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Consider an ordinance adopting the Annual Budget for the City of Killeen for the fiscal year beginning October 1, 2024 and ending September 30, 2025.
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DATE: September 3, 2024
TO: Kent Cagle, City Manager
FROM: Judith Tangalin, Executive Director of Finance
SUBJECT: FY 2025 Budget Adoption
BACKGROUND AND FINDINGS:
Article V. of Killeen's City Charter requires the City Manager to submit a proposed budget to City Council that provides a complete financial plan for the upcoming fiscal year. The proposed FY 2025 Budget was submitted to City Council on July 2, 2024.
State law and the City Charter require a public hearing be held to elicit citizen comment on the proposed budget. A public hearing was held on July 23, 2024. The City Charter also states that City Council may insert additional items and make increases to the City Manager's proposed budget as long as there is a public hearing held on the changes.
Changes made to the proposed FY 2025 Budget required an additional public hearing, which was held on August 20, 2024. Below is a list of those changes:
* General Fund: Increased revenue and expenditure budgets from $125,264,586 to $125,683,084. The $418,498 increase in revenue is due to an increase in the taxable value between the preliminary and certified tax rolls. Expenditure increase is a transfer to the Governmental CIP Fund for the Stagecoach Road Project.
* Debt Service Fund: Revenue budget increased from $16,860,569 to $16,976,055, with no change in expenditures. The $115,486 increase in revenue is due to an increase in the taxable value between the preliminary and certified tax rolls.
* Governmental CIP Fund: Revenue budget increased from $6,439,026 to $6,857,524, with the expenditures budget rising from $4,554,649 to $4,973,147. The net difference of $418,498 is allocated to the Stagecoach Road Project.
* Aviation Fund: Revenue budget decreased $583,072 from $7,151,674 to $6,568,602 to remove the initial Intergovernment...
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