2003-04-14 Regular Meeting, Public Hearing and Workshop Meeting

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I I I I I I I I I I I I I I I I I I I e e General Fund The top five revenue accounts, representing 80.75% of total General Fund revenues, are presented below in order of the amount of anticipated revenue received. Ad Valorem Taxes - The major component that determines the projected revenue in this category is the proposed net taxable value of all real and personal property located within the City. We projected a slight increase over the FY02 revenues attributed to growth in the tax base caused by increases in appraised values and new construction. As of March 30, we have received 100.81 percent of budgeted revenue. Ad Valorem Taxes 8,450,000 . ,"'.or ".\.. ". .. ~'. -, . ,. , '." ..','.~. . ...: 8,350,000 '.'~-.. ; '".'1 . 8,300,000 ;,~<_: ". ." 8,250,000 . 2001-02 8,327,697 2002-03 8,413,096 Ad Valorem Taxes . In Lieu of Taxes - Another major revenue source that is derived through the taxation process is the . collection of In Lieu of Taxes. -- These payments are made by companies located in the City's two industrial zones. This year's estimate included an overall increase of 15.67% mainly attributed to the cancellation of the transfer of In-lieu revenue to the General Capital Improvement Projects Fund. The in lieu of taxes revenues are now distributed to the General Fund (97.5%) and the Debt Service Fund (2.5%). As of March 30, we have received 95.23 percent of budgeted revenue. In Lieu of Taxes In Ueu of Taxes 7,100,000 . 7,000,000 . 6,900,000 _ . 6,800,000 6,700,000 6,600,000 6,500,000 . 6,400,000 1-2