2004 BUDGET - Laserfiche WebLink

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Sales Tax The sales tax revenues have declined in the last few years as a result of the current economic situation and the increase in retail development in neighboring municipalities. In addition, the closing of the Kmart store in Louisville contributed significantly to the decline in sales taxes for 2002. In 2003, however, the City has begun to see some strength in sales tax collection for some retail sectors. New retail stores have replaced the loss of the Kmart store in the City and 2003 sales tax collections are projected to exceed the 2002 collections. The budget for sales tax revenues in 2004 takes into account the increases and strength seen in existing sales tax generators throughout the City, as well as the additional sales taxes expected from the opening of several new retail stores in the third quarter of 2003. The total 2004 sales tax budget is $9,942,050. This is an increase of approximately 4.3% over the 2003 budget. 10,000,000 - 9,000,000 - 8,000,000 - 7,000,000 - 6,000,000 - 5,000,000 - 4,000,000 - 3,000,000 2,000,000 1,000,000 Sales Tax Collections by Year 1998 1999 Actual Actual 2000 2001 Actual Actual 2002 Actual 2003 2003 2004 Budget Estimate Budget Expenditures Operating Operating expenditures include the costs of personnel and the purchase of supplies and services. Total operating expenditures in the 2004 budget are $17,799,073. This amount is an increase over the 2003 budget of less than 1%. Supplies and contractual services are decreased while personnel costs are increased approximately 2.3%. The increase in personnel costs include the addition of one new full-time position in the Conservation Trust — Land Acquisition Fund and the addition of part- time wages for the new Nite at the Rec program and for an engineering technician in the City's Water and Wastewater Enterprise Fund. iii