HomeMy WebLinkAbout(P5) Proposed Budget 081622#2 Revised datesFY 2022-2023
Proposed Budget
August 16, 2022
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Comparison of Assessed Value
Tax Years 2021-2022
Certified Certified Inc/(Dec)%
(in Billions)2021 2022 2021-2022 Inc/(Dec)
Total Market Value 4,744 5,402 658 14%
Less Caps & Exemptions 1,364 1,633 269 20%
Taxable Value 3,380 3,769 389 11%
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Tax Rate Calculation
FY 2022-2023
•No New Revenue Tax Rate (Previously Effective Tax Rate)
•Basically the tax rate needed to generate the same amount of taxes as last year
•Voter Approval Tax Rate (Previously Rollback Rate)
•The highest tax rate a taxing unit can adopt without holding an election
•New legislation in 2021 created a modification of formula used for the M&O rate
•Change in maximum rate from 8% to 3.5% without requiring an automatic election
•Calculation resulted in a required $.05 reduction in proposed property tax rate
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Proposed Tax Rates
FY 2022-2023
Calculated:FY2022 FY2023 Inc/(Dec)
No-New Revenue Tax Rate .705171 .617512 (.09)
Voter Approval Tax Rate .740715 .691535 (.05)
Proposed:
M&O Rate .492084 .434681 (.06)
Debt Rate .248631 .256854 .01
Total Proposed Tax Rate .740715 .691535 (.05)
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Staff Recommended Changes to
Proposed Budget
•General Fund
•Reduce Property Tax Revenue by $1.4 Million
•Reduce Expenditures
•Reduce Cost of Living Increase to 3.5% (-$260,000)
•Remove budget for Legal Services in Special Purpose Division (-$70,000)
•Fund Emergency Preparedness Health Position with ARPA grant for 1 year (-$98,000)
•Reduce transfer for Capital Equipment. Generator at HO Mills to be grant-funded
(-$100,000)
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Staff Recommended Changes to
Proposed Budget
•Reduce Cost of Living Increase to 3.5%
•Water Fund (-$45,000)
•Solid Waste Fund (-$16,000)
•Pleasure Island Fund (-$2,000)
•Transit (-$10,000)
•EDC (-$4,000)
•Regulatory Enforcement Fund (-$300)
•Capital Reserve Fund –Equipment Schedule
•Remove Generator at HO Mills Garage –grant funded (-$100,000)6
General Fund
FY 2023 Proposed Proposed Changes FY 2023
Revised
Revenues 76,731,426 (1,400,000)75,331,426
Operating Expenditures 73,277,000 (428,000)72,849,000
Transfers 10,906,954 (100,000)10,806,954
Rev over (under) Exp (7,452,528)(872,000)(8,324,528)
Beginning Fund Balance 29,657,482 -29,657,482
Ending Fund Balance 22,204,954 (872,000)21,332,954
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Fund Balance Policy
Target Fund Balance=60 days operating expenditures
Oper. Exp.
Days
FY22 Original
Budget
FY23
Proposed
FY23
Revised
General Fund Ending Balance $20.6 M $22.2 M $21.3 M 107
Required $11.9 M $12.0 M $12.0 M 60
General Fund Additional Policy
Requirement $1.5 M $1.5 M $1.5 M 8
Excess $7.2 M $8.7 M $7.8 M 39 8
Proposed Dates
•Jul. 22 Friday File Proposed Budget with the City Secretary
•Aug. 2 Tuesday City Council Proposed Budget Workshop
•Aug. 16 Tuesday City Council Proposed Budget Workshop, Hold record vote on the
proposed tax rate via resolution
•Aug. 17 Wednesday City Council Proposed Budget Workshop 10:00 a.m.
•Aug. 29 Monday Public Hearing on Budget 10:00 a.m.
•Aug. 30 Tuesday Public Hearing on Tax Rate 6:00 p.m., Adopt Budget, Tax Roll and Tax Rate
Denotes a special Council Meeting
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Next Workshop August 17
Discussion : Capital and Water Rate Options
Suggestions??
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