The accompanying ordinance, upon passage, will authorize appropriations (expenditures) for the City of Brentwood for Fiscal Year 2023-2024.  The FY 2024 proposed budget was submitted to the City Commission on May 2, 2023, and was subject to detailed review at the budget work session held on May 11, 2023.

Projected General Fund revenues for next fiscal year total $51,834,100, while appropriated expenditures will be $51,832,900 leaving a projected year-end surplus equal to $1,200 of revenues over expenditures. 

In addition, as outlined in the City Manager’s budget letter and discussed at the May 11 work session, funding for certain proposed projects and equipment purchases in the FY 2024 Capital Improvements Program will require a FY 2023 special year-end transfer totaling $11,375,000 from the General Fund to the Capital Projects Fund, $1,165,000 to the Equipment Replacement Fund, and $640,000 to Facilities Maintenance Fund, funded through current year excess revenue collections.  Also included in the special FY 2023 year-end transfer is a $2,000,000 transfer to the Municipal Center.  When the year-end transfers are taken into account, the minimum unassigned fund balance in the General Fund as of June 30, 2023 is estimated at $53.4 million.

The ordinance providing for the proposed FY 2023 year-end special appropriation transfers, as well as other "clean up" budget amendments, will be presented to the City Commission for formal consideration on first reading at the June 12, 2023 meeting.

Please note that the allocation of $244,400 in education funding, the allocation of $202,000 in the Parks and Recreation Department budget to specific recreation and community service providers, and allocation of $3,250 to Mid-Cumberland Human Resource Agency must be determined by the City Commission and approved by motion prior to approval of the FY 2024 Appropriations Ordinance on second and final reading at the June 26, 2023 Commission meeting. 

If the appropriations ordinance is approved on first reading, final reading of this ordinance will not occur until the June 26, 2023 commission meeting.  However, a public hearing for this ordinance will be scheduled for the June 12, 2023 meeting.

Please contact the Finance Director or City Manager if you have any questions or need additional information.