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The revenues for the new fiscal year are projected at $30,010,812, which is $1,847,524, or 6.56%, higher than they
<br />were in the current year. The revenues for the new fiscal year are shown below:
<br /> Original Projection Projection
<br />Category 2006-07 2007-08 Variance Percent
<br />
<br />General Property Taxes 10,784,21111,050,524266,313 2.47%
<br />Franchise Taxes 1,990,8091,945,989(44,820) -2.25%
<br />Sales Taxes 2,434,7722,882,538447,766 18.39%
<br />Industrial Payments 6,836,2577,500,000663,743 9.71%
<br />Other Taxes 57,28062,7275,447 9.51%
<br />Licenses & Permits 447,880669,430221,550 49.47%
<br />Fines & Forfeits 753,164755,1061,942 0.26%
<br />Charges for Services 3,269,7713,424,998155,227 4.75%
<br />Parks & Recreation 212,927206,840(6,087) -2.86%
<br />Recreation & Fitness Center 276,500276,775 275 0.10%
<br />Intergovernmental -6,0536,053 100.00%
<br />Miscellaneous 30,00030,1051050.35%
<br />Operating Transfers 419,717429,3279,610 2.29%
<br />Interest 650,000 770,400 120,400 18.52%
<br />Total 28,163,28830,010,8121,847,524 6.56%
<br />Property taxes
<br />are projected to increase by 2.47% due to growth in the tax base caused by increases in appraised
<br />values and new construction.
<br />Franchise Taxes
<br />are projected to decrease by $44,820, or 2.25% when compared with the prior year’s budget;
<br />however, the City is projecting an increase of 1.8% over the current year estimates.
<br />Sales Taxes
<br />are projected to increase by $447,766 over the current year budget due to increased economic activity.
<br />The City has experienced an increase in development which is projected to continue in the upcoming year. This is an
<br />increase of 18.39% over current year estimates.
<br />Industrial Payments
<br />are expected to increase by $663,743 or 9.71%. 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 49.47%, or $221,550, due to continued growth within the City. As with
<br />sales taxes, the continued growth in the City will continue to impact permit revenue in the 2008 fiscal year.
<br />Fines and Forfeits
<br />are projected to remain steady during the next year.
<br />Charges for Services
<br />are projected to increase by 4.75%, or $155,227. 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.
<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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