19 - Memo to GB - Proposed FY24-25 Budget - July 2024 (002)

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The Proposed FY24/25Budget will show columns for the Proposed FY24/25Budget, the Budget for FY23/24(the City of Paris is currently within the FY23/24, therefore Actual Yearend Values are not yet available), the Actual FY22/23Values, 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 FY24/25Budget will show columns for the Proposed FY24/25Budget, the Budget for FY23/24(the City of Paris is currently within the FY23/24, therefore Actual Yearend Values are not yet available), the Actual FY22/23Values, 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. \[…\]” The total General Fund Expenditure in the Proposed FY24/25Budget is $34,182,500.00.Three Percent (3%) of this would be $1,025,475.00.The Proposed FY24/25Budget has a listed contingency of $50,000.00 found under 01- 48122-91-000.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).\[…\]” As has been discussed in the above memorandum, the Proposed FY24/25General 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 FY24/25Budget shows a slight net positive in each of the Debt Service Fundsin order to meet our debt obligations. Conclusion The Proposed FY24/25Budget is a true reflection of the Financial Policy.Through the hard work of many City Staff, the budget has been thoroughly reviewedso 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 theimpact to the taxpayer.We are very pleased to present this Proposed FY24/25Budget to the City Counciland we look forward to an opportunity to discuss it further. Page 18of 18