12-05-2022 TNT (2) - Laserfiche WebLink

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Budget Summary 2023 General Fund significant budget items •The City proposes a 22.53% increase in General Fund spending which includes increases in operational spending of $407,820 and an increase in non-operational spending (debt service, capital outlay, transfers) of $1,463,093 for an overall increase of $1,870,913. A transfer to the Street Improvement fund accounts for $1,500,000 or 18.07% of the total and does not increase taxes. Inflation is 7.7%. •Estimated LGA in 2023 is $856,860, the City included only 90% of this in the budget as a precaution from future uncertainty at the state level. This represents 9.88% of the General Fund budget less the one time transfer. •Other non-property tax revenues are projected to increase $60,036, this excludes transfers. •Fund Balance will be reduced by $1,732,000 coming from Levy Reduction Assigned Fund Balance.