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TIF Pay-as-you-Go refers to tax increment paid to developers as specified in Tax Increment <br />A <br />Financing (TIF) agreements between the City and various developers. The decrease in TIF pay - <br />as- you -go will result due to the termination of various developer agreements for which all city <br />obligations have been net. <br />Trust Operations includes endowment funds used to offset general taxes, and to maintain a <br />cemetery. A decrease in available funds will result due to falling interest rates, which in turn <br />generate less interest earnings. The principle endowment of these funds remains intact. <br />The following table provides a summary of the proposed budget by major expense category. <br />Personal Services includes the wage, benefit, and insurance costs of employees. In an effort to <br />attract and retained highly qualified employees, the City 's Compensation plan provides for a cost <br />of living adjustment (COLA) of 3%. In addition, health and dental insurance premiums charged <br />to the City are increasing 12 %. <br />. Supplies and Materials include- office supplies, motor fuel and vehicle supplies, clothing and <br />protective gear, street repair materials, and salt/sand purchases. A small decrease is estimated <br />for 2004 reflective of some reductions in planned quantities. <br />Other Services and Charges include professional services, contractual maintenance and repair, <br />utilities, memberships, interfund charges, and training and conferences. An increase is expected <br />due to higher costs related to the purchase of bulk water, and wastewater treatment costs. <br />Capital Outlay es both new and scheduled replacement purchases of vehicles and <br />equipment,, water meters, and infrastructure improvements. A substantial increase is budgeted <br />due to the renovation costs of City Hall. <br />Debt Service includes the principal and interest paid on bonds used to finance infrastructure and <br />facility improvement projects. The increase in debt service costs will result due to the additional <br />debt payments related to the voter - approved facility bonds issued. in 2003. <br />TYF Pay-as-you-Go refers to tax increment paid to developers as specified in Tax Increment <br />Financing (TIF) agreements between the City and various developers. The decrease in TIF pay - <br />as- you -go will result due to the tennination of various developer agreements for which all city <br />obligations have been met. <br />4 <br />