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Home My WebLink About2023-06-8777ORDINANCE NO. 2023-06-8777 AN ORDINANCE ADOPTING THE CITY OF PADUCAH, KENTUCKY, ANNUAL OPERATING BUDGET FOR THE FISCAL YEAR JULY 1, 2023, THROUGH JUNE 30, 2024, BY ESTIMATING REVENUES AND RESOURCES AND APPROPRIATING FUNDS FOR THE OPERATION OF CITY GOVERNMENT WHEREAS, an Annual Operating Budget proposal has been prepared and delivered to the Board of Commissioners of the City of Paducah, KY; and, WHEREAS, the Board of Commissioners has reviewed and discussed the proposed Annual Operating Budget and desires to adopt it for Fiscal Year 2024. NOW, THEREFORE, BE IT ORDAINED by the City of Paducah, Kentucky as follows: Section 1. The Annual Operating Budget for the Fiscal Year beginning July 1, 2023 and ending June 30, 2024, including all sources of estimated revenues and appropriations for all City funds as set forth in Exhibit Number 1 attached hereto is hereby adopted. Section 2. The balance of all capital construction, renovation, improvement projects, and grants currently approved and/or nearing completion are hereby approved for re -appropriation and carry over for the Fiscal Year beginning July 1, 2023 and ending June 30, 2024. Section 3. The City does hereby adopt the following financial management policies: A. The General Fund's minimum undesignated cash balance shall be 10% of the General Fund's budgeted appropriations. The Investment Fund's minimum undesignated cash balance shall be 10% of the Investment Fund's budgeted appropriations. The Solid Waste Fund's minimum unreserved cash balance shall be 10% of the Solid Waste's budgeted operating expenses. The Debt Service Fund's minimum cash balance shall be not less than $600,000. B. The City Manager or designee is authorized to transfer appropriated amounts - between funds, departmental budget line items, projects, between divisions of departments, and between departments as shown in Exhibit Number 1. C. Funds appropriated as Administrative contingency shall be obligated at the discretion of the City Manager, however, the Board of Commissioners shall be notified five calendar days prior to obligation of the proposed expenditure. If any individual member of the Board of Commissioners requests Commission review of a proposed expenditure, the City Manager shall bring expenditure before the Commission for approval by municipal order, or not proceed. D. City Manager shall assure that recurring revenues and resources are greater than or equal to recurring expenditures. The City Manager or his designee shall be authorized to increase appropriations in an amount not to exceed any unanticipated increases in revenue or resources. E. The City Manager has the authority to enact a budget allocation program or to transfer funds to or from any departmental line item appropriation. Department Directors shall be responsible for keeping all appropriated accounts within their respective department positive. F. As vehicles are acquired, the City will fully fund the Fleet Lease Trust Fund in order to replace rolling stock owned by the Fleet Lease Trust Fund as it achieves obsolescence. The Fleet Lease Trust Fund shall be funded with monthly lease charges assigned to rolling stock as determined by the Finance Director or his designee. All rolling stock is owned by the City's Fleet Lease Trust Fund, and leased to respective departments for use. G. The City will maintain a self-insurance fund called Health Insurance Trust Fund through the use of user fees as set by administrative policy. H. In fiscal year 2006, the City issued a General Obligation Bond (GOB) for the Police and Firefighters' Pension Fund (PFPF) bringing the fund up to an actuarially sound basis; however, the multi-year recession starting in fiscal year 2009 reduced the fund's corpus leaving a new unfunded liability. Funding is provided in the General Fund of this ordinance to further address the PFPF unfunded liability. K:\City Clerk\CITY CLERK\0RD\F1NANCE\Budget FY2024.Doex I. The City will provide to all eligible employees up to a $727 per month credit (for the months of July - December 2023) to be applied to the Comprehensive Health Insurance Benefit Plan (Cafeteria Plan) as directed by the employee. In January 2024, this monthly credit may be adjusted by the Board of Commissioners as recommended by the City Manager or his designee. J. The City will maintain a special fund called Investment Fund, and is considered an extension of the General Fund. The Investment Fund is funded with a 1/2 cent portion of the City's occupational license fee (employee payroll withholding tax). This fund is dedicated to the following expenditures: economic development, neighborhood re -development, infrastructure capital investment, property tax relief, and pension obligations. Section 4. The provisions of this Ordinance are hereby declared to be severable, and if any section, phrase or provision shall for any reason be declared invalid, such declaration of invalidity shall not affect the validity of the remainder of this Ordinance. Section 5. All prior Municipal Orders or Ordinances or parts of any Municipal Order or Ordinance in conflict herewith are hereby repealed. Section 6. This ordinance shall be read on two separate days and will become effective upon publication in full pursuant to KRS Chapter 424A ATTE T: L � c Liffey Parish, Ci Clerk Introduced by the Board of Commissioners, May 24, 2023 Adopted by the Board of Commissioners, June 13, 2023 Recorded by Lindsay Parish, City Clerk, June 13, 2023 Published by The Paducah Sun, June 15, 2023 ORD\FINANCE\Budget FY2024 K:\City Clerk\CITY CLERK\ORD\FINANCE\Budget FY2024.Docx Expmdltumz City of Paducah Administration $ 2,144,340 S $ 427,000 S Anumd Operating Budget Ibr A0 Funds and Categories ofGoverumeut $ - $ - $ 2,571,340 / -- 1,467,717 14,604,440 Estimated Appropriations & Expenditures 3,732,795 7,322,630 - 27,127,592 IutormativeTechrmlogy 1,517,982 35,000 FY2024 (July 1, 2023 to June 30, 2024) _ - 1,552,982 C7smmer Dgcerieace 469,703 _ _ Exhibit No.1 469,703 Planning 858,407 - 691,725 General Special Capital Debt Enterprise Internal Trust 90,800 25,000 - - Fund Revenues Projects Service Foods Service Funds Total Smartest 11,506,766 Public Works 4,879,292 2,035,000 650,000 - - Fines S 102,500 S 30,OOD $ - $ - $ - - $ - a - S 132,500 Guns Cable Authority 1,116,000 765,375 - - 64,000 - - 1,445,375 lsoorest Income 23,643 900,000 328,250 - - 88,000 190,000 120,100 1,626,350 Band Proceeds - - 0 _ _ _ _ Human Resources 0 Charges for Service _ 743,520 40,000 - - 4,778,000 5,400,835 0 10,962,355 Other Fees _ 67,000 _ _ 1,000 - 500 68,500 Occupational License _ _ 30,878,500 8,050,000 - 655,875 - - - 39,584,375 Permits&Fees 6,580,302 564,500 - - - 5,500 - _ MOOD Property Rent Fund Transfers Out 456,045 291,490 - 109,720 36,000 1,094,290 - 1,987,545 PmperlyTastes 8,566,150 - - - - - - 8,566,150 Recreative Fees 92,500 - _ _ _ - 92,500 Sales 23,500 - - 81,000 25,000 264,000 393,500 Other Taxes 1,231,000 - - 1231000 Total S 43,510,215 S 10,736,115 $ - $ 765,595 S 5,053,500 $ 6,710,125 $ 384,600 S 67,160.15D Fund Trawfers In $ 519,700 $ 2,913,295 $ 2,153,725 $ 2,967,460 S $ 328,805 S 425,000 $ 9,307,985 Total Sources S 44,029,915 8 13,649,410 S 2,153,725 S 3,733,055 S 5,033,500 S 7,038,930 S 809,600 S76,468,13$ Expmdltumz Administration $ 2,144,340 S $ 427,000 S - $ - $ - $ - $ 2,571,340 Finance 1,467,717 14,604,440 - 3,732,795 7,322,630 - 27,127,592 IutormativeTechrmlogy 1,517,982 35,000 _ - _ - 1,552,982 C7smmer Dgcerieace 469,703 _ _ 469,703 Planning 858,407 - 691,725 - - - - 1,550,132 Police 13,491,557 90,800 25,000 - - - - 13,607,357 Fire 11,371,766 - 135,OOD - 11,506,766 Public Works 4,879,292 2,035,000 650,000 - - 892,520 - 8,456,812 Parks 3,934,090 40,OOD - 137,644 - - 4,111,734 Cable Authority 85,355 - - - - - - 85,355 Humaultights 23,643 _ _ 23,643 Engineering 1,907,025 - 150,000 - - - - 2,057,025 Human Resources 650,014 _ _ _ _ _ 650,014 Investment Fund - 1,068.400 _ _ _ _ 1,068,400 E911 - 2,598.830 _ _ _ _ _ 2,598,830 Solid Waste - - - - 6,580302 - _ 6,580,302 Pensions - - 932,975 932,975 Fund Transfers Out 3,332,380 10,500,850 - - 395,055 79,700. - 14307$85 Total Expenditures S - 46,133,271 $ 30,598,320 S 2,153,725 S 3,732,795 S 7,113,001 5 8,294,850 S 932,975 S 99,258,937 Reserves Utilized S (2,103,356) S (17,249,910) S - S 260 S (2,059,501) S (1,255,920) 5 (123,375) $ (22,790,802)