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June 29, 1993 : :ir • The Honorable Mayor and City Council: Submitted herewith is the proposed 1994 Annual Budget. �, �•r� �i The enclosed 1994 Budget continues the City's tradition of sound fiscal management, and yet provides for maintaining the current level and quality of aervice in a manner the community has come to expect. The budget has been formulated within the following objectives: 1. To provide a well planned, well managed means of ineeting the City's needs now and in the future, while maintaining the best possible credit rating. 2. To ae�'-�`e a safey secure and pleasant community in which famil:��-� may live and work. The budget document consists of three aections. Section I is the Introductory section, and contains the Table of Contents and Letter of Transmittal. The Letter of Transmittal ' includes a discussion of the overall direction of the budget, an ,_�, explanation of several major programa included in the budget, and a budget overview section containing summary information on tax ' levy, revenues, and expenditures. Seetion II is the Fiscal Policies section. This section includes a aet of policies to guide the City's financial planning and decision making. The 1994 Budget is in compliance with the City's fiscal policies. Section III is the Program Sudget section, and contains the pro- gram deacriptiona and budget information for the individual pro- grams. State Aids As you are aware, the State's Budget problems have impacted our atate aid for property tax relief considerably during the past several years. Projected atate aid is expected to increase somewhat for the City in 1994. In 1993 we received no Local Government Aid (LGA) but we expeet to receive $35,188 in 1994. The City's share of the HACA (Homestead credit) was $1,712,552 in 1993 and is projected to be $1,773,000 in 1994. In total the tax relief will increase $95,636 or .5� over 1993. A -1