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2013 Budget – Where Money Comes From, Where Does It Go?

City’s revenues come from two main sources – General Fund and Capital Improvement Funds (or program)

This year, the City is projecting a general fund revenue of 14,493,984

The FY2013 C.I.P. includes 29 active projects with projected 5-year expenditures of $51,486,833. Some of these projects are placeholders with no current funding. FY2013 interfund transfer from the General Fund totals $1,277,900.

Here are the highlights of the 2012 general revenues.

The real property tax rate of $0.322 per $1 00 of assessed valuation is maintained, with no increase from FY2012. The personal property tax rate $0.805 per $100 of assessed valuation is maintained, with no increase from FY2012.
• The FY2013 requested budget projects a 7.5% increase in income tax revenue, from $1,275,000 to $1,370,000, based on a comparison of year-to-date receipts.
• The FY2013 requested budget projects intergovernmental tax revenue (including admission & amusement tax, highway user tax, and hotel/motel tax) at 8.7% less than the FY2012 adopted budget, due to reductions in the FY13 budget for admission & amusement tax and highway user tax.
• Residential properties currently comprise 64.2 percent of the City’s tax base. The gross residential tax base (prior to application of the homestead tax credit for owner-occupied properties) in FY2012 was $1,458,785,236 and is projected to be $1,448,269,956 for FY2013, a decrease of 0.7%. After applying the homestead tax credit at 104% for FY2013, there is an increase of 1.1 %.
• Commercial and industrial properties comprise the other 35.8 percent of the City’s tax base. The commercial tax base in FY2012 was $701,158,520 and is projected to be $808,625,366 for FY2013, an increase of 15.3%.
• One cent of the tax rate represents $232,877, including real property tax, personal property tax at 2.5 times the real property tax rate, PILOT-UM CASL property and PILOT-UM Washington Post property.
• For FY13, economic development has not had a significant financial impact on tax revenues. In the future, it is hoped that economic development projects would have a much greater impact on revenue.
• The FY2013 requested budget does not include any proposed increases in fees, charges or fines.
• The public parking garage opened in August 2009 and permanent 20-year financing settled on February 25, 2011. The FY13 requested budget includes a $251,950 interfund transfer from the Parking Debt Service Fund to the General Fund in order to cover the excess of debt service on the parking garage bond over parking garage-related revenues. It is hoped that, over time, revenues from the parking garage will increase to close that gap.
• Net speed enforcement camera revenue, budgeted at $2,000,000 less vendor processing charges of $780,000, will be used for public safety purposes, including pedestrian safety improvements.

Here are the highlights of General fund expenditure:

• FY2013 is the third year of a 3-year collective bargaining agreement with AFSCME Local 1209C, covering certain Public Works employees. The FY2013 requested budget includes a 2.0% cost of living adjustment (“COLA”) plus merit increases. Negotiations on a contract addendum are underway but not concluded for FY2013. Traditionally, employees not covered by the collective bargaining agreement have received the same benefits as employees covered under the contract.
• The FY2013 Requested Budget includes a net decrease in full-time equivalents (FTEs) of 0.18 from FY2012, itemized as follows:
1. An additional 0.30 FTE in an Office Specialist I position (in Youth, Family & Senior Services-Seniors Program, program 4012) to provide clerical support
2. A net decrease of 0.38 FTE for contract police officers in the Speed Enforcement program (in Public Services-Speed Enforcement, program 2025), based on payroll projections for officers certifying speed enforcement camera citations
3. A net decrease of 0.10 for a Planning Intern (in Planning-Economic Development, program 3014)
• The Billing & Collections Supervisor position in Finance-Accounting & Financial Reporting, program 1022, was reclassified, an increase of 1 grade to account for additional duties and responsibilities.
• Health insurance rates decreased 4.9% for FY2013 due to a change in carrier. All other insurance costs decreased 4.3%, primarily resulting from a reduction in workers compensation insurance rates.
• The net result of FTE changes, COLA and merit increases, and changes in employee insurance costs increased FY2013 personnel costs by 2.1% over FY2012.
• The parking garage tax-exempt bond was issued on February 25, 2011, replacing bond anticipation notes (BANs) used for interim financing, and debt service on this Sun Trust Bank bond is budgeted in Debt Service, program 9010.

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