AG 2004 07 26 - Laserfiche WebLink

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DRAFT May 31, 2004 Page 479 increases by almost 9 percent, or $4.3 million The increase an educataon spending was achieved by decreasing spending in ever~ other service area These reductions will affect the way we do husansss, but we will err/ye to shield our clt/zens fro~ any potentaal all-effects as a result last year's budget message descrabed the faecal 2004 spendaog pla~ wlthan the ooatext of several Board-approved goals from a January, 2003 work session In the following pages, some of those goals will be revisited I'll descrabe our progress toward meeting them. related efforts in the fiscal 2005 budget, and new Board approved goals from its January 2004 planning retreat. Retain the current property tax rate of 56 cents per $100 of value Last year, the Board decided a property tax rate of 56 cents was faar and should be based on the amount of revenue that rate produces The 5-Year Financial budget for fiscal 2005 Using a statutory formula, in flsoal 2009, normal gro~h an the tax base accounts for a 4 8 percent increase. Additionally, a oou~lt~ads property revaluatzon becomes effective this year. boostang the total tax base by another 12 6 percent Co~sec~ently. maantaining the $6 cents tax rate as the equivalent of a 6 27 cents property =ax values for each year since the last revaluataon an 1999 are based on 1999, 56 cents In 2000, and remained ~chm/lged sance then In fact, comparing inflataon ad)usted dollars, tax payers have paad less each year in property taxes since 1999 The county's sound fiscal condltaon was acknowledged by the 3 ma]or bond ratang local economic hardshaps like the closing of Pxllowtex Good management practxcss and the county's conservatave financial and budgetary policies are the foundation of its long-standang sound faecal condataon Chief fund balance equal to at least 15 percent Of general fund expendatures. A fund Fund balance accumulates by spending less money than as collected through the 15 percent fund balaltce quxdelane was used to balance the budget an fiscal years 2002 ($13.T million) and 2004 ($12 9 millaon) The use of excess filed balance For faecal 2005, the fund balance wall equal about 15% of ex!0endatures, lsavang be delivered without Interruption, at levels generally the same as those beang dslxvsred now Reducing the tax rate below 56 cents wall result in laying off about 33 employees for each penny reduction and the lakely closing of one or more county departments sound fiscal condation year after year requires plannang and dascapl~ne Accordangly, the proposed 2005 budget includes a Fave Year Financial Plan created specifically for that purpose Thls Pla~ includes projectaons for the General Fund es well as the Solid Waste ~nterprise Fund and Arena and Events Center Special The Five Year Financial Plan addresses the Board's praorataes and goals, ancludlng providing adequate resources for educetaonal operating expenses, contlnuang in the next 18 months and constructang and operatang a new ]all (slated to open 2007}. all the whale maantainang a property tax rats of 56 cents Capital spsndang, show~ an each year of the Fays Year Financial Plan as a lump sum, as descrabed an the Capital Improvements Plan (tIP) begannang on page 296 With the exception of the 3 schools ~ the Jail ~ntaoned above, capatal wathLn the lave year planning period is quate meager Also, at is important to note that the Five Year Finances1 Plan only provades fundang for projects to which currently being considered by the Board-appointed Co~uaaty Commattee on Education Throughout the 5 year planning period, f~nd balance fluctuates very little, remaanlng wlthan an acceptable range. Startang out the first year at 15 2 percent, it dips Just slightly below 15 percent in years 2. 3 and 4 In year 5 Plan and construct a jail and justice center to meet the county's current and future needs In May 2002. a study coeenassioned by the Board projected space requirements for the sheriff's office and iai1 for a l$-ysar period Because of contanuang steep construct a new facility, the study was expanded an rascal 2004 to consader SherLf~'s Offace and 3aal space requxrements for a 40 to 50 year peraod TO make