City Council Agenda and Packet 2012 10 09 SP

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Budget Highlights General Fund Staff estimates that by year -end 2012, total General Fund revenue, excluding interfund transfers, will increase by approximately $235,000 (1.6 %) from 2011. This overall increase is mainly attributable to increases in sales /use taxes and building - related revenue. Staff projects that total General Fund revenue, excluding interfund transfers, will remain relatively flat from 2012 to 2013. The following pie chart illustrates the General Fund sources of funding. General Fund Revenue Sources (excluding interfund transfers) Chargesfor Services 12% Intergovernmental 7% Licenses & Per Interest & Other 3% Property Taxes 16% Other Taxes 10% Sales & Use Taxes 47% The General Fund is budgeted to transfer over $3.5 million to other funds during 2012: • $62,490 to the Cemetery Fund for operations and capital. This is a recurring annual subsidy. • $2.0 to the Capital Projects Fund for capital outlay. An additional $1 million is proposed to be transferred in 2014 and 2015 ($500,000 per year). • $1.5 million to the Historic Preservation Fund as an interfund loan for the Grain Elevator Project. This amount is scheduled to be paid back to the General Fund over six years. These large transfers allow the City to "put to work" the City's General reserves by funding high priority capital projects while still maintaining an adequate General Fund reserve. Excluding interfund transfers, staff projects that total General Fund expenditures for 2012 will increase by approximately $1.2 million, or 9 %, compared with 2011 actual expenditures. General Fund expenditures in the 2013 proposed budget, excluding interfund transfers, and assuming a 3% "turnback ", would increase by only $57,000 when compared to 2012 estimates. The chart below reflects the broad categories of these expenditures. 9