2010 Annual Budget Table of Contents

The Governing Body approved the 2010 Budget at the July 27, 2009 City Council meeting. The budget attempts to keep service levels close to the level citizens have grown to expect and authorizes a property tax levy of $17,707,372. The property tax mill levy needed for that amount of tax is estimated to be 24.693 mills. This is the same mill levy rate approved by the Council last year. The 2010 budget also includes additional revenue for franchise fees on residential gas and electricity and increases the franchise on non-residential gas from 3 to 5%.

Decreases in revenues, and increases in electricity costs and fuel have had the biggest impact in creating the challenges that the City faced this year. Below are the most significant illustrations and reasons for the fiscal distress the City is experiencing:

• Property tax revenue projections for 2010 are $507,277 less than projected for 2009.  ($17,698,900 to $17,191,623)
• Overall sales tax revenues projected for 2010 are $1,300,000 less than originally projected for 2009  ($19,998,900 to $18,696,000 in 2010) and overall sales tax projections for 2010 are $508,965 less than sales tax received in 2008.
• Property tax revenue projections for 2010 are $734,196 less than actual property tax received for 2008.