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Transmittal Letter <br />required to approve the proposed budget and tax levy prior to September 15. If the Council <br />anticipates that the tax rate will increase, the City Council must adopt aresolution inOctober <br />stating that fact. |nDecember, opublic hearing onthe final budget and tax levy isheld atwhich <br />staff presents budget and tax levy information and public comments are received. State law <br />requires that the City Council approve the budget and tax levy and asubsequent meeting� After <br />adoption and within five working days after December 2Othe tax levy iscertified tothe County for <br />collection. The budget serves asaguideline for anticipated expenditures and proposed <br />revenues. The revenues and expenditures may beadjusted throughout the year asdeemed <br />necessary and asapproved bythe City Council. Budget amendments are approved inDecember <br />incorporating all the previously approved changes tothe budget. <br />The City has placed a high priority on continually improving the financial condition ofthe City. \n <br />order toaccomplish that goal, City Council and management have applied sound and consistent <br />financial management practices inall aspects of the operations ofthe City. Even with continued <br />population growth and related increased service pressure, the City has been able *oincrease the <br />General Fund fund balance and add $oother reserve funds that are available atthe Council's <br />discretion tufund operating and capital expenditures for unbudQetedprograms and projects. TbE <br />Qty holds an A3 bond rating with a positive outlook from Moody's Investor Service. N1oody's <br />credits the City's strong tax base growth and solid financial position for the improved rating and <br />positive outlook. The City will continue to provide the high level of services that our citizens have <br />come to expect as well as expand services to meet the increased growth and new demands of <br />the residents whenever possible. The City Council will beresponsive tothe citizens' needs and <br />sensitive tothe amount ofproperty taxes those citizens pay. <br />General Fund Functions and Fund Balance <br />��O�s <br />All general governmental functions Vfthe City that are not accounted for inseparate funds are <br />included in: the General Fund, Total revenues and transfers inthe General Fund in2OQOwere <br />K320.121. This isenincrease of$O51.U8Bover 1SQSrevenues and transfers. <br />Percent Increase <br />Of <br />(Decrease) <br />Revenue Source 2008 Tota! 1989 from 199S <br />General Property Tax <br />$3,288,976 <br />52.0496 <br />$3,057.609 <br />$231.387 <br />Licenses and Permits <br />749,888 <br />11�8794 <br />511,308 <br />238.582 <br />Intergovernmental Revenues <br />1,108,078 <br />17.559& <br />1,104.281 <br />4.797 <br />Charges for Services <br />598.203 <br />9.43% <br />491,197 <br />185.008 <br />Fines <br />110,421 <br />1�8996 <br />117,814 <br />1.807 <br />Interest <br />161,759 <br />2.5896 <br />53,578 <br />108.181 <br />Other Revenue <br />18,396 <br />0.2994 <br />23,048 <br />(4.852) <br />Transfers from Other Funds <br />276,400 <br />43796 <br />309,800 <br />O <br />Total Revenues and Transfers <br />$8320121 <br />10008Y4 <br />$5668433 <br />$651688 <br />m <br />