GRAND ISLAND – Pat Brown, chief financial officer and assistant city administrator, gave a report Aug. 20 in the evening to Grand Island’s City Council about the FY2025 budget.
In the General Fund, for FY 2024 revenues, revenues are projected to be $1,273,272, which is higher than budgeted revenues. Sales tax revenues will fall slightly short of budgeted revenues but will exceed previous year sales tax revenues by approximately 2 percent.
“Ending cash for the General Fund is projected to end at $38,421,872, which is $21,275 higher than beginning General Fund Cash,” Brown wrote.
“Property tax revenues will be remaining the same as they were in FY2024 at $12,086,673. Sales tax revenues are projected at a 1.5 percent growth over forecasted sales tax revenue for FY2024. Sales tax revenues are projected to be $18,210,966,” Brown wrote.
“Personnel expenses is budgeted for a 3 percent increase to $41,046,181 from $39,826,942,” Brown wrote. This includes requested FTEs brought forward in budget presentations to City Council.
Operating expenses is budgeted for a 29 percent reduction. The reduction is due to the Camp Augustine/Fire Station #3 funds budgeted in FY 24. Operating expenses are budgeted at $9,890,559.
The General Fund projected ending fund balance for FY24 is $42,386,149. Cash reserves is projected at $13,390,064 with the remaining balance of $28,996,086 available for one-time projects. The remaining funds could be used for: Fire Station #3 rebuild ($5,393,721), ladder truck ($2,340,000), ambulance ($409,000), and police vehicle storage and training facility, ($1.9 million). These one-time expenditures total to $10,042,721.
“Casino tax is a relatively new revenue source for the City,” Brown wrote. For FY24, Casino Tax projected revenues are $830,000, which is 10.7 percent higher than budgeted revenues of $750,000. With the Hotel/Casino opening in February of 2025, projected revenues for FY25 are $1.2 million.
“Food and Beverage Occupation revenue projection for FY24 is $3,229,907, which is 4.8 percent higher than FY24 budgeted revenue. Projected FY24 expenditures are $4,221,420. Year to year expenditures out of Food and Beverage Tax include: Husker Harvest Days, $200,000; Lottery Match (10 percent due to State Fair being held in Grand Island, $575,000; Grow Grand Island, $500,000; Vet’s complex Debt Payment $574,166 (debt will be retired in October 2027). The remaining funds are used for Parks Projects (on average $1,285,834 annually).
Projected FY24 funds from KENO proceeds is $326,000 with projected FY24 expenditures of $718,265. For FY25, budgeted revenues are $340,000 with budgeted expenditures of $954,000 (due to spending down cash reserves).
