Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 19
Introduction → TransmiTTal leTTer
Anticipated Increases in Expenditures
This year the budget has accommodated the following notable cost increases:
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Cost of Living Adjustments of 5% for all employees, reflecting a total increase of $644,421
(Salary & Benefits Increase/Decrease, page 17) citywide for salaries and benefits.This increase
is critical in reaching the State mandated minimum wage of $15.00 per hour by 2026.
A $1,000 flat pay increase was proposed for FY 2023-24, to retain employees, and remain
competitive. This pay was calculated to all full-time City employees.The total increase in FY
2023-24 is 228,000 (Salary & Benefits Increase/Decrease, page 17).
FICA payments increased by $66,740 (Salary & Benefits Increase/Decrease, page 17).
Police and Fire pensions, FRS and City pension plan expenditures increased by $374,504.
The health and life insurance costs increased by 6.75% or $ 483,344 (Salary & Benefits Increase/
Decrease, page 17).
The General Liability / Workers Comp. / Property Insurance costs increased by 10% citywide,
or for a total insurance premium of $1,154,945 (General Fund Expenditures, page 163).
The total amount of the Capital Improvement Plan for FY 2023-24 is $26,187,515 (Operating
Budget Impact, page 115). Major projects include street and sidewalk projects, street resurfacing, Police, Fire and Public Works departments vehicle replacements. Ferran Park Seawall
and Palmetto Plaza Hardscape by the CRA, various Parks and Recreation projects, and Water
and Sewer Renewal and Replacement projects, including the Bates Ave Water Treatment Plant
expansion, Rosenwald Gardens Road / Coolidge Utilities, stormwater projects.
The City desires to be a competitive employer in the region with regards to both salaries and
benefits. With this goal in mind, the City continually reviews its financial outlook in all compensation and internal and external equity decisions. Any pay increase/decrease for the Fire and
Police departments must be negotiated by the union contracts. The budget incorporates a 5%
cost-of-living adjustment (COLA) raise for employees across all funds. Additionally, to ensure
employee retention, all full-time existing employees will receive a flat pay increase of $1,000.
Table 3: Salary & Benefits Increase/ Decrease
TOTAL INCREASE
Total Benefits
Increase/Decrease
in FY 2023-24
Fire
Pension Increase/
Decrease
Police
Pension Increase
FRS Pension
Increase/Decrease
Empower
Pension Plan
Increase/Decrease
FICA
Increase/Decrease
Health Insurance
Increase/Decrease
Benefits Increase/Decrease
Total Salary
Increase
in FY 2022-23
Flat pay $1,000
Increase
COLA 5%
Increase
Fund
Salary Increase
General Fund
445,233
153,800
599,033
45,826
332,208
35,942
84
279,222
40,163
733,445
1,332,478
Water and Sewer
Revenue Fund
146,194
51,000
197,194
15,085
106,520
11,832
2,690
-
-
136,127
333,321
Street Improvement
Fund
35,121
14,200
49,321
3,773
25,475
2,959
-
-
-
32,207
81,528
Stormwater Fund
7,739
4,800
12,539
959
3,707
752
-
-
-
5,419
17,958
Building
Department Fund
6,700
3,000
9,700
742
14,507
582
-
-
-
15,831
25,531
Community
Redevelopment
Fund
3,434
1,200
4,634
355
927
278
-
-
-
1,560
6,194
Citywide Total
644,421
228,000
872,421
66,740
483,344
52,345
2,774
279,222
40,163
924,588
1,797,009
City of Eustis, Florida
Adopted Budget
17
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