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HomeMy WebLinkAboutII. A. FY 2024- 25 RESOURCE MANAGEMENT PLAN ( BUDGET) OPERATING AND CAPITAL IMPROVEMENT PROGRAM (CIP) 6. FINANCE 4.2.24FY 2024-25 Proposed Budget Letitia Shelton, Director of Finance April 2, 2024 1 Organization Summary Total FTEs Number of Divisions Total FY 2024-25 Budget 66.00 6 $28,618,926 2 FY 2024-25 Programmatic Budget General Fund - $7,635,187 Administration, $2,230,052 , 29% Accounting, $1,287,512 , 17% Accounts Payable, $437,544 , 6% Financial System Services, $696,093 , 9% Payroll, $870,719 , 11% Purchasing , $1,590,355 , 21% SWaM Office, $522,912 , 7% PROPOSED 3 FY 2024-25 Programmatic Budget Risk Management Fund - $20,983,739 Administration, $981,989 , 5% General Liability, $4,539,750 , 21% Workers Compensation, $11,927,000 , 57% All Other Insurance, $3,535,000 , 17% PROPOSED 4 Department Operating Budget Program FY 2023-24 Amended FY 2023-24 FTE FY 2024-25 Proposed FY 2024-25 FTE Change ($)Change (%) Accounting $1,293,848 11 $1,287,512 11 ($6,336)-0.49% Accounts Payable $455,506 6 $437,544 6 ($17,962)-3.94% Administration $1,085,047 7 $2,230,052 7 $1,145,005 105.53% Financial System Service $736,296 6 $696,093 6 ($40,203)-5.46% Payroll $864,234 9 $870,719 9 $6,485 0.75% Purchasing $1,707,083 16 $1,590,355 16 ($116,728)-6.84% SWaM Office $438,158 4 $522,912 4 $84,754 19.34% General Fund Subtotal $6,580,172 59 $7,635,187 59 $1,055,015 16.03% Risk Management $20,333,854 7 $20,983,739 7 $649,885 3.20% RM Internal Service Fund Total $20,333,854 7 $20,983,739 7 $649,885 3.20% Total $26,914,026 66 $28,618,926 66 $1,704,900 6.33% 5 Major Changes & Initiatives •Human Resource and Payroll System Modernization (Workday Human Capital Management System) •Implementing Measures to Enhance Efficiency, Streamline Operations, and Foster Accountability and Transparency •New Regulations and Compliance Requirements •Meeting the City’s Risk Management Needs •Talent Attraction and Retention 6 Initiatives Underway & Conclusion •Future Bond Issuance (Charter, PFRB and Flood Protection Program) •Financial Sustainability •Sound and Effective Financial Practice/Oversight •Maintaining Triple A Bond Rating •Risk Management Software Upgrade •City’s Ongoing Procurement Needs 7