The city of Foley is set to embark on a new fiscal year with a promising financial outlook, as revealed in the recently approved 2024 budget. City officials anticipate continued growth in revenue, which will be channeled into various capital projects aimed at accommodating the city's expansion.

The Foley City Council unanimously voted in favor of the new budget, slated to take effect on October 1st, marking the beginning of the 2024 fiscal year. Notably, this budget demonstrates a significant upswing in revenue compared to the preceding year. At the commencement of the 2023 fiscal year, revenue projections stood at approximately $56.58 million, but the final figure for the year exceeded expectations, reaching an impressive $64.83 million.

City Administrator Mike Thompson emphasized that while revenue exceeded forecasts, expenses remained in close alignment with budgeted projections. The initial expense estimate for 2023 was set at $43.16 million, which was later adjusted to $45.34 million in the final budget for that year. As the 2023 fiscal year draws to a close on September 30th, current projections put city expenses at approximately $43.56 million.

"We outperformed our revenue budgets quite substantially," Thompson noted. "We had an influx of funds greater than anticipated during this fiscal year. Moreover, our directorial team managed operational expenses with precision, resulting in us coming in under budget in that regard."

Mayor Ralph Hellmich emphasized that this surplus revenue positions the city to effectively address Foley's ongoing growth. "The council and I have been diligently working over the past two years to address this growth," Hellmich explained. "One approach to managing it is to reinvest the surplus funds generated by our robust economy back into infrastructure, amenities, and all the necessary elements that contribute to Foley's continued success."

According to Hellmich, current indicators suggest that the growth trend is set to persist. "This year, no one could have predicted the level of growth we've experienced," he noted. "Next year, we could very well witness a similar trend. Preliminary data in the tourism sector indicates another record-breaking year. Though the final numbers are yet to be tallied, it appears that visitors not only increased but also spent more money."

The budget allocates resources for capital improvement projects, estimated at $72 million. Some of these projects have been postponed from the 2023 budget. Additionally, the city intends to bolster its workforce. Thompson elaborated, saying, "We are increasing our headcount to meet the demands of our growing city. Our employee count will rise from approximately 376 to 405." He further noted that this number could potentially increase to 414 if the city's grant request for nine additional firefighters receives approval.

As Foley continues to flourish, the city's commitment to prudent financial management and strategic investment is poised to shape its future growth and development positively.