Summary
The Leelanau Township budget report outlines the estimated revenues and appropriations across various funds for the fiscal years 2022-2023, 2023-2024, and recommended figures for 2024-2025. Overall, the report indicates projected revenues of approximately $3.45 million for 2022-2023, which significantly decline in the following year but are expected to rise again in 2024-2025. A net deficit is anticipated for 2023-2024 but a return to a surplus is suggested for 2024-2025.Financial Summary
- Total Estimated Revenues (All Funds): - Fiscal Year 2022-2023: $3,458,769.55 - Fiscal Year 2023-2024: $640,333.86 - Fiscal Year 2024-2025: $3,052,570.00-
Total Appropriations (All Funds):
- Fiscal Year 2022-2023: $3,175,065.36
- Fiscal Year 2023-2024: $2,651,737.94
- Fiscal Year 2024-2025: $3,277,591.00
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Net of Revenues & Appropriations:
- Fiscal Year 2022-2023: $283,704.19
- Fiscal Year 2023-2024: $(2,011,404.08)
- Fiscal Year 2024-2025: $(225,021.00)
Action Items
- Follow-up on the budget implications of deficits noted in the 2023-2024 estimates. - Plan discussions for adjustments to appropriations to ensure financial stability moving forward, especially in light of declining revenues. - Consideration of further financial strategies or funding sources to balance the budget for fiscal year 2024-2025.All department heads are encouraged to prepare for discussions about budget allocations in their respective areas based on the above financial summaries and forecasts.