| Estimated Beginning Balance |
$39,436,408 |
| Estimated Revenues |
$36,092,909 |
| Requested Appropriations |
$35,737,742 |
| Estimated Ending Balance |
$39,791,575 |
Total Revenues and Expenditures
2018 Estimated budget compared to 2018 proposed budget.
|
2019 Budget |
2018 Budget |
Variance |
| Total Revenues |
$36,092,909 |
$31,240,600 |
$4,852,309 |
| Total Expenditures |
$35,737,742 |
$25,785,796 |
$9,951,946 |
The increase in total revenues can be attributed primarily to the additional fire levy and anticipated Montgomery Quarter bond proceeds. The increase in total expenditures can be attributed to the anticipated construction costs for the Montgomery Quarter.
Revenue Assumptions
- Income Taxes are conservatively forecasted at 1%.
- Property taxes assessed valuation up from $526 million to $527 million.
- Real Estate Property tax is estimated to be 1% more than 2018.
- All other revenue sources include Local Government Fund, Investment Income, and the Gasoline Tax and Motor Vehicle Registration Fees.
Fund 223 – Fire/EMS Levy Fund
| Estimated Beginning Balance |
$3,718,835 |
| Estimated Revenues |
$5,672,743 |
| Total Available |
$9,391,578 |
| Estimated Expenditures |
$3,323,302 |
| Estimated End Balance |
$6,068,276 |
| Months in Expenditures |
22 |
Note
- Reserve Fund Balance Policy 6-12 months of operating expenditures in reserve.
- Revenues generated primarily from property taxes.
Fund 410 – Capital Improvement Fund
| Project |
2019 Principle |
2019 Interest |
2019 Total |
| Special Assessment |
$4,867 |
$3,567 |
$8,434 |
| Reserve Bond Retirement |
$165,000 |
$14,440 |
$179,440 |
| VC Phase I |
$450,000 |
$506,927 |
$966,927 |
| VC Phase II (estimated) |
$0 |
$242,810 |
$242,810 |
| GRA (estimated) |
$20,000 |
$799,350 |
$819,350 |
Personnel Costs
Labor agreements
- IAFF-Fire expired in March 2018
- FOP-Police expires June 2019
- AFSCME-Public Works expires in August 2020
Healthcare Costs
- No increase in medical premiums.
- City’s total contributions to fund medical and dental insurance premiums is budgeted at $1,302,023 in 2019, increasing to $1.7 million in 2023.
- Future increases are based on annual increases of 10% for medical and 3% for dental insurance
Solid Waste and Recycling Costs
- 6% of City’s General Fund expenditures
- New Contract 2018-2022
- $645,331 per contract year
- Contract includes eight weeks unlimited yard waste collection and holiday greenery collection
Future Budgetary Considerations
- $5 motor vehicle registration fee
- Montgomery Quarter Development
- Future reallocation of City Income Tax Revenues
2019 Annual Budget Timeline
- October 3 – 1st Reading
- November 7 – 2nd Reading
- December 5 – 3rd Reading
- December 19 – Appropriations to amend 2018 Budget.
Montgomery Open Checkbook
