HomeMy WebLinkAboutCity of Medina 9.12.22 PP PresentationCity of Medina 2023 Preliminary Budget Public Hearing
City of Medina 2023 Preliminary Budget Public Hearing
Medina City Council
September 12, 2023
August 8 – Directors were presented with the 2023 Budget Template
August 15 – August 31 – Individual Meetings with Department Directors to individual Budget Items
August 31 – Directors and City Manager meet to discuss 2023 Budget
September 6 – Finance Director and City Manager Meet with Finance Committee to Discuss Preliminary Budget
September 12 – First Public Hearing on 2023 Preliminary Budget
Preparation Of Preliminary Budget
10 Year Long Term Financial Plan for City of Medina (2020-2029)
Provide Sustainable Level of Funding
Maintain 2019 Level of Service Going Forward
Levy Stabilization Fund to Maintain Level of Service 2026-2029
$2,000,000 Minimum Required Balance Needed by 12/31/2025
2021 – Deposited $500,000 into Fund
2022 – Deposited $500,000 into Fund
2023 – $500,000 Budgeted for 2023
2019 Levy Lid Lift Election Overview
Conservative Revenue Predictions, annualized year to date numbers and added 2% for Inflation
Intergovernmental Revenue, used MRSC Estimated Distribution for Numbers
For REET Revenue, YTD Annualized minus 25% to Cover Market Cool Down
Budget Process Overview
5% decrease in General Fund Revenue
$400K 2022 Passport Revenue
$100K 2022 Contributions/Donations
24% Increase Insurance Costs (WCIA)
24% Increase to NORCOM Dispatch Service
9.8% Increase for Bellevue Fire from 2022
2022 one-time decrease in cost, 2023 returning to pre-covid (2.5% increase from 2021)
Budget Item Callouts
September 14, 2023 – Preliminary Budget Provided to City Council
September 26, 2023 – City Council Study Session on Budget (Deep Dive)
October 10, 2023 – Second Public Hearing on Proposed Budget and Revenue Sources
November 14, 2023 – Final Public Hearing on Proposed Budget, sets property tax levy to KC Assessors Office
November 14, 2023 – Council Votes to Adopt 2023 Budget
Future Dates of Note
Questions?