2010-09-08 CC Packet - Laserfiche WebLink

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Overall, the proposed 2011 General Fund expenditures totaled roughly $2,0A88O0ora 696 decrease from 2010. For Qroph|nm| representation of expenditures please see appendix C and D. Fund Balance General Fund: The City of Centerville has historically maintained a healthy fund balance, which contributes positively to the city's bond rating and mitigates the potential for needing short hann borrowing. Council has m targeted fund balance reserve of 40 to 5096 of current expenditures ora target between ($838.84Oho$1,048.30O). The below represents the last three years of historic general fund balance and the next two years projected general fund balances based on budgeted date. Please note that the City is projecting afundba|anoeof$1.123.405ot the end nf2011. which |a53Y6nf2O11 budgeted expenditures. 2007 $1,435,164 2008 $1 2009 $1,231,325 2010 $1,151,395 2011 $1,123495 Tax Rate / Tax Capacity The general tax rate has been relatively stable over the last three years—with 2007. 2OO8. and 2O0Q having city tax rates of45.74% and 4G.25%.respectively, Given overall market valuations in the City have fallen by roughly 7% (in tax capacity terms) the tax rate rose to 54.3596in2010. Market valuations again fell another 7% (in tax capacity terms) for 2011 so the overall tax rate is projected to rise again to 58.6796 in 2011 . That being said, the tax rate is only one of the two variables one must consider before evaluating the true effect on their respective property taxes—the other |o the 2011 tax capacity. Cities in Minnesota levy actual dollar amounts and the tax rate is merely the formula for a||ooediog the share to each parcel. For a graphical representation of historic tax rates and e real vvur|d example of its effects on the City portion of property tax see appendix E. Debt Service Fund BudoatSummmmam/ '- The City currently has five outstanding bond iaouea--200413, 2005A, 2007A 2000A, 2000B. Outstanding principal obligations for these five bond innumo are $10.025.000 at August 31,2010. Debt Service Revenue: Each bond issue |o supported bya levy (2O0AB series being the only exception) and on assortment of special assessments. The Debt service fund budget/levy and special assessment budgets for 2O11 are $528.800 and $284,700 respectively. Debt Service Expenditures- Debt Service expenditures include principal and inNen*a1 payments on the respective bond issues along with fiscal agent fees associated with their annual