2018 Budget in Brief
|Estimated Beginning Balance||$32,683,446|
|Estimated Ending Balance||$32,872,692|
Total Revenues and Expenditures
2017 ESTIMATED BUDGET COMPARED TO 2018 PROPOSED BUDGET
|2018 Budget||2017 Estimate||Difference|
- Income Taxes are conservatively forecasted at 1%.
- Real Estate Property tax is estimated to be 1% more than 2017. Assessed valuation went up from $525 million to $526 million.
- All other revenue sources include Local Government Fund, Investment Income, and the Gasoline Tax and Motor Vehicle Registration Fees.
Property Tax Collections
Targeted Fund Balances
- General Fund – established as 6-12 months of operating expenditures.
- Fire/EMS Levy Fund – established as 6-12 months of operating expenditures.
- Arts and Amenities Fund – established at $376,237, the corpus of original donation.
- General Bond Retirement Fund – established as the subsequent year’s debt service payments for principal and interest.
- Capital Improvement Fund – established as $1 million.
General Fund for 2018
|Estimated Beginning Balance||$14,395,569|
|Estimated End Balance||$14,635,852|
|Reserve Balance - 12 months||$11,059,113|
General Fund appropriations represent a decrease of $1,209,088 or 10.5% under 2017 appropriations and $988,144 or 2.1% under the estimate of $10,531,957.
Estimated General Fund revenues represents a decrease of $142,944 or 1.3% under 2017 estimate of $11,202,057
- Article IX, Sections 9.01 “Taxes” and 9.02 “Extra Levy” provide that Council by Resolution may increase the Charter Levy up to 5 mills.
- The current millage authorized under the Charter is 4.5 mills; City Council can authorize an additional .5 mills.
- An additional .5 mill would generate approximately $250,000 for the General Fund.
Funds Requiring Transfers from the General Fund
- For the years 2016-20 approximately $3.45M from the 101-General Fund will be transferred.
- $2.98M to 261-Street Construction Maintenance and Repair Fund to support Public Works, and
- $75,000 to 275-Municipal Pool Fund for Municipal Pool operations.
|Project||2018 Principal||2018 Interest||2018 Total|
|Reserve Bond Retirement||$160,000||$20,200||$180,200|
|VC Phase I||$450,000||$514,803||$964,803|
|VC Phase II (estimated)||$0||$158,125||$158,125|
- International Association of Firefighters (Fire) agreement expires in March 2018.
- The Fraternal Order of Police (Police) labor agreement expires in June 2019.
- The American Federation of State, County, and Municipal Employees (Public Works) agreement expires in August 2020.
Health Care Costs
- Medical insurance premiums did not increase.
- City’s total contributions to fund medical and dental insurance premiums are budgeted at $921,267 in 2018, increasing to $1.2M in 2022. Future increases are based on annual increases of 10% for medical and 3% for dental insurance.
Solid Waste and Recycling Cost
- Solid waste and recycling costs account for six percent of the City’s General Fund expenditures.
- The current contract with Rumpke was rebid for 2017.
- $593,586 per contract year, which included three weeks of unlimited leaf collection and holiday tree and greenery collection in January.
Fund 223 – Fire Levy Fund
|Estimated Beginning Balance||$3,967,911|
|Estimated End Balance||$3,208,495|
|Months in Expenditures||12|
- Included in Targeted Cash Balance Fund Policy with 6-12 months of operating expenses in reserve.
- Revenues generated primarily from property taxes.
- Consideration may need to be given for placing on the ballot a fire levy in 2018 or 2019.
- $5 motor vehicle registration fee
- Vintage Club North and Gateway Redevelopment Area
- Future Reallocation of City Income Tax Revenues
- Fire/EMS Levy
2018 Annual Budget Timeline
- October 4 – 1st Reading
- November 1 – 2nd Reading
- December 6 – 3rd Reading
- December 15 – Appropriations to amend 2017 Budget.