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Proposed budget available to public by Aug. 5

by | Aug 2, 2023 | Latest, news

Wylie officials are in the final stages of their FY 2024 budget process and expect to have a copy for public consumption by the end of this week.

During the July 25 regular city council meeting, city manager Brent Parker presented several items that will be included in FY ’24 operations.

He estimated the beginning general fund balance for the city at $23,324,789 on Oct. 1, 2023. 

General fund revenue for the upcoming year, Oct. 1 through Sept. 30, 2024, is expected to be $55,181,611 compared to $51,744,978 in FY ‘23. This revenue estimate is based on a No New Revenue tax plus 2 cents, 10% sales tax growth and an increase in interest income of $1.5 million.

General fund expenditures for FY ’24 is budgeted at $51,837,046 compared $60,782,978 in FY ’23. Additionally, carry forward expenses from the prior year, expenses related to bringing EMS services in-house and recurring expenses from FY ’23 will leave the ending fund balance on Sept. 30, 2024, at $19,753,601. 

Wylie’s policy is to maintain a fund balance of 25% of budgeted expenditures and next year’s budget sets the ending fund balance at 36%.

Parker reviewed a list of the carry forward items that were approved in this current year and will be received and paid for in FY ’24.

The larger items include two software packages for the finance and IT departments, costing $81,000 and $150,000, as well a new ambulance ($338,840), four replacement Tahoes for police ($149,000), a Tahoe for a new police officer position ($37,000) and a replacement vehicle for the streets department ($102,000). 

The city manager said that two delays in delivery of the Tahoes require the money be allocated to FY ’24.

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