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Assumptions:2% COLA every year after first year
<br />Fully staffed at current levels
<br />No staff turnover during projection timeframe
<br />Taxable value will increase by 3.5% per year
<br />Old Pay Matrix 3% COLA in 2024 2023 2024 2025 2026 2027 2028
<br />Total All Funds 34,937,063 37,024,475 38,332,698 39,630,596 40,923,882 42,183,487
<br />Overall Increase (Year over Year)2,087,412 1,308,223 1,297,898 1,293,286 1,259,605
<br />General Fund 29,543,964 31,270,062 32,396,098 33,515,462 34,626,894 35,706,250
<br />General Fund Increase (Year over Year)1,726,098 1,126,036 1,119,364 1,111,432 1,079,356
<br />New Pay Matrix 3% COLA in 2024 2023 2024 2025 2026 2027 2028
<br />Total All Funds 34,937,063 37,580,502 39,127,350 40,670,257 42,169,204 43,592,393
<br />Overall Fund Increase (Year over Year)2,643,439 1,546,848 1,542,907 1,498,947 1,423,189
<br />Implementation Cost of New Pay Matrix 556,027 794,652 1,039,661 1,245,322 1,408,906
<br />General Fund 29,543,964 31,750,095 33,090,664 34,425,632 35,719,622 36,941,448
<br />General Fund Increase (Year over Year)2,206,131 1,340,569 1,334,968 1,293,990 1,221,826
<br />General Fund Cost of New Pay Matrix 480,033 694,566 910,170 1,092,728 1,235,198
<br />New Pay Matrix 4% COLA in 2024 2023 2024 2025 2026 2027 2028
<br />Total All Funds 34,937,063 37,875,866 39,437,536 40,995,302 42,508,429 43,945,435
<br />Overall Fund Increase (Year over Year)2,938,803 1,561,670 1,557,766 1,513,127 1,437,006
<br />Overall Cost of New Pay Matrix 851,391 1,104,838 1,364,706 1,584,547 1,761,948
<br />General Fund 29,543,964 32,002,960 33,356,349 34,704,157 36,010,333 37,244,024
<br />General Fund Increase 2,458,996 1,353,389 1,347,808 1,306,176 1,233,691
<br />General Fund Cost of New Pay Matrix 732,898 960,251 1,188,695 1,383,439 1,537,774
<br />New Pay Matrix 5.1% COLA in 2024 2023 2024 2025 2026 2027 2028
<br />Total All Funds 34,937,063 38,200,775 39,778,727 41,352,764 42,881,581 44,333,789
<br />Overall Fund Increase (Year over Year)3,263,712 1,577,952 1,574,037 1,528,817 1,452,208
<br />Overall Cost of New Pay Matrix 1,176,300 1,446,029 1,722,168 1,957,699 2,150,302
<br />General Fund 29,543,964 32,281,115 33,648,587 35,010,444 36,330,122 37,576,861
<br />General Fund Increase 2,737,151 1,367,472 1,361,857 1,319,678 1,246,739
<br />General Fund Cost of New Pay Matrix 1,011,053 1,252,489 1,494,982 1,703,228 1,870,611
<br />2023 (30 mils)2024 (28 mils)2025 (28 mils)2026 (28 mils)2027 (28 mils)2028 (28 mils)
<br />Net Taxable Value 1,123,949,904 1,256,575,001 1,294,272,251 1,333,100,419 1,373,093,431 1,414,286,234
<br />Annual Tax Revenue 32,738,565 34,161,575 35,385,213 36,623,695 37,905,524 39,232,218
<br />Increase (Year over Year)1,423,010 1,223,638 1,238,482 1,281,829 1,326,694
<br />2024 2025 2026 2027 2028
<br />Increase/(Decrease) to General Fund (303,088) 97,602 119,118 170,397 247,338
<br />Increase/(Decrease) in General fund with
<br />new matrix and 3%(783,121) (116,931) (96,486) (12,161) 104,868
<br />Increase/(Decrease) in General fund
<br />balance with new matrix and 4%(1,035,986) (129,751) (109,326) (24,347) 93,003
<br />Increase/(Decrease) in General fund with
<br />new matrix and 5.1%(1,314,141) (143,834) (123,375) (37,849) 79,955
<br />Salary & Benefits Cost 5 Year Projection
<br />General Fund Property Tax Revenue
<br />Increase in Tax Revenue less Increase in Salary & Benefits
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