After a series of comprehensive workshops and in-depth discussions on the financial outlook for the next several years, the Carefree Town Council unanimously approved the Fiscal Year 2024-2025 budget on Tuesday, June 4. Mayor states “Our annual budget process is one of the most significant tasks we undertake. As part of our commitment to transparency and accountability the Town’s finances and the coming year’s forecasted income and expenses were reviewed. This year the process included Town Council review of a compensation study, four Town Council budget workshops, a Town Council budget adoption meeting and a Town Council public hearing and budget approval meeting. Each meeting and workshop were open to the public, recorded and posted on our Town website. The process has never been more transparent. Although the budget has been approved, additional public input is always welcome.” The approved budget reflects total anticipated fiscal year expenses amounting to approximately $13.3 million, representing a slight decrease of approximately 7% from the previous year's budgeted expenses.
Staff Valuation and Contributions
Last fiscal year, a comprehensive study commissioned by the Mayor assessed the monetary value associated with the Town's staff positions. The study concluded that the Town's staff is both nimble and compensated within or below current market ranges, ensuring that the Town continues to deliver high-quality, cost-effective services to the community.
Town staff plays a pivotal role in implementing the Town Council’s approved work plan, which prioritizes quality community development, infrastructure management, economic development, and effective communication. These efforts have resulted in the creation of foundational documents such as the 5-year Capital Improvement Plan, 10-year Street Maintenance Plan, Economic Development Strategic Work Plan, Town Center Revitalization Plan, Communication Plan, and the ongoing update of the community’s General Plan.
Budget Overview for FY 24-25
Looking ahead to the next fiscal year, the Town’s budgeted expenses are divided into two main areas: annual operation costs and investments in maintaining infrastructure. Anticipated operational expenses for FY25 amount to $7.5 million, with allocations for public safety (40%), human resources (28%), general operations (27%), and risk management (5%). Additionally, capital improvement expenditures are forecasted at approximately $5.8 million, with allocations for street maintenance (59%), drainage improvements (16%), traffic safety improvements (15%), and Town Center enhancements (10%).
Revenue Sources and Financial Strategies
Revenue sources include municipal sales tax (62%), state-shared revenue (22%), and cost recovery/user fees (16%). As the community’s reliance on sales tax revenue increases, the Town is actively pursuing strategic economic development strategies to diversify revenue sources and ensure financial stability.
Commitment to Fiscal Responsibility
In conclusion, Carefree is managed in a fiscally conservative manner, with an approximate $7 million operating fund. The Town remains committed to prioritizing efficient core municipal services while reinvesting in aging infrastructure to ensure the prosperity and sustainability of the community.
All workshops can be found on the Town of Carefree’s YouTube Channel, and the final budget document can be found at www.carefree.org/page/budget.