Title
Consider and take action on an ordinance adopting the Annual Budget for Governmental and Proprietary Funds for Fiscal Year 2016 (Director of Finance)
Background:
Pursuant to City Charter and state law, adoption of this ordinance will establish the budget for the 2016 fiscal year. The budget ordinance is based on the proposed budget, as adjusted, and as described in Exhibit A.
The FY 2016 Proposed Budget includes $109,220,155 for operations and $65,888,450 for capital projects for a total appropriation of $175,108,605.
The proposed budget provides for:
· Total property tax rate of $0.565 per $100 valuation, $0.032 lower than the FY 2015 tax rate. Property tax relief for homeowners was also provided by earlier Council action increasing the residential homestead exemption from 14 percent to 20 percent of assessed value on owner-occupied homes.
· A personnel budget for 576.75 positions which is a net addition of eight (8) total full-time equivalent positions including a Public Works Operations Manager, Engineer Project Manager, Senior Accountant, Building Inspector, Recreation Supervisor at Hometown Heroes Park (HHP), 8 seasonal lifeguards for the pool at HHP (equating to 2 FTEs) and two part-time library pages (1 FTE).
· Additional revenue from the increase in water and sewer utility rates as adopted by Council August 11, 2015 of $4.48 million.
· Funding for a projected health insurance increase of 10.5%.
· Funding for a 3% merit increase for employees beginning January 1, 2016.
· Funding for 380 agreements at $920,676.
· Funding for $65.89 million in capital projects as approved by City Council during the review of the 2016-2020 Capital Improvement Program.
· Bond issues of $13.49 million will be required to fund the capital program
Changes to the Proposed Budget
The proposed budget provided was presented to City Council on July 13, 2015. The FY 2016 Proposed Budget includes $109,220,155 for operations and $65,888,450 for capital projects for ...
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