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2003 Budget
<br />The proposed 2003 Budget is $34,755,225, a decrease of $2,929,249 or 7.8 %. The decrease has
<br />resulted primarily due to a reduction in the City's debt service costs, and tax increment pay-as-
<br />you-go payments.
<br />The following table provides a summary of the proposed budget by major expense category.
<br />. ... .. ........ . -
<br />Personal Services
<br />$ 10,6901612
<br />$ 1191419234
<br />$ 450,622
<br />4.2%
<br />Su lies & Materials
<br />9661,218
<br />993,755
<br />27,537
<br />2.9 %
<br />Other Services & Char es
<br />1250055,734
<br />121692,026
<br />686,292
<br />5.7%
<br />Ca pital Dutla
<br />4,229,290
<br />5,0779500
<br />8489210
<br />20.1%
<br />Debt Service
<br />4,6979620
<br />2,120,240
<br />(2,577,380)
<br />(54.9)%
<br />TIF Pay-as-you-Go
<br />5,000,000
<br />2,635,470
<br />(2,364,530
<br />(47.3)%
<br />Total
<br />$37,589,474
<br />$ 34,6603,225
<br />$ (2,929,249)
<br />(7.8)
<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 increase is estimated for
<br />2003 to account for general inflation effects
<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 maintenance costs, a 2% increase in the purchase of bulk water, and a 5% increase
<br />in wastewater treatment costs.
<br />Capital outlay includes 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 capital replacements of utility mains, and to implement the stormwater Phase II Plan.
<br />Debt Service includes the principal and interest paid on bonds used to finance infrastructure
<br />improvement projects. The decrease in debt service costs will result due to the defeasance of
<br />bond issues in 2001 and 2002.
<br />TIF 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 termination of various developer agreements for which all city
<br />obligations have. been met.
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