Mayor John Marchione presented his 2015-2016 Preliminary Budget to the City Council last night. It is part of a six-year financial plan. The total budget is $617 million for the biennium (and the General Fund portion is $166.5 million) which has a 6% increase over the previous budget and four new full time employees.
An estimated $10 million gap was created during the budget offer process (from the original $4.2 million estimated gap) according to Mike Bailey, Chief Financial Officer. Marchione estimated the price of government in the City to be at a 20 year low but the gap leads to the following revenue adjustments:
> an automatic 1% property tax increase
> a 3% cable utility tax
> a business tax of $7 to recoup lower transportation impact fees
> a business tax of $8 to account for inflation over recent years
> an increase in utility taxes on water (3%) and sewer (2%) to account for inflation
> a six-year, .35/1000 property tax levy (operating and capital) effective 2016 and on the 2015 ballot.
The following large projects ($75 million) will require a 2018 property tax levy vote requiring 60% supermajority: 1) Pool and Recreation facilities, 2) Transportation improvements, 3) Investments in Trails and Parks.
The bulk of the budget is for capital projects. Between 2015-2020 the following capital projects are scheduled: Read More >>
An estimated $10 million gap was created during the budget offer process (from the original $4.2 million estimated gap) according to Mike Bailey, Chief Financial Officer. Marchione estimated the price of government in the City to be at a 20 year low but the gap leads to the following revenue adjustments:
> an automatic 1% property tax increase
> a 3% cable utility tax
> a business tax of $7 to recoup lower transportation impact fees
> a business tax of $8 to account for inflation over recent years
> an increase in utility taxes on water (3%) and sewer (2%) to account for inflation
> a six-year, .35/1000 property tax levy (operating and capital) effective 2016 and on the 2015 ballot.
The following large projects ($75 million) will require a 2018 property tax levy vote requiring 60% supermajority: 1) Pool and Recreation facilities, 2) Transportation improvements, 3) Investments in Trails and Parks.
The bulk of the budget is for capital projects. Between 2015-2020 the following capital projects are scheduled: Read More >>