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12-11-23-R
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12-11-23-R
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1/23/2024 1:34:29 PM
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<br /> <br />Revenues <br /> <br />The City is dependent on the resources that generate revenue to provide for the different <br />services that our residents receive. This dependency is the limiting factor on what service can <br />be provided. These services range from the basic services of public safety and road <br />maintenance to services enhancing the quality of life such as parks and community events. Our <br />resources to generate revenue are affected by a number of factors, including City, State and <br />Federal laws, rates, demographics, and economic conditions. The following provides a <br />summary of major revenue sources and general trends: <br /> <br />Property Taxes <br />This revenue source is primarily used in the General Fund and is set at a level to raise adequate <br />revenue for the operating budget when combined with other expected revenues. The final <br />level of expected revenue should be sufficient to conduct City business in accordance with <br />Council policy and directives and result in a projected year‐end fund balance to cover possible <br />emergencies and contingencies. <br /> <br /> <br /> <br />Trends: Property tax levies have been increasing due to cuts in State Aid that began in 2001. <br /> <br />Special Assessments <br />A portion of the costs for public improvements is recovered by assessment charges to the <br />benefiting property owners. These collections are used to pay bond principal and interest on <br />the outstanding improvement bonds or to reimburse the City if no bonds were issued. A <br />majority of the special assessments are associated with road reconstruction projects within the <br />Capital Improvement Plan, but they also include charges against property for the collection of <br />delinquent utility bills or miscellaneous charges. <br /> <br />$2.00 <br />$2.25 <br />$2.50 <br />$2.75 <br />$3.00 <br />$3.25 <br />$3.50 <br />$3.75 <br />$4.00 <br />$4.25 <br />$4.50 <br />$4.75 <br />$5.00 <br />$5.25 <br />$5.50 <br />2015 2016 2017 2018 2019 2020 2021 2022 2023 2024MillionsTax Levies <br />7
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