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12/7/2023 <br />8 <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 <br />in expense of $5,211. This increase has no impact on the levy as the inspection fee is a <br />percentage of permit revenue received <br />Assessor, Attorney, Auditor, Engineer and Planner services reflect anticipated rate <br />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 <br />and fire service contract increases, the 2024 election contract increase for Presidential <br />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 workers’ compensation experience rating declined by 24% in the recent renewal period. <br />This decline was substantially due to a police officer’s PTSD claim. The cost impact of the rating <br />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 to decline by $7,145 in 2024 <br />63