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8/17/2023 <br />9 <br />2024 BUDGET - COST DRIVERS <br />•Contracted services: 10.4% of expenditures, overall costs up $66,615 <br />Construction inspections costs mirror the increasing permit activity producing a increase in expense of $5,211. This increase has no impact on the levy as the inspection fee is a percentage of permit revenue received <br />Assessor, Attorney, Auditor, Engineer and Planner services reflect anticipated rate increases. The net result is cost impact of $16,500 <br />Contracted Information Technology costs up $18,905 <br />Miscellaneous service contracts are estimated to increase by $25,999. This includes police and fire service contract increases, the 2024 election contract increase for Presidential election and other contract costs impacted by inflation. <br />2024 BUDGET - COST DRIVERS <br />Other Insurance costs – 5.3% of expenditures, overall costs up by $114,862 <br />The City’s workman’s compensation experience rating declined by 24% in the recent renewal <br />period. This decline was substantially due to a police officer’s PTSD claim. The cost impact of the <br />rating decline is approximately $77,940. <br />The PTSD claim will continue to keep our insurance costs at a higher level for the next two renewal <br />cycles. <br />While coverage rates improved slightly in the 23/24 policy renewal the amount of covered wages <br />increased causing insurance costs to increase by $44,068. <br />Theses factors equates to a 17.2% increase cost for 2024. <br />Liability, Property and Casualty premiums are projected decline by $7,145 in 2024