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Oak Point presents FY 2024–25 budget plan; public hearing held
Summary
Staff presented the proposed FY 2024–25 budget highlighting a certified property valuation increase to about $1.328 billion, planned market-adjustment salary items, new positions in police, fire and administration, a $1.3 million CIP transfer for roads and an estimated ending fund balance near $5.4 million; the council opened and closed the required public hearing.
Oak Point — City staff presented an overview of the proposed fiscal year 2024–25 budget and opened the required public hearing, which was closed after no members of the public spoke about the budget at the hearing.
Staff said certified property value for the city was about $1.328 billion, a 10.93% increase over the prior year, and that property taxes remained the largest revenue source (reported as about 43% of general fund revenue). The proposed budget includes market adjustments across public-safety and administrative staff, fully funds several new positions in the police and fire departments, and funds three administrative positions including a planner and accounts-payable role.
The council discussed timing for hiring a planner and noted the city plans to place a portable office on city property to house new staff. The budget includes a transfer to the capital-improvement program of about $1.3 million for road improvements and modest increases for equipment replacement and health insurance; staff reported a small net change in fund balance when transfers are included and an estimated ending fund balance near $5.4 million with reserves around 25% of expenditures.
The council opened the public hearing at the posted time and closed it after no speakers indicated they wished to comment.
