2007-07-25 CC Packet - Laserfiche WebLink

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City of Centervllle Narrative for 2008 Proposed Budget July 19, 2008 Attached is the proposed Year 2008 General Fund Budget for the Oty of Centerville. This report is intended to disclose all assumptions used In calculating the proposed budget and explain any significant variances from last year. The following assumptions were made in calculating the proposed budget: Revenues: Tax Lew The general tax levy was increased by $81,300 for additional spending which is an Increase of 4.24% . At this proposed levy amount, estimated tax capacity figures indicate that a tax rate will change from 45.74 in 2007 to XX.XX in 2008. This tax capacity is based on updated county data that enumerated a increase in the city's tax capacity and an decrease In the city's contribution to area wide spending. Local Government Aid The city wlIl receive $24,500 in local government aid In 2008. In 2007, the city received $23,560. Ucenses andP,rmlts Ucenses and Permits revenues will decline slightly because of a change In the housing market. Fines and Forfeits Fines and forfeits have been stable. Interest Earnlnas Interest earnings will decline because of a smaller investment portfolio. Assessments Assessment receipts will decline in 2008 because of fewer assessment receivables. Expenditures: Salaries an~ Benefits The following assumptions were made In calculating salaries and benefits for the 2008 budget: + 3% structure Increase (COLA); + 4% step. Increase for elIgible employees; + A legislative mandated Increased employer contribution rate to PERA; + The budget reflects additional salary for part time help In Public Works + Allocations were changed to more accurately reflect actual time spent, resulting In slIght differences In distributions across departments; + Overtime was calculated at.5% of the annual salary for the three existing Public Works employees; + $70 per employee per month Increase In health Insurance contribution, In accordance with the union contract. Insurance rates are expected to rise by 9- 12 % In January 2008 Police Administration The 2008 budget amount of $704,000 from the Centennial Lakes Police Department Is reflected In the budget. This is an Increase of 8.47%. ~J!-