The City’s 2022-23 Fiscal Year budget brings good news: revenues are stronger than expected, reserves are fully funded, and the City remains debt free.
The city anticipates spending about $53 million in FY 2022-23, providing services for residents and maintaining the city’s infrastructure. The highest single expense in the budget is public safety. Lake forest will pay $21 million for police services, animal control and other public safety programs this year.
On the revenue side, property taxes are expected to generate about $23.5 million dollars, while $18.7 million is expected through sales taxes.
The Capital Improvement Project budget is separate from the general fund, but it is also healthy. The City Council approved improvements to six parks and 14 traffic and street projects for the coming year.
The City Council on July 19 unanimously approved renovations for Borrego Overlook, Regency, and Rancho Serrano parks. The contract totals $936,893.50. Cherry, Peachwood, Darrin, Montbury, and Pebble Creek parks were renovated under the July 2018 plan. Construction is underway at Sundowner and Vintage parks.
Intersection Improvements at El Toro Road and Portola Parkway/Santa Margarita Parkway are slated this fiscal year. The improvements include dual right turns on westbound El Toro Road and dual left turns on eastbound El Toro Road. The Bake and Baffin Bay Median Improvements Project will also take place this year.
The FY 22-23 General Fund reserves are fully funded, at $52 million.