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Financial Overview
<br />The 2016 budget includes a total revenue projection (excluding interfund transfers and bond
<br />proceeds) of $57.5 million for all funds, an increase of 12% over estimated revenue for 2015.
<br />Although most of this increase is due to one -time capital project grant revenue and building
<br />related revenue (tap fees, impact fees, building permits), we also expect recurring revenue such
<br />as property taxes, sales and use taxes, and charges for services to remain strong in 2016.
<br />Implementation of the recommendations in the recent Utility Rate Study is ongoing and the 2016
<br />budget includes an 11% increase in water rates, a 20% increase in wastewater rates, and a 12%
<br />increase in storm water rates. Based on preliminary information from Boulder County, the 2016
<br />budget includes a net property tax increase on 16 %, which reflects increases in the City's
<br />assessed valuation. The 2016 budget projects sales tax revenue will increase by 4.9% in 2015
<br />and 3.5% in 2016.
<br />The 2016 budget includes total expenditures (excluding interfund transfers) of $68.9 million, a
<br />decrease of 19% from 2015 expenditure estimates. The majority of this decline is due to a
<br />reduction in overall capital outlay in the Open Space & Parks Fund, the Capital Projects Fund,
<br />and the Utility Funds. Total expenditures include $29.6 million for operations (an 8% increase
<br />over 2015 estimate), $3.6 million for debt service, and $35.3 million for capital outlay (a 35%
<br />reduction from the 2015 estimate). Total appropriations for all funds, including interfund
<br />transfers, are $71.3 million.
<br />The 2015 estimates of revenue and expenditures combined with the 2016 budget project a
<br />reduction in City -wide reserves of $9.9 million (23 %) from January 1, 2015 through December
<br />31, 2016. City -wide revenue, expenditures, and changes to fund balances (reserves) are
<br />summarized in the following table.
<br />2013 2014 2015 2015 2016
<br />Actual Actual Budget Estimate Final Bdgt
<br />Beginning Fund Balance 42,962,371 46,599,953 42,826,884 42,826,884 40,560,664
<br />Revenue
<br />Taxes 18,932,367 19.993,142 20.724,620 21.243.310 22.086.490
<br />Licenses & Permits 1,209,004 1,091,849 1,386,500 1,686,820 1,504,090
<br />Intergovernmental Revenue 1,587,943 4,135,026 9.031,060 7,376.530 7.066.860
<br />Charges for Services 15,676,179 14,218,821 18,258,160 18.154,190 25,710 240
<br />Fines & Forfeitures 223,608 250,634 227,470 201,410 213.300
<br />Miscellaneous Revenue 807,557 892,606 548,570 835,820 953,070
<br />Other Financing Sources 8.565,272 783,885 18.652,770 33.370.120 3.750.000
<br />Interfund Transfers 1,927.701 11 961,486 4,552.220 3.521.170 2,452.450
<br />Total Revenue 48,929,631 53,317,449 73,381,370 86,389,370 63,736,500
<br />Expenditures
<br />Administration & Operations 22,208,461 24,117,491 27,914,980 27,498,690 29,632,640
<br />Debt Service 10,846,728 1,716,924 4.083.560 2.278.920 3.576.620
<br />Capital Outlay 10,285,404 19,032,675 55,503,660 55,031,610 35,347,780
<br />Other Financing Uses 23,755 271.943 325,200 325,200 328.800
<br />Transfers 1,927,701 11,951486 4,552,220 3,521,170 2,452.450
<br />Total Expenditures 45,292,049 57,090,518 92,379,620 88,655,590 71,338,290
<br />Ending Fund Balance 46,599,953 42,826,884 23,828,633 40,560,664 32,958,874
<br />Significant Issues
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