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Presented herein are the first drafts of 1996 Estimated General Fund <br /> Revenues and the 1996 General Fund Expenditure Budgets . Budget <br /> preparers worked very hard to develop a budget which would meet <br /> Council' s goal of no property tax increases for 1996 and yet provide <br /> services to the City' s Stakeholders . I believe that you will be pleased <br /> with the results . <br /> Estimated revenues for 1996 are $3, 501, 489, an increase over 1995 <br /> revenues of 1 . 5% . As per Council direction the property tax levy is the <br /> same amount as levied in 1995 . Licenses and Permits revenues are <br /> estimated to increase 15 . 35% over 1995 estimates . That projection is <br /> based upon historical averages . Revenues in 1994 were inflated due to <br /> C.G. Hill and Multi-Tech in the Business Park and the Silver Lake Point <br /> project . Fines & Forfeits are expected to increase by 4 . 7%. <br /> Intergovernmental revenues are based upon estimates received from AMM <br /> and the LMC and will increase by 1% . Other Revenues are projected to <br /> increase by 3 . 3%, primarily because of increased interest income. <br /> Interest rates have increased in 1995 and most economists believe rates <br /> will be stable for some time . <br /> General Fund Expenditures total $3 ,478, 459 for 1996, an increase of 8/10 <br /> of 1% over the 1996 Budget . Budgets in the Departments are lean and <br /> have modest increases, or in some cases decreases . Capital Outlay items <br /> have been kept to a minimum. Staff will be present at the June 26, 1995 <br /> Special Budget Work Session to review departmental budgets in detail . <br /> It should be noted that the first draft expenditure budget is $23 , 030 <br /> under estimated revenues . In other words, Staff is submitting a first <br /> draft budget which has excess revenues of $23 , 030 . <br /> ° 9 <br />