The City Council adopted the FY 2015 Budget on 4/28/14. Major budget highlights include:
- FY 2015 Total Budget: $180.4 million for all City funds. The City’s two largest funds make up 64% of budgeted expenditures: the General Fund comprising $91.2 million and the Water Fund comprising $25.9 million.
- Net adjustments to the General Fund represent a $2.6 million reduction in proposed expenditures and a $2.1 million reduction in proposed revenue increases.
- Four new positions were added to the General Fund in public safety:
- (3) Firefighter/Paramedics
- (1) Assistant Police Chief
- The City adopted two new taxes:
- Amusement Tax for exhibitive amusements such as movie tickets, movie/games rentals and cable subscriptions are some examples that are subject to a 4% tax beginning on August 1st. The City estimates $1.0 million in new revenue for general operations.
- Local Motor Fuel Tax for purchases of motor fuel i.e. gasoline and diesel are subject to a .04 cents tax earmarked for street resurfacing estimated to earn $1.0 million beginning on August 1st.
- Utility Tax rates have been increased and are estimated to earn $1.7 million in new revenues in FY2015 and then level off at $2.7 million by year FY2016. Adding $2.7 million in additional revenue streams to help fund the employer contributions to the police and fire pension funding. Utility tax increases are effective as of immediately.
- Capital Projects for all City funds – $18.2 million. $9.9 million attributed to water projects, $3.6 million in sewer projects, $2.2 million in general capital improvements which includes $1.0 in street resurfacing, $1.4 million in State Motor Fuel funded projects, $1.0 million in storm water projects.
- Capital Equipment purchases for all city operations include - $4.4 million in new equipment that will be financed through the capital lease program.
The Finance Department estimates that the final publication of FY2015 budget books which include detailed budgetary information will be published in approximately three to four weeks.
The City Council intends to begin the FY 2016 Budget process in May 2014. The City will be looking to engage as many citizens as possible in the process through numerous avenues from public meetings, electronic input, Mayor open houses, council meetings, work sessions, surveys, etc.