CIP FY 24-28 9-7-23 FINAL Version - Flipbook - Page 27
Capital Improvements Plan
Greenwood Cemetery Trust Fund
The purpose of this fund is to gather revenues specifically allocated for the maintenance of Greenwood
Cemetery. When cemetery lots are sold, eighty percent of the revenue generated is directed to the
General Fund, while the remaining twenty percent is channeled into the Greenwood Cemetery
Trust fund. The interest earned from this fund is utilized for operations, while the principal may be
utilized for capital purchases.
To forecast future revenues, the revenue projections are based on the current estimated revenues
for FY 22/23, with an expected annual increase of 3% throughout FY 23/28. Additionally, to accommodate inflation and the rising costs of commodities and services, a 5% expenditure increase is
applied for FY 23/25, followed by a 3% increase for FY 26/28.
By thoughtfully managing this fund and prudently allocating the resources, the City aims to maintain
and enhance the beautiful Greenwood Cemetery, honoring its historical significance while ensuring
it remains an enduring asset for the community’s welfare and remembrance.
Greenwood Cemetery Funding Analysis:
Looking ahead to the next five years, the total estimated cost of projects amounts to $440,000, and the
projected ending fund balance is $51,606. This leaves sufficient room to accommodate any additional
projects that may arise during this period, allowing the City to remain adaptable to future needs.
To successfully undertake the planned cemetery improvements costing $440,000, the City has
devised a collaborative financial approach. The cost of the project will be shared with the Sales Tax
Capital projects’ fund, with the allocation occurring during FY 23/25.
By strategically dividing the financial burden, the City can ensure the realization of the cemetery
improvements without compromising other essential initiatives. Through prudent financial management and collaborative efforts, the City endeavors to uphold the heritage and significance of the
cemetery while enhancing its overall beauty and functionality for the benefit of the community.
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