McLean County Times

The Bloomington City Council met on Feb. 27 and heard a presentation about the city’s budget from Financial Director Scott Rathbun.

Rathbun had given an overview of the capital improvements part of the budget to the council at a prior meeting, with $70 million worth of projects and updates to be made.

“We're projecting $13 million excess over budget for the year,” said Rathbun. “Now, if you look at the bottom of this exhibit, we're really just showing a $4.9 million, I'm going to round it to $5 million increase adjusting for the levy, so a $5 million increase based on economic growth and activity. And so what we're showing is, what I'm trying to point out, is a $13 million excess over budget for 2023, we’re only taking 2024 up by 5 million. So we are trying to be conservative. We hope this inflationary trend will diminish. It's going to have an impact on our revenues, but we still see those revenues staying elevated into FY 24, and that's very similar to other municipalities and other governmental budgeting.”

According to Rathbun, the general fund balance is $129.1 million, which is about $6.8 million higher than last year. This upcoming fiscal year is the largest budget in the city’s history, up about $21 million to more than $290 million. Most of the increase comes through capital projects, he said, amounting to about $69.7 million. It is projected that there will be more than a $30 million surplus in the general fund balance after this year. Rathbun said the city has done well with the funds and there are plans to make large expenses in the fire department including large equipment purchases.

"Lot of moving parts right now but that still leaves room for larger conversations with fire stations, etc," Rathbun said.

Salaries are up this year because of several new hires in the city. Other supplies and equipment expenses have increased due to inflation. Rathbun showed a distribution of how general funds are spent. About half of the expenses are the public safety department, with administration costs, parks and recreation department and economic and community development being large parts as well.