The Truesdale Board of Aldermen approved a slew of appropriations measures during their June 26 meeting including their budget for the 2024-25 fiscal year. While that budget is proposed and can be changed by the board based on their needs, it provides a framework for where the city expects their money to go in the next year. 

The city is anticipating just over $2 million in income during the upcoming fiscal year, a slight increase from an estimated $1.8 million in 2023-24 and just under $1.6 million in 2022-23. Much of the increase comes from a sharp raise in expected revenues from building permits in the coming year. 

There are currently a number of housing developments underway in Truesdale with more on the way. In 2022-23, the city received a total of just over $11,000 in building permit revenue, and they are estimating they received roughly $8,500 in 2023-24. 

Their anticipated revenue from building permits is listed on their 2024-25 budget as $98,674, a dramatic increase. 

Other departments will also see changes in expenditures, for instance the city’s payroll will be increasing by just over $100,000 with a large portion of that increase coming from the police department since the passage of the Truesdale Question during the April 2 election which included a sales tax to bolster department funding. 

The city is also projecting just over $2 million in expenses, essentially stating the city expects to break even in the upcoming year, although those numbers are subject to change. 

In the budget documents, made available following the June 26 meeting, the city also stated that as of July 1 they have just under $1 million in cash on hand, from real estate, along with several bank accounts and revenues from funds like sales taxes, utilities and business licenses. 

Outside of their existing funds covering 46% of expected income, the city expects a plurality of their funding to come from real estate and personal property taxes assessed within the city, making up 19% of their projected income. Another 10% of those funds are expected to be received from franchise and utility taxes, with the rest of the revenue streams contributing in the single-digits. 

The largest share of their expenses will come from employee salaries and benefits, making up a combined 38% of their projected expenditures. The only other expenses projected to cover more than 10% of total expenditures are miscellaneous capital improvements and streets and sidewalks covering 13% and 10% respectively. 

Other fiscal year measures passed in the meeting covered issues like establishing city officials to continue to serve in their official capacity and officially adopting the new Truesdale comprehensive plan. 

Those city officials included Elsa Smith-Fernandez, who will continue in her role as City Clerk and Manager, Police Chief Casey Doyle and City Attorney Amber Bargen. 

The fiscal year-end measures als extended agreements with the Warren County R-III School District for a crossing guard and school resource officer at Daniel Boone Elementary School. 

The budget that was passed and is subject to change as projections become reality as the year continues.