The fiscal year 2022/23 total expenditures and reserves for all funds is $236,074,948, including $100,042,747 in personnel, $40,716,820 in operating, $6,680,210 in capital outlay, $871,004 in operating transfers, and $6,925,167 in debt service. Reserves total $80,839,000. The significant components of reserves include $26,000,000 in unassigned reserves, $2,005,267 for economic development and $19,885,083 for budget stabilization.

Revenues and non-revenue sources for FY 2022/23 total $236,074,948. Ad valorem taxes total $79,546,451 and are the single largest source of revenues for all funds, comprising 33.7% of all revenues/sources of the City’s budget. The total estimated available beginning balance of all funds combined is $76,175,467 and accounts for 32.3% of total sources of funds. The next largest category of revenue for the City are charges for services at $35,874,079, which comprise 15.2% of total revenues and sources of funds. Other revenues consist of the following: intergovernmental revenues totaling $12,258,850; licenses and permits of $7,355,930; impact fees totaling $5,740,284; and other miscellaneous revenues totaling $19,123,887.

General Fund revenues and non-revenue sources total $165,059,701. This is inclusive of an estimated beginning balance available of $49,822,343. Ad valorem tax revenues comprise the largest share of General Fund revenue, at 48.2% of all revenues and sources of funding.

General Fund expenditures and reserves are balanced with total revenues and soures at $165,059,701. Excluding reserves of $49,828,390, expenditures consist of the following categories:

• $78,166,308 - Personnel
• $29,855,157 - Operating
• $ 3,674,210 - Capital Outlay
• $ 3,535,636 - Debt Service

Projected unassigned reserves total $26,000,000, law enforcement reserves total $1,026,535, and reserves for economic development and budget stabilization total $2,005,267 and $19,885,083, respectively. An additional $911,505 is restricted for other purposes.

Revenues and Sources Budget Comparison

The chart and table below provide a more detailed comparison of the adopted FY 2022 and FY 2023 Proposed Budget. Ad valorem tax revenue is up, increasing to $79,546,451 from $71,732,579. Other revenue and transfers/other sources are projected to increase to $35,690,907 from $35,103,342, due to recovery from COVID-19 and projected development. Overall, excluding beginning balances and transfers/other sources, revenues have increased by $8,651,443, or 8.18%, due primarily to the following: increases in ad valorem taxes of $7,813,872 from increased property valuations and an increase in licenses and permits of $1,117,152 due to the projected new development to occur. These increases are offset by an overall reduction in intergovernmental revenues due to the ARPA grant reimbursement that was received in FY 2022. It is important to note that amended, adopted, and proposed budget numbers include Beginning Fund Balance amounts, while actual and estimated actual do not. This is because actual amounts reflect only revenues recognized each year in accordance with Generally Accepted Accounting Principles; Beginning Fund Balance represents resources received and recognized in prior years as revenue but are available for appropriation in future years.

Expenditures and Uses Budget Comparison

Personnel costs have increased from $72,130,961 to $78,166,308, and operating costs have increased from $26,947,642 to $29,855,158. Transfers have decreased from $700,000 to $0, while projected ending fund balance is increased from $39,647,938 to $49,828,389, and capital expenditures have decreased from $5,839,847 to $3,674,210. Debt service has been increased by $287,774 due to capital lease purchases. Excluding capital, transfers and reserve balances, expenditures have increased by 9.02%. It is important to note that amended, adopted, and proposed budget numbers include Reserves, while actual and estimated actual do not. This is because actual amounts reflect only expenditures recognized each year in accordance with Generally Accepted Accounting Principles; Reserves represent funds that are held for restricted purposes or may be reallocated for specific purposes throughout the fiscal year.

The following section contains brief highlights of the City's other budgeted funds, including: Special Revenue Funds (Gas Tax, Golf, Recreation, and Workforce Housing); Impact Fee Capital Project Funds (Mobility, Recreation, Road, Fire, Police, and Public Facilities); One-Cent Surtax Fund; and Internal Service Funds (Fleet Maintenance and Self-Insurance Fund).

For more detailed information on each fund's projected revenues and expenditures, please see the Budget Summary section of the FY 2022/23 Budget Proposal.

Proposed fiscal year 2023 budgeted capital projects for all Impact Fee Funds total $2,313,000. Below is a list of the proposed projects for 2023. Additional information on Capital Improvement Projects for all funds can be found in the Five-Year Capital Plan section of this budget.