Budget Overview and CIP Updated 5/15/23
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Budget Overview and Capital Improvement Plan May 16, 2023 Agenda 2 1) Budget Overview 1) Capital Improvement Plan (CIP) Overview Budget Process 3 Staff Prepares 5-Year Financial Forecast Develop Base Operating Budget Requests Develop and Balance CIP Present Draft Budget Council Adopts Final Budget Staff Prepares Budget Book Budget Components 4 Revenues Capital Improvement Plan Debt Service Contingency Operating Expenditures Balanced Budget 5 Revenues/Fund Balance Expenditures FY23-24 Total Budget Appropriation 6 Operating $595 M 47% Capital $430 M 34% Contingency $137 M 11% Debt $98 M 8% FY23-24 Total Budget $1.26B FY23-24 Operating Budget by Fund 7 General Fund $282.7 M 48% Enterprise Funds $129.7 M 22% Internal Service Funds $106.8 M 18% Special Revenue Funds $67.8 M 11% Vehicle Replacement Fund $8.1 M 1% Total FY23-24 Budget $595.1M Elements of a Capital Improvement Plan 8 • Assets valued over $50,000 with a useful life of 5+ years • Land, buildings, streets & improvements, plants, large equipment • Ten-Year Plan (only FY23-24 is adopted as part of the FY23-24 budget) – Projects in years 1 to 5 have identified funding sources Financial Policy: A. Improve existing assets B. Replace existing assets as needed C. Construct new assets CIP Funding Sources 9 • Enterprise Funds – Water/Sewer o Funding can come from G. O. Bonds, revenue bonds, revenue obligations or cash financing o Debt service paid from future water/sewer fee revenue – Landfill – paid by Landfill user fees – Solid Waste – paid by Solid Waste user fees • General Obligation Bonds – Debt issuance must be authorized by Voters – Streets, Public Safety, Parks, Government Facilities, Open Space/Trails, Libraries, and Flood Control – Debt service paid by Secondary Property Tax • Pay-As-You-Go – Cash funded projects CIP Funding Sources 10 • Transportation Sales Tax – Half cent sales tax – Improve service for all modes of transportation • Highway User Revenue Funds – Restricted Special Revenue Fund – Right of Way acquisition, construction, reconstruction, maintenance, and repair • Development Impact Fees – One-time charges to developers for new development – New or expanded infrastructure • Grants – Federal or state grant funding – Often require a match contribution to the project 10-Year CIP by Project Type 11 Streets $441.9 27.28% Water $262.2 16.19% Facility Maintenance $202.7 12.52% Wastewater $186.4 11.51% Parks $141.0 8.71% Public Safety $164.9 10.18% Landfill $43.7 2.70% Solid Waste $43.7 2.70% Drainage $37.2 2.30% Airport $33.7 2.08% Library $29.9 1.85% Parking Lots $19.3 1.19% Transit $11.8 0.73% Arts $1.2 0.07% Total 10-Year CIP $1,619.6M 10-Year CIP by Funding Source 12 Enterprise Funds $514.0 32% G. O. Bonds $370.9 23% Pay-As-You-Go $241.7 15% Transportation Sales Tax $233.2 14% Grants $102.3 6% Development Impact Fees $94.9 6% HURF $62.6 4% Total 10-Year CIP $1,619.6M Questions? 13