2009-09-09 CC Agenda - Laserfiche WebLink

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City of Centervllle - 2010 ~roDosed Budaet Introduction To the Mayor and City Council, Enclosed is the 2010 budget as prepared by City Staff, in accordance with City Council input. As you are aware, the construction of the 2010 budget is a year long process commencing with Mayor, Council, and Staff input. numerous budget work sessions, and finally culminating in the provided document. Major inillatives and goals were set forth during this budget process wilh a special focus on maintaining the current level of city services, miligatlng the overall increase in property taxes and maintaining efficiant levels of fund balances. To that end, several challenges presented themselves during this process including the Governors unallotment of the City's market value homestead credit and original estimates projecting budget shortfalls of roughly $350,000. Uilimately, the Mayor and City Council balanced the 2010 by utilizing the foUowlng revenue enhancements and expendilure reductions-increasing tha levy to account for loss of 200812009 market value homestead credil, freezing employee salaries, significantly reducing the funding for Fete De Lacs, delaying the purchase of a public works truck and restructuring the interfund loans to 1.5%. General Fund Budget Summary Revenue Property Tax (Tax Levy): The property tax levy is projected to increase from $2,043,820 In 2009 to $2,316,537 in 2010 or by 13%. This increase is attributed to the ability to increase the levy amount lost during the 2008/2009 unallotments of Market Value Homestead credil of $109,658 and the addillonal $146,200 in debt service levy. Local Government Aide: The City is projected to receive $0 In Local Government Aide in 2010. Licenses and Fee: The City is projecting a decrease in this revenue classification for 2010 and is budgeting $24,000 or a decrease of 36% from the 2009 budgeted amount. Fines and Forfeits: The City is projecting no substantive change in this revenue classification and is budgeting $68,500 for 2010 or a 2% decrease from the 2009 budgeted amount. Building Inspection (Penn its): The City Is projecting a significant decrease in revenue in this classification during 2010 mainly because there will be less permit activity throughout the city. The 2010 budgeted amount for building permils is $94,500 or a 35% decrease from 2009. Interest Earnings The City is projecting Interest earnings to decrease slightly in 2010 and have budgeted $30,000 as opposed to the 2009 amount of $40,000. Overall, general fund revenues are budgeted at $2,244,470 or a 0% increase from 2009. For a graphical representation of revenues please see Appendix A and B. 35