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As we head into July, the biggest news around City Hall is the passage of our new fiscal year budget. This new budget, which takes effect on July 1, is the largest the City has ever passed at $41 million. For those who might not know how this budget works, there are two key components. The first is our General Fund, which is a little over $23 million for this coming fiscal year. This is what we use to run our day-to-day operations in the City. It's also part of the budget City staff and City Commissioners decide what goes where based on our community's priorities.
For instance, as we add additional staffing or equipment in a specific department, it comes from the General Fund. When we get requests for park and trail improvements, it comes from the General Fund. When we need to buy more salt because of a challenging winter season, it comes from the General Fund. It is also where we keep our ‘rainy day fund’, which we refer to as our Unassigned Fund Balance. Years ago, the City Commission adopted a resolution establishing a minimum of 15% of our General Fund should be kept in reserve. As we all seem to have unexpected expenses come up in our homes at times, we believe in making sure that we have that money set aside so when we need it, it is there.
I would also add that based on community needs, our priorities sometimes shift during a fiscal year, and we need to cover costs related to that. With all that in mind, we enter into our new fiscal year with a conservative fund balance of 32%. The second part of that $41 million budget is dedicated to specific funds, and we do not have flexibility or discretion as they have to be used within those funds. Examples of this include our Major Street Fund, our Local Street Fund, and Downtown Development Authority Fund. Hopefully, this helps to better understand how the City’s budget process works.
Overall, some of the more significant items are increased staffing levels and new equipment in our public safety departments, which maintain themselves as a top priority in our City. To keep pace and get ahead of our growth, there are $5 million in road maintenance and road construction projects budgeted for this year. Additionally, there is no new bond debt incurred in the new budget, and the City continues to be bond debt free. In summary, the execution of our budget strategies continues to work. We maintain a conservative risk-averse approach to our finances and prioritize what matters to our Walker residents and businesses.
The last item for this month is a quick update on the proposed library expansion. The architect and engineering firm has been selected and our City staff has already met multiple times as we move with a sense of urgency to break ground on the project. More to come on this later this year, but it is official – we are making this happen!
As always, thank you for choosing to call Walker home.
Mayor Gary Carey, Jr.
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