Financial Analysis and Budget Overview FY24

The FY24 budget presentation reveals a 5% increase in Common Area Fees, impacting revenue positively. Staff costs see a significant shift due to cost of living increments and maintenance costs. Marketing expenses reflect a cultural shift towards more labor-intensive online strategies. The breakdown of staff costs and a comparison between FY23 and FY24 expenses are also provided.

• Budget
• Financial Analysis
• Revenue
• Expenses
• Staff Costs

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Presentation Transcript

1. FY24 FY24 Budget Budget Preliminary Preliminary Presentation Presentation April 19th, 2022

2. Fiscal Year 2024 Fiscal Year 2024 Budget is based on a 5% increase in Common Area Fees (last increase FY17) Revenue impact from $698,480 to $733, 404 Largest shift: Staff Costs Due to cost of living increase and maintenance O/T Maintenance Costs Maintenance hit hardest by inflation Aging vehicle fleet Marketing Expenditures Cultural shift has required more Instagram, Facebook, photography, blog posts This form of marketing is labor intensive which raises staff costs but is less expensive than more traditional forms of marketing (e.g. ad in Seven Days) This also represents a more accurate capturing of expenses that were previously placed in this category

3. Staff Cost Breakdown Staff Cost Breakdown Name Title Percentage billed to CSM Kara Director 20% Samantha Assistant Director, Downtown Projects and Programs 50% Julia Marketing Manager 50% Jahna Marketing Specialist 50% Andrew Project & Event Coordinator 50% Steph Admin. & Outreach Assistant 50% Jed Church St. Marketplace Coordinator 100% Jim Supervisor of Maintenance 100% Bruce Marketplace Maintenance Worker 100% Gabe Marketplace Maintenance Worker 100%

4. Revenue & Expense Comparison

5. Expense Comparison FY23 vs. FY24 400,000.00 350,000.00 300,000.00 250,000.00 200,000.00 150,000.00 100,000.00 50,000.00 - Salaries and Benefits Maintenance Salaries & Benefits Admin and Marketing Administrative Operating Expenses Maintenance City Fees Events/Marketing/Promotion FY23 224,600.23 334,393.00 167,315.00 58,080.00 23,135.00 213,800.00 FY24 258,251.00 345,835.00 177,050.00 50,638.00 25,000.00 161,000.00 FY23 FY24