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comment on and advise the City Council about those priorities and levels of funding. In addition
<br />to the public hearing, we solicit and receive input from numerous sources, including public
<br />involvement at regular City Council meetings and study sessions, feedback from the City's
<br />various Boards and Commissions and information from surveys. We also provided information,
<br />addressed questions, and asked for ideas and suggestions about budget issues during special
<br />presentations on the City's budget, during Ward meetings, and other City events. By
<br />considering citizens' comments in all of these forums and making changes as necessary, the
<br />City Council ensures that the final 2014 budget truly reflects the interests of the community.
<br />Financial Overview
<br />The 2014 budget includes a total revenue projection (excluding interfund transfers) of $47.0
<br />million for all funds, a small increase of approximately 1% estimated revenue for 2013. We
<br />expect property taxes, sales and use taxes, and building related revenue to remain strong in
<br />2014. As of this date, the comprehensive utility rate study is still ongoing and the task force has
<br />yet to make a recommendation to Council. As a placeholder in the 2014 budget, staff included
<br />no increase in water rates, a 25% increase in wastewater rates, and a 75% increase in storm
<br />water rates. Based on information from Boulder County, staff projects net property tax revenue
<br />will increase by 2.2% to reflect increases in the City's assessed valuation. Staff projects sales
<br />tax revenue will increase by 5% in 2013, 3.7% in 2014, and 3% annual increases for 2015
<br />through 2018.
<br />The 2014 budget includes total expenditures (excluding interfund transfers) of $58.4 million, an
<br />increase of 10% over 2013 expenditure estimates reflecting increases in General Fund
<br />operations and, more significantly, in planned capital spending for which we have been building
<br />up reserves for several years, and emergency capital spending for flood reconstruction. Total
<br />expenditures include $25.3 million for operations (a 7% increase over 2013 estimate), $1.7
<br />million for debt service, and $31.2 million for capital outlay (a 69% increase over 2013 estimate).
<br />Total appropriations for all funds, including interfund transfers, are $66.8 million.
<br />2013 2013 2014
<br />Budget Estimate Final Bdgt
<br />Beginning Fund Balance 42,958,591 42,958,591 36,563,671
<br />Revenue
<br />Taxes 16.879,810 18,174,480 18,369,170
<br />Licenses & Permits 701,450 1,143,890 945,850
<br />Intergovernmental Revenue 1,634,170 1,635,080 9,907,150
<br />Charges for Services 15,607,910 15,606,500 15,854,380
<br />Fines & Forfeitures 207,530 231,360 233,050
<br />Miscellaneous Revenue 1,111,000 1,151,730 714,300
<br />Other Financing Sources - 8,665,350 1,000,000
<br />Interfund Transfers 2,017,120 2,444,910 8,363,930
<br />Total Revenue 38,158,990 49,053,300 55,387,830
<br />Expenditures
<br />Administration & Operations 23,993,440 23,677,710 25,264,670
<br />Debt Service 2,509,150 10,874,150 1,677,050
<br />Capital Outlay 24,408,430 18,425,310 31,173,520
<br />Other Financing Uses 200,000 26,140 307,800
<br />Transfers 2.017.120 2.444,910 8,363,930
<br />Total Expenditures 53,128,140 55,448,220 66,786,970
<br />Ending Fund Balance 27,989,441 36,563,671 25,164,531
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