Title
PRESENTATION: PROPOSED FY 2025 AND FY 2026 BIENNIAL BUDGET REQUEST
Body
Agenda of: January 24, 2024
Item No.: 2024-025
Amount: N/A
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: January 24, 2024
RE: PRESENTATION: PROPOSED FY 2024 AND FY 2025 BIENNIAL
BUDGET REQUEST
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer & Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), receives, files, and refers the proposed FY 2025 and FY 2026 biennial budget and related five-year financial plan to the Audit Committee; and authorizes the Interim CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The annual financial planning cycle is underway to establish a Proposed FY 2025 and FY 2026 biennial budget and FY 2025 schedule of Charges which are the subject of a public hearing on February 28, 2024. The effective date for the budget and charges is July 1, 2024. The annual cycle includes member partner engagement as well as detailed review by the Audit Committee. Key activities include the following.
Member Partner Charges Rollout Meetings
October 19, 2023 - Capital Improvement Programs (Charges Rollout #1)
November 14, 2023 - Preliminary Units of Service (Charges Rollout #2)
January 11, 2024 - Review of Proposed FY 2025 Charges and Overview of Proposed Budget and Financial Plan (Rollout #3)
January 16 - 22, 2024 - Individual Member Partner meetings (as requested) to support interested member partners in reviewing their specific proposed charges worksheet between and after rollout meetings #3 and #4 with GLWA staff and consultant
January 18, 2024 - Review of Proposed FY 2024 & FY 2025 Biennial Budget and Financial Plan and Follow Up Charges Question and Answer Session (Rollout #4)
Audit Committee Meetings
December 15, 2023 - Receive and file Discussion Draft of Proposed FY 2025 & FY 2026 Biennial Budget and Five-Year Financial Plan (Budget Review Session #1)
January 26, 2024 - Audit Committee Meeting (Budget Review Session #2)
Board of Directors Meetings
September 13, 2023 - Presentation: Budget and Charges Briefing
January 24, 2024 - Board Briefing - Proposed Budget, Charges, and Financial Plan
February 28, 2024 - Public Hearing on Proposed Budget and Charges; Board adoption follows on or after this date subsequent to Public Hearing
The Audit Committee materials are available at <https://www.glwater.org/financials/> and all Member Partner presentations are located on the member partner outreach portal. The majority of that information from Charges Rollout Meetings are also included in the Audit Committee binders.
JUSTIFICATION
The presentation to the Board will include review of the attached materials.
1. Presentation: Review of Proposed FY 2025 & FY 2026 Biennial Budget and
FY 2025 Charges
2. One Pager Series - FY 2024 Budget Analysis - Proposed as of December 15, 2023
3. One Pager Series - FY 2024 Water & Sewer Service Charges - Proposed as of December 16, 2022
4. Dollar bill graphics - Water Services, Wastewater Services, and Combined Water and Wastewater Services
5. Draft Resolution Adopting the FY 2025 & FY 2026 Biennial Budget
Two key documents are posted at www.glwater.org <http://www.glwater.org> online as well.
1. -FY 2024 & FY 2025 Biennial Budget and Financial Plan Draft 1 <https://glwa.wpenginepowered.com/wp-content/uploads/2024/01/Draft-1-Proposed-Biennial-Budget-and-Financial-Plan-12.15.2023.pdf> (as presented to the Audit Committee on December 15, 2023)
2. FY 2025 Cost of Service Study dated December 29, 2023 <https://glwa.wpenginepowered.com/wp-content/uploads/2024/01/FY-2025-COS-Service-Charge-Recommendations-1222923.pdf>
BUDGET IMPACT
This action is a step toward establishment of a new budget with an effective date of July 1, 2024.
COMMITTEE REVIEW
The Audit Committee reviewed this matter at its meeting on December 15, 2023. The materials presented at that meeting were received and filed.