Fiscal Year 2025 Annual Budget Approved

From the Finance Department

The City’s fiscal year runs May 1 to April 30. The City Council Finance Committee conducted budget workshops in November 2023 on the 5-Year Capital Improvement Program (CIP) and in March 2024 on the Proposed Fiscal Year 2025 (FY25) Budget. On April 15, the City Council approved the FY25 Comprehensive Fiscal Plan, which includes the annual budget, 5-year CIP, long-term financial forecasts, and other related information.

The City has a longstanding tradition of conservative projections in its budgeting. For FY24, this approach has continued to yield additional revenue available for needed – but previously unfunded – capital projects. A projected operating surplus in the General Fund for FY24 will allow for an additional transfer of nearly $3.8 million to the Capital Fund to support needed capital improvements. Nearly 90% of that amount ($3.3 million) was generated by building permits and interest income exceeding budget projections. Economic conditions largely drive these revenue sources and can fluctuate significantly from year to year.

The FY25 Budget projects $116.8 million in revenue and $115.7 million in expenses. The FY25 Budget continues the City’s tradition of maintaining sufficient reserves to allow for unanticipated expenses or reductions in State-shared revenue due to the State’s financial crisis.

Additional information on the FY25 Budget can be found on the City’s website (cityoflakeforest.com), and questions may be directed to Finance Director Elizabeth Holleb at hollebe@cityoflakeforest.com.

 INTERACTIVE BUDGET REPORTS

            Interested in digging deeper into the City’s budget? Check out some of our interactive budget reports:

    • Comprehensive Fiscal Planning is more than just an annual budget! The Budget in Brief is an interactive and engaging way for residents and visitors to learn more about the City’s finances and budget priorities for the current fiscal year.
    • The Monthly Flash Report is a high-level, user-friendly monthly summary of key financial indicators that tracks the City’s actual revenue and expenses compared to the budget.
    • The Popular Annual Financial Report is an easy-to-navigate summary of the Annual Comprehensive Financial Report. The report uses graphics and other visuals to augment the financial message and is designed to be easy to understand and not overwhelmingly technical.
    • Find these reports and more at cityoflakeforest.com/InteractiveBudgetReports.
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