2023-24 CBRM Forecast Highlights
Continued costs associated with Hurricane Fiona Recovery totaling $2,132,248. Unexpected budget variances in various departments leading to a combined forecasted year-end deficit of ($270,796). Expenditures restricted to urgent needs only with a reevaluation scheduled in January for 2024-25 budget discussions. Various challenges and pressures affecting the fiscal forecast for the upcoming year.
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Presentation Transcript
2023-24 CBRM Forecast Forecast based on Aug 31, 2023 operating results with Sept March estimated (EPW used Sept 30, 2023) Seasonality of operations means forecasting with any degree of accuracy is impossible. Departments with peak operating cycles in the last 7 months of the fiscal year include: Facilities ($4.4M) EPW Divisional Operations ($19.7M)
2023-24 Forecast Highlights Continued costs associated with Hurricane Fiona Recovery Total costs ($2,132,248) ($1.65M is tree debris management) Estimated recovery $1,355,515 Non-recoverable loss ($776,733) Inflation pressures exceed budgeted amounts Fleet ($533,000) Fuel, parts Transit ($334,000) Fuel, wages Streetlights ($200,000) rate increase Heavy Garbage ($106,000) contract overbudget
2023-24 Forecast Highlights Unexpected budget variances Interest revenue Fire services Police $1,500,000 ($1,000,000) $1,300,000 ($100,000) ($150,000) $186,000 $115,000 ($150,000) Higher interest rates on deposits Overtime (minimum staffing) Temporary vacancies Police Parks & Grounds Solid waste Damages at Headquarters Fleet acquisition issues timing Fleet acquisition issues timing Insurance Facilities revenue Fewer damage claims Advertising revenue (naming rights) Temporary staff vacancies offset smaller overages in other areas.
2023-24 Forecast Departments reporting a combined forecasted year end deficit of ($270,796) Effective immediately, expenditures restricted to urgent needs only. Restrictions to be reevaluated in January as forecasts are re-evaluated for 2024-25 budget discussions.
