Final Adopted Budget FY23-24

Over the next ten years, the City will continue its efforts to fund a significant portion of Water Resources projects using Pay-As-You-Go funding using revenues collected from user fees by the enterprise fund. Water Resources plans to raise water and sewer user rates by 8.25% each year for the next five fiscal years to account for various rising costs of which infrastructure is one. Included in the CIP are approximately $378 million worth of projects funded through enterprise funds, allowing the department to save on interest expenses and maintain a strong position with bond rating agencies. In addition, Water Resources estimates spending over $854.7 million in revenue bonds over the next 10 years. The City continues to seek grant funding to provide additional support for CIP projects as opportunities allow. Total grant funding in the CIP equates to approximately $132.8 million. Grants include any funding received from the State or Federal Government that often require a local match from the City. During the 10-year planning period, Grants are projected to be available to support a variety of Transportation projects, including sidewalk construction, road projects, and transit improvements. Finally, this CIP includes almost $66.7 million categorized as Other Revenue. Limited obligation bonds are a major source of Other Revenue in the CIP. Limited Obligation Bonds are supporting two new downtown parking decks and the replacement of two aging Fire Stations.

2024 - 2033 Capital Improvements Summary

Expenditures

Service Area

FY 23-24 5,352,175

FY 24-25 FY 25-26 FY 26-27 FY 27-28 FY 28-33

TOTAL

Community Services General Government

14,037,450 83,697,797 10,500,000 22,942,344 232,582,655 369,112,421

0

0

0

0

0

0

0

Infrastructure Public Safety

237,277,504 275,365,590 209,698,358 229,957,267 208,004,655 404,468,534 1,564,771,908

1,459,000

28,890,000 12,600,000 26,000,000 5,700,000 57,725,000 132,374,000

TOTAL

244,088,679 318,293,040 305,996,155 266,457,267 236,646,999 694,776,189 2,066,258,329

Funding Sources Type

FY 22-23

FY 23-24 FY 24-25 FY 25-26 FY 26-27

FY 27-32

TOTAL

General Fund

0

0

0

0

0

0

0

Enterprise Funds

36,048,890 38,299,469 8,361,825 18,356,216

50,257,679 65,633,511 93,444,593 51,188,648 81,618,534 378,191,855

Grants

37,155,941 15,240,781 25,290,139 16,843,400

0 0

132,829,730 17,427,161

Authorized Bonds

8,879,336

36,000

150,000

0

2016 Authorized Bonds 2022 Authorized Bonds Unauthorized Bonds

36,638,404 4,914,500 1,050,000 850,000 10,000,000 71,809,120

0

17,400,000 56,600,000 10,000,000

0

0

84,000,000

4,646,750

32,563,430 47,552,542 40,072,535 55,364,951 280,307,655 460,507,863

Revenue Bonds

119,868,604 120,209,190 111,668,821 92,100,000 108,050,000 302,850,000 854,746,615

Other

18,506,925

15,189,060 4,350,000 4,350,000 4,350,000 20,000,000 66,745,985

TOTAL

244,088,679 318,293,040 305,996,155 266,457,267 236,646,999 694,776,189 2,066,258,329

Adopted 2023-24 Budget

152