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Overall, the proposed 2011 General Fund expenditures totaled roughly $2,096,,600 or a <br />696 decrease from 2010. For graphical representation of expenditures please see appendix C <br />and D. <br />Fund'BmKmnoe <br />General Fund: The City of Centerville has historically maintained a healthy fund balance, <br />which contributes positively tothe city's bond mating and mitigates the potential for needing short <br />harm borrowing. Council has a targeted fund balance reserve of 40 to 50Y4 of current <br />expenditures orotarget between ($838`64Dtu$1,O48'380). The below represents the last three <br />years of historic general fund balance and the next two years projected general fund balances <br />based onbudgeted data, Please note that the City iaprojecting afund balance of$1.t23.495at <br />the end nf2011'which ie53Y6of2011 budgeted expenditures. <br />2007 $1,435,104 <br />2008 $1^357,518 <br />2009 $1,231.325 <br />2�010 $1,151,395 <br />2011 $1'123,495 <br />Tax Rate /Tax Capacity <br />The general tax rate has been relatively stable over the |smt three years—with 2007. <br />2OO8'and 2OOAhaving city tax rates of45.74%,4b.8196,and 48.25Y6.respectively. Given overall <br />mmrkntwa|oatloma|mtheCityhevefe|[enbyrough|y796(intoxoapacityterma)thetaxraterVeeto <br />54.36% in 2010. Market valuations again fell another 7% (|n tax capacity terms) for 2O11 so the <br />overall tax rata i: projected to rise again to 58.67% in 2011. That being said, the tax rate is only <br />one ofthe two variables one must oumaidar before evaluating the true effect umtheir respective <br />property taxes—the other is the 2011 tax capacity. Cities in Minnesota levy actual dollar amounts <br />and the tax rate is merely the formula for allocating the share to each parcel. For a graphical <br />representation of historic tax rates and a real world example of its effects on the City portion of <br />property tax see appendix E. <br />Debt Service Fund Budget Surnmary <br />The City currently has five outstanding bond |aoums--2004B. 2005A' 2807A, 2009/\. <br />2009B. Outstanding principal obligations for these five bond iauuaa are $10,825,000 at August <br />31,2010, <br />Debt Service Revenue- Each bond issue imsupported byolevy (200913series being the <br />only exception) and on assortment ufspecial assessments. The Debt service fund budget/levy <br />and epen|e] assessment budgets for 2011 are $528,000 and $284.700. respectively. <br />Debt Service Expenditures: Debt Service expenditures include principal and interest <br />payments on the respective bond issues along with fiscal agent fees associated with their annual <br />