SUBJECT: General Business
Title
Public Hearing: Presentation of the 2024 Budget
Body
DEPARTMENT: Finance Department
PRESENTER: Cassie Bethune, Finance Manager
Victoria Runkle, Interim Finance Director
Melissa Wiley, Deputy Town Administrator
Malcolm Fleming, Town Administrator
TIME ESTIMATE: 90 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 $116.3 million, and expenditures in all funds totaling $141.8 million.
For the General Fund, the recommended 2024 budget reflects revenue of $54.1 million and expenditures of $64.0 million, including $13.5 million for capital projects. The difference between revenue and expenditures will be covered by fund balance and reflects capital project rollovers (multi-year capital projects) and planned use of fund reserves. As a result, staff projects the General Fund will end 2024 with a "spendable fund balance" of approximately $16.9 million, which represents 34% of total personnel & operating expenditures (excluding capital and debt service expenditures) at the end of 2024. With the assumption of a 5% turnback of $2.4 million, the total Fund Balance as a Percent of Operating Expenditures will be 39%, and this is 14% above the recommended goal of 25%.
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 Oct. 3, 2023, Town staff provided an overview of the proposed 2024 Budget including Budget Priorities, General Fund Summary, Revenue Projections, Operating Expenditures, Perso...
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