FINANCIAL HIGHLIGHTS OF THE 2023 BUDGET (cont)

Financial Highlights

This section begins with a look at total revenues and expenditures in all funds excluding interfund transfers. The Compound Annual Growth Rate (CAGR) shows the average annual percentage change over the period 2019 – 2023.

Overall revenue growth in all funds has been an average of 3% year-over-year. Operational funds including the Cultural and Recreation funds had a drop in revenues due to the COVID-19 pandemic. The capital funds and Stormwater Utility have variable growth rates because developer contributions fluctuate from year to year. The Medical benefits fund has also seen higher than average growth due to cost recovery for increased benefits costs.

Note: Interfund transfers are not included