FY 2023 projections are as of March 31, 2023 and a revenue surplus of 4.89% or $10.4M is expected. The largest drivers of the anticipated surplus continue to be real estate and personal property tax revenues. Other tax revenues such as meals, sales, and lodging taxes continue to perform strong and are projected to make up another $2.8 million of the projected surplus.
Capital Projects Fund
The City's fund balance policy calls for all funds in excess of 17% in the General be transferred to the CIP fund to be used as pay-go for future projects. Beginning in FY 20, City Council began setting aside funding for the Buford School Reconfiguration project and construction is set to begin in July 2023. The total project is $91.8 million dollars. The drawdown of fund balance in FY 24 was a planned draw down of the funds previously set aside for this project.
Non Major Funds
The Human Services Fund Balance was used to help provide additional assistance during the pandemic during FY 20, FY 21 and FY 22.
Internal Service Funds
The City's Healthcare fund has been maintaining a fund balance in excess of it's 20% target. As a result, some of that fund balance has been used to help offset cost increases to the City and the employees.