08-09-2023 Workshop Packet - Laserfiche WebLink

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STAFF REPORT TO: Mayor Fischer and Members of City Council FROM: Chris Heineman, City Administrator Sam Magureanu, Finance Director DATE: August 09, 2023 City Council Workshop RE: Preliminary Review of the of Proposed 2024 Budget and Levy REQUESTED ACTION: The purpose of this City Council workshop is to review the preliminary proposed General Fund Operating Budget and Property Tax Levy for 2024. The Council is asked to provide feedback at this time and no additional action is required. BACKGROUND: The budget document is a planning and management tool for implementing the community's vision as identified in the Comprehensive Plan and the City Council's Strategic Plan in order to ensure the ongoing provision of consistent and cost-effective public services. While the primary focus of this workshop will be on the General Fund as the city’s chief operating budget, we will also highlight some of the larger capital projects for 2024 that are currently incorporated in the 2024-2033 Capital Improvement Plan (CIP ) included in the following funds: General Capital Improvements Fund (400): This fund is typically funded by Local Government Aid (LGA) and periodic transfers from the General Fund. The City utilizes Fund 400 for Park improvement projects, public works equipment, small fire equipment, computers, and other building and infrastructure improvements that are typically depreciated. Infrastructure Capital Improvements Fund (450): This fund receives a portion of the property tax levy, franchise fees for electric and gas, and special assessments from street projects. Expenditures in this fund are street projects, storm water improvements, and trail improvements. Fire Equipment Fund (457): This fund typically receives a portion of the annual property tax levy in the amount of $160,000. In addition, donations from the LCFD are added to this fund. Fire equipment, vehicles, and other LCFD related expenses are funded through the 457 Fund.