CC PACKET 09122023 - Laserfiche WebLink

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• Construction permits inspections budgeted at an increasing baseline activity results in greater expense of $5,211. This increase has no impact on the levy as the inspection fee is a percentage of permit revenue received. • Assessor, Attorney, Auditor, Engineer and Planner services reflect rate and activity increases. The net result of these factors is cost impact of $16,500 • Contracted Information Technology costs up $18,905. • Miscellaneous service contracts are estimated to increase by $25,999. This is driven by police and fire increases in contracted costs, election contract increase due to the work load associated with 2024 Presidential election, and remaining costs impacted by inflation. • Other Insurance costs – 5.3% of expenditures, overall costs up by $114,862. • The workman's compensation insurance experience rating declined by 24% in the 2023-2024 renewal period. This was substantially due to a police officer PTSD claim. The cost impact of the rating decline is approximately $77,940. • The coverage rates improved slightly in the 23/24 policy renewal. However, the increase in covered wages produced an additional coverage cost of $44,068. • These factors equate to a 17.2% increase cost for 2024 which was comparable to the prior renewal increase of 17.4%. • The PTSD claim will continue to keep our insurance costs at a higher level for the next two renewal cycles. • Liability, Property and Casualty premiums are projected to decline by $7,145 in 2024. • Pass through costs – 2.3% of expenditures, costs up $10,250. • The substantial portion of the increase represents an $15,000 increase in the rent transfer to the City Hall/Community Center Fund offset by various reductions in other pass through items. • Remaining budget line items – 12.1% of overall expenditures or $1,134,142, costs are up $67,030. • Energy costs make up $17,979 of this increase. • Then anticipated inflationary factors have been applied to many of the supplies, printing, and repair and maintenance services pushing these costs up by $26,742. • Budgeted costs for communications, community inclusion and sustainability initiatives and other miscellaneous items are up $22,309 compared to 2023. General Fund Revenues: • Liquor transfer to the General Fund will be $275,000 same as 2023. • 2024 State funded Local Government Aid reflects an increase of $64,472. • Police contracted services has increased by $123,455, a 14.35% increase. • Excess Tax Increment collections are projected to increase by $77,000 in 2024. . The 2024 HRA Budget and Levy is proposed at the same amount as 2023, 0% Levy increase. The 2024 Debt Related Levies and Street improvement Levies are proposed to increase by $0 over the 2023 combined debt levies. The 2024 Street project includes the extensive mill and 21