Loading...
HomeMy WebLinkAboutPresentation_Workshop_6/20/2023 (3)FY2023/24 1 WorkshopProposed Budget A Balanced Budget 2.expensesbudgetedthecoversufficientmustVillagethereserves)(includingavailableresourcestotalthethatmeansbudgetbalancedA■ .yearfiscalthesetsbudgetannualThe.ratetaxvaloremmaximumaset andbudgetexpenditureannualappropriaterequiredTequestaVillagetheyearEach■ Type of Funds 3.collectionmaterialrecyclableandwasteyardwaste,solidforchargedfeestheforaccounttousedisfundThis-RecyclingandRefuse■ .feeachargedareunitsdwellingfamily-multiandresidentialbusinesses,All .parceleachforsurfaceimpervioustheoftotaltheutilizingbycalculatedareERU’s.basis(ERU)unitresidentialequivalentanonestablishedfeesuserbyFunded–UtilityStormwater■ .needscapitalfutureaswellasexpenditures offsettosetareFees.utilitywatertheofactivitiestheforaccounttousedisfundThis-UtilityWater■ Supporting-SelfbeShould–FundsEnterprise.areaanyinservicesandprogramstofundstheallocatecanCouncilandMayorthesi ncefunds,discretionaryoflargelycomprisedisbudgettheofportion**This.fundthisforsourcerevenuemaintheareTaxes.fundthisforrevenueofexamplesareservicesforchargesincome,interestinvestmentrevenues,sharedSta tevalorem,-Ad.AdministrationIT,Finance,Planning,Parks,Fire,Police,assuchservicesVillagefundtousedisFund–FundGeneral■ Restricted Funds 4 704.932ChapterStatueStateFloridabyprescribedaspurposesenforcementlawcertainforexpendedbemustforfeituresThe.DepartmentPolicethebyreceivedforfeituresforaccountsfundThis-FundEnforceme ntLawSpecial■ .fundsotherthesupplementorsupporttousedbenotMay.servicesspecificthoseofdeliverythesupporttousedbeonlymayreservesandFunds.feesinspectionandbuildingbyFunded–FundBuilding■ 895,434,1$.projectscapitalspecificand/ornecessaryfundtoFundGeneralthefromtransfersbyfundedisfundThe–)303(FundProjectsCapital■ .)sidewalksandbridgesroads,as(suchinfrastructuregeneralVillage’sTheofupk eepandmaintenancetheforaccounttousedisfundThis.609,222$estimatedtaxUtilityWatertheand)2026(Sunsets446,534$ofestimatedamounttheinSurtaxSalesStatethebyfundedisfundThis-)301(FundImprovementCapital■ FY 2023/24 Budget Process .deadlineTRIMState’sthemeetto24-2023FYforRateMillageMaximumthesettoneedwillCouncilVillage2023July.deadlineTRIMState’sthemeetto24-2023FYforRateMillageMaximumthesettoneedwillC ouncilVillage2023July 5 September 21, 2023September 14, 2023Tentative Dates: Public Hearing September 21, 2023September 14, 2023Tentative Dates: Public Hearing budget.andrate final millagepublic hearing adopting a Second -.budget and ratemillage tentativepublic hearing adopting a First -(September)workshops.holds CouncilVillage -Council.illageVto budget proposed the submitsManager Village -August)–(June Manager.Villagethe withmeet Departments (May)improvement plan is updated. year capital -requests and fivebudgettheir operating Departments develop April)-(March departments.the distributed to is calendarbudget The February)-(January 2022 6.ParkDogthetoParkTequesta■ .vehicles65ininstalledGPSFleetVerizon■ .stationcrosswalksafetyLEDpoweredsolaraofincludingRoadSeabrookoninstalledCrosswalk■ .fieldbaseballmainandcourts,basketballcourt s,pickleballincludingParkTequestaatinstalledLightingSportsLED■ .programthistowardsdonationsomeandpendingseveralhaveand2023MayintreefirstplantedWe.operationinisProgramTreeAAdopt■ .CompletedParkRemembr anceforDrawingsandDesign■ .285,773$-ProgramMaintenanceRoadof3YearCompleting■ .Seabrook)to(RiversideSidewalk■ .componentsDrainageStormwaterandSidewalks,RoadincludeswhichunderwayProjectPortalEl■ 2023 Highlights- 2022 7.SystemPhoneUpgraded■ .shifttoshiftplusadministrationandshiftsbetweencommunicationenhancetoBoardsStatusArrivingFirstPurchased■ .ResponseEmergencyBetterFacilitatetoDevicesPreemptionTraffic■ .TFD–Tanks(SCBA)ApparatusBreathingContainedSelftheFilltoCompressorAirPurchased■ .MonitorsCardiac)2(twoPurchased■ .ShiftperFirefighterEightStaffingofGoalVillage’sthetowardsTeamDepartmentFirethetoFire fighterAdded■ .2021FYinorderedwaswhich)85(TruckLadderTFDnewPurchased■ 2023 Highlights- Fund Balance Policy 8 General Fund operating expenditures. restore the unassigned fund balance to an amount equal to three months of will so advise Village Council in order for the necessary action to be taken to of operating expenditures, the Village Manager and/or the Finance Director two months the unassigned fund balance to fall below an amount equal to If, after the annual audit, prior committed or assigned fund balance causes UNASSIGNED FUND BALANCE Description Estimated-E 9 491K in FY 2023).ARPA Funds removed from calculations (1.5 million in FY 2021, $938K in FY 2022, and -@ months operating expendituresDuring FY 2022 Village Council moved to increase our Target Fund Balance to three -* –Fund Balance History (148,589) (211,846)548,961(330,092)(767,497)Target Under) Fund Balance Over/(Amount 3,884,9733,437,9252,819,744 1,884,304 1,479,005 @Unassigned Fund Balance at Year‐end 4,033,562 3,649,8772,270,783 2,214,396 2,246,502 *Months’ Expenditures (Target) Three 16,134,24814,599,085 13,357,547 13,286,377 13,479,010 ExpendituresCapitalExpenditures less FY2023EFY2022FY2021FY2020FY2019 0.0000 1020.090813.46186.6290202320.632014.00306.6290202220.806414.17746.6290202121.025114.39616.6290202020.162213.87026.2920201920.443114.15116.2920201820.929314.63736.2920201721.549215.25726.292020 1621.763015.47106.2920201521.592115.54216.05002014Total Millage RateAll Other Taxing AuthoritiesVOT Millage RateFY All Other Taxing AuthoritiesVOT Millage Rate Last Ten Fiscal Years–Millage Rate History 202320222021202020192018201720162015201425.000020.000015.000010.00005.0000 FY 2023 has been developed using the new millage rate. millage rate from 6.6290 to 6.2900. The Proposed Budget 24 millage rate. This will change the current -Fiscal Year 2023The Village Manager is Proposing reduction of 0.3390 to the 11 24 Proposed General Fund Budget- Impact of Millage Rate Proposal$550,000 home value in the Villagefamily -singleMedian 12 Impact of Millage Reduction Proposal on Village Taxes for a Median Single Family Home with a Homestead Exemption. Village's Taxes per Fiscal Year (FY)FY 2022-23FY 2023-24 Value of Homesteaded Property (3% increase YoY)$ 550,000$ 566,500 Less Homestead Exemption 50,000 50,000 Taxable Value of Homesteaded Property 500,000 516,500 Village Millage Rate 6.6290 6.2900 Village Property Taxed Levied$ 3,315.50$ 3,248.79 Difference with Proposed Millage (Savings)$ 66.71 Palm Beach County Municipalities 13 2022)-1-Estimates 4of Economic and Business Research Bureau -and Populations (based on UFFY2023)(Millage Rates - RankMunicipalityPopulationTotal Millage 9,218 1Town of Palm Beach15.4951 422 2Manalapan15.8019 4,302 3Highland Beach16.3894 957 4Gulf Stream16.4743 2,686 5Hypoluxo16.5800 139 6Cloud Lake16.8381 217 7Glen Ridge16.8381 99,542 8Boca Raton17.5603 61,341 9Jupiter17.9465 3,869 10Juno Beach18.7394 39,345 11 Royal Palm Beach 18.7581 60,675 12 Palm Beach Gardens 18.7818 1,831 13Ocean Ridge18.8800 406 14Jupiter Inlet Beach Colony19.0218 61,807 15Wellington19.3081 260 16Golf19.3471 67,073 17Delray Beach19.4684 44,797 18Greenacres19.6800 6,152 Proposed Tequesta Tax Rate19.7518 13,166 19North Palm Beach19.8019 3,375 20Loxahatchee Groves19.8381 12,111 21Lantana20.0100 26,924 22 Palm Springs 20.0239 6,152 23Tequesta20.0908 1,309 24 Palm Beach Shores 20.1590 1,472 25 South Palm Beach 20.2911 81,748 26Boynton Beach20.6519 2,145 27Atlantis20.7900 2,981 28West Palm Beach21.0796 38,613 29 Riviera Beach 21.1519 2,190 30Haverhill21.1881 9,030 31Lake Park21.6074 119,945 32Westlake21.9381 42,637 33Lake Worth22.6745 3,565 34Lake Clarke Shores23.1179 3,081 35 South Bay 23.1470 2,134 36Mangonia Park23.2800 17,213 37Belle Glade23.3800 498 38Briny Breezes23.3800 5,201 39Pahokee23.3800 Tax Support 14 by Function-Homesteaded House from Ave. Homeowner’s Average Amount funded Homeowner's Tax Expenditure ClassificationNet Expendituresby Property TaxRelative Size Support ($3,249) 100 - Council$ 74,640 48,9720.44%$14 110 - Manager 363,363 238,4062.13%$69 111 - Human Resources 457,736 300,3252.68%$87 120 - Village Clerk 448,284 294,1242.63%$85 130 - Finance 817,906 536,6364.79%$156 140 - Legal 235,000 154,1861.38%$45 150 - Comprehensive Planning 478,949 314,2432.81%$91 160 - General Government 315,135 206,7631.85%$60 161 - Information Technology 536,746 352,1643.14%$102 175 - Police 3,749,392 2,460,01421.96%$713 181 - Code Compliance 109,498 71,8430.64%$21 192 - Fire 4,700,823 3,084,25727.54%$895 210 - Public Works 1,633,352 1,071,6599.57%$311 231 - Leisure Services 1,226,503 804,7217.19%$234 700 - Debt Service 542,250 355,7763.18%$103 900 - Interfund Transfers 1,249,895 820,0697.32%$238 990 - Other Non Operating 130,843 85,8470.77%$25 $ 17,070,315$ 11,200,005$ 3,249 Budget 15–Summary FY2023 FY2023 FY2024 $ Change Fund % Change (Adopted)(Amended)(Proposed)(Adopted) General Fund $ 16,143,248$ 18,179,346$ 17,070,315$ 927,067 5.74% Building Fund 845,560 874,959 1,173,678 328,11838.80% Captial Improvement Fund 1,218,122 1,218,122 804,077 (414,045) -33.99% Capital Projects Fund 294,895 302,895 1,434,895 1,140,000 386.58% Water Utility Fund 17,927,661 18,494,570 18,453,035 525,3742.93% Refuse & Recycling Fund 601,972 601,972 612,600 10,6281.77% Stormwater Utility Fund 916,099 1,043,446 798,550 (117,549) -12.83% Special Law Enforcement 99,707 143,893 164,661 64,95465.14% Totals $ 38,047,264 $ 40,859,203 $ 40,511,811 $ 2,464,547 6.48% Budget 16 General Fund–Summary by Department Expenditure Description FY2023 AdoptedFY2024 Proposed$ Change% Change Council$ 80,832$ 74,640$ (6,192)-7.66% Manager 318,325 363,363 45,03814.15% Human Resources 409,148 457,736 48,58811.88% Village Clerk 415,815 448,284 32,4697.81% Finance 755,922 817,906 61,9848.20% Legal 180,000 235,000 55,00030.56% Comprehensive Planning 229,540 478,949 249,409108.66% General Government 232,565 315,135 82,57035.50% Information Techonolgy 480,271 536,746 56,47511.76% Police 3,509,439 3,749,392 239,9536.84% Code Complance 104,789 109,498 4,709 4.49% Fire 4,531,013 4,700,823 169,8103.75% Public Works 1,602,399 1,633,352 30,9531.93% Leisure Service 1,074,672 1,226,503 151,83114.13% Debt Service 591,400 542,250 (49,150)-8.31% Interfund Transfers 1,302,581 1,249,895 (52,686)-4.04% Other Non Operating 324,537 130,843 (193,694)-59.68% Totals 16,143,248 17,070,315 927,0675.74% General 17–Department Fund Relative Size by Expenditure Description FY2023 AdoptedRelative %FY2024 ProposedRelative - % Council$ 80,8320.50%$ 74,6400.44% Manager 318,3251.97% 363,3632.13% Human Resources 409,1482.53% 457,7362.68% Village Clerk 415,8152.58% 448,2842.63% Finance 755,9224.68% 817,9064.79% Legal 180,0001.12% 235,0001.38% Comprehensive Planning 229,5401.42% 478,9492.81% General Government 232,5651.44% 315,1351.85% Information Techonolgy 480,2712.98% 536,7463.14% Police 3,509,43921.74% 3,749,39221.96% Code Complance 104,7890.65% 109,4980.64% Fire 4,531,01328.07% 4,700,82327.54% Public Works 1,602,3999.93% 1,633,3529.57% Leisure Service 1,074,6726.66% 1,226,5037.19% Debt Service 591,4003.66% 542,2503.18% Interfund Transfers 1,302,5818.07% 1,249,8957.32% Other Non Operating 324,5372.01% 130,8430.77% Totals 16,143,248100% 17,070,315100% FY 2023 18 967,126$RevenueReduce.revenuesactualtherecordefficientlymoretoTransportsEmergencyofrecordingBasisCashtoChange.revenuestheforaccountbetterto301FundtoTaxUtilityandTaxInfrastructuremoving508 ,629$ofDecrease.000,120$-earningsinvestmentIncreased.917,39$-FeesCostIndirectIncreased%3atcappedincreasepropertyHomestead.increasethisof%70=ConstructionNew-%4.19byuprevenuetaxProperty:Revenues 24 Proposed General Fund Budget- FY 2023 19.CouncilVillageandResidentsVillagethetobudgetthecommunicateclearlymoretoSoftwareBudgetingnewPropose■ 799,252$PersonnelIncrease),400,231$Proposed24**(000,141$contractualReducePlanning.commun itytheservebettertoDepartmentPlanningComprehensivethestaffingProposing■ .516,95$-BenefitsandSalary–PositionFirefighternewProposing■ .000,120$-FestTequesta■ EstimatedIncrease%5.18***567,129$-Actual)Un til(PlaceholderIncreaseInsuranceProperty■ EstimatedIncrease%10**081,120$-Actual)Until(PlaceholderIncreaseInsuranceHealth■ Expenditures(Continued)24 Proposed General Fund Budget - FY 2023 20)500,72$(DebtBad.revenuesactualtherecordefficientlymoretoTransportsEmergencyofrecordingBasisCashtoChange■ (Cap)000,200$State■ ParkRemembranceforGrantMatching000,600$■ .FundProjectCapitaline xpenditurestypecapitalnecessaryotherorrepaving,Improvements,Streetforsourcesustainableafor000,710$annuallytransferringPropose■ .grantsobtainingwithVillagetheassisttoServicesLobbyingforannuallybudgete d000,24$thetoadditionin000,36$additionalProposing■ .000,100$-studyutilitieselectricundergroundinganaddingProposing■ Expenditures(Continued)24 Proposed General Fund Budget - Property Taxes$8,398-Disposition of Assets $8,169-Impact Fees $12,000-Contributions $23,205-Other Misc. $18,275-Fines & Forfeitures Investment earnings: $230,500$150,969-Misc. Other: $451,5163%, $451,516 , Misc. Other5%, $902,991 , Administrative Fees9%, $1,532,570 , Charges for Services6%, $984,222 , RevenueIntergovernmental 3%, $530,938 , Franchise Fees8%, $1,350,252 , Other Taxes1%, $116,821 , Grants65%, $11,201,005 , General Fund $542,250-Debt Service $1,330,738-Transfers/Other $23,688-Capital Outlay $4,459,292-Operating Expenditures $3,299,624-Employee Benefits 3%Debt Service8%Transfers/Other 0%Capital Outlay26%ExpendituresOperating 19%44%Salaries & Wages$7,414,723 -Salaries & Wages $17,070,315-Proposed Expenditures – 0 4,394,2924,197,1523,643,3183,328,8812,907,374 OPERATING EXPENDITURES23,6889,000270,273599,329298,728 CAPITAL OUTLAY10,714,3479,703,5789,076,2018,835,7468,598,199 PERSONAL SERVICES(Proposed)2023- 24(Adopted)2022-232021-222020-212019-20 16,000,00014,000,00012,000,00010,000,0008,000,0006,000,0004,000,0002,000,000 FY George W. Bush—got a lot of numbers in it.""It's clearly a budget. It's 24 All other funds–Proposed Budget 24-2023 Building Fund $639,857-Personal Services $298,821-Operating Expenditures Expenditure Breakdown:$200,000-Emergency Generator $35,000-Replacing an aging Truck of fund balance reserves.549,970Proposed usage of $budgeted at $608,708Building permit fees $1,173,678 - Enterprise Funds services.charged for goods and to regular businesses whereby user fees are Enterprise funds operate in a manner similar 798,550$-Stormwater Utility Fund 612,600$-Refuse & Recycling Fund $18,453,035-Water Utility Fund  Refuse & Recycling 27 Highlights Waste Management charges to increase by the same 3.5%.•Proposed increase of 3.5% in user fees based upon Waste Management’s contract.• Refuse & Recycling 28 Unrestricted Net PositionProjected–Fund DescriptionProjected $ 72,643 Beginning Unrestricted Net Position - 9/30/2022 565,091 Operating/Non-Operating Revenues (572,366) Operating/Non-Operating Expenses 65,368 Ending Unrestricted Net Position - 9/30/2023 583,581 Operating/Non-Operating Revenues (612,600) Operating/Non-Operating Expenses $ 36,349 Ending Unrestricted Net Position - 9/30/2024 •pipesaterUtility service area w 29 Budget Overview Utilities Department managementto capital execution and asset Shift focus from capital planning •calibration & CRC)-with rate recost increases (required even modified due to -Capital plan •providing service (no tax $ used)Rates & fees fully capture costs of •Operates on business model•fund 403Stormwater•Water fund 401•2 enterprise funds UTILITIES DEPARTMENT FY 24 PROPOSED BUDGET WATER FUND 401 FY23 Highlights Village of Tequesta 31 designcomplete –Beach Road Phase II •WM#4bid; start construction of –WM 1 & 4 •Water Main Replacement Projects•(pump #7); complete 100% designcorrect internal hydraulic issues –Improvements Energy Upgrades and WTP •pump assembly Rehabilitated well #24 & replaced •flushing systemRehabilitated well #23 & installed •Surficial aquifer wells•bacteriological sampling/ testingcertification at WTP to perform -Achieved NELAC lab re•Water Fund 401 •Water Fund 401 FY23 Highlights Village of Tequesta 32 accordingly10 years) & modified capital plan Financial model 20 years (expanded •Repairs•Diving & inspections•Ground storage tanks (2)•pipes/ plans–scanning layer asbuiltInitiate •requirement by 2024service line inventory, regulatory initiate –Lead & Copper Rule 33 PositionWater Fund FY24 Village of Tequesta DescriptionProjected $ 7,234,515 Beginning Unrestricted Net Position - 9/30/2022 6,719,192 Operating/Non-Operating Revenues (5,265,363) Operating/Non-Operating Expenses (1,922,760) Change in Capital Assets/Debt Service 6,765,584 Ending Unrestricted Net Position - 9/30/2023 8,436,872 Operating/Non-Operating Revenues (6,533,435) Operating/Non-Operating Expenses (3,402,100) Change in Capital Assets/Debt Service $ 5,266,921 Ending Unrestricted Net Position - 9/30/2024 34 variablevs Fixed •Restricted vs unrestricted•FY24 RevenuesWater Fund Village of Tequesta Fiscal Year 24 Revenue Projections DescriptionFY22 ActualFY23 AmendedFY24 Projected% Change Water Sales $ 3,588,399$ 3,650,360$ 5,013,600 37% Connection Charges 30,818 32,775 32,000 -2% Fire Protection Charges 82,311 82,510 88,000 7% Nonresident Surcharge 598,413 593,921 656,000 10% Monthly Service Charge 2,166,747 2,136,425 2,332,000 9% Penalty 106,228 32,584 108,000 231% Other Revenue 6,655 3,851 4,000 4% Interest (6,242) 75,000 --100% Topic V-Const Portion 31,586 32,352 34,272 6% Miscellaneous Other 12,627 13,783 9,000 -35% Capital Connection Charges 108,464 36,758 15,000 -59% Debt Proceeds - 2,000,000 8,600,000 330% Totals $ 6,726,006$ 8,690,319$ 16,891,872 94% 35 Transfer to General Fund•Financing•R&R-Capital•Operating•FY24 ExpensesWater Fund Village of Tequesta Fiscal Year 24 Expense Projections DescriptionFY22 ActualFY23 AmendedFY24 Projected% Change Operating: Personnel 1,925,925 2,014,860 2,323,766 15.3% Operations 3,509,055 3,159,419 4,127,169 30.6% Subtotal 5,434,980 5,174,279 6,450,935 24.7% Capital -R&R: Debt Funded - 10,855,000 8,600,000 -20.8% Operating Funded - 1,971,257 2,908,000 47.5% Subtotal - 12,826,257 11,508,000-10.3% Financing: Principal - 391,825 406,6003.8% Interest 116,587 102,209 87,500-14.4% Subtotal 116,587 494,034 494,1000.0% Totals 5,551,567 18,494,570 18,453,035-0.2% 36 By DivisionExpensesWater Fund FY24 •Village of Tequesta Fiscal Year 24 Expenses Projections DescriptionFY22 ActualFY23 AmendedFY24 Proposed% Change Administration $1,337,091 $ 1,438,921 $ 1,566,6449% Production 1,915,366 1,961,699 2,269,47216% Distribution 632,041 780,120 868,077 11% Customer Service 273,606 278,405 321,742 16% Renewal & Replacement 596,040 2,686,395 3,678,00037% Capital Improvement - 10,855,000 9,255,000-15% Debt Service 116,584 494,030 494,100 0% Totals $4,870,728 $ 18,494,570$ 18,453,0350% •Water Fund 401 FY24 Projects Village of Tequesta 37 construction-Martin County bridge replacement –relocations Water Main Untreated (Raw) Line Road Water Main & County •finish –media filter rehabilitation WTP •design, bid, award, begin construction)(finish Treatment Plant Upgrades Water •construction-Beach Road Phase 2 -WM •constructioncomplete -Club Drive Country -WM •ProjectsWater Main UTILITIES DEPARTMENT FY 24 PROPOSED BUDGET STORMWATER FUND 403 •Fund 403Stormwater FY23 Highlights Village of Tequesta 39 to increase flow to county systemWeir lowered 18 inches at Cypress •pipestormwaterLined 787 lineal feet of •Jupiter funds60% Village funds and 40% Town of $187k matched by -for Dover Ditch Submitted legislative funding request •assessmentvulnerability stormwaterInitiated •constructionimprovement project under and sidewalk stormwaterEl Portal •($30k)received grant reimbursement funds and Gulfstream and Riverside installation at bioswaleCompleted Stormwater 40 Unrestricted Net PositionProjected–Fund DescriptionProjected $ 74,995 Beginning Unrestricted Net Position - 9/30/2022 916,099 Operating/Non-Operating Revenues (427,518) Operating/Non-Operating Expenses (419,000) Change in Capital Assets/Debt Service 144,576 Ending Unrestricted Net Position - 9/30/2023 798,550 Operating/Non-Operating Revenues (575,849) Operating/Non-Operating Expenses (175,050) Change in Capital Assets/Debt Service $ 192,227 Ending Unrestricted Net Position - 9/30/2024 •Fund 403Stormwater FY24 Projects Village of Tequesta 41 Proposed 5% rate increase•Explore resiliency grants•Pipe repairs •Swale restoration•Pipe LiningStormwater•and assessmentannual report –NPDES permit •permitting (pending grant approval)final design and –Dover Ditch •complete the assessment–Vulnerability assessment •complete construction–El Portal 5 42 Year Capital Improvement Program- 43 44 45 Next Steps 46(Truth in Millage statutes).This rate cannot be exceeded and must be filed by early August for the TRIM Village Council will set the maximum Millage Rate to be used first meeting in July. ■ . Palm Beach County Property Appraiser to certify taxable values by July 1■ BudgetBalancedAn Annual Continued Consideration 47 Utility infrastructure needs are significant.■ Surtax as it reads will sunset in 2026.■ Capital Needs■ Unfunded Mandates.■ Legislative ■ 25.-Police Pension Contribution will increase by 50% in FY 2024■ Employee Benefits.■ Employee Salaries.■ Job Market■ Property Insurance is negatively impacted by last year’s hurricanes.■ Inflation remains high causing the cost of nearly everything to increase.■ Economy■