FOLSOM, Calif. — Folsom City Council unanimously adopted a $246 million operating budget for the 2023-24 fiscal year, and it will take effect July 1.
According to the city of Folsom, the budget includes an operating budget for day-to-day city programs and services and a capital improvement program — a long-range plan that funds public construction projects and infrastructure.
Some of the major projects include:
- Intelligent Transportation System Master Plan
- Folsom Lake Crossing Safety Improvements/Median Barrier Project
- East Bidwell and Iron Point Road/Highway 50 onramp improvements
- Two firefighter positions
- One police officer position
- Alerting system for Fire Station 35
- New software systems to improve efficiencies
- Water tower tank Rehabilitation Project
While the city of Folsom currently maintains a stable financial status, they say there are upcoming fiscal challenges.
“We are facing a situation where expenses are growing at a faster rate than revenues," said City Manager Elaine Andersen. "As a result, we anticipate deficits as we work towards balancing the budget in future years."
According to city of Folsom’s website, the general fund began fiscal year 2022-23 with a balanced budget of $102,422,714 and is projected to end the fiscal year with expenses exceeding revenues by $594,769 due in part to inflation.
“Moreover, the city is confronted with mounting infrastructure and building maintenance needs that cannot be ignored and are lacking a dedicated funding source," said Andersen. "Our primary focus in this constrained environment is to uphold the essential services the city provides.”
Expenses include funding for infrastructure improvements, park and facility repairs, equipment maintenance and replacements, trail maintenance and repairs, as well as staffing needs.
The city said a multimillion-dollar annual shortfall is projected by 2026.
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