CFY24 Preliminary General Fund Budget

FY24 General Fund Budget Revision

General Fund

This revision includes final updates to the FY24 Budget after actions by the Kenai Peninsula Borough Assembly and the State of Alaska Legislature and Governor.

General Fund Revenue Budget

At the June 6, 2023, Kenai Peninsula Borough assembly meeting, Ordinance 2023-19 was passed providing funding to KPBSD.

The breakdown between appropriation and In-Kind Services listed in the ordinance caused a change to the expenditure and revenue budgets because the amount budgeted for In-Kind Services increased and the Appropriation decreased from budgeted levels. The increase to In-Kind Services of $1,469,555 and a decrease of $1,469,555 in appropriation.

On June 19, 2023, Governor Dunleavy vetoed one-half of the one-time funding passed by the legislature.  

KPBSD will receive $5,856,544 in additional revenue after the veto. 

The total increase from the State of Alaska amount of 5,856,544 brings the total revenue budget for FY24 to $140,782,417.

General Fund Expenditure Budget

There are changes to the In-Kind expenditure budget approved at the April meeting.  As stated previously, the increase of $1,469,555 in the In-Kind Services Expenditure budget increased the previous budgeted amount of $12,822,896 to a total of In-Kind Expenditures of $14,292,451. Other expenditure increases include the reinstatement of the budget reductions in the amount of $3,627,225, bringing the total expenditure budget for FY23 to $140,844,234.

Use of Fund Balance

Revenue from all sources for the FY24 Preliminary General Fund Budget totals $140,782,417 and since expenditures and transfers total $140,844,234, it is necessary to use fund balance in the amount of $61,817.