City Council Minutes 2006 11 08 - Laserfiche WebLink

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City Council Meeting Minutes November 8, 2006 Page 8 of 13 2007 Proposed Operating and Capital Budget Revenues - All Funds: The 2007 budget includes a total revenue projection of $27,576,282 for all funds. These revenues plus the beginning projected available fund balances for all funds and operating transfers will generate available sources of funds for the 2007 budget of $51 ,981 ,513. A. Property Taxes: The assessed valuation of property in Louisville for 2006 to be collected in 2007 is $393,971,030. The general operating mill levy will remain at 5.184 and will generate $2,046,285 in property tax revenue for general operating expenses. This year's assessed valuation is a .01 % increase over last r'\t<-t., year's final assessed valuation. General Fund Revenues: In addition, in November 2004 voters approved an additional mill levy to pay for the library debt in an amount not to exceed 1.581 mills. Based on the City's current assessed valuation, the mill levy will remain at 1.526 generating an estimated $601,199 to pay for the bond issue. The debt service mill levy revenue has been included in the new Library Debt Service Fund. B. Sales Taxes: The projection for the 2007 estimated sales tax is $8,895,054. This amount is approximately $981,833 or (10.0%) lower than the original budget of $9,876,887 for 2006. The 2006 forecasted sales tax is $9,164,469 which is $712,418 or 7% lower than budgeted 2006 sales tax and 13% lower than 2005 actual collections. Sales tax collections are allocated to the general, capital projects, and conservation trust - land acquisition funds. In 2007 there was a shift of approximately $450,000 or 5% of the total sales tax revenue historically allocated to the Capital Projects Fund back to the General Fund. This still leaves over 33% of the 3% sales tax rate for the capital projects fund and 67% for the General Fund. The remaining .375~1o is allocated to the Conservation Trust - Land Acquisition Fund. C. Development Revenue: This area of revenue projections relies heavily on the estimates of the Planning Department, as to future developments. Using these estimates, the taxes and fees are calculated and factored in to the various funds. The total development revenue estimated for 2007 is $1,692,000. The estimate for 2006 is $1,221,779 and the budget was $1,696,314. This is a shortfall of $474,535 due primarily to construction permits and tap fees that were expected in 2006 but will not be recognized until 2007. The budget for 2007 shows a 1 % decrease from the 2006 budget. Development revenues are allocated primarily to the capital projects fund and the water and wastewater fund. The City has budgeted for approximately 34 residential homes to be built in 2007. Expenditures - All Funds: Total expenditures for all funds in the 2007 budget are $32,441,671. Included in this amount is $18,956,616 for operating expenditures,