FY 24.25 BUDGET

The proposed FY2025 budget has total revenue (excluding transfers) of $20,620,229 and total expenditures (excluding transfers) of $24,497,854. The city has $13,076,026 in capital projects and capital equipment purchases planned for FY24-25; therefore, the city’s total operating budget is $11,421,828.

Each fund in the city budget has a positive fund balance, except for the city’s capital fund, and the sanitary sewer fund. The City anticipates constructing several capital projects next year, some of which the city already has the funds on hand to construct. It may appear that the city is spending more than we are bringing in for the capital fund, however, the revenue and expenses for the proposed capital projects may just occur in different fiscal years, creating what appears to be a deficit fund balance. The City does balance the capital fund at the end of each fiscal year and will plan to do that prior to June 30, 2024.

For FY2025, we are expecting to keep the city’s aggregate tax levy unchanged from the current budget year. We can do this because the city has a healthy fund balance, and the city uses LOST to buy down the city’s tax levy and use a portion of that one cent tax for city operations. The remainder of our LOST is spent on capital projects and equipment.

To view the budget in brief click here or you can view the certified budget here.