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The revenues for the new fiscal year are projected at $28,163,288, which is $2,176,211, or 8.37%, higher than they
<br />were in the current year. The revenues for the new fiscal year are shown below:
<br /> Original ProjectionProjection
<br />Category 2005-062006-07Variance Percent
<br />
<br />General Property Taxes 9,898,93010,784,211885,281 8.94%
<br />Franchise Taxes 1,837,6801,990,809153,129 8.33%
<br />Sales Taxes 2,235,0002,434,772199,772 8.94%
<br />Industrial Payments 6,534,3726,836,257301,885 4.62%
<br />Other Taxes 50,00057,2807,280 14.56%
<br />Licenses & Permits 368,730447,88079,150 21.47%
<br />Fines & Forfeits 676,446753,16476,718 11.34%
<br />Charges for Services 3,084,2393,269,771185,532 6.02%
<br />Parks & Recreation 248,175212,927(35,248) -14.20%
<br />Recreation & Fitness Center 274,000276,5002,500 0.91%
<br />Intergovernmental 22,500-(22,500) -100.00%
<br />Miscellaneous 30,00030,000- 0.00%
<br />Operating Transfers 397,635419,71722,082 5.55%
<br />Interest 329,370 650,000 320,630 97.35%
<br />Total 25,987,07728,163,2882,176,211 8.37%
<br />Property taxes
<br />are projected to increase by 8.94% due to growth in the tax base caused by increases in appraised
<br />values and new construction.
<br />Franchise Taxes
<br />are projected to increase by $153,129, or 8%, due to additional residential and commercial
<br />development which will generate increased sales for the utility companies.
<br />Sales Taxes
<br />are projected to increase by $199,772 over the current year budget due to increased economic activity.
<br />This is an increase of 1.9% over current year estimates.
<br />Industrial Payments
<br />are expected to increase by $301,885 or 4.62%. This increase is attributed to higher values and
<br />inventories over the past few years. The anticipated collections are projected to be lower than the current year due to
<br />the unpredictability of inventories at the various facilities at the end of the year.
<br />Licenses and Permits
<br />are projected to be up 21.47%, or $79,150, due to continued growth within the City.
<br />Fines and Forfeits
<br />are projected to increase over current year collections by about 11% due to continued efforts by
<br />the Municipal Court to more aggressively pursue payment of fines.
<br />Charges for Services
<br />are projected to increase by 6%, or $185,532. The increase is mainly attributable to updated
<br />contracts for fire and EMS protection as well as continued collection efforts in the area of EMS patient revenues.
<br />Parks and Recreation
<br />are projected to be down from the prior year due to decreased activity. The wave pool in
<br />particular has had fewer visitors over the past few years.
<br />Intergovernmental
<br />revenues show a decrease of 100%. Grant revenues are now reported in one of the City’s special
<br />revenue funds.
<br />Interest earnings
<br />are expected to continue to increase due to changes in the City’s investment portfolio. As the
<br />interest rates have increased, the City has been able to replace maturing investments that had lower yields with higher
<br />yielding investments.
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