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Budget Assumptions <br />Certain assumptions are decided on as a foundation for developing a budget. These <br />assumptions guide the City in determining the level of service that will be provided to residents <br />and how those services will be funded. The City's budget practice is to use conservative <br />revenue estimates to assure adequate funding of expenditures. <br />2020 Assumptions <br />Since 2010 the city has estimated a population growth of about 0.5% a year. The City expects <br />the population growth to continue below 1% in the future until the TCAAP development occurs. <br />The Chart below demonstrates the City's population growth over the last nine years. After the <br />2010 Census, the City's population was reported as 9,552. <br />10,100 <br />10,000 <br />9,900 <br />9,800 <br />9,700 <br />9,600 <br />9,500 <br />9,400 <br />9,300 <br />9,200 <br />9,100 <br />9,000 <br />Population <br />2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />As the City's population grows, so does the demand for services. This increase in demand for <br />services also requires increases in parks, miles of streets, water mains and sewer lines that need <br />to be maintained. In 2020, the City continues various infrastructure improvements as the City's <br />infrastructure ages. This growth and demand has resulted in the City's operating budgets to <br />grow faster than the Consumer Price Index (CPI) the last few years and the increased <br />infrastructure improvements has also caused the City's per capita spending to increase over the <br />last few years as shown in the following two charts. <br />15 <br />