Scribd Logo
Upload

Welcome to Scribd!

  • 758 views

    Cincinnati Carryover Budget Presentation - Nov. 2023

    Uploaded by

    WVXU News
    The city has a $26.2 million carryover from FY 2023, including $8.1 million from FY 2022. The administration recommends using $7.1 million for deferred capital maintenance, including IT infrastructure, facilities upgrades, and fleet replacement. The mayor recommends an additional $3.85 million for industrial redevelopment, community initiatives, and beautification projects.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Cincinnati Carryover Budget Presentation - Nov. 2023

    Uploaded by

    WVXU News
    758 views15 pages
    The city has a $26.2 million carryover from FY 2023, including $8.1 million from FY 2022. The administration recommends using $7.1 million for deferred capital maintenance, including IT infrastructure, facilities upgrades, and fleet replacement. The mayor recommends an additional $3.85 million for industrial redevelopment, community initiatives, and beautification projects.

    Original Description:

    Presented to Cincinnati City Council's Budget and Finance Committee on November 6, 2023.

    Original Title

    Cincinnati Carryover Budget Presentation | Nov. 2023

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The city has a $26.2 million carryover from FY 2023, including $8.1 million from FY 2022. The administration recommends using $7.1 million for deferred capital maintenance, including IT infrastructure, facilities upgrades, and fleet replacement. The mayor recommends an additional $3.85 million for industrial redevelopment, community initiatives, and beautification projects.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    758 views15 pages

    Cincinnati Carryover Budget Presentation - Nov. 2023

    Uploaded by

    WVXU News
    The city has a $26.2 million carryover from FY 2023, including $8.1 million from FY 2022. The administration recommends using $7.1 million for deferred capital maintenance, including IT infrastructure, facilities upgrades, and fleet replacement. The mayor recommends an additional $3.85 million for industrial redevelopment, community initiatives, and beautification projects.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 15

    Budget and Finance Committee

    FY 2023 Carryover
    November 6, 2023
    2

    FY 2023 Carryover to FY 2024


    FY 2023 Carryover Amount:

    • $26.2 million (includes $8.1 million net carryover from FY 2022)

    • Resulting from a combination of revenues exceeding estimates,


    expenditure savings, and prior-year cancelled encumbrances.
    3

    Stabilization Funds Policy

    Goal:

    • Set aside at least 16.7% of general operating budget revenues as reserves.

    • Minimum reserve amount is based on the Government Finance Officers Association


    (GFOA) recommended goal of two months of estimated revenues.

    • Reserve balance is critical to the City’s credit ratings.


    4

    Reserve Account Balances


    5

    Reserves* History Since 2018


    Combined Reserve Balances
    $100,000,000

    $90,000,000

    $80,000,000

    $70,000,000

    $60,000,000

    $50,000,000

    $40,000,000

    $30,000,000

    $20,000,000

    $10,000,000

    $-
    2018 2019 2020 2021 2022 2023

    Our reserve balances have increased approximately 100% since 2018.


    *Reserve amounts are after transfers, and the year refers to the year being closed out .
    6

    Reserves* History Since 2018

    *Reserve amounts are after transfers, and the year refers to the year being closed out .
    7

    Stabilization Funds Policy: Waterfall Funding Mechanism


    8

    Administration’s Recommended One-Time Uses


    for Additional Surplus
    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million

    • Enterprise Technology Solutions = $1.8 million


    • City Radio Replacements = $0.8 million
    • This will set aside funds for radio replacements which is a +$10m overall project with
    radios set to become obsolete in 2025.
    • Lifecycle Asset Replacement = $0.5 million
    • This will provide funds to replace various Windows based devices that are no longer
    supported.
    • Uninterruptable Power Supply (UPS) Systems = $250k
    • UPS provides power for various network components to keep the City’s critical IT
    infrastructure available during power outages.
    • Phone System / Unified Communications System = $250k
    • This will provide funds for an ongoing project to replace the City’s legacy phone
    system.
    9

    Administration’s Recommended One-Time Uses


    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million (continued)

    • City Manager’s Office = $0.4 million


    • A Solar Panel Battery Backup Resiliency Hub in College Hill was funded in the FY
    2024 Capital Budget.
    • The next two locations will be in Millvale and Evanston.
    • Funding will enable a second location to be completed and provide partial funding for
    the third location.
    10

    Administration’s Recommended One-Time Uses


    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million (continued)

    • Community and Economic Development = $1.0 million


    • Parking Garage Improvements: Funds will be available to be deployed for capital
    improvements needed at any City owned off-street parking garage. A large portion of
    these funds are intended to be utilized at the Town Center Garage for continued
    maintenance and repair during CY 2024, while the City undergoes additional
    engagement on the long-term use for that site.
    11

    Administration’s Recommended One-Time Uses


    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million (continued)

    • Public Services – City Facilities Management = $3.4 million


    • Asbestos Abatement = $1.0 million
    • Funds will address the remediation of City facilities with asbestos, particularly
    asbestos glazed windows.
    • Public Safety Facilities = $1.0 million
    • Funds will be used for various improvements at public safety facilities.
    • Fire Training Center = $0.5 million
    • Funds will be used to cover additional costs related to the Fire Training Center.
    12

    Administration’s Recommended One-Time Uses


    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million (continued)

    • Public Services – City Facilities Management = $3.4 million (continued)


    • Electrical Arc Flash Hazard Study and Mitigation = $400k
    • Funds will be used to make electrical upgrades required at City facilities.
    • HVAC Upgrades = $250k
    • Funds will be used to upgrade HVAC systems in City facilities.
    • Safety Upgrades = $250k
    • Funds will be used to make upgrades to safety and security systems in City
    facilities.
    13

    Administration’s Recommended One-Time Uses


    Deferred Capital Maintenance (65% of remaining amount) = $7.1 million (continued)

    • Public Services – Fleet Services = $0.5 million


    • Police Department SWAT Vehicle Replacement
    14

    Mayor’s Recommended One-Time Uses

    Items Contained in Separate Ordinance (Item #202302300)

    • Industrial Site Redevelopment = $1.6 million

    • West End Community Development Initiatives = $2.0 million

    • Keep Cincinnati Beautiful (KCB) Capital Facilities Improvements = $250k


    15

    Questions?

    You might also like