjustments, net of carry forward to ongoing projects 30,555 Total amount of Changes $ 16,155,300 7 FY2024 Tentative Budget Establish the overall expenditure limitation for FY2024 at $336.3 million Expenditure authority may only be reallocated or reduced Structurally balanced Reflects the careful allocation of available resources Invests in key areas Public hearing for final budget adoption on June 20, 2023 8 DISCUSSION 9 General Fund Budget Summary •Revenues: No Changes 11 Category F/Y 2023 Budget F/Y 2024 Tentative $ Change % Change Revenue $ 75,313,782 $ 69,786,496 $ (5,527,286) -7.3% Expenditures*68,268,176 72,026,555 3,758,379 5.5% Transfers Out 20,746,340 4,516,981 16,229,359 -78.2% Change in fund balance $ (13,700,734)$ (6,757,040)$ 6,943,694 -50.7% •Expenditures: $1,685,843 •Transfers out: No Changes Changes from Recommended Budget *Expenditure amounts exclude $5 million contingency funding Bed Tax Fund Budget Summary 12 Category F/Y 2023 Budget F/Y 2024 Tentative $ Change % Change Revenue $ 1,338,158 $ 1,450,000 $ 611,842 45.7% Expenditures 1,338,158 1,950,000 611,842 45.7% Change in fund balance $ -$ (500,000)$ (500,000)-100.0% •Expenditures: $500,000 Changes from Recommended Budget HURF Fund Budget Summary 13 Category F/Y 2023 Budget F/Y 2024 Tentative $ Change % Change Revenue $ 4,807,629 $ 5,079,784 $ 272,155 5.7% Expenditures 5,358,694 6,765,028 1,406,334 26.2% Change in fund balance $ (551,065)$ (1,685,244)$ (1,134,179)205.8% •Expenditures: $1,266,210 Changes from Recommended Budget Capital Project Funds Budget Summary •Revenues: $6,043,694 •Bond proceeds: $3,000,000 14 Category F/Y 2023 Budget F/Y 2024 Tentative $ Change % Change Revenue $ 32,954,564 $ 59,846,142 $ 26,891,578 81.6% Expenditures 69,992,530 154,097,667 84,105,137 102.2% Transfers In 50,000 100,000 50,000 100.0% Transfers Out 2,082,168 2,083,950 1,782 0.1% Bond Proceeds -53,000,000 53,000,000 100.0% Change in fund balance $ (39,070,134)$ (43,235,475)$ (4,165,341)10.7% •Expenditures: $10,268,528 •Transfers: No Changes Changes from Recommended Budget