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45 <br /> MEMORANDUM <br /> DATE: April 18, 2001 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: 2002 BUDGET PROJECTION/ANALYSIS <br /> For the April 24' preliminary budget discussion with the City Council, I have prepared an <br /> estimated 2002 revenue and expenditure budget. <br /> The budget is based on applying a 3% increase to 2000 actual audited expenditures for 2001 <br /> and another 3% for 2002. Included in the budget is a line item for Budget Reserves totaling <br /> $250,000. <br /> In addition to the estimated budgets, included are graphs, which illustrate trends in the <br /> budgeting process over the last 5 years. Highlights of the graphs include: <br /> • <br /> 1) Growth in revenues have followed the same path as expenditures <br /> and increased accordingly. <br /> 2) The demand for improving and expanding City services <br /> is evident in the steady growth of expenditures over the <br /> last five years. <br /> 3) For the last 5-years, budget reserves have shown a steady decline. <br /> 4) Residential homestead properties comprise 56% of the <br /> total tax capacity of the Village. <br /> 5) The levy (our largest form of revenue) has showed steady growth <br /> similar to that of expenditures. <br /> The estimated impact on the taxpayer is difficult to project until early fall. However, based on <br /> the assumption the proposed budget and levy being approved and the tax capacity of the Village <br /> increases by 5%, city property taxes would increase on the average of$108.87 <br />