The Alachua City Commission received an analysis for this point of the 2023/24 fiscal year showing that the city is operating within its budget. 

The city’s amended budget for FY 2023/24 is $66,776,473, for which sources of funding are at 69% for the year with $33.8 million in current revenues and $12.2 million in budgeted balances. 

The city has so far used 60% of what was budgeted to be used for the year, with $28.4 million in expenditures and another $11.6 million tied up in encumbrances. 

The largest portion of the budget — enterprise funds — accounts for 57% of the year’s total budget at $38,060,490. In the fiscal year to date, the enterprise funding sources are at 58%, expenses are at 36% and encumbrances are at 23%. 

The general fund, which accounts for about 28% of the total budget at $18,634,173, has so far generated 88% of the revenue it is budgeted for the year. About 64% of budgeted general fund expenses have been used. 

“The city’s revenues and expenses are in line with our budgetary and fiscal plan,” Senior Accountant Tyler Williams said. 

The internal service fund makes up 6.61% of the budget, with $4,414,756 for things such as utility operations, billing and administration, human resources, information & technology and water distribution/collection. 

Capital projects funds, for programs including San Felasco Conservation Corridor, Heritage Oaks and Community Development Block Grant Program neighborhood revitalization, are allotted 1.35% of the budget, at $900,955. 

The debt service fund, at $800,274, accounts for 1.2% of the city’s budget for the year, which Williams said is made up of interfund transfers that cover all general obligation current debt payments. Currently, Williams said, the city’s only general government debt is the Series 2016. 

According to a 2022 financial report, in 2016, the city issued capital improvement revenue and revenue refunding bonds, Series 2016, in the amount of $16,545,000 to pay for a new facility at Legacy Park, construction of the city’s operations center and refunding the city’s outstanding Capital Improvement and Refunding Revenue Bonds, Series 2006. 

Series 16 payments, due every year on Oct. 1, are $1,080,430, of which the general fund debt service portion is $799,524, or 74% of the debt payments. The payments have a maturity date of Oct. 1, 2046. 

The city’s cash holdings total $33,434,585.86, and its investment portfolio has reached $1,724,540.34. 

Williams said most of the city’s tax revenue for the year has been received, and the first budget workshop for FY2025 is scheduled for July 22.