1996 BUDGET - Laserfiche WebLink

Home Browse Search

percent over expenditures in 1995; however, the 1996 Budget reflects a 1.57% decrease over the estimated 1995 level. The City's property tax mill levy rate for 1996 in 5.457 mills, which is decrease from the 1995 rate of 5.820. Tabor Amendment provisions require that annual property tax revenue changes be restricted to the same growth rate applicable to the City's general spending of 8.5 percent. For 1996 the mill levy rate is below the requirements of the Tabor Amendment as well as the 5.5% statutory revenue limit. The Tabor Amendment also requires the local governments reserve three percent of total expenditures for emergencies in 1995 and years thereafter. (The definition of an "emergency," under Tabor is restricted to natural events, but excludes "economic conditions, revenue shortfalls, or district salary or fringe benefit increases.") Accordingly, the City has reviewed the existing reserves and determined that a minimum of 3% will exist for 1996 to comply with the provisions of the Tabor Amendment. The Tabor Amendment excludes activities or funds considered to be "enterprises." The classification of an "enterprise" under Tabor Amendment is based on three criteria: (1) the entity be considered a govemment owned business; (2)the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10 percent of its annual revenue in grants from all Colorado State and local govemments combined. The 1996 City Budget as presented represents the exclusion of the City's Water Fund and Sewer Fund, as approved by Ordinance No. 1167 and 1168, Series 1994 declaring theses funds as "enterprises" under the Tabor Amendment definition. Other Highlights Other budget highlights include: a. An overall reduction of 2.30 full-time equivalent (FTE)_positions was achieved. This includes the mid -year addition of one police officer. b. The capital outlay in the General Fund for maintenance and improvement of existing city facilities has increased by $155,655 over the 1995 budget of $315,639. c. Sales tax revenues have been conservatively estimated to grow 5% in 1996. d. The revenues from the use tax on residential construction is now shown in the combined capital fund, with the 88th Street and other school related improvements also in this fund. e. The completion of sports complex including lighting, fencing, landscaping