Title
FY2023 & FY2024 Budget Presentation
Recommended Action
None - discussion item only. The budget will be presented in March for approval.
Staff Recommendation
None - discussion item only. The budget will be presented in March for approval.
Body
Attached is the proposed budget for FY2023 and the projected budget for FY2024. This is a two year-budget cycle with a proposed budget for the first year and a projected budget for the second year. Two years are presented to assist with the analysis of trends and spending. Next year, the projected budget for FY2024 will be updated and presented for approval.
The FY2023 expenditure budget overall as presented is $1,846,224, or 2.09%, higher than the FY2022 budget that was approved in last year’s budget process. This is primarily due to increases in labor costs, interdepartmental charges, and contractual services. Projected FY2024 budgets are $4.1 million or 4.59% higher than FY2023 proposed budgets. This is largely in part to increases in debt service for bonds and increased capital costs proposed in Electric Distribution.
Budget revisions and carryovers have been included in FY2022 approved budgets. This adjustment has been added to calculate the projected ending cash balances more conservatively for FY2022. If these expenses are excluded there is a potential to overstate cash balances and underestimate needed increases in revenues.
Specifics in each Utility sub-fund are discussed below.
NOTE: this is a preliminary draft. Some input is still being finalized and some numbers are likely to change between now and final presentation to the Board for approval in March. All changes will be noted when the Board considers the final budget for adoption in March.
Staffing Changes
Currently DPU has 95 regular term FTEs, two limited term FTEs, and 3.65 FTEs Casual, Student and Temps. FY2023 budgets show an additional FTE being added to the GWS division. This was presented to the board in the Water Systems Q...
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