FY 2006-2007_Budget - Laserfiche WebLink

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City has created a stronger financial condition for the City’s operations, and the threat of potential layoffs is no longer a focus to avoid. Additionally, two new themes were included for the fiscal year 2007 focused at improving employee morale. One was to fund a compensation study to bring employees in line with market and the other focuses on reducing the current sick leave liability while giving something back to the employees. The 2006-07 City Budget is designed to render municipal service at a similar level as delivered in the prior year. In addition, this financial plan will focus on obtaining desired results by enhancing infrastructure deficiencies identified during previous City Council workshops. Furthermore, our plan will continue to promote the expansion of recreation amenities for the general population. Throughout the budget one will discover planned programs and projects that enhance the work environment and the community. One will notice the realignment of resources to meet the goals and objectives of this City Council. We are convinced one of the reasons our staff has excelled in the public programs we offer is because City Council has seen fit to afford our employees with the tools they need to deliver these services. The results of our recent citizen survey support this theory. INTRODUCTION B? W HAT IS A UDGET A budget is a document that sets forth the financial plan the City will follow in providing services to its citizens. It contains guidelines for normal operations as well as capital improvements to benefit the future. It is also an instrument whereby basic policies of the City can be presented along with their impact on services and operations. The budget is used by City Administration to monitor its operations and to assist its mid managers in performing their directives. Finally, the budget is the device that communicates to its readers the direction the City will follow in the future. Further information on the Budget Plan and Process can be found on page 15. SUMMARY OF RESOURCES The primary resources for the City of La Porte are taxation and charges for services. The underlying basis for estimation of resource collection is historical trend analysis combined with a conservative attitude. RDTT ESOURCESERIVEDHROUGHAXATION The resources derived from the taxation of property located in the City are by far the largest resource of the City. The process the City uses is known as Ad Valorem Taxation, which means according to value. Fiscal year 2006-07 will mark the eighteenth year the City has maintained its tax rate at 71 cents per $100 taxable valuation. The appraisal of property within the City is the responsibility of the Harris County Appraisal District (Appraisal District). The Appraisal District is required under the Property Tax Code to appraise all property within the county on the basis of 100% of its market value. The value of real property within the Appraisal District must be reviewed every three years; however, the City may, at its own expense, require annual reviews of appraised values. Under current legislation, the City Council continues to set tax rates on property. However, if the effective tax rate, excluding tax rates for repayment of general obligation bonds and other contractual obligations and tax rates adjusted for new improvements, exceeds the rate for the previous year by more than 8%, qualified voters of the City may petition for a rollback election to determine whether to limit the tax rate to no more than 8% above the effective tax rate. As authorized by state law, the City Council has approved certain exemptions to its citizens. Residential homeowners qualify for a homestead exemption that is equal to 20% of their appraised value. Citizens who are over 65 years of age qualify for an additional exemption, which exempts the first $60,000 of assessed value. Additional exemptions are available for the disabled and veterans. î