HomeMy WebLinkAbout04-22-25 Special •
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FY26 Bu d•: et
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Budget Workshop - April 22.:., ,,, . , , ., ,. , , .._ ,,_____ ,.. . , .. ._
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• Budget Retreat
• Departments send the following FY26 Requests to Finance:
• Operational Expenditure Requests
• Personnel, Vehicle, and Machinery Requests
• Capital Improvement Project Requests
• Finance develops the FY26 Revenue Projections
• Finance reviews all Requests, meets with Departments for
review, and makes any preliminary adjustments
• Budget information reviewed with the City Manager & Assistant
.City anager
• budget information_ presented to the City,,,Co,uncil
5: • .4,7J 5°1- f,;"
• 'Y"': 2 C tinis r
Created ar-ie new reportint
Senior Center --Ha susdivisionofParli3 ',:;.!:,:. Recreation
Funds •
split the ',/1../../i.oter and Sewer FU nd into.two separate. funds
. * -Imorovesreoorting and proviies more .5„,co,t ‘tific data
Reituirei for grint reporting ond grantapplico-tions '
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•
- • Current Tax .Rate s $0.54
One tent generates ![:::.;1 /5,5!it1 of tax riE. venue • •
isarcel $251;iiii currently pays city tx of $ 1,35•0
one cent increose in the tax rate would add $25 to this parcel's tax bill.
-- Taxable propprty Values. for FY26 are estimatei to increase sly
$ 18.9M over the FY25 taxable proserty values
• Tax revenues for FY26 are estimate.] to increase $14,bil -over
•
tht FY25 isuoLtete-d tax revenues
'
• ,, 1111 "17,4. ilk
.qerigrcitFL111 -Propesly.Tax',if .ppe.ratirigyExperdfture:Tren4
Property tax
revenues are not
- keeping pace with
.
the increases in the
consumer price
index (CPO or city
expenditures.
FY20 FY21 FY22 FY23 F,Y24 FY25
6F DT. WCP ----L—Assessed.Vellue in lOOths Tax Rev
N tes - G
a[ [' uti , -
General Fund Debt Service = $OO85 of the $O,540 tax rate ( i57%)
FY26: $1.4M balloon payment due arnett Trainin School loan
March 2025 South Region CPI was 1.9% (% change since March 2024)
Property and Liability insurance premiums: 12.5% increase
June 30, 2024, General Fund reserves = $4.5M or 36% of expenses
" •
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Funds''",! 1./'' 1.))
- .• Sewer Funiillebt Service for FY26 increases $495,11. :011) r over. FY25
Funding the $495K. would require .„;.: 13.6Y0 -increase in sewer rates.
Water Fund Debt Service for FY2.6 i :cicreases $315,SSS to..ver FY25
- •
0/ rates
F-, difts the $31„,...J,
1< rquire a 7 5 (0
e in water
• These increases do not account for increased operating c•sts
_
FY24 Water L Sewer Fun .i reserves
. S5 Di) rvi7,.: or 64--;:96.
_
Dunn SOC Sewer Projects
' Federal . State
Grant Grant Loan Other Total
Proj# Proj Description Funds Funds Funds Funds Project
32 Golden Leaf Grant Project 506,086 109,386 615,472
66 CDBG-I Wastewater Collection System 1,999,129 1,999,129
67 WWTP Improvements 8,856,100 3,626,000 72,520 12,554,620
68 CWSRF Sewer Collection System Rehab 500,000 9,166,274 193,326 9,859,600
71 WW Collection System Rehab-2021 1,062,234 . 1,436,000' 2,498,234
78 Eastside Pump Station 3,500,000 9,338,202 12,838,202
79 Black River WWTP Effluent 16,100,000 1,564,715 17,664,715
80 Machine&Welding Outfall Sewer 6,993,900 2,347,102 9,341,002
Totals 39,011,363 2,070,801 23,566,476 2,722,334 67,370,974
Percent of Total 57.9% 3.1% 35.0% 4.0%
Projects in red have been completed
- el NCLM
,..4,4r„,..‘, North Carolina Association
'. ,. *1 of County Commissioners
NC LEAGUE OF MUPOCIPAUTIES
Fiscal Year 2025-2026 Anticipated Cost-of-Living Adjustments(COLA)
and Merit increase Survey Results
Average Statewide COLA and Merit Increases VS.CPI,2014-Present
,------,,.
...
---.4."1,1
' i.00s$ -! IA-__, f• „,,,_ , , t - , if ,1
''''
FY 2014 FY 2015 FY 2016 FY 2017' FY 2016 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Pi1074 FY1025 '
Egel Average COLA i77.71 Average Merit .-,-------Consumer Price Index
Average Combined COLA and Merit in FY26 by Region
5 Ail N..!8%,
....
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ill
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STATEWIDE AVERAGE:5.5%