Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
ITEM 5.1 Prelim Budget
City of Otsego Preliminary Budget Preliminary Property Tax Levy September 28,2015 r Adopted Preliminary $ % 2015 2016 Change Change Total Revenues $ 4, 648, 869 $ 4, 880, 262 $ 2311393 5.0% General Government 17444, 324 1, 570, 944 126, 620 o 8.8 /o Public Safety 17416,360 11498,912 827552 5.8% Public Works 1,067,483 11094,076 26, 593 2.5% Culture & Recreation 508,400 5721063 631663 12.5% Economic Development 143100 143300 200 1.4% Transfers - 1277590 127, 590 n/a Total Expenditures 41450,667 4,877,885 427,218 9.6% Net General Fund $ 1987202 $ 27377 Expenditures Reserves Total Needs Less: Revenue Sources Licenses & Permits Intergovernmental Charges for Services Investment Interest Franchise Fees Miscellaneous Transfers Total Non Tax Revenues Adopted Preliminary 2015 2016 $ 4,450,667 $ 4,877,885 198,202 2,377 4,648,869 4,880,262 592,000 641,565 323,122 343,590 50,700 57,000 95,000 50,000 105,000 107,000 15,000 15,000 149,047 136,755 1,329,869 1, 350, 910 Change Change $ 231,393 5.0% 21,041 Net = Property Tax Levy $ 3,319,000 $ 3,529,352 $ 210,352 1.6% 6.3% �Jreliminary Pronertvl'ax Lr-. General Fund Revenue Capital Reserves Debt Service Tax Abatements Total Levy Amount Tax Capacity Adopted 2015 Preliminary 2016 $ 31319,000 $ 375297352 728,000 762,040 610,000 640,000 231000 887814 Change Chan $ 2107352 6.3% 34,040 4.7% 30,000 4.9% 65, 814 286.1 % $ 476801000 $ 5,0207206 $ 340,206 7.3% $ 11, 376, 427 $ 13, 262, 075 $ 1,885,648 16.6%° Tax Rate 41.138 37.854 -8.0% 16,000,000 14,000,000 12, 000, 000 10,000,000 4,000,000 "IIIIIIxildIA Tax Rate & Tax Capacity 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Tax Capacity -- - Tax Rate 50.000 45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 Comprehensive Factors Tax Capacity (tax base) - Up 16.6% New construction / MV Factors Residential Market Values - Up 9.1 Median from $185k to $202k Preliminary Tax Levy - Up $340k Preliminary General Budget - Up $427k No longer relying on LGA for operations. Tax Rate - Down 8.0%