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Overview of Fiscal Year 2024 Unaudited
<br />Financial Results (cont.)
<br />•Significant funding gaps in the following program areas that need General Fund
<br />support:
<br />•Insurance
<br />•Storm Drain
<br />•Repair and Replacement
<br />•Enterprise Funds
<br />•Water Fund net results were slightly positive even with rate increase and $2.7M
<br />transfer from the capital funds
<br />•Sewer Fund net results were positive due to lower-than-expected operating
<br />expenditures and $1.0M transfer from the capital fund
<br />•Storm Drain Fund and Cemetery Fund continue to operate at a deficit even with
<br />ongoing General Fund subsidy
<br />7
<br />General Fund Revenues – Highlights
<br />•Fiscal year 2024 total revenue is ~0.7% lower than prior year’s actual due
<br />to unavailable stimulus funds
<br />•Higher than budgeted revenue due to the increase in hotel and business
<br />license tax and implementation of accounting standards
<br />8
<br />- 4.8% increase from
<br />prior year
<br />- Actual is in line with
<br />budget
<br />- 8.5% decrease from
<br />prior year
<br />- Actual is below budget
<br />Phase-out of ARPA
<br />funds offset by
<br />revenues resulting from
<br />GASB implementation
<br />FY 2022/23
<br />Revenues Actual Amended Actual Variance
<br />Property Taxes $86,075,776 $90,116,000 $90,241,390 ($125,390)
<br />Sales & Use Taxes 26,183,661 24,532,400 23,963,541 568,859
<br />Other Taxes 15,498,864 14,222,000 16,053,575 (1,831,575)
<br />Development Services Fees 6,391,087 4,549,500 5,014,024 (464,524)
<br />Recreation Fees 4,197,090 4,607,457 4,663,652 (56,195)
<br />Other Revenues 14,398,239 8,414,270 11,814,055 (3,399,785)
<br />Total $152,744,716 $146,441,627 $151,750,238 ($5,308,611)
<br />FY 2023/24
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