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Home My WebLink About08 22 2016 2017 Budget Update PresentationAugust 22, 2016 1 Sept. 26 –Adopt Preliminary Levy and Budget Oct. 12 –Town Hall Budget meeting Nov. 14 –Budget Work Session Nov. 28 –Public Budget meeting Dec. 12 –Adopt Final Tax Levy and Budget Tax Levy and Budget Schedule 2 Bond Rating –Maintain/improve current rating (Aa2) 2016 –S&P Rating AA+ General Fund Reserves –40% to 50% 2015 Year End –47% Property Tax Rank –Maintain/improve Property Taxes/HH –Growth plus inflation General Fund Expenditures/HH –Growth plus inflation Budget Objectives/ Metrics 3 City Tax Capacity Rate* 4 25.00% 30.00% 35.00% 40.00% 45.00% 50.00% 2010 2011 2012 2013 2014 2015 2016 Prior Lake 7-County Metro Average Metro Pop. 10,000 - 24,999 Metro Pop. 25,000 - 49,999 *City Levy/Tax Capacity = Tax Rate General Fund Operating Expenditures Per Household 5 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Budget 2016 Prelim 2017 Expected Op. Expenditures/HH Op. Expenditures/HH Property Tax Levy Per Household 6 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Property Tax Levy/HH Expected Property Tax Levy/HH Tax Supported Funds General Debt Service Revolving Equipment Revolving Park Equipment Facilities Economic Development Authority 2017 Budgets 7 2017 Property Tax Levy Comparison 8 General Fund 9 2016 Amended Budget 2017 Proposed Budget $ Change % Change Revenues 12,775,738 13,047,917 272,179 2.13 Expenditures 13,008,738 13,097,917 89,179 0.69 Difference 233,333*50,000* *Use of Reserves Revenues -$13.05M Property Taxes -$8.3M (63.5%) Charges for Services -$1.7M (13.2%) Intergovernmental -$1.5M (11.8%) Expenditures -$13.1M Police -$3.7M (28.5%) Street -$1.4M (10.7%) Parks -$ 1.4M (9.9%) General Fund 10 Cost Components Personnel -$8.35M (63.8%) Current Expenditures -$3.64M (27.8%) Capital Outlay -$83.4k (<1%) Transfer Out –1.02M (7.8%) Increase -$89,178 General Fund 11 Daily Admission Fee –Sand Point Beach Help offset cost of Seasonal Park Patrol Per Play Field Use Fee $10/participant Cover 30% of field maintenance costs Seasonal Boat Slip Rental $3,500 (same as private sector) 4 slips each at Sand Pt. and Watzls Proposed Revenues 12 2017 Budget -$160,825k Preliminary Tax Levy -$140,000 Tech Village Rent -$8,500 Use of Fund Balance -$9,825 Economic Development Authority 13 Service Challenges Proactive Policing Winter Maintenance Transportation Projects Aging Fleet impact to operations Parks, trails and natural area maintenance Technology Replacement EAB 14 EMV -$3.65B (3.2% inc.) Residential -$2.73B (2.74% inc.) New Construction -$44.7M (13.2% dec.) TMV -$2.94B (3.34% inc.) Pay 2017 Preliminary Property Values 15 Council Feedback and Direction 1.Preliminary 2017 Budgets 2.Recommended new/increased fees 3.Preliminary property tax levy 16 17 2017 Property Tax Levy Comparison 18