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FY 2023-24 Budget-in-Brief Millcreek’s budget reflects the goals developed by City Council. The budget serves not only as a financial plan and management tool, but also as a means for accountability. STRATEGIC PLAN OBJECTIVES Great Connections - Millcreek strives to Health & Environment - Millcreek supports offer a range of pedestrian, bicycle, transit, environmental and human health by and vehicle transportation choices through establishing and protecting open saces; a cohesive network of safe and reliable protecting healthy fish and wildlife habitats; streets and trails that connect all residents providing active transportation options; to their destinations improving local water and air quality; Outdoor Lifestyle - Millcreek is the gateway improving access to nutritious foods; and to recreation with opportunities from the other sustainable practices Wasatch Mountains to the Jordan River, Unique Neighborhoods - Millcreek is a City of including majestic views of the mountains, attractive, proud, stable, unique, and expansive parks, and accessible trails, emerging neighborhoods that offer a variety creeks, and open spaces. of home types, vibrant gathering areas, and Enhanced Culture - Millcreek embraces the access to quality community amenities. cultural and demographic diversity of its Engaged Community - Millcreek seeks residents and businesses, and supports community engagement through communi- and promotes a variety of arts, cultures, cation and transparency to achieve long- and education opportunities as essential term sustainable outcomes, processes, and parts of an engaged community and life-long relationships. learning. Fiscally Responsible Government - Millcreek Vibrant Gathering Places - Millcreek's supports a fiscally responsible government centers are the heart of community activity through compliance with the Utah Fiscal characterized by walkability, unique spaces, Procedures Act along with a transparent commercial areas, and character compatible budget process, conservative spending and with Millcreek neighborhoods. meticulous debt management. Thriving Economy - Millcreek's economic diversity thrives by being inviting, supporting local businesses, attracting an innovative and adaptive workforce, investing in amenities that promote a better quality of life, and encouraging a range of business sizes and types. QUICK FACTS ABOUT MILLCREEK First inhabitants to call Millcreek home were the Goshute, Ute, and Shoshone Tribes First pioneer settlements 1847 Elected Official District Position Date incorporated as a city 12/28/2016 Jeff Silvestrini At large Mayor 2021 estimated population* 63,034 Silvia Catten 1 Council Member Total area 12.77 sq mi Thom DeSirant 2 Council Member Mascot Milo the Moose Cheri Jackson 3 Council Member Historic symbol Millwheel Bev Uipi 4 Council Member * gardner.utah.edu I May 2023 ---PAGE BREAK--- The General Fund is Millcreek's main operating fund. It includes revenues from taxes, licenses and permits, service charges and other revenues that are used to provide essential municipal services to Millcreek residents and businesses. FY2023-24 GENERAL FUND REVENUES REVENUE FROM TAXES Arbor Day Grant 37% 43% 7% 7% 6% Tax revenue by tax type: Property Tax Sales Tax Gas Tax Energy Tax Other 80% 5% 10% 5% Millcreek's revenue sources by category: Taxes Licenses & Permits Grants & Contributions Service Fees + Misc Revenue Taxes make up the majority of the City's revenue. Property Taxes are used exclusively for law enforcement Gas Taxes are used exclusively for road maintenance The aggregate sum of all remaining taxes is used to provide other essential municipal services ---PAGE BREAK--- FY2023-24 GENERAL FUND EXPENDITURES Millcreek's General Fund expenditures demonstrate how current revenue sources will be used between July 1, 2023 and June 30, 2024. Millcreek's largest expenditure is law enforment. FY2023-24 Professional and Contract Services 59% 18% 5% 7% 10% 1% Where Millcreek spends its dollars: Prof and Contracted Svcs Personnel Operating & Admin Exp Road Maintenance Community Programs Debt & Other Financial Uses Professional and Contracted Services is the largest category of the City's expenditures. 65% 3% 26% 4% 2% Public Safety: Police & Animal Control Communications, IT and Facilities Maint Public Works: Roads Maint, Parks Maint Legal, Elections, and Court Services Aministrative and Other ---PAGE BREAK--- The FY2023-24 budget includes many capital projects that support the City's Strategic Plan Initiatives by: u improving transportation options for multiple transporation options u improving access and adding opportunities for recreation in Millcreek u adding to the character of Millcreek's unique commercial areas and neighborhood u protecting open space and providing active transporation options u providing astetically pleasing places that promote community engagement u providing a transparent budget and spending public funds in a conservative and responible manner FY2023-24 CAPITAL PROJECTS Capital projects anticipated in the 2023-24 fiscal year total $1,622,304 Road reconstruction projects - various locations Street lights and/or traffic signals Sidewalk projects - various locations Jordan River trail improvements City Hall and Millcreek Common Complex Pickleball courts Undergrounding power lines Welcome sign at 3900 S CITY HALL AND MILLCREEK COMMON FUNDING How is Millcreek Common / City Hall complex being financed? Millcreek Common Financing City Hall Financing 17,345,000 $ Series 2019 Bonds (20 year debt) 36,265,000 $ Series 2021 Bonds (30 year debt) 2,655,000 Series 2019 Premium (less cost to issue) 3,068,000 Series 2021 Premium (less cost to issue) 205,570 Interest earned on bond funds 890,640 Interest earned on bond funds 500,000 Utah Outdoor Rec Grant 2,825,150 2022 ARPA - Federal stimulus funds 2,270,000 State Redevelopment Grant 350,000 Other Grants 800,000 Arbor Day Grant 3,315,310 Capital Improvement Funds 7,286,258 Capital Improvement Fund 27,090,880 $ 50,685,048 Parking Structure(s) 3,610,325 $ 2021 ARPA - Federal stimulus funds 889,675 2022 ARPA - Federal stimulus funds 2,500,000 State Redevelopment Grant 3,700,000 Capital Improvement Fund 10,700,000