11 Budget Presentation 2024-25FY 2024/25 Proposed Operating
and Capital Budget &
FY 2024/25 – 2028/29 Proposed
Capital Improvement Program
Council Meeting
5/21/2024
Town Council Core Goals
and Strategic Priorities
2024-2026
Proposed FY 2024/25 Operating Budget
•Maintain existing high levels of service
•Provide for minimal staffing changes
•Absorb unfunded State mandates
•Balance with 4.6% salary saving factor and
$0.6 million Residual Measure G District Sales
Tax – Operating Reserve
Year -End Fund Balance Allocations
General Fund Capital/Special Project Reserve
General Fund Capital/Special Projects Reserve as of 6/30/2023 $ 10,359,577
Additional for Capital Projects $ (1,615,000)
Additional to General Liability $ (430,000)
Budget Stabilization and Catastrophic Reserves per General Fund Reserve Policy $ (1,143,263)
Estimated Year-End Surplus $ 1,407,950
To Pension OPEB Reserve per General Fund Reserve Policy $ (300,000)
Estimated Capital/Special Projects Reserve as of 6/30/2024 $ 8,279,264
Additional for Capital Projects $ (1,110,000)
Estimated Capital/Special Projects Reserve as of 6/30/2025 $ 7,169,264
Additional for Capital Projects 5-Year Plan $ (5,550,000)
Available to Reallocate $ 1,619,264 5-Year CIPFY 2023/24FY 2024/251,107,950$
•Nine projects closed in 23/24
•65 Projects Total
•$7M in New Funding + $25.7M in Carryforward
•Seven New Projects Proposed
o Blossom Hill Road – Union to Camden (Grant Funded, $800K)
o Storm Drainage Mapping ($450K)
o TMO Roof Repairs ($80K)
o Fleet Service Bay Work Area ($45K)
o Overlook Road Trees ($40K)
o Sport Court Surfacing ($100K)
o Oak Meadow Plane Recoating (proposed for 26/27, $40K)
Proposed Five-Year Capital
Improvement Program
RECOMMENDATIONS
•Consider the Recommendations of the Finance Commission;
•Provide Direction on the Proposed Operating Budget,
•Provide Direction on the Proposed Capital Budget;
•Approve the FY 2024/25 List of Potential Donations Consistent with the Town’s
Donation Policy; and
•Review and Approve the Town Investment Policy
QUESTIONS?