FYE 14 Budget prelim - City of Norman

CITY OF NORMAN• Transfers from the Debt Service Fund are for projected judgments and claims against the City.• FYE 14 net expenditures represent an approximate 0.3% increase from FYE 13 Budget. Totalexpenditures are projected to increase an average of 4.1% for future years.• Other expenditure categories are generally based upon the current year level with a 1% increaseper year after FYE 14, except Internal Services, which is projected at a 2% increase after FYE14. Salaries and Benefits are projected at a 0.7% increase from FYE 13 to FYE 14 and a 5%annual increase after FYE 14.SummaryThe FYE 14 General Fund Budget is a balanced budget that has maintained major servicelevels with current expenditures estimated to exceed current revenues by $2,909,947. Estimatedyear-end reserves of $1,164,703 do not meet required reserve levels. The projected FYE 14 yearendfund balance is at a low level. Future actions will need to be taken to bring ongoing revenues inline with expenditures.ANNUAL BUDGET55