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2003 Proposed Budget <br />The proposed 2003 Budget is $34,755,225, a decrease of $2834,249 or 7.5%. 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 />Personal Services includes the wage, benefit, and insurance costs of employees. The proposed <br />budget for this item has increased due to increases in wage adjustments and insurance premiums. <br />In an effort to attract and retained highly qualified employees, the City's Compensation Plan <br />provides for an estimated cost of living adjustment (COLA) of 3%. In addition, health and <br />dental insurance premiums charged 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. <br />The following table provides a summary of the proposed budget by major program or <br />function. <br />��� <br />