AGENDA REPORT
DATE: September 23, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Public Hearing on Fiscal Year 2024-25 Budget
EXECUTIVE SUMMARY:
The City Commission held a special meeting on August 21 to discuss the proposed budget for Fiscal Year 2024-25. The first public hearing was held September 9 to approve the tentative budget. The current budget provides funding for the essential services and maintains the General Fund reserves above the required 25% level of operating revenues 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 Charges Fund to be used toward the $3,164,684 debt service payment for Fiscal Year 2025.
The budget resolution continues the practice that allows the City Manager to transfer funds from the contingency line item to any department within the General Fund.
A two-page summary of budget highlights is attached. The detailed budget document
can be found at <https://bit.ly/FY25_Proposed_Budget> .
RECOMMENDATION:
That the City Commission adopt the fiscal year 2024-25 budget.
FISCAL IMPACT:
The proposed budget for Fiscal Year 2024-25 is balanced at $125,925,917.
Prepared by: Diane Reichard, Chief Financial Officer