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SUBJECT: <br />LRC PROPOSED 2025 BUDGET <br />DATE: <br />OCTOBER 30, 2024 <br />PAGE2OF2 <br />Continuing Expenditures include Staffing Support ($50,000), TIF Refunds ($222,300), <br />Professional Services ($32,150). These expenditures have been utilized year over year <br />or are requirements of the urban renewal district to continue. <br />Staff has included programming expenditures for the Fagade Improvement Program <br />($300,000) and Property Improvement Program ($350,000). The LRC has expressed a <br />desire to continue these programs into future years. It can be difficult to predict when or <br />how a project will come to the LRC to ask to participate in these programs, but allocating <br />funding allows the LRC to participate as a partner when projects come in and meet urban <br />renewal goals and objectives. Staff is also anticipating $1,000,000 being spent in 2025 to <br />advance the Downtown Vision Plan. <br />The Proposed 2025 Budget also shows increased debt service expenditures. These <br />expenditures are for the previously approved 2014 bond that assisted with public <br />infrastructure construction in Delo and the anticipated 2024/2025 bond for capital <br />improvements throughout the district. Debt service from the 2014 bond is anticipated at <br />$1,099,840 and new debt service is anticipated at $1,000,000. <br />Ending Fund Balance <br />Considering the items above, the proposed budget calculates a 2025 ending fund balance <br />of $1,228,925. <br />RECOMMENDATION: <br />Staff seeks LRC input on the Proposed 2025 Budget. The next step in the budget process <br />is for the LRC to vote to advance the Proposed 2025 Budget to City Council for approval <br />(anticipated November 4). The final step will be an LRC vote (anticipated November 20) <br />following City Council approval. <br />ATTACHMENT(S): <br />1. Proposed 2025 Budget <br />CITY COUNCIL COMMUNICATION <br />