2007-12-12 CC Packet - Laserfiche WebLink

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City of Centerville Narrative for 2008 Final Budget December 12, 2007 Attached is the final Year 2008 General Fund Budget for the City 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 $69,700 for additional spending which is an increase of 3.55% . At this proposed levy amount, tax capacity figures indicate that a tax rate will change slightly from 45.740 in 2007 to 45.808 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 will receive $22,900 in local government aid in 2008. In 2007, the city received $23,560. Licenses and Permits Licenses and Permits revenues will decline slightly because of a change in the housing market. Fines and Forfeits Fines and forfeits have been stable. Interest Earninas Interest earnings will decline because of a smaller investment portfolio. Assessments Assessment receipts will decline in 2008 because of fewer assessment receivables. Expenditures: Salaries and 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; + $20 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%.