AGENDA REPORT
DATE: September 9, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Public Hearing Adopting the Tentative Budget for Fiscal Year 2024-25
EXECUTIVE SUMMARY:
The City Commission held a special meeting on August 21 to discuss the proposed budget for Fiscal Year 2024-25. The current budget provides funding for the essential services and maintains the General Fund reserves above the required 25% level established by the City Commission, thereby preserving the ability to respond effectively if emergencies arise during the coming fiscal year.
The Water/Sewer Fund includes a $2,000,000 transfer from the Wastewater Development Fee Fund to be used toward the $3,164,684 pay debt service payment for Fiscal Year 2024.
A two-page summary of budget highlights is attached. The detailed budget document can be found at is https://bit.ly/FY25_Proposed_Budget <https://bit.ly/Fiscal_Year_2024_25_Proposed_Budget%E2%80%8B>.
RECOMMENDATION:
That the City Commission adopt a resolution to tentatively approve the budget for Fiscal Year 2024-25 and set a public hearing to adopt the final budget on September 23, 2024.
FISCAL IMPACT:
The proposed budget for Fiscal Year 2024-25 is balanced at $125,925,917.
Prepared by: Diane Reichard, Chief Financial Officer