SUBJECT: General Business
Title
Study Session: Presentation of the 2024 Proposed Budget
Body
DEPARTMENT: Finance Department
PRESENTER: Cassie Bethune, Finance Manager
Melissa Wiley, Deputy Town Administrator
Victoria Runkle, Interim Finance Director
TIME ESTIMATE: 120 minutes
only required for non-consent items
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The budget provides funding for all Town of Erie programs, services, capital projects and initiatives in 2024. The budget reflects revenue in all funds totaling $143.2 million, and expenditures in all funds totaling $138.3 million. For the General Fund, the 2024 budget reflects a use of $10 million of fund balance for capital projects. As a result, staff projects the General Fund will end 2024 with a “spendable fund balance” of approximately $20 million. The 2024 “spendable fund balance” amounts to 41% of total personnel & operating expenditures (excluding capital and debt service expenditures) at the end of 2024, compared to 45% for 2023.
Town Code specifies the Town Administrator shall cause a proposed budget to be prepared and submitted to the Board of Trustees annually and be responsible for the administration of the budget after its adoption. Through this agenda item, staff submits the proposed 2024 budget to the Board and requests a Public Hearing on the proposed budget.
Budget Review and Adoption Schedule
On October 3, 2023 staff will provide an overview of the proposed 2024 budget including Budget Priorities, General Fund Summary, Revenue Projections, Operating Expenditures, Personnel & Position Requests, Department Budget Presentations, and a high level summary of Capital Expenditures. Then on October 17, staff will provide a more detailed review of proposed capital projects for 2024-2028. The first Public Hearing to solicit public comments on the proposed budget will be held on October 24. After those reviews and the public hearing, staff will then incorporate any changes the Board wants to see in the proposed budget. Then, in a second Public Hearing on November 14, staff will present the final proposed budget for adoption by the Board.
The attached budget reflects projections of revenues and expenditures based on the latest actual numbers in each category, the preliminary assessed property valuations recently received from Boulder and Weld Counties, and the Board direction given during earlier study sessions. The attached budget overview and schedules provide a narrative overview of the budget, a summary of changes in fund balance/working capital in all funds, and summary and detailed budget schedules.
Board Priority(s) Addressed:
ü Managing Growth
ü Fiscal Responsibility
ü Protect Natural Resources
ü Environmental Quality/Safety
ü Maintain Small Town Feel
ü Prosperous Economy
ü Attractive Community
ü Infrastructure Maintenance
ü Increased Public Transit
ü More Recreation Amenities
ü Prioritize Public Safety
ü Diverse Communities
ü Arts, Culture & Entertainment
ü Effective Governance
ATTACHMENTS:
1. 2024 Proposed Budget Memo
2. 2024 Budget Presentation