HomeMy WebLinkAboutR-2024-066 Adopting the FY 2024-2025 Annual Budget for the City of Riversde RESOLUTION NO. R—2024-066
A RESOLUTION ADOPTING THE FISCAL YEAR 2024-2025 ANNUAL BUDGET FOR THE
CITY OF RIVERSIDE, MISSOURI.
WHEREAS, the Board of Aldermen adopted a fiscal year that begins on July 1 of each
year and ends on June 30 of the following year; and
WHEREAS, the Finance Director, in consultation with city staff, the City Administrator, and
the Mayor and Board of Aldermen, have prepared a proposed budget for Fiscal Year 2024-2025
and submitted it to the Board of Aldermen, in accordance with Chapter 67 of the Missouri Revised
Statutes; and
WHEREAS, the Board of Aldermen has studied, examined and discussed the proposed
budget in public meetings and amended the proposed budget with such revisions, alterations,
increases or decreases as the Board deems advisable; and
WHEREAS, the total expenditures from the various funds in the proposed budget, as
amended by the Board of Aldermen, do not exceed the estimated revenues to be received plus
any unencumbered balances, as required by Chapter 67 of the Missouri Revised Statutes; and
WHEREAS, the Board of Aldermen find it is in the best interest of the citizens of the City
of Riverside to adopt the Fiscal Year 2024-2025 Budget attached hereto and made a part hereof
by reference;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN FOR THE
CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
THAT the Annual Budget for the Fiscal Year 2024-2025 is hereby approved and adopted
authorizing and appropriating expenditures and transfers in the amount of $55,285,185 as set
forth in Exhibit 1 attached hereto and incorporated herein.
FURTHER THAT said budget includes the following information:
a. A budget message, describing the important features of the budget and major changes
from the preceding year;
b. Estimated revenues to be received from all sources for the budget year, with a
comparative statement of actual or estimated revenues for the two years next
preceding, itemized by year, fund, and source;
c. Proposed expenditures for each department, office, commission, and other
classification for the budget year, together with a comparative statement of actual or
estimated expenditures for the two years next preceding, itemized by year, fund,
activity, and object;
c. The amount required for the payment of interest, amortization, and redemption
charges on the debt of the political subdivision; and
RESOLUTION NO. R—2024-066
e. A general budget summary.
PASSED AND ADOPTED by the Board of Aldermen and APPROVED by the Mayor of
the City of Riverside, Missouri, the /E " day of June 2024.
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Mayor Kathleen L. ose
ATTEST: ',
. Robin Kincaid,. ity Clerk
Fiscal Year 2025 Operating and Capital Budget
Capital Community Capital Equip. Debt Service PSST Tourism Tax FPAL Other Total
General Fund Improvement Fund Develop.Fund Fund Fund Fund Fund Fund Funds All Funds
6/30/24 Balance(Est) $ 27,884,416 $ 1,539,571 $ 1,237,405 $ 228,848 $ 1,620,523 $ 753,521 $ 777,594 $ 109,353 $ 86,907 $ 34,238,138
Revenues
Permits&Licenses $ 183,300 $ 183,300
Fees,Fines&Forfeitures $ 161,500 $ 161,500
Taxes $ 4,190,000 $ 965,000 $ 130,000 $ 5,285,000
Investment Income $ 850,000 $ 250,000 $ 1,100,000
Misc.Revenue $ 261,068 $ 261,068
Assigned Income $ 2,620,000 $ 105,000 $ 7,550,000 $ 51,000 $ 7,000 $ 10,333,000
Missouri Gaming $ 5,500,000 $ 5,500,000
Real Estate Income $ 4,250,000 $ 4,250,000
Soccer Lease/Ch. 100 $ 900,000 $ 900,000
Sale of Land Proceeds $ 3,600 000 $ 3,600,000
Sale of Assets/Equipment $ 70,000 $ 10,000 $ 10,000 $ 90,000
Subtotal $ 19,965,868 $ 2,630,000 $ 105,000 $ 10,000 $ 7,800,000 $ 965,000 $ 130,000 $ 51,000 $ 7,000 $ 31,663,868
Transfers From Other Funds $ 4,500,000 $ 12,119,000 $ 131,500 $ 300,000 $ - $ - $ - $ - $ - $ 17,050,500
Total Revenue $ 24,465,868 $ 14,749,000 $ 236,500 $ 310,000 $ 7,800,000 $ 965,000 $ 130,000 $ 51,000 $ 7,000 $ 48,714,368
Available Funds $ 52,350,284 $ 16,288,571 $ 1,473,905 $ 538,848 $ 9,420,523 $ 1,718,521 $ 907,594 $160,353 $93,907 $82,952,506
Expenditures
Elected Officials $ 89,949 $ 89,949
Administration $ 2,133,028 $ 68,000 $ 8,000 $ 2,209,028
Human Resources $ 164,670 $ 164,670
Municipal Court $ 230,620 $ 230,620
Police Admin $ 558,520 $ 558,520
Police Operations $ 4,002,215 $ 55,120 $ 15,000 $ 4,072,335
Police Dispatch $ 1,138,840 $ 1,138,840
Fire $ 2,717,911 $ 2,717,911
Public Works $ 1,785,383 $ 442,000 $ 2,227,383
Engineering $ 433,638 $ 433,638
Building Maintenance $ 389,600 $ 389,600
Parks $ 369,200 $ 369,200
Community Center $ 542,938 $ 15,000 $ 557,938
Community Development $ 787,153 $ 1,400,000 $ 1.900,000 $ 260,000 $ 4,347,153
Capital Project Expenditures $ 14,869,000 $ 1,076,400 $ 15,945,400
Debt Service $ 2,782,500 $ 2,782,500
Subtotal $ 15,343,665 $ 14,869,000 $ 1,400,000 $ 525,000 $ 4,690,500 $ 1,076,400 $ 260,000 $ 55,120 $15,000 $ 38,234,685
Transfers To Other Funds $ 12,550,500 $ - $ - $ - $ 4,500,000 $ - $ - $ - $ - $ 17,050,500
Total Expenditures&Transfers $ 27,894,165 $ 14,869,000 $ 1,400,000 $ 525,000 $ 9,190,500 $ 1,076,400 $ 260,000 $ 55,120 $15,000 $ 55,285,185
6/30/25 Fund Balance $ 24,456,119 $ 1,419,571 $ 73,905 $ 13,848 $ 230,023 $ 642,121 $ 647,594 $105,233 $78,907 $27,667,320