LONG RANGE PLAN GENERAL FUND LONG-RANGE PLAN

The LRP for the General Fund assumes steady revenue growth overall, with larger increases in early years that begin to taper off by 2032. This is because much of the population growth that drives increases in the main revenue sources is occurring now. The sales tax growth rate declines to 5% by 2032, while other major revenue sources also reflect declining growth. A percentage of costs associated with the Parks and Recreation Department in the General Fund are reimbursed via a transfer from the Parks and Recreation Fund. A percentage of Stormwater costs in the General Fund are also reimbursed through a transfer from that fund.

On the expense side, operational expenses excluding personnel, capital outlay and transfers out are projected to increase 8% in 2023, with increases stepping down to 4% by 2025. This is an adjustment from last year’s assumptions in order to factor in the current inflationary environment. Personnel categories are projected to increase 7% until 2024 and then step down to 5% by 2028, not including the five incremental positions added per year in this fund. Personnel cost assumptions were adjusted from last year to reflect the current tight labor market. Health care