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LL Cityof CITY COUNCIL COMMUNICATION <br />Louisville AGENDA ITEM 2C <br />COLORADO • SINCE 1878 <br />SUBJECT: REVENUE ASSUMPTIONS & EXPENDITURE TARGETS <br />DATE: JULY 18, 2023 <br />PRESENTED BY: JEFF DURBIN, CITY MANAGER <br />RYDER BAILEY, CPA FINANCE DIRECTOR <br />SUMMARY <br />A critical step in developing the Second Year of the 2023-2024 Citywide Budget, the <br />Capital Improvements Plan, and the Long -Term Financial Plan is to update the revenue <br />and expenditure estimates for the most recent complete year actuals (2022), the <br />projections for 2023/24 budget years, and to establish longer term revenue assumptions <br />and expenditure targets for 2025 through 2028. <br />In the Second Year of the Biannual budget, much of the Year 2 budgetary information will <br />be leveraged as a starting point for the development and adoption of the 2024 Citywide <br />budget. In the coming months, Fiscal Staff and Departmental Staff will collaboratively <br />refine 2024 Projections, for Revenues, Salaries and Benefits, Services and Supplies, and <br />Capital expenditures. <br />Revenue Estimates and Assumptions <br />Staff has updated revenue estimates to actuals for the Prior Year 2022, revised when <br />appropriate projections for 2023, while leaving 2024-2028 unchanged since last budget <br />development. The Finance Department prepared most the projections for general <br />revenue sources, such as sales taxes, use taxes, intergovernmental revenue, etc. As the <br />Budget Development process progresses, Departments will be asked to review and <br />update projections for all revenue sources that they collect, assess, or are thought to have <br />the best information to make the projections. For example, projections for building -related <br />revenue are based on forecasts from the Planning & Building Safety Department. <br />Projections for Recreation Center Fees and Golf Course Fees are based on forecasts <br />from the Parks & Recreation Department. projections will be updated as needed during <br />the budget process. <br />The following table from the Long -Term Financial Planning Model summarizes revenue <br />assumption for major revenue sources through 2028. <br />CITY COUNCIL COMMUNICATION <br />11 <br />