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<br />At this time, three budget additions are not yet included in the 2021 levy. These budget additions <br />are transferring election duties to the County, amending the zoning code, and establishing a storm <br />utility fund. The change to the levy for each item is: <br />Budget Addition Amount <br />Addition to <br />2020 to 2021 % <br />Change <br />Election services $27,000 .80% <br />Zoning Code Amendment services $22,500 .66% <br />Establish storm water utility fund $25,000 .74% <br /> <br />The remainder of this memo will describe the fund types included in the budget and their activities. <br />Further detail is included in the individual budgets. <br />General Fund <br />Revenues <br /> <br />2020 Adopted <br />Budget <br />2021 <br />Recommended <br />Budget % Change <br />Property taxes $3,117,156 $3,208,037 2,91% <br />Licenses 123,955 110,955 -10.49% <br />Permits 175,900 175,900 0.00% <br />Charges for services 79,089 79,089 0.00% <br />Fines & Forfeits 44,000 44,000 0.00% <br />Intergovernmental revenue 290,918 293,918 1.03% <br />Investment income 64,800 37,600 -41,98% <br />Miscellaneous revenue 129,719 126,784 -2.26% <br />Transfers in 109,300 93,300 -14.64 <br />Total General Fund Revenues 4,134,837 4,169,583 .84% <br /> <br />The property tax levy generates 77% of the revenues in the General Fund and is based on the <br />operating needs of the City after all other revenues have been subtracted from the expenditures. <br />This is up from 75% in the 2021 Budget due to other General Fund revenue sources decreasing <br />or remaining flat for 2021. <br />Licenses have been reduced to reflect the projected rental license revenue, per the rental license <br />program, that will be implemented this fall. After the 2020 budget was prepared, the program was <br />restructured for annual licenses (instead of a combination of 1-year, 2-year or 3-year licenses). <br />The annual license will allow for a consistent revenue amount each year. <br />Investment income was reduced to reflect the current interest rate environment due to the effects <br />of COVID-19. An interest rate of .50% was used in the 2021 budget. <br />Transfers in was reduced by the transfers from the Parks & Recreation Special Revenue Fund to <br />the General Fund (16,000) in order to help offset the effects of moving the recreation services <br />contract to the Parks & Recreation Special Revenue Fund. <br /> <br />DRAFT DOCUMENT -9/3/2020 7