City Council Agenda and Packet 2010 10 12 SP 2011 BUDGET

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We have kept these principles in mind as we prepared the 2011 proposed budget. As you know, the City's budget is the most significant policy considered by the Louisville City Council each year; it establishes the City's priorities and provides funding to achieve those priorities. The budget process, including the formal public hearing, provide the public with many opportunities to comment on and advise the City Council about those priorities and levels of funding. In addition to the public hearing, we solicit and receive input from numerous sources, including public involvement at regular City Council meetings and study sessions, feedback from the City's various Boards and Commissions and information from surveys like this year's survey on voters' support or opposition to a Use Tax. We also provided information, addressed questions and asked for ideas and suggestions about budget issues during a series of special presentations on the City's budget and the possible Use Tax, during Ward meetings, the Mayor's "Chat with Chuck ", and other City events. By considering citizens' comments in all of these forums and making changes as necessary, the City Council ensures that the final 2011 budget truly reflects the interests of the community. Overview The 2011 budget includes a total revenue projection (excluding interfund transfers) of $26.8 million for all funds, which is a decrease of 5.7% over the estimated revenue for 2010. Net property tax revenue is projected to remain at $2.9 million, the same level as expected in 2010. As a result of the continuing economic downturn, City staff expects sales and use tax revenue to decline by 2.5% in 2010 and an additional 1% in 2011. The 2010 budget includes a 3% increase in water rates and wastewater rates, and a 25 -cent per month increase in storm water rates. These projected changes in revenue will be discussed in more detail below. The 2011 budget includes total expenditures (excluding interfund transfers) of $28.9 million. Included in this amount is $21.4 million for operations, $2.6 million for debt service, and $5.2 million for capital outlay. Total appropriations for all funds, including interfund transfers, are $30.2 million. 2010 2010 2011 Budget Estimate Proposed Beginning Fund Balance Iv 34,857,965 34.857,965 29.117.805 Revenue Taxes 12,46E,960 14.405,620 14,281,46C Licenses & Permits 603.630 609.210 667.600 Intergovernmental Revenue 2.686.430 2.749,660 1, Charges for Ser.rices 10.020.230 9.062.970 9.129.690 Fines & Forfeitures 21 =C 232,910 236.660 Miscellaneous Revenue 1.2 8.100 1,34E440 1,070,630 Other Financing Sources - 9,390 - IntertundTransfers 1.8. 1.930.220 672.300 Total Revenue 30,117.740 29.998.120 27,469.310 Expenditures Administration 21.1221.9 4 C 20.993,110 21.92.070 Debt Service 2.970,430 2.33E.080 2.623.630 Capital Outlay 10.377,260 9.774.770 E.2.1.290 Other Financing Uses 163.270 9,000 276.970 Transfers 1.6' 2.8890 1.60.220 8733.300 Total Expenditures 37,091.700 35.738,280 30.168,010 Ending Fund Balance 27,884.005 29.117.805 26.419.106 2 16