The City is gearing up its work on the 2016 fiscal year budget. It has already started with giving out budget worksheets to individual departments last week, encouraging individual departments to maintain the same level of expenditures for another year and cut whenever possible.
The City has received preliminary numbers for tax revenue for FY 2016, and the City will likely receive a 2.64% increase in property tax assessments without taking the homestead tax credit into consideration. There are no other new developments in the pipeline for the coming year. However, we expect to get new revenue stream from a few new developments in near future. These new revenues will be reflected in the FY 2017 budget.
FY2015 will be the second year for The Varsity to receive its revitalization tax credit ($80,000).
State Highway Administration has given us an FY2016 estimate for highway user tax ($114,033 versus $113,583 we budgeted in FY2015). The one-time additional highway user payment we received in FY2015 ($257,038) is not scheduled to recur in FY2016, particularly under a new administration. Staff expects admissions & amusement (“A&A”) tax to be similar to FY2015.
It is too early to predict FY2016 speed enforcement camera revenue.
Council wishlists for budget items are due on February 13, 2015, and the City Manager’s proposed budget will be distributed to Mayor & Council on March 31. The Council will hold its budget worksessions will be on April 11 and 18 (if needed) with the budget ordinance introduced on April 28. The FY 2016 budget will be adopted on July 1st.
Please let me know if you have any suggestions for next year’s budget, in terms of things that should be funded or might be cut.