HomeMy WebLinkAbout8.2 Preliminary Fiscal Year 2023-24 General Fund Budget7F
Agenda Item 8.2
STAFF REPORT
CITY COUNCIL
DATE: April 18, 2023
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
SU 13,1ECT: Preliminary Fiscal Year 2023-24 General Fund Budget
Prepared by.• Lisa Hisatomi, Director ofAdministrative Services
EXECUTIVE SUMMARY:
The City Council will review the Preliminary Fiscal Year 2023-24 Budget, focusing on the General
Fund. As this is the second year of the City's two-year budget, this information will supplement the
budget document adopted by the City Council in June 2022. The updated Capital Improvement
Program is presented under a separate item.
STAFF RECOMMENDATION:
Receive the report and provide direction to Staff related to the budget adoption scheduled for May
16, 2023.
FINANCIAL IMPACT:
The Preliminary Budget results in an increase to revenues of $3,679,531 and an increase to
operating expenditures of $2,351,368 in the General Fund from the Amended Fiscal Year 2022-23
Budget. After transfers out, total General Fund reserves are projected at $194,231,544, a decrease
of $3,504,655 from Fiscal Year 2022-23.
DESCRIPTION:
The City of Dublin utilizes a biennial budget process, in which a comprehensive budget document
is prepared that establishes high-level priorities and specific departmental goals for a two-year
period. The second year of the cycle is the "update year", in which projections are revised and
significant changes highlighted, while the original document continues to serve as the guiding
financial plan.
As in prior years, this report focuses on the General Fund, as there are no major budgetary
changes in other funds. This report discusses updates to the City's major revenue categories and
refines expenditure projections, reflecting the most recent information. The analysis compares the
Preliminary Fiscal Year 2023-24 Budget to the Amended Fiscal Year 2022-23 Budget.
Page 1 of 7
275
Summary
The Preliminary Budget (Table 1 and included as Attachments 1 and 2) projects an operating
surplus in the General Fund (ongoing revenues less ongoing expenditures) of $16,318,637 After
transfers, total reserves are projected at $194,231,544, a decrease of $3,504,655 from the prior
year, the decrease is primarily due to the planned spending down of Committed and Assigned
Reserves on capital projects, and the use of $7,167,382 in Unassigned Reserves for an advance to
the Dublin Boulevard Extension project.
As shown in Table 1, revenues in Fiscal Year 2023-24 are increasing a net $3,679,531 (+3.3%)
over the prior year, due primarily to higher property tax revenue. Expenditures are increasing
$2,351,368 (+2.4%) over the prior year. Changes by categories are explained in the section below.
Table 1: Operating Budget Impact & Reserve
FY 2022-23
FY 2023-24
$
%
Amended
Projected
Change
Change
Revenues
$112,212,330
$115,891,861
$3,679,531
3.3%
Expenditures
97,221,855
99,573,224
2,351,368
2.4%
Net Operating Budget Impact
$14,990,475
$16,318,637
$1,328,162
8.9%
Transfers In
$142,900
$56,600
($86,300)
-60.4%
Transfers Out/Contribution to Other
41,254,681
19,879,893
(21,374,789)
-51.8%
Total Reserves, End of Year $197,736,199 $194,231,544 ($3,504,655) -1.8%
The following is a summary of the net changes reflected in the Preliminary Budget as compared to
the Fiscal Year Amended Budget (+/-$200,000):
Revenue Changes
Property TaxRevenue - increase of$3,433, 000 (+6.1 %)
The following factors affected the net impact:
• An increase of $2.2 million or 4.6% to secured and unsecured property taxes, reflecting an
adjustment of 2.0% to the assessed property value (the maximum allowable by Prop 13)
and an increase in valuation due to home sales and new construction.
• An increase of $0.9 million in Motor Vehicle In -lieu Fees (the state's replacement funding
for Vehicle License Fees that were reduced in 2004), as this is tied to the change from the
prior year in the City's gross assessed valuation of taxable property.
• A budgeted delinquency rate of 1%.
Sales Tax Revenue - decrease of$400,000 (-1.5%)
It is projected the City's Sales Tax will decrease slightly, primarily in Auto & Transportation and
Business to Business categories. The contributing factors include inflation and interest rate
increases, which trickle over into weaker consumer confidence and lower household discretionary
Page 2 of 7
276
spending. Fuel prices are also declining from historic highs experienced in the 2022 calendar year.
DevelopmentRevenue - decrease of$277,526 (-3.8%)
Development revenue includes permitting fees and payments for planning and engineering
services provided by the City. Revenue projections are based on the timing of development
projects, and the receipt of revenues and corresponding services (i.e., City cost) do not happen
simultaneously. Plan check costs are typically incurred approximately 12 months after revenue
has been received, meaning that as development decreases, the associated decrease in costs will
lag. In anticipation of this, the City has maintained the Service Continuity reserve (currently at
$3.2 million) to cover costs during that lag.
Other Taxes - increase of$220,500 (+3.496)
Other Taxes include Property Transfer Taxes, and multiple Franchise Taxes (electric, gas, garbage,
cable). The increase is primarily due to the incorporation of the annual rate adjustment as part of
the garbage franchise agreement.
Charges for Services - netincrease of$439,488 (+6.391o)
Charges for Services include revenue primarily from Parks and Community Services programs,
which are returning to pre -pandemic participation levels in most programs, except for the closure
of two after -school program sites due to low enrollment. This category also includes
administrative fees collected from the City's contracted garbage collector (Amador Valley
Industries), and Santa Rita reimbursement revenue, whereby the County pays the City for costs
incurred when responding to emergency calls at the Santa Rita Jail.
Interest- increase of$200,000 (+8.791o)
The City is experiencing higher returns on its investments, and Staff has transferred additional
funds to Chandler Asset Management's investment portfolio to take advantage of better
performance that the local pools.
Expenditure Changes
Salaries - increase of$618,782 (+4.6916)
The increase in the Preliminary Budget is attributed to the net impact of the following:
• Addition of two new positions in the General Fund:
o Public Works Inspector in the Public Works Department - this position will work on
capital improvement projects; the salary is included in the General Fund but will be
allocated to CIP funds accordingly.
o Recreation Coordinator in the Parks and Community Services Department
• Transfer Special Projects Manager from City Manager's Office (General Fund) to
Information Services (Information Technology Fund), resulting in a decrease in General
Fund personnel costs offset by an increase in Internal Service Charges (IT Fund charges the
General Fund back).
Inclusion of full -year salaries for positions new in the current year - GIS Coordinator and
Senior Office Assistant in the Public Works Department.
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277
Benefits - decrease of$181,2O5 (-3.3%)
The decrease in benefit costs is primarily attributed to a decrease in retirement costs, partly due
to shifting of employees from Classic to PEPRA with new hires, a less costly retirement plan, and a
decrease in City's allocated share of pension payment to Dougherty Regional Fire Authority. The
City Council has approved a one-time additional lump sum payment of $3.46 million to the City's
allocated share of the closed pension plan, from Committed Reserve for Fire Services
Pension/OPEB.
Services & Supplies - increase of$8O4,578 (+14.8916)
During the budget process, Staff were asked to hold the line on operating supplies and services
expenditures. The net increase in this category is tied to higher insurance premiums through
PLANJPA, the City's insurance pool. Premiums are impacted by several factors: 1) claims
experience of the pool in general, which is seeing an increase in settlement costs of claims related
to dangerous conditions (e.g., roads and intersections); 2) property insurance increases which are
higher as a direct result of across-the-board inflation, real estate pricing escalation, supply chain
disruptions, and natural disasters; 3) impacts of ransomware attacks and data breaches on cyber
insurance; and 4) a three-year past look at claims experience.
Internal Service Fund Charges - increase of$511,176 (+10.4916)
Internal Service Charges include the allocation to the General Fund of replacement costs of
facilities, vehicles, and equipment. In addition, the Information Services operating budget is
allocated to citywide departments based on a specified formula. The Fiscal Year 2023-24
preliminary budget increase is in IT service charges, primarily due to the addition of three new
positions: the Special Projects Manager; the Audio -Video Specialist (both added in the current
year); and a Senior Office Assistant (added in Fiscal Year 2023-24). These new positions,
respectively, will address and reduce the City's vulnerability to cybersecurity threats, provide a
dedicated resource to support citywide AV facilities, and assist with the administrative function of
Information Services.
Contract Services Expenditures - increase of$9O6,568 (+1.5%)
The Fiscal Year 2022-23 Amended Budget includes a contract services budget carryover of
$1,507,299 from Fiscal Year 2021-22. Excluding the carryover, the Preliminary Budget projects a
net increase of $2,413,867, as illustrated in Table 2:
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278
Table 2: Contract Services Changes
Carryover
FY 22-23
FY 22-23
from
Net of
FY 23-24
$
%
Amended
FY 21-22
Carryover
Update
Change
Change
Police Services
$24,085,730
$100,000
$23,985,730
$24,835,923
$850,193
3.5%
Fire Services
15,471,310
15,471,310
16,313,430
842,120
5.4%
Maint. Services (MCE)
7,220,710
7,220,710
7,925,056
704,346
9.8%
Development Services
4,630,128
336,156
4,293,972
3,606,108
(687,864)
-16.0%
Other
10,463,978
1,071,142
9,325,855
10,097,906
705,071
7.8%
Total
$61,871,855
$1,507,299
$60,364,557
$62,778,423
$2,413,867
4.0%
Police and Fire Services budget increases are due primarily to annual COLA and benefit cost
increases. Maintenance services increases are due to the addition of Fallon Sports Park Phase 3,
additional street landscaping, and an adjustment in labor rates. Development contract services,
like development revenues, are based on the timing of development projects.
Other contract services include Library Services, Crossing Guards, City Attorney, and Animal
Services, in addition to other operating contracts services such as Parks and Recreation instructor
and program contracts, non-MCE street maintenance contracts, and finance and administration
consulting services. The increase is attributed to contracts for ongoing street sweeping, a
community survey, an update of 2012 Economic Development Strategy and Economic
Development Element to the General Plan, drainage maintenance services for the stormwater
program, staff augmentation for disaster preparedness, and estimated expenditures for the 2024
March election.
Capital Outlay- decrease of$506,362 (-80.8%)
Capital Outlay items are typically one-time expenditures. The Fiscal Year 2022-23 Budget includes
the purchase of vehicles for Police Services and the Public Works maintenance division,
equipment and capital assets for Parks and Recreation special events and The Wave, and furniture
for City facilities. There are no major capital asset purchases planned in Fiscal Year 2023-24.
Transfers Out
The Preliminary Budget includes transfers out of $2.0 million to the Internal Services Fund -
Facilities for preventive maintenance, $1.0 million to the pension unfunded liability reserve, and
$16,879,893 to capital improvement projects. Of the amount for capital projects, $7,195,281
comes from Committed/Assigned reserves and $9,684,612 from Unassigned reserves. CIP projects
funded by the General Fund in Fiscal Year 2023-24 are shown in Table 3 below.
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279
Table 3: Transfers Out to the Capital Improvement Program, FY 2023-24
Reserves Projects
Amount
Committed/Assigned
$7,195,281
Civic Center Rehabilitation
687,840
Dublin Boulevard Extension
6,257,441
Village Parkway Reconstruction
250,000
Unassigned
$9,684,612
Audio Visual System Upgrade
314,000
Citywide Bicycle and Pedestrian Improvements
105,000
Citywide Storm Drain Improvements
30,000
Downtown Dublin Street Grid Network
8,990
Downtown Dublin Town Square Park
4,680
Dublin Boulevard Extension
7,167,382
Kolb Park Renovation
450,000
Marquee Signs
495,000
Parks Playground Replacement
1,109,560
Total
$16,879,893
In addition, $9.5 million will be utilized from the Committed reserve as an advance to the Public
Facility Fee program for the construction of Jordan Ranch Neighborhood Square, Wallis Ranch
Community Park, and the Library Tenant Improvements. The advance is for cash flow purpose,
due to the timing of the receipt of revenues and project constructions. The General Fund will be
reimbursed by the Fee program.
10-Year Forecast and Next Steps
Staff will provide an update to the 10-Year General Fund Forecast along with a discussion of the
assumptions used in the Forecast with the final budget proposal scheduled for May 16, 2023. This
will include the General Fund reserve changes needed to advance $63 million for the Dublin
Boulevard Extension project, which will eventually be paid for by the Eastern Dublin
Transportation Impact Fee. The City Council approved Staffs funding plan to use reserves over a
three-year period for this purpose. Final General Fund reserve designations will be made by the
City Council at the second meeting in June 2023.
Staff is seeking direction from the City Council on other items it wishes to include in the Fiscal
Year 2023-24 Budget.
STRATEGIC PLAN INITIATIVE:
The Preliminary General Fund budget is a reflection of priorities established in the City's Two -
Year Strategic Plan.
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280
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Preliminary Fiscal Year 2023-24 General Fund Summary
2) Preliminary Fiscal Year 2023-24 General Fund Reserves
Page 7 of 7
281
PRELIMINARY GENERAL FUND SUMMARY
Attachment I
Revenues
Adopted Amended Change
Actual Budget Budget 2023-24 FY24 vs
2021-22 2022-23 2022-23 Update FY23 Amend)
Property Tax
$55,186,388
$55,163,000
$56,463,000
59,896,000
3,433,000
6.1%
Sales Tax
26,456,903
26,400,000
27,400,000
27,000,000
(400,000)
-1.5%
Sales Tax Reimbursements
(346,696)
(405,555)
(405,555)
(375,000)
30,555
-7.5%
Development Revenue
9,803,444
7,702,334
7,387,355
7,109,829
(277,526)
-3.8%
Transient Occupancy Tax
1,255,575
1,400,000
1,400,000
1,500,000
100,000
7.1%
Other Taxes
7,025,567
6,560,000
6,560,000
6,780,500
220,500
3.4%
Licenses & Permits
354,643
351,373
351,373
286,417
(64,956)
-18.5%
Fines & Penalties
70,714
85,000
65,000
50,000
(15,000)
-23.1%
Interest Earnings
2,269,289
1,510,000
2,310,000
2,510,000
200,000
8.7%
Rentals and Leases
1,647,882
1,477,330
1,653,427
1,648,021
(5,406)
-0.3%
Intergovernmental
324,519
290,000
290,000
290,000
Charges for Services
8,022,099
6,496,124
6,950,194
7,389,682
439,488
6.3%
Community Benefit Payments
50,000
-
Other Revenue
2,452,034
1,680,156
1,787,536
1,806,412
18,876
1.1%
Subtotal Revenues - Operating
$114,572,363
$108,709,762
$112,212,330
$115,891,861
$3,679,531
3.3%
Transfers In
$312,874
$77,900
$142,900
56,600
($86,300)
Unrealized Gains/Losses
(15,525,055)
Total Revenues
$99,360,182
$108,787,662
$112,355,230
$115,948,461
$3,593,231
3.2%
Expenditures
Salaries & Wages
$11,670,597
$13,249,383
$13,531,615
14,150,396
$618,782
4.6%
Benefits
4,728,716
5,488,704
5,567,488
5,386,283
(181,205)
-3.3%
Services & Supplies
3,894,567
5,178,309
5,434,414
6,238,992
804,578
14.8%
Internal Service Fund Charges
3,907,323
4,932,571
4,932,571
5,443,747
511,176
10.4%
Utilities
2,511,166
3,485,435
3,720,435
3,898,997
178,562
4.8%
Contracted Services
52,920,629
59,695,219
61,871,855
62,778,423
906,568
1.5%
Capital Outlay
339,943
432,737
626,987
120,625
(506,362)
-80.8%
Debt Service Payment
-
1,333,050
1,333,050
1,331,850
(1,200)
-0.1%
Contingency & Miscellaneous
958,117
223,440
203,440
223,910
20,470
10.1%
Subtotal Expenditures - Operating
$80,931,058
$94,018,847
$97,221,855
$99,573,224
$2,351,368
2.4%
Operating Impact (REV-EXP)
$33,641,305
$14,690,915
$14,990,475
$16,318,637
$1,328,162
8.9%
Transfer Outs & Contributions to Other Funds
Transfers Out (CIPs) - Com./Assig. Res
2,803,478
2,291,645
27,217,469
7,195,281
(20,022,188)
-73.6%
Transfers Out (CIPs) - Undesignated
532,636
2,316,170
7,553,834
9,684,612
$2,130,778
28.2%
Contribution to OPEB/PERS
4,460,000
4,460,000
1,000,000
(3,460,000)
-77.6%
Contribution to ISF & Other
1,000,000
2,000,000
2,023,378
2,000,000
(23,378)
-1.2%
Subtotal - Transfers Out & Contributi
4,336,114
11,067,815
41,254,681
19,879,893
(21,374,789)
-51.8%
Total Expen itures
$85,267,172
$105,086,662
$138,476,536
$119,453,116
($19,023,420)
-13.7%
GF Impact (Include CIP & Transfers)
$14,093,010
$3,701,000
($26,121,306)
($3,504,655)
Adopted Amended Change
Actual Budget Budget 2023-24 FY24 vs
Contracted Services Detail
2021-22
2022-23
2022-23
Update
FY23 Amend)
Police Services
$21,437,403
$23,985,730
$24,085,730
24,835,923
$750,193
3.1%
Fire Services
14,699,226
15,311,310
15,471,310
16,313,430
842,120
5.4%
Maintenance Services (MCE)
5,875,493
7,220,710
7,220,710
7,925,056
704,346
9.8%
Development (CDD and PW)
3,858,842
4,312,851
4,630,128
3,606,108
(1,024,020)
-22.1%
Other Contracted Services
7,049,665
8,864,618
10,463,978
10,097,906
(366,072)
-3.5%
Total Contracted Services
$52,920,629
$59,695,219
$61,871,855
$ 62,778,423
$906,568
1.5%
(1) Amended budget for operating expenditures includes $1,856,112 carryover from FY 21-22
(2) Amended Budget for Transfers Out to CIP reflects the $12,510,109 carryover from FY 21-22
(3) Police and Fire liability insurance amounts are not included above, they are included in Services & Supplies.
282
PRELIMINARY GENERAL FUND RESERVES Attachment 2
Actual Net Projected Net Projected
RESERVE DESCRIPTION 2021-22 Change 2022-23 Change 2023-24
$10,541
111W$10,5411
Prepaid Expenses
Restricted
7710,541
I
10,541
$4,261,640
10,541
$4,261,640
Cemetery Endowment
60,000
60,000
60,000
Developer Contribution - Downtown
1,490,000
1,490,000
1,490,000
Developer Contr - Heritage Park
19,000
19,000
19,000
Developer Contr - Nature Park
60,000
60,000
60,000
Section 115 Trust - Pension
1,882,640
1,882,640
1,882,640
Heritage Park Maintenance
Committed
750,000
$73,346,367
.'786)
750,000
$50,576,582
750,000
$50y576,582
Advance to Public Facility Fee
9,523,096
(9,523,096)
Downtown Public Improvement
15,176,230
(426,221)
14,750,009
14,750,009
Economic Stability
8,000,000
8,000,000
8,000,000
Emergency Communications
532,113
5321113
532,113
Fire Svcs Pension/OPEB
5,671,094
(3,460,000)
2,211,094
2,211,094
Innovations & New Opportunity
1,026,591
(132,093)
894,498
894,498
One -Time Initiative - Capital
6,419,657
(1,420,149)
4,999,508
4,999,508
One -Time Initiative - Operating
503,860
503,860
503,860
Public Safety Reserve
2,600,000
2,600,000
2,600,000
Specific Committed Reserves
Cemetery Expansion (CIP)
13,748
(13,748)
Contribution to Public Facility Fee
6,000,000
6,000,000
6,000,000
Cultural Arts Center (CIP)
7,139,197
(6,964,197)
175,000
175,000
Don Biddle Park (CIP)
675,193
(675,193)
Fallon Sports Park III Contingency
510,500
(100,000)
410,500
410,500
Lease Revenue Bond Payoff
6,000,000
6,000,000
6,000,000
Maintenance Facility (CIP)
55,089
(55,089)
Utility Undergrounding (CIP)
3,500,000
3,500,000
3,500,000
Accrued Leave
1,308,044
1,308,044
1,308,044
Catastrophic Loss
17,710,320
17,710,320
17,710,320
CIP Carryovers
4,088,843
(4,088,843)
Fiscally Responsible Adjustment
325,000
325,000
325,000
Municipal Regional Permit
2,209,778
(2,182,419)
27,359
27,359
Non -Streets CIP Commitments
3,276,777
(4,277)
3,272,500
3,272,500
Operating Carryovers
1,600,546
(1,600,546)
Parks and Streets Contingency
201,270
201,270
201,270
Pension & OPEB
17,000,000
1,000,000
18,000,000
1,000,000
19,000,000
Relocate Parks Dept
500,000
500,000
500,000
Service Continuity
3,150,000
3,150,000
3,150,000
Dublin Blvd Extension
20,000,000
(13,742,559)
6,257,441
(6,257,441)
Specific Assigned Reserves
ARPA Revenue Replacement
665,878
665,878
665,878
Climate Action Plan
3,000,000
(62,000)
2,938,000
(440,000)
2,498,000
Contribution to ISF
1,500,000
1,500,000
1,500,000
Faga e Improvement Grants
364,256
364,256
364,256
HVAC Replace. & Civic Ctr Improv. (CIP)
3,278,409
(1,307,892)
1,975,517
(687,840)
1,282,677
Pavement Management
2,000,000
21000,000
2,000,000
Public Safety Complex (CIP)
87,200
(87,200)
Village Pkwy Pavement Reconstruction
'Unassigned
11,000,000
$52,972,635
(300,000)
1
10,700,000
(250,000)
1
10,450,000
Unassigned -Unrealized Gains
1 (11,008,294)
(11,008,294)
(11,008,294)
Unassigned (Available)
63,980,929
83,005,145
86,135,771
283
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I
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Blois
IV it
Background
• Biennial budget process
• FY 23-24 is an UpdateYear
• Comparison to FY 22-23 Amended Budget
• Focus on General Fund operating budget
U_161
GF Revenues
■ Net Increase $3.7M (+3.3%)
• PropertyTax +$3.4M (+6,o 1 %)
0 2.0% CPI adjustment
o New construction &change in ownership
o Increase in Motor Vehicle In -lieu Fee
o I %delinquency rate
• Sales Tax -$400K (=I *5%)
o Slight decrease in Auto, Business to Business
o Inflation and interest rate increases
o Decline in fuel price
K*.N.
GF Revenues
• Development Revenue -$278K (=3.8%)
o Timing of development projects
o Revenues and expenditures timing not aligned
o Service continuity reserve
• Charges for Services +$439K (+6.3%)
o Recreation programs return to pre -pandemic levels
o Waste management admin fees
o Fire calls reimbursement
DUBLIN
w%, 91
CALIFORNIA
287
GF Revenues
• OtherTaxes +$221 K (+3.4%)
o Property transfer tax
o Franchise taxes
o Increase in Garbage Franchise tax
• Interest +$200K (+8.7%)
o Higher return on investment portfolio
o Additional funds to investment consultant managed portfolio
DUBLIN
s&� Iq
CALIF
0RNIA
P44.1
GF Expenditures
■ Net Increase $2.4M (+2.4%)
• Personnel Costs +$438K (+2.3%)
o Position changes
o Decrease in retirement costs
• Services & Supplies +$805K (+14.8%)
o Hold the line in operating expenditures
o Increase in insurance premiums
DUBLIN
s&� 44
CALIFORNIA
pl*]
GF Expenditures
• ISF Charges +$51 I K (+10.4%)
o Allocation of replacement cost of facilities, vehicles, and equipment,
IT services
o Increase in IT service charges
• Contract Services +$907K (+ 1.5%)
o FY 22-23 budget carryover $1.5M = +$2.4M (+4.0%)
o Increase in Police &Fire services
o Increase in maintenance contract cost
o Decrease in development contract cost
o Increase in other general City contract costs
DUBLIN
s&� 10
CALIF
0RNIA
Moil]
Transfers Out
• ISF Facilities $2*0m
o Preventative Maintenance
• Pension unfunded liability $ LOM
o Contribution to stabilize CalPERS discount rate change
• CIP $1699M
291
Transfers Out
Committed/Assigned $7.2M
• Civic Center Rehabilitation
• Dublin Boulevard Extension
• Village Parkway Reconstruction
Unassigned $9.7M
Audio Visual System Upgrade
Citywide Bicycle & Pedestrian Improv.
Citywide Storm Drain Improvements
Downtown Dublin Street Grid Network
Downtown Town Square Park
Dublin Boulevard Extension
Kolb Park Renovation
Marquee Signs
Parks Playground Replacement
GF Reserves
FY 2022-23
FY 2023-24
$
%
Amended
Projected
Change
Change
Revenues
$112,212,330
$115,891,861
$3,679,531
3.3%
Expenditures
97,221,855
99,573,224
2,351,368
2.4%
Net Operating Budget Impact
$14,990,475
$16,318,637
$1,328,162
8.9%
Transfers In
$142,900
$56,600
($86,300)
-60.4%
Transfers Out/Contribution to Other
41,254,681
19,879,893
(21,374,789)
-51.8%
Total Reserves, End of Year $19717363199 $194,231,544 ($31504,655) -1.8%
Next Steps
• BudgetAdoption May 16,2023
• Other items or additional information to include
in the FY 23-24 Budget?
294