City of Victoria Sources of Funds (Revenues)
The Sources of Funds (Revenues) for Fiscal Year 2023 Annual Budget equal $167,202,053, an increase of $10,181,867 or 6.5 percent, compared to Fiscal Year 2022 Original Budget, $157,020,189.
Original Revenue Budget is $10.2 million higher than prior year, mainly due to the following:
- Governmental Funds - decreased $5.08 million or 5.2 percent
- Sales tax receipts increased $175K;
- Property tax increased $1.4 million, General Fund, and decreased $48K, Debt Service, with a proposed tax rate of $0.5582, and includes $651K from new property value;
- Motel tax receipts increased $41K;
- Intergovernmental Capital Improvement Project decreased $6.7 million mainly due to UHV Ben Wilson Corridor Project;
- Transfers for Capital Improvement Projects increased $7.09 million for various projects;
- Intergovernmental decrease of $7.1 million is mainly due to prior year funds received from American Rescue Plan Act Grant;
- Other Revenues increased $101K, the net result of a decrease in transfers from other departments, increase in permits, fines, charges for services and increase in City/County Fire Contract.
- Enterprise Funds - increased $13.16 million or 30.2 percent
- Water/Wastewater Fund increased $192K, mainly due to the net effect of a decrease in water sales and an increase in sewer sales based on customer usage; there are no fee increases proposed; an increase in interest income and the newly established CIP Bond Service Fee;
- Environmental Services increased $301K, mainly the net effect of an increase in extra cart fees and a decrease in transfer to Closure/Post Closure.
- Golf Fund increased $39K, mainly due to increase in golf rounds and beer sales;
- Construction Fund increased $12.6 million, mainly due to Utility Revenue Bonds;
- Community Center Fund decreased $20K mainly due to current rental trend.
- Internal Service Funds - increased $2.1 million or 13.1 percent
- Interdepartmental charges increased $2 million mainly due to Building & Equipment Services Fund, fuel and vehicle replacements programs, and increase in technology charges;
- Health decreased $288K, mainly the net result of an increase in retiree and drug rebates, and employee premium reduction program.
City of Victoria Uses of Funds (Expenses)
The Uses of Funds (Expenses) for Fiscal Year 2023 Annual Budget equal $183,131,658, an increase of $11,877,288 or 6.9 percent, compared to Fiscal Year 2022 Original Budget, $171,254,369.
Original Expense Budget is $11.9 million higher than prior year, mainly due to the following:
- Governmental Funds - decreased $3.6 million or 3.3 percent
- Personnel increased $1.3 million and includes $213K for Phase III of the Compensation Pay Plan, $542K for STEP Pay Program, and, $430K for new staff;
- Supplies increased $174K, mainly due to current trends in fuel prices;
- Maintenance increased $178K, mainly due to equipment, public safety software maintenance, and street maintenance;
- Professional Services increased $450K, mainly due to one time expenditures for Active Transportation Plans, GIS Flyover
- Grant Programs decreased $7.1 million, mainly due to decrease in various grants, such as, Harvey Mitigation, COVID, NCRS and increase in ARPA Grant;
- Transfer to other funds decreased $186K, mainly due to no transfer to Stabilization Fund, decrease to CVB Fund and increase to newly established Economic Development Fund;
- Transfers to Construction for CIP decreased $1.39 million;
- Debt service increased $160K, mainly due to redeeming more bonds to increase debt capacity and new CO Bond issue;
- CIP Program decreased $1.6 million due to FY 2023 program;
- Capital expenditures increased $491K, the net result of less computer hardware, equipment, and additional funds for other structures, software maintenance and machinery.
- Enterprise Funds - increased $14.26 million or 30.8 percent
- Personnel increased $438K and includes $232K for Phase III of the Compensation Pay Plan, and $283K for new staff;
- Supplies increased $424K mainly due to fuel, chemicals, and small tools;
- Maintenance increased $237K mainly due to lift station maintenance and machinery & tool maintenance;
- Contractual Services decreased $143K, mainly due to Overpass Cleaning Program, and moving Sweeping Program;
- Interdepartmental increased $621K mainly due to one time garbage truck purchase, IT charges, as well as an increase in Fleet Services;
- Debt Services decreased $1.05K, due to current trends;
- Transfers to other funds decreased $625K, due to no transfer to Stabilization Fund and reduced the transfer to Closure / Post-Closure Fund;
- Transfer to Construction for CIP incrased $2.09 million;
- CIP Program increased $13.01 million as part of the City's Capital Improvement Program for FY 2023.
- Capital Outlay decreased $781K mainly due to prior year building projects.
- Internal Service Funds - increased $1.24 million or 7.7 percent
- Personnel increased $81K and includes $28K for Phase III of the Compensation Pay Plan and $50K for new staff;
- Maintenance increased $218K, mainly due to software maintenance;
- Contractual Services increased $761K, mainly due to an increase in fuel costs and an increase in one-time funds for software implementation;
- Interdepartmental increased $538K mainly due to the addition of vehicles to the lease program and an increase in insurance;
- Transfers decreased $50K, due to excess working capital transfer to General Fund last year;
- Health decreased $290K mainly due to a decrease in Insurance premiums and claims;
- Capital expenses decreased $15K and include $1.7 million in new vehicles.
- There were no changes from the Proposed Budget in August to what was Adopted in September.