SUBJECT: General Business
Title
Study Session: Presentation of the 2025 Proposed Budget
Body
DEPARTMENT: Finance Department
PRESENTER: Sara Hancock, Finance Director
Cassie Bethune, Budget & Fiscal Manager
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 2025. The budget reflects revenue in all funds totaling about $135 million, and expenditures in all funds totaling about $224 million. For the General Fund, the 2025 Budget reflects $2.5 million more in revenue than projected expenditures. As a result, staff projects the General Fund will be able to transfer $4.5 million in excess fund balance to the new CIP fund in 2025 for capital projects.
Town Code specifies the Town Manager shall cause a proposed budget to be prepared and submitted to the Town Council annually and be responsible for the administration of the budget after its adoption. Through this agenda item, staff submits the proposed 2025 Budget to the Council and requests a Public Hearing on the proposed budget.
Budget Review and Adoption Schedule
On Oct. 15, 2024 staff will provide an overview of the proposed 2025 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 Oct. 22, the first Public Hearing to solicit public comments on the proposed budget will be held. After those reviews and the public hearing, staff will then incorporate any changes the Council wants to see in the proposed budget. Then, during a second Public Hearing on Nov. 12, staff will present the final proposed budget for adoption by the Council.
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 Council 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.
COUNCIL 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. 2025 Proposed Budget Memo
2. 2025 Proposed Budget
3. 2025 Budget Presentation