Summary of Significant Changes

FY 2024 ANNUAL BUDGET

General Fund

The 2024 Budget for the General Fund is set at $90,861,971, which is a 5.6% increase over the 2023 Adopted Budget. This increase largely stems from CPI adjustments to all expenditures, cost of living increases including health insurance premium increases and a one-time transfer from another fund to reserves. The expansion of shared revenue allowed us to expand seven permanent FTE staff to accommodate the increasing workload and regulations.

Economic Development Fund

Economic Development has seen a decrease of 5.2% from 2023 to 2024, with a budgeted amount set at $373,118, the bulk of the shift comes from a restructure of positions within the department, which has a net cost savings for the 2024 budget.

Downtown Fund

In relationship with our Economic Development Fund, the Downtown Fund also enjoyed a decrease due to restructure of postions across funds.

Hazardous Materials Fund

HazMat is declining by 7.2% from 2023, for the 2024 budget operating expenses were placed at $118,300. The reduction spurs from an attempt to reduce the use of the Hazardous Materials fund balance for operating expenses, reductions were focused on the overtime payroll lines, mobile communications, and a reduction in payments to other organizations.

Police K-9 Fund

The PD K-9 Fund is budgeted for $39,339 for 2024, which sees a 15.7% increase over 2023. Increase is directed related to increases in Personal Services overtime line item.

Water Utility

The Water Enterprise Fund has a 21.4% increase over 2023, with a budgeted amount of $14,064,446 for 2024. Increases on line items account for CPI increases for operating costs of the Utility.

Parking Fund

Parking Fund is budgeted at $791,929 for 2024, which is a 22.7% increase over 2023. The bulk of the increase results from new budgeting for Debt Service payments.

Transit Fund

The City's Transit fund is experiencing a 15.9% climb over the 2023 budget, where 2024 budget amounts total $6,793,537. Majority of the increase over 2023 surrounds Personnel Services, including budgeting for a new Operator in 2024, and a change from a PTE to FTE supervisory position. A rise in contract costs also contributed to a increased budget along side general CPI adjustments.

Hobbs Ice Center Fund

Hobbs 2024 budgeted amount falls to $1,115,859, which is a 7.4% percent decrease over 2023, with one full time position being reduced.

Fairfax Pool Fund

The pool operating fund jumped to $582,394, up 13.9% from 2023. CPI adjustments on operating costs, alongside a increase to the pay plan for part time employees were drivers in the additional costs.

Central Equipment Fund

The Central Equipment fund has seen significant increases to do the costs of parts and fuel over the years, in a attempt to right size the budget, increases have been made to account for increased costs. However, aggressive budgeting within Personal Services brought forward a reduction over 2023 of 5.9% bringing the budget for 2024 to $6,806,270.

Summary of Changes

Summary of Position Changes