2023-24 Budget - Laserfiche WebLink

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amount of debt we have foreseen needing to issue for the next phase of the WWTP (approximately $55 million), we must still proceed with scheduled rate increases in 2024 in order to cash flow the expected payments (although we are hopeful that the "Commercial Paper Loan" option will impact this to a degree), but this shift in uti liti rate to DroDertv tax is exDected to allow us the potential of cuttiniz off the 2026 and TTMITimr-M I'M we receive bids for the next pJivw, of the utility revenue will alleviate the cost to rate payers at some point in the upcoming few years. When examining this from a rate payment vs. tax increase, we are going to focus our attention on the residential impact as they are the ones most hard hit by these rates because they have the least ability of ad *ustin their revenue stream to account for them vs. retail commercial and industrial. In V jt sivwl uub Lb a Ovrir Fra C 1111y 5 um Ivul byda change will ultimately help our rate payers in the long run. The ultimate goal for the Water and Sewer Fund is to operate as a stand-alone enterprise where costs are itilitv rates Hovey 'P er- the NVVi, P iq.a unicuesibiation thst in AI I I Employee Pay and Benefits — The greatest asset the City of Paris has is its Employees. The primary role of local government is to provide those services needed by the community that the private sector cannot provide, The primary reason the private sector does not provide these services is they are labor intensive with little to no profit return. In addition, the tax payers expect the highest of quality from the City services, thereby the expectation is for the employees to be of such a quality that accomplishes the Financial Policy stated above. ............ structure. first,M-e-U-71y Council autnonzea Vae move nt Irom. a 01/6 / JLI/o-- IVIXS contnt3ution rate to a-7% / 14% contribution rate, which greatly improves the future retirement outlook for our employees and helps Mi 'alvddw rwnw"".�W"uw comparable pay with that of our peer communities. The City had fallen far behind in keeping up with comy,ara �l �mrk rat�j ,, issui an of Cost of liVinj n LPA a handful �A,,Mgtuent- f"C.0LAq"j, over thw prior 20+ years. This pay study was implemented for non -civil service employees in FY21/22, and across two phases for civil -service employees in FY21/22 and FY22/23. This change also resulted in a !"L�LUMP-A ranks and making a smooth and progressively increasing tiered scale for all the ranks. We are tentatively planning on conducting a new pay study in FY24/25 for the FY25/26 budget. Third, each of the last three bud- tdffihl Cit- has i=,,Iemented 2% COLAs to helm offset our emv.1mme's risin, cost of living. While this can be seen as a pay raise, it is more appropriately seen as a means to ensure the employee's personal YM a SMAMM IM em -lay Ao ortunitiesofhi2h�nay. Fourth, the Ci implemented a transition of all Fire personnel from the Paris Firefighters' Relief and Retirement Fund ("pensioe') to the TMRS in FY22/23 . The City "froze" 414-P To accomplish this, long term debt via a pension bond was issued. This successfully dropped the City's MIMMM