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them competitive with the market. However, it is proposed that the effective date of the 1.5
<br />percent increase to eligible employees be delayed until the state adopts its budget to allow staff to
<br />verify funds will be available for this across-the-board increase. This increase is already applied
<br />to the budget. Unfortunately, the budget also assumes the freezing of the implementation of
<br />additional career ladder advancement programs for departments, not already having an approved
<br />plan, as funds are not available for this purpose.
<br />
<br />The City Council previously approved CIGNA as the medical insurance carrier for the workforce.
<br />Unfortunately in these difficult economic times the health insurance rates increased for individual
<br />coverage provided by the City and also to those coworkers choosing to provide coverage 'for
<br />dependents.
<br />
<br />A total of 810.65 full-time equivalent positions (excluding Housing Programs) are funded
<br />including the new positions listed above.
<br />
<br />Operating Expenses: This category of expenditures accounts for $58,324,703 or 45% of the total
<br />budget. These expenditures include costs other than personnel and capital outlay that are required
<br />for the operations of the City.
<br />
<br />Capital Outlay: This category of expenditures accounts for $6,714,475 or 5% of the total budget.
<br />These expenditures are for the purchase of machinery, equipment and other items that are to
<br />permanent to be considered expendable at the time of purchase and have a value greater than
<br />$1,000.
<br />
<br />Debt: This category of expenditures accounts fOr $16,005,426 or 12% of the total budget.
<br />
<br />Other Financing Uses: This category accounts for inter-fund transfers, which is $4,334,714 or
<br />3% of the total budget.
<br />
<br />BALANCED BUDGET
<br />
<br />Fund Revenues Expenditures
<br />General Fund $ 45,560,803 $ 45,560,803
<br />Municipal Service District $ 74,883 $ 74,883
<br />Home Consortium $ 352,323 $ 352,323
<br />CDBG $ 483,000 $ 483,000
<br />2 Cent Tax Fund $ 1,174,338 . $ 1,174,338
<br />Electric Fund $ 45,711,386 $ 45,.711,386
<br />WaterFund $ 13,976,398 $ 13,976,398
<br />Wastewater Fund $ 11,793,467 $ 11,793,467
<br />Golf Course Fund $ 2,135,557 $ 2,135,557
<br />Aviation Fund $ 8,842,521 $ 8,842,521
<br />
<br />Total Budget
<br />
<br />$130,104,676
<br />
<br />$130,104,676
<br />
<br />The budget is balanced with a property tax rate of $.45 per $100 valuation. This will yield
<br />$25,190~515 in ad valorem revenue based on a collection rate of 97.5%. The tax base used in this
<br />budget preparation represents a 2% growth in real property values for a total valuation of
<br />$5,741,427,833 (including motor vehicles). One cent on the City's tax rate produces
<br />approximately $574,143 in revenue. This rate compares favorably to past City tax rates and is
<br />one of the lowest in the state among medium to large size cities.
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