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City of Paris Charter — Article V — Section 44 "In preparing the budget, the City Manager shall in the preparation of the budget place in parallel columns opposite the several items of revenue the actual amount of each item of the last completed fiscal year, the estimated amount for the current fiscal year, and the proposed amount for the ensuing f scal year. " The Proposed FY23/24 Budget will show columns for the Proposed FY23/24 Budget, the Budget for FY22/23 (the City of Paris is currently within the FY22/23, therefore Actual Yearend Values are not yet available), the Actual FY21/22 Values, as well as the Actual Values for several previous Fiscal Years. Please see Exhibit A. City of Paris Charter — Article V — Section 45 "The City Manager, in the preparation of the budget, shall, in parallel columns opposite the various items of expenditures, place the actual amount of such items of expenditures for the last completed fiscal year, the estimate for the current fiscal year and the proposed amount for the ensuing fiscal year. " The Proposed FY23/24 Budget will show columns for the Proposed FY23/24 Budget, the Budget for FY22/23 (the City of Paris is currently within the FY22/23, therefore Actual Yearend Values are not yet available), the Actual FY21/22 Values, as well as the Actual Values for several previous Fiscal Years. Please see Exhibit B. City of Paris Charter — Article V — Section 56 "Provision shall be made in the annual budget and in the appropriation ordinance for a contingent appropriation in an amount not more than three (3) percent of the total general fund expenditure, to be used in case of unforeseen items of expenditures. Such contingent appropriation shall be under the control of the City Manager and distributed by him, after approval by the City Council. [... J " The total General Fund Expenditure in the Proposed FY23/24 Budget is $31,051,550.00. Three Percent (3%) of this would be $931,546.50. The Proposed FY23/24 Budget has a listed contingency of $50,000.00 found under 01-0000- 91-00. This has been the amount used for several years. City of Paris Charter — Article V — Section 57 "The total estimated expenditures of the general fund and debt service fund shall not exceed the total estimated resources of each fund (prospective income plus cash on hand). [... J " As has been discussed in the above memorandum, the Proposed FY23/24 General Fund Budget will be balanced using prospective income as well as cash on hand from the General Fund Reserve. The General Fund Reserve is healthy enough to allow for this use while not exceeding policy. In addition, the Proposed FY23/24 Budget shows a slight net positive in each of the Debt Service Funds in order to meet our debt obligations. Conclusion The Proposed FY23/24 Budget is a true reflection of the Financial Policy. Through the hard work of many City Staff, the budget has been thoroughly reviewed so that our most basic of services are properly accounted for, excess funding has been captured and re -directed to further the services we seek to provide, and the priorities listed in the Budget Message have been funded while keeping a careful eye on the impact to the taxpayer. We are very pleased to present this Proposed FY23/24 Budget to the City Council and we look forward to an opportunity to discuss it further. Page 23 of 23