|
Financial Overview
<br />The 2013 budget includes a total revenue projection (excluding interfund transfers) of $35.9
<br />million for all funds, a decline of 6.2% over the estimated revenue for 2012. This decline is
<br />mainly attributable to a reduction in projected building - related revenue (construction permits,
<br />impact fees, tap fees, etc.) and a reduction in anticipated utility user fee revenue. Staff expects
<br />utility user fee revenue to decline because of a decline in consumption, not rates. The 2013
<br />budget includes a 6% increase in water rates and a 4% increase in wastewater rates. The
<br />budget also includes a rate study to confirm that the proposed rates are adequate to provide the
<br />resources needed to fund the City's water and wastewater systems. Based on information from
<br />Boulder County, staff projects that net property tax revenue will increase by 1.3% to reflect
<br />increases in the City's assessed valuation. Staff projects sales tax revenue will increase by 5%
<br />in 2012, 3.5% in 2013, and average a 3% annual increase for 2014 through 2017.
<br />The 2013 budget includes total expenditures (excluding interfund transfers) of $49.3 million, an
<br />increase of 39% over 2012 expenditure estimates reflecting increases in capital spending for
<br />which we have been building up reserves for several years. Total expenditures include $23.4
<br />million for operations, $2.5 million for debt service, and $23.2 million for capital outlay. Total
<br />appropriations for all funds, including interfund transfers, are $50.7 million.
<br />2012 2012 2013
<br />Budget Estimate Final
<br />Beginning Fund Balance 37,181,913 37,181,913 39,860,983
<br />Revenue
<br />Taxes 15,787,940 16,706,260 16,614,880
<br />Licenses & Permits 793.020 953,710 701,450
<br />Intergovernmental Revenue 2,348,500 2,361,380 1,614,670
<br />Charges for Services 12,037,720 16.953,850 15,607,910
<br />Fines & Forfeitures 232,860 218,650 207.530
<br />Miscellaneous Revenue 951,480 985,280 1,111,000
<br />Other Financing Sources 29,100
<br />Interfund Transfers 5.741.850 5.913.010 1,474.590
<br />Total Revenue 37,893,370 44,121.240 37.332.030
<br />Expenditures
<br />Administration & operations 22,824,230 22.922,450 23.365,680
<br />Debt Service 2,520.330 2.520,480 2,509,150
<br />Capital Outlay 10,963,220 9.871,230 23,180,600
<br />Other Financing Uses 1,165,000 215,000 200.000
<br />Transfers 5.741,850 5.913.010 1,74.590
<br />Total Expenditures 43,214,630 41.442.170 50.730.020
<br />Ending Fund Balance 31,860,653 39,860,983 26,462,993
<br />Budget Highlights
<br />General Fund
<br />Staff estimates that by year -end 2012, total General Fund revenue, excluding interfund
<br />transfers, will increase by approximately $308,000 (2.1%) from 2011. This overall increase is
<br />mainly attributable to increases in revenue from sales /use taxes and building - related sources.
<br />Staff projects that total General Fund revenue, excluding interfund transfers, will remain
<br />relatively flat from 2012 to 2013. The following pie chart illustrates the General Fund sources of
<br />funding.
<br />3
<br />
|