TO: Mayor and City Council
FROM: Rod Tonelli, Interim City Manager
SUBJECT:
title
Ordinance Approving the 2024 Fiscal Year Annual Budget for the City of Joliet, Will and Kendall Counties, Illinois.
end
BACKGROUND:
The 2024 budget process officially started five months ago. I would like to thank the Mayor, Council Members, Department Heads, and City Staff for their time and detailed attention to this year’s budget. The City held its statutorily required public hearing on October 17, 2023.
The 2024 Budget has several changes that will increase transparency, strengthen the City’s financial health, and assist in long term financial planning. Please remember that the budget is a financial road map and not an approval to spend. For many of the items in this budget an additional approval from the Council is required before funds are spent.
2024 Budget Highlights
The presented 2024 Budget has 29 different funds with expenditures totaling $580 Million. Among the various funds are the following operating funds
ü Eliminated reliance on Casino Gaming revenue for Operations. This revenue will only be used for Capital Expenditures
ü Increased transparency into Workers’ Compensation and Health Insurance (Retiree and Active) costs.
ü Begin to set aside money for Retiree Health insurance unfunded liability.
ü 2024 General Fund reserves. $68,000,000, 31% of Budget, 3.7 Months of Expenses. Amounts are after transfer of reserves to new funds based on their % of prior budgets.
Projects
Ø Roads and Sidewalks - $22,975,000
o Funding is $7,000,000 Capital Fund and $19,975,000 in Motor Fuel Tax Fund.
Ø City Square & Chicago Street Project - $14,146,325
o City Square and Streetscape- $9,646,325
o Chicago Street and Vault Construction - $4,500,000
Ø Downtown Levee - $2,500,000
Ø Water Meter Replacements - $3,640,000
Ø Sewer Collection System Improvements - $5,170,000
Ø Lift Station Improvements - $2,470,000
Ø East Side Treatment Plant Improvements - $4,350,000
Ø Water Main Replacements - $95,714,276
Ø Police Mobile Command Post - $1,500,000
Ø 50 Vehicles - $7,645,000
o Police - 20 vehicles totaling $1,510,000.
o Public Works - 11 vehicles totaling $2,250,000.
o Sewer & Water - 12 vehicles totaling $1,635,000.
o Fire - 7 vehicles totaling $2,255,000.
The Budget creates the following new positions in 2024. The Budget Ordinance conditions that the initial filling of these positions may only be done by a permanent City Manager.
RECOMMENDATION:
recommendation
The City Administration recommends that the Mayor and City Council approve the 2024 Fiscal Year Annual Budget.
end