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FY 2023/2024 Budget Highlights The total proposed budget is $506,235,729, a decrease of $70,269,646 or 12.2% from the current year. • Although, it should be noted this is an increase of $54,271,198 or 12.0% from the beginning budget of $451,964,531 for the current fiscal year. For the first time since the Great Recession, the budget surpasses the approved FY 2006/2007 budget of $472,420,328 by $33,815,401 or 7.2%. A detailed all —fund expense summary is contained in the exhibits following this message (pages 18 and 19). The following chart illustrates the 10-yeartrend in the County tax roll. The FY 2023/2024 General Fund tax roll is approximately $3.22 billion or 13.8% higher than the previous fiscal year. While the percentage change is greater than the current fiscal year, the percentage increase for the current fiscal year post Value Adjustment Board is actually less than originally projected. Although the current change in taxable values are positive, there is uncertainty regarding future years' tax roll growth with the predicted economic slowdown or recession looming and the Fed indicating more interest rate increases are ahead. The County is already seeing housing starts beginning to decelerate, as evidenced by a reduction in recording fees (new mortgages), impact fees, and new residential construction building permits. $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Indian River County Countywide Taxable Value (In Billions) FY 15 - FY 24 $26.5 Highlights of the FY202312024 Budget: • Tax roll Increase — 13.8% countywide; 14.3% unincorporated area. • Sheriff Funding — Recommended $5.87 million increase as agreed by Sheriff (reduction from initial request of $8.3 million increase). Continued funding of School Resource Officers at 50%/50% split with School District. • Retirement Rate Increase — $4,408,702 Countywide including Constitutional Officers. • Continued focus on deferred maintenance, capital and renewal & replacement. Total countywide expense — $6.7 million. • Full-time Position changes— BCC reflects a net increase of 35.33 full-time positions; reduction of 1.55 FT Constitutional Officers; 33.78 total increase in FT positions. • The proposed budget includes funding for salary increases for County employees due to increases in the cost of living and the need to remain competitive to recruit and retain qualified workers to provide a high • level of service to County residents. In addition to negotiating with the IAFF, staff continues to negotiate with the Teamsters Unions regarding an acceptable general wage increase.