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HomeMy WebLinkAboutItem 11 - FY 24-25 Budget Public Hearing 22021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:11,582,854 14,736,774 16,523,742 16,523,742 19,553,865 OPERATING REVENUE: Ad Valorem Taxes 13,948,203 14,683,291 15,011,862 15,246,800 15,794,705 Sales Taxes 36,748,631 39,559,646 37,500,000 42,594,062 42,500,000 Mixed Beverage Taxes 2,377,346 2,701,727 2,500,000 2,766,930 2,838,000 Franchise Fees 6,369,312 6,708,128 6,100,000 6,392,392 6,626,872 Licenses & Permits 1,348,858 1,556,045 1,964,255 1,853,147 1,954,255 Charges for Services 7,852,670 10,423,525 9,898,621 10,813,421 10,330,093 Intergovernmental 3,649,930 247,890 283,843 138,812 105,000 Fines and Forfeitures 1,082,433 1,364,971 1,031,200 1,338,085 1,336,000 Miscellaneous 3,874,028 2,519,461 1,027,100 1,705,402 1,782,084 Total Operating Revenue 77,251,411 79,764,684 75,316,881 82,849,051 83,267,009 TRANSFERS IN: Administrative Fee - Utility Fund 2,086,555 2,215,207 2,199,481 2,199,481 2,745,155 Administrative Fee - CVB Fund 1,497,906 2,653,891 1,869,755 1,869,755 1,869,755 Administrative Fee - Golf Fund 146,012 161,118 168,750 168,750 187,500 Administrative Fee - SDUS Fund 114,652 117,364 110,025 110,025 113,775 Administrative Fee - 4B Fund 429,121 477,301 351,562 351,562 398,438 Total Transfers In 4,274,246 5,624,881 4,699,573 4,699,573 5,314,623 TOTAL REVENUE AND TRANSFERS 81,525,655 85,389,565 80,016,454 87,548,624 88,581,632 OPERATING EXPENDITURES: Personnel 35,213,702 38,200,150 39,892,689 39,046,225 42,627,847 Supplies 4,887,962 3,896,118 3,917,093 3,824,105 4,615,070 Maintenance 1,430,587 2,512,967 1,888,037 2,412,818 1,872,760 Services 13,758,569 16,089,498 16,148,811 18,156,321 18,537,741 Capital Outlay 606,829 501,323 191,282 168,791 176,700 Insurance 8,297,846 9,142,966 10,639,883 10,571,582 10,363,463 Total Operating Expenditures 64,195,495 70,343,022 72,677,795 74,179,842 78,193,581 TRANSFERS OUT: Transfer To CCPD Fund 4,291,740 4,519,575 3,759,649 3,759,649 2,416,788 Transfer to PCMF Fund 5,124,000 1,640,000 2,670,000 2,670,000 4,899,450 Transfer To Capital Equipment Fund 960,500 5,300,000 - 3,000,000 2,071,813 Transfer to Beverly Horton Fund - 800,000 - -- Transfer To Quality Of Life Fund 1,500,000 1,000,000 909,010 909,010 1,000,000 Transfer To Capital Projects Fund 2,300,000 - - - - Total Transfers Out 14,176,240 13,259,575 7,338,659 10,338,659 10,388,051 TOTAL EXPENDITURES AND TRANSFERS 78,371,735 83,602,597 80,016,454 84,518,501 88,581,632 SURPLUS (DEFICIT)3,153,920 1,786,968 - 3,030,123 - ENDING FUND BALANCE:14,736,774 16,523,742 16,523,742 19,553,865 19,553,865 FUND BALANCE REQUIREMENT:12,448,497 13,180,839 13,659,092 13,946,855 15,638,716 *Fund balance requirement is 20% of total budgeted expenditures (72 days of operation). The FY 2024-25 projected Ending Fund Balance represents 26% of total budgeted expenditures (96 days of operation). FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND Section 1 1 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:12,360,314 20,335,208 25,973,560 25,973,560 29,975,703 OPERATING REVENUE: Occupancy Taxes 15,780,448 17,864,191 14,733,581 18,114,804 16,194,941 Facility Rental Income 651,272 733,895 869,600 694,864 879,000 Interest Income 143,448 859,643 13,000 497,693 908,000 Sales & Merchandise 804,584 1,182,680 887,000 885,226 1,254,620 Train Operations 3,461,529 4,030,969 3,987,868 5,000,001 3,950,000 Festivals & New Vintage 3,667,168 3,574,991 4,021,936 2,091,407 3,575,000 Visitor Shuttle System 8,514 320 - - - Miscellaneous Income 614,256 415,056 417,086 416,252 506,000 Total Operating Revenue 25,131,219 28,661,745 24,930,071 27,700,247 27,267,561 TRANSFERS IN: Transfer In From 4B 148,372 328,388 409,163 408,345 425,816 Total Transfers In 148,372 328,388 409,163 408,345 425,816 TOTAL REVENUE & TRANSFERS 25,279,591 28,990,133 25,339,234 28,108,591 27,693,377 OPERATING EXPENDITURES: Personnel 5,844,495 6,556,424 7,338,508 5,252,686 8,179,926 Supplies 348,998 553,619 706,450 503,261 683,525 Maintenance 206,490 366,118 292,730 282,823 318,512 Services 3,131,593 5,792,672 6,229,814 6,496,006 6,928,535 Insurance 1,258,682 1,375,338 1,764,349 1,763,491 1,882,679 Festival & Train Operations 4,312,858 5,779,848 5,956,068 7,229,026 6,931,336 Total Operating Expenditures 15,103,116 20,470,390 22,287,919 21,527,293 24,924,513 TRANSFERS OUT: Transfer to General Fund - Admin Fee 1,497,906 1,994,466 1,869,755 1,869,755 1,869,755 Transfer to GTRP Fund 20,000 25,000 25,000 25,000 25,000 Trans. to Debt Service Fund 658,675 659,425 659,400 659,400 666,555 Transfer to Capital Projects Fund - 177,500 - - - Transfer to Heritage Fund 25,000 25,000 25,000 25,000 25,000 Total Transfers Out 2,201,581 2,881,391 2,579,155 2,579,155 2,586,310 TOTAL EXPENDITURES & TRANSFERS 17,304,697 23,351,781 24,867,074 24,106,448 27,510,823 SURPLUS / (DEFICIT)7,974,894 5,638,352 472,160 4,002,143 182,554 ENDING FUND BALANCE:20,335,208 25,973,560 26,445,720 29,975,703 30,158,257 FUND BALANCE REQUIREMENT:2,482,704 3,364,996 3,663,768 3,538,733 4,097,180 *Fund balance requirement is 16.4% of total budgeted expenditures (60 days of operation). The FY 2024-25 projected Ending Fund Balance represents 442 days of operation. FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE CONVENTION AND VISITORS BUREAU FUND Section 2 1 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:5,041,387 5,950,835 6,455,106 6,455,106 6,964,103 OPERATING REVENUE: Occupancy Taxes 5,249,972 6,100,804 5,071,496 6,177,485 5,201,932 Interest Income 39,848 252,877 1,000 50,000 180,000 Miscellaneous 131,496 88,436 10,000 10,000 15,000 Total Operating Revenue 5,421,316 6,442,117 5,082,496 6,237,485 5,396,932 TOTAL REVENUE AND TRANSFERS 5,421,316 6,442,117 5,082,496 6,237,485 5,396,932 OPERATING EXPENDITURES: Supplies 225 - - - - Services 4,511,643 5,937,846 4,980,602 5,728,488 5,009,419 Total Operating Expenditures 4,511,868 5,937,846 4,980,602 5,728,488 5,009,419 TRANSFERS OUT:- - - - - TOTAL EXPENDITURES AND TRANSFERS 4,511,868 5,937,846 4,980,602 5,728,488 5,009,419 SURPLUS / (DEFICIT)909,448 504,271 101,894 508,997 387,513 ENDING FUND BALANCE:5,950,835 6,455,106 6,557,000 6,964,103 7,351,616 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE CONVENTION AND LEISURE INCENTIVES FUND Section 2 24 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:1,582,827 1,428,761 1,480,066 1,480,066 1,568,575 OPERATING REVENUE: Drainage Utility Fees 1,516,846 1,520,316 1,535,532 1,503,229 1,540,000 Interest Income 8,401 44,535 15,000 43,229 15,000 Interest Income - 2000 C.O.1,748 10,540 2,000 12,497 2,000 Miscellaneous 1,050 - - 1,700,000 - Total Operating Revenue 1,528,045 1,575,391 1,552,532 3,258,955 1,557,000 TRANSFERS IN:- - - - - TOTAL REVENUE AND TRANSFERS 1,528,045 1,575,391 1,552,532 3,258,955 1,557,000 OPERATING EXPENDITURES: Personnel 542,446 535,821 627,296 592,313 699,812 Supplies 21,310 24,159 35,700 18,423 35,700 Maintenance 200,844 166,752 125,000 143,943 125,000 Services 14,389 301,417 220,165 363,462 232,767 Insurance 180,574 187,348 224,346 224,939 221,560 Capital Outlay 607,896 215,558 210,000 1,717,561 535,000 Total Operating Expenditures 1,567,459 1,431,055 1,442,507 3,060,641 1,849,839 TRANSFERS OUT: Transfer to General Fund - Admin Fee 114,652 117,364 110,025 109,805 110,025 Transfer to Debt Service Fund - - - - 222,815 Total Transfers Out 114,652 117,364 110,025 109,805 332,840 TOTAL EXPENDITURES AND TRANSFERS 1,682,111 1,548,419 1,552,532 3,170,446 2,182,679 SURPLUS / (DEFICIT) (154,066) 51,305 - 88,509 (625,679) ENDING FUND BALANCE:1,428,761 1,480,066 1,480,066 1,568,575 942,896 FUND BALANCE REQUIREMENT:275,866 253,941 254,615 519,953 357,959 *Fund balance requirement is 16.4% of total budgeted expenditures (60 days of operation). The FY 2024-25 projected Ending Fund Balance represents 185 days of operation. STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE STORMWATER DRAINAGE UTILITY FUND Section 2 28 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:13,629 2,885,391 6,547,867 6,547,867 9,518,628 OPERATING REVENUE: Sales Tax (1/2 cent)18,017,690 19,411,625 18,750,000 21,297,031 21,250,000 Jail Services - 445,969 446,000 445,969 446,000 Commercial Vehicle Enforcement 59,448 61,183 107,000 106,786 70,000 Interest Income 28,950 421,875 35,000 456,857 35,000 Miscellaneous 37,464 42,585 11,400 148,625 11,600 Total Operating Revenue 18,143,552 20,383,237 19,349,400 22,455,268 21,812,600 TRANSFERS IN: Transfer from General Fund 4,291,740 4,519,575 3,759,649 3,759,649 2,416,788 Total Transfers In 4,291,740 4,519,575 3,759,649 3,759,649 2,416,788 TOTAL REVENUE AND TRANSFERS 22,435,292 24,902,812 23,109,049 26,214,917 24,229,388 OPERATING EXPENDITURES: Personnel 13,934,798 15,359,476 15,852,078 15,935,143 16,607,727 Supplies 656,996 617,530 758,910 804,314 955,875 Maintenance 185,884 218,125 145,950 201,989 484,350 Insurance 3,040,160 3,173,800 4,029,571 4,026,783 3,716,392 Services 1,738,274 1,819,581 2,282,540 2,236,007 2,465,044 Capital Outlay 7,418 51,824 40,000 39,920 - Total Operating Expenditures 19,563,530 21,240,336 23,109,049 23,244,156 24,229,388 TOTAL EXPENDITURES AND TRANSFERS 19,563,530 21,240,336 23,109,049 23,244,156 24,229,388 SURPLUS / (DEFICIT)2,871,762 3,662,476 - 2,970,761 - ENDING FUND BALANCE:2,885,391 6,547,867 6,547,867 9,518,628 9,518,628 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE CRIME CONTROL & PREVENTION DISTRICT Section 2 34 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:- 279,322 778,868 778,868 728,300 OPERATING REVENUE: Boat Ramp Fees 108,770 100,984 130,000 54,365 130,000 Pavilion Fees 42,710 32,973 45,000 31,650 70,000 Camping Fees 2,033,784 2,471,614 2,400,000 2,044,000 2,400,000 Entrance Fees 370,287 414,714 365,000 141,820 400,000 Recreation Fees 466,330 314,388 456,000 223,519 516,800 Merchandise and Other Sales 201,373 231,118 130,000 138,348 140,000 Total Operating Revenue 3,223,254 3,565,791 3,526,000 2,633,702 3,656,800 TOTAL REVENUE AND TRANSFERS 3,223,254 3,565,791 3,526,000 2,633,702 3,656,800 OPERATING EXPENDITURES: Personnel 540,027 543,660 612,130 631,241 692,837 Supplies 202,486 209,534 255,000 131,580 229,950 Maintenance 226,098 250,326 313,250 295,031 338,250 Services 1,759,987 1,849,988 1,619,423 1,480,257 1,632,983 Insurance 84,479 97,793 176,487 127,835 204,444 Capital Outlay 130,857 114,944 85,000 18,326 252,000 Total Operating Expenditures 2,943,934 3,066,245 3,061,290 2,684,270 3,350,464 TRANSFERS OUT: Transfer to Debt Service Fund - - - - 50,830 Total Transfers Out - - - - 50,830 TOTAL EXPENDITURES AND TRANSFERS 2,943,934 3,066,245 3,061,290 2,684,270 3,401,294 SURPLUS / (DEFICIT) 279,322 499,546 464,710 (50,568) 255,506 ENDING FUND BALANCE:279,322 778,868 1,243,578 728,300 983,806 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE LAKE PARKS SPECIAL REVENUE FUND Section 2 53 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:- 23,346 2,827 2,827 13,438 OPERATING REVENUE: Sales Tax 12,722,205 13,892,702 14,062,500 15,972,773 15,937,500 Interest Income - 2,827 10,000 10,617 - Total Operating Revenue 12,722,205 13,895,529 14,072,500 15,983,390 15,937,500 TOTAL REVENUE AND TRANSFERS 12,722,205 13,895,529 14,072,500 15,983,390 15,937,500 OPERATING EXPENDITURES: Contractual Services - Trinity Metro 11,916,694 13,587,660 13,653,337 15,624,576 15,511,684 Sales Tax Repayment 633,793 - - - - Total Operating Expenditures 12,550,487 13,587,660 13,653,337 15,624,576 15,511,684 TRANSFERS OUT: Transfer to Visitor Shuttle Fund 148,372 328,388 409,163 348,203 425,816 Total Transfers Out 148,372 328,388 409,163 348,203 425,816 TOTAL EXPENDITURES AND TRANSFERS 12,698,859 13,916,048 14,062,500 15,972,779 15,937,500 SURPLUS / (DEFICIT)23,346 (20,519) 10,000 10,611 - ENDING FUND BALANCE:23,346 2,827 12,827 13,438 13,438 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE 4B TRANSIT FUND Section 2 77 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:12,209,641 13,388,940 15,663,228 15,663,228 16,149,769 OPERATING REVENUE: Sales Tax 5,638,320 5,874,104 4,687,500 5,874,104 5,312,500 Interest Income 83,301 489,913 10,000 437,946 341,715 Miscellaneous 56,883 64,854 - 64,854 - Total Operating Revenue 5,778,504 6,428,871 4,697,500 6,376,904 5,654,215 TOTAL REVENUE AND TRANSFERS 5,778,504 6,428,871 4,697,500 6,376,904 5,654,215 OPERATING EXPENDITURES: Personnel Services 504,347 396,380 457,431 384,878 490,259 Supplies 228,818 1,505 12,900 1,851 12,800 Maintenance 15,948 - - - - Services 1,916,921 1,795,820 1,862,656 3,701,076 3,274,995 Insurance 105,156 82,133 52,793 52,827 79,270 Total Operating Expenditures 2,771,190 2,275,838 2,385,780 4,140,632 3,857,324 TRANSFERS OUT: Transfer to Debt Service Fund 1,398,894 1,401,444 1,398,169 1,398,169 1,398,453 Transfer to General 429,121 477,301 351,562 351,562 398,438 TRANSFERS OUT 1,828,015 1,878,745 1,749,731 1,749,731 1,796,891 TOTAL EXPENDITURES AND TRANSFERS 4,599,205 4,154,583 4,135,511 5,890,363 5,654,215 SURPLUS / (DEFICIT) 1,179,299 2,274,288 561,989 486,541 - ENDING FUND BALANCE AVAILABLE:13,388,940 15,663,228 16,225,217 16,149,769 16,149,769 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ECONOMIC DEVELOPMENT FUND (122, 124) Section 2 82 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE:6,681,805 6,997,402 6,778,612 6,778,612 7,537,063 OPERATING REVENUE: Property Taxes Current 12,926,116 13,012,813 13,105,949 12,900,000 13,000,000 Property Taxes Delinquent 131,464 83,595 70,000 90,000 70,000 Miscellaneous Revenue 22,915 7,094 - - - Interest Income 55,788 342,176 150,000 365,000 150,000 Total Operating Revenue 13,136,283 13,445,678 13,325,949 13,355,000 13,220,000 TRANSFERS IN: Transfer from CVB Fund 658,675 - 659,400 659,400 666,555 Transfer from Storm Drainage - - - - 222,815 Transfer from Lake Park - - - - 50,830 Transfer from Water Utility - - - - 1,632,815 Transfer from Economic Development Fund 1,398,894 1,401,444 1,398,169 1,398,169 1,398,453 Total Transfers In 2,057,569 1,401,444 2,057,569 2,057,569 3,971,468 TOTAL REVENUE AND TRANSFERS 15,193,852 14,847,122 15,383,518 15,412,569 17,191,468 OPERATING EXPENDITURES: G. O. Bond Interest Payments 1,814,132 1,595,543 1,389,543 1,389,543 1,241,168 G. O. Bond Principal Payments 6,220,000 6,485,000 5,710,000 5,710,000 5,895,000 C. O. Interest Payments 1,772,637 2,047,281 2,111,850 2,111,850 3,648,923 C. O Principle Payments 2,875,000 2,675,000 3,235,000 3,235,000 4,220,000 Tax and Note Interest Payments 498,894 471,444 443,169 443,169 413,453 Tax and Note Principal Payments 900,000 930,000 955,000 955,000 985,000 Fiscal Agent and Bond Fees 126,854 199,725 - 150,000 - Transfers 670,738 661,919 659,556 659,556 666,056 Total Operating Expenditures 14,878,255 15,065,912 14,504,118 14,654,118 17,069,600 TRANSFERS OUT:- - - - TOTAL EXPENDITURES AND TRANSFERS 14,878,255 15,065,912 14,504,118 14,654,118 17,069,600 SURPLUS (DEFICIT) OF REVENUE OVER (UNDER) EXPENDITURES:315,597 (218,790) 879,400 758,451 121,868 ENDING FUND BALANCE:6,997,402 6,778,612 7,658,012 7,537,063 7,658,931 FUND BALANCE REQUIREMENT:2,934,889 2,932,508 2,861,086 2,890,675 3,367,154 *Fund balance requirement is 20% of total budgeted expenditures (72 days of operation). The FY 2024-2025 projected Ending Fund Balance represents 45% of total budgeted expenditures (164 days of operation). FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE DEBT SERVICE FUND Section 1 130 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed OPERATING REVENUE: Miscellaneous 37,472 99,774 - - - Interest Income 27,677 155,558 10,000 10,000 30,000 Total Operating Revenue 65,149 255,332 10,000 10,000 30,000 TRANSFERS IN:7,414,840 1,711,090 2,670,000 2,670,000 4,899,450 TOTAL REVENUE AND TRANSFERS 7,479,989 1,966,422 2,680,000 2,680,000 4,929,450 OPERATING EXPENDITURES: Facilities Maintenance 332,845 832,592 700,000 700,000 755,000 Parks Maintenance 572,682 1,139,750 1,162,000 1,162,000 1,862,000 Street Maintenance and Overlay 53,796 2,175,373 2,308,000 2,308,000 2,232,450 Americans with Disabilites Act - - - - 50,000 Wages Contract Labor - 89,998 - - - Total Operating Expenditures 959,323 4,237,713 4,170,000 4,170,000 4,899,450 TOTAL EXPENDITURES AND TRANSFERS 959,323 4,237,713 4,170,000 4,170,000 4,899,450 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE FUND 174 - CAPITAL/STREET MAINTENANCE PROGRAM Section 1 134 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING UNRESTRICTED FUND BALANCE:22,556,592 30,073,532 28,675,099 28,675,099 23,193,210 OPERATING REVENUE: Water Sales 18,384,738 19,390,444 18,550,000 19,200,000 24,912,000 Wastewater Sales 8,974,247 8,850,148 9,100,000 8,900,000 10,468,146 Tap & Inspection Fees 2,528,582 2,711,854 2,529,000 2,724,761 2,532,000 Reconnects & Transfers 279,410 252,435 160,000 248,003 160,000 Interest Income 184,309 1,504,842 200,000 386,081 200,525 Miscellaneous Income 2,202,527 2,543,377 975,500 936,718 975,500 Total Operating Revenue 32,553,813 35,253,100 31,514,500 32,395,563 39,248,171 TRANSFERS IN/CONTRIBUTIONS:7,753,380 661,919 659,556 553,272 666,056 TOTAL REVENUE AND TRANSFERS 40,307,193 35,915,019 32,174,056 32,948,835 39,914,227 OPERATING EXPENDITURES: Personnel 3,748,090 4,577,962 4,557,647 4,758,935 4,733,745 Supplies 1,394,805 2,000,206 1,694,766 1,899,460 1,830,282 Maintenance 5,777,200 4,955,200 2,554,040 2,766,200 2,401,078 Services 17,800,451 20,992,802 18,541,560 23,530,754 23,911,837 Debt Service 627,652 624,204 662,556 662,556 669,056 Insurance 931,679 1,051,573 1,191,648 982,270 1,251,147 Capital Outlay 423,821 896,298 16,000 1,274,782 675,000 Total Expenditures 30,703,698 35,098,245 29,218,217 35,874,957 35,472,145 TRANSFERS OUT:2,086,555 2,215,207 2,199,481 2,555,767 4,377,970 TOTAL EXPENDITURES AND TRANSFERS 32,790,253 37,313,452 31,417,698 38,430,724 39,850,115 SURPLUS / (DEFICIT) 7,516,940 (1,398,433) 756,358 (5,481,889) 64,112 ENDING UNRESTRICTED WORKING CAPITAL:30,073,532 28,675,099 29,431,457 23,193,210 23,257,322 WORKING CAPITAL REQUIREMENT:4,912,592 5,615,719 4,674,915 5,739,993 5,675,543 * Working capital requirement is 16% of total net budgeted expenditures or 60 days of operation. The FY 2024-25 projected Ending Working Capital Balance represents 239 days of operation. FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE UTILITY ENTERPRISE FUND Section 3 1 2021-22 2022-23 2023-24 2023-24 2024-25 Actual Actual Budget Estimate Proposed BEGINNING WORKING CAPITAL:448,245 1,194,316 602,795 602,795 20,794 OPERATING REVENUES: Cart and Club Rentals 878,073 907,180 1,018,500 976,000 1,020,000 Tournament Fees 4,585 9,436 10,000 9,950 10,000 Driving Range 270,786 273,494 282,000 278,939 282,000 Golf Pro Shop Sales 404,759 455,514 450,000 417,048 450,000 Golf Course Green Fees 1,946,821 2,148,233 2,250,000 2,148,974 2,500,000 Annual Green Fee Memberships 313,000 380,850 480,000 417,350 480,000 Lesson Income 16,296 47,570 30,000 81,449 60,000 Interest Income 3,939 16,081 3,000 15,236 16,000 Golf Sub-Lease 398,479 429,118 450,000 492,281 450,000 Miscellaneous Income 23,764 29,086 297,000 6,561 255,400 Persimmons Food & Beverage 5,784 1,216,875 1,597,000 1,356,497 1,616,000 Total Operating Revenue 4,266,286 5,913,437 6,867,500 6,200,285 7,139,400 TOTAL REVENUES AND TRANSFERS 4,266,286 5,913,437 6,867,500 6,200,285 7,139,400 OPERATING EXPENDITURES: Personnel 1,486,945 2,883,168 2,609,045 2,897,169 2,891,305 Supplies 591,261 1,232,884 1,133,500 1,415,190 1,253,000 Maintenance 160,648 213,985 164,600 203,080 202,500 Services 546,009 1,076,486 698,420 795,310 743,381 Insurance 417,319 491,311 766,734 775,307 826,714 Capital Outlay 172,021 446,006 916,000 535,110 1,035,000 Total Operating Expenditures 3,374,203 6,343,840 6,288,299 6,621,166 6,951,900 TRANSFERS OUT: Transfer to General Fund - Admin Fee 146,012 161,118 168,750 161,120 187,500 Total Transfers Out 146,012 161,118 168,750 161,120 187,500 TOTAL EXPENDITURES AND TRANSFERS 3,520,215 6,504,958 6,457,049 6,782,286 7,139,400 SURPLUS / (DEFICIT) 746,071 (591,521) 410,451 (582,001) - ENDING WORKING CAPITAL:1,194,316 602,795 1,013,246 20,794 20,794 FY 2024-25 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GOLF FUND Section 3 24