Agenda Date: 11/19/2024
Subject:
Title
Ordinance 23-2024: An ordinance on second reading appropriating funds for the 2025 annual budget for all municipal purposes of the City of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of Colorado, for the fiscal year beginning January 1, 2025, and ending December 31, 2025
Body
From:
James L. Becklenberg, City Manager
Prepared by:
Kevin Orton, Budget Manager
Presentations:
Tiffany Hooten, Finance Director
Kevin Orton, Budget Manager
PURPOSE:
Council consideration of the 2025 annual budget for all municipal purposes of the City of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of Colorado, for the fiscal year beginning January 1, 2025, and ending December 31, 2025.
LONG-TERM OUTCOME(S) SERVED:
High-Quality Governance
DISCUSSION:
The 2025 annual budget total appropriations for all municipal purposes is $114,831,846. Of that amount, $63,283,760 is for the General Fund. The ending balance in the General Fund for 2025 is $18,356,028. The fund balance as a percentage of expenses at the end of the five-year long-range forecast is 8.1%, which is below the city's revised fund balance reserve policy of 18-25%. A forecast can change over the years and while this is below the recommended reserve, there is ample time to make adjustments as necessary.
Potential future ongoing revenues from new developments in 2026 are not accounted for in the financial forecast. If potential revenues are included, the fund balance as a percentage of expenses at the end of the five-year long-range forecast would be 33%. The 2025 budget maintains critical city services while revenues from future developments is uncertain at this time.
The following are changes in the 2025 Proposed Budget based on budget discussions at the September 7 and October 8, 2024, council study sessions.
* Add $700,000 to 3A Capital Improvements Fund 2025 Proposed Budget for the Euclid Complete Streets project.
* Add $500,000 to the 3A Cap...
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