The fiscal year 2024 budget
It is my pleasure to present a brief synopsis of the Fiscal Year 2024 City of Rochelle/Rochelle Municipal Utilities budget that our staff recently presented to the city council. The full spending plan will be up for approval at the second meeting in November. A copy of the full budget is available for the public to view online or at city hall. This plan is in line with the city’s six key strategic plan goals and funds many priorities established by our policy makers.
The proposed budget for all funds in FY24 is proposed to be $125,523,274. Of this total, approximately $70 million is allocated for capital investments and power purchases. The proposed General Fund Revenues for FY24 are estimated to be $14,051,480. Expenditures for the new fiscal year total approximately $14,043,345. Staff estimates a projected surplus for the new year of approximately $8,000. Based on this information, our team estimates the general fund cash balance will increase slightly to $10,131,634.
The utilities (electric, water, water reclamation, advanced communications & technology center, railroad, landfill, golf course and airport) proposed budgeted expenses are $84,485,868 of which $31,323,350 is for capital outlays & $26,779,746 for power purchases. All other funds, including Special, Downstate Police and Fire Pensions, Internal Service and CIP total $26,994,061.
As part of our 2021 strategic plan update, the mayor and city council required staff to continue to develop a long-range capital improvement plan that laid out capital expenditures for the next 20 years. Staff implanted this requirement and now forecasts these expenditures through 2044.
Some of the capital projects slated for funding in 2024 include the construction of an iron removal plant at the Caron Road water well, continued expansion of the City of Rochelle Rail Road transload project, design and construction of 10 miles of new 34.5kv line that will tie all of RMU’s substations together to increase reliability, further updates to our downtown area (funded through a Rebuild Downtown IL grant and TIF alternate revenue bonds), 20th Street and Flagg Road intersection widening and reconstruction and completion of the new public safety/utility training facility. A full list of the 2024 expenditures along with the approved 40-year plan can be found on the City of Rochelle website. I appreciate the continued support of our mayor and city council for setting the policy priorities for the community and supporting our continued capital funding efforts. Finally, success breeds success and our community would not be here today without the dedication of my wonderful staff. They work each day to serve our residents and continue moving Rochelle forward.
“The only place success comes before work is in the dictionary” -Vince Lombardi
“The way to achieve your own success is to be willing to help somebody else get it first” -Iyanla Vanzant
Jeffrey A. Fiegenschuh, ICMA-CM, MPA, is the city manager of the City of Rochelle.