FROM: Robert Thompson, General Manager
Originator: Wally Ritchie, Director of Finance
SUBJECT:
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PROPOSED FISCAL YEAR 2023-24 BUDGET UPDATE
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
Approve the proposed Operating, Capital, Debt Service, and Self-Insurance Budgets for FY 2023-24 as follows:
FY 2023-24
Net Operating $215,389,585
Self-Insurance - Workers' Comp. 850,500
Self-Insurance - Property & Gen. Liability 3,318,000
Net Capital Improvement Program 271,978,000
Debt/COP Service 68,611,384
Intra-District Joint Equity Purchase/Sale(1) 3,500,000
Total $563,647,469
(1) Cash to/from Revenue Area 14 (RA14) in exchange for capital assets to/from Consolidated Revenue Area 15 (RA15)
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BACKGROUND
The FY 2023-24 Proposed Budget is included for the Committee's consideration. The Budget Update has been presented to the Operations Committee at the regular June meeting in order to allow each Standing Committee an opportunity to review the proposal prior to the June Board meeting. Although each Committee has had an opportunity to review the proposal, it remains the responsibility of the Administration Committee to recommend approval. The Administration Committee is requested to recommend that the Board of Directors approve this budget at the June 28, 2023 Board of Directors meeting.
RELEVANT STANDARDS
* Ensure the public's money is wisely spent
* P...
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