BLOOMINGTON Controlle r s Presentation to the 2019 Citizens Academy - - PowerPoint PPT Presentation

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CITY OF BLOOMINGTON

Controller’s Presentation to the 2019 Citizens’ Academy www.bloomington.in.gov/controller

City of Bloomington

Controller’s Office

• Budget
• Accounting
• Cash Management
• Special Projects
• Capital Finance

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City of Bloomington

Budget Process

• Spreadsheet Preparation
• Council Budget Retreat
• Meetings with Department Heads
• Setting Annual Objectives
• Compiling Expenditure Requests
• Program Budgeting
• Estimating Revenues

– Miscellaneous Revenues – Property Taxes

• Departmental Hearings

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City of Bloomington

Budget Process

• Budget Revisions

– Expenditures – Revenues

• Public Notice
• Public Hearing
• Adoption by Council
• Notice of Proposed Rates
• Public Hearing with DLGF
• Approval by DLGF

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City of Bloomington

Budget Process

Taxing units calculate the amount of property tax needed: Expenditures minus Miscellaneous Revenues = Levy Assessor’s office provides assessed values for each taxing unit to the county auditor. The tax rate is determined by dividing the levy by the net assessed value (NAV) times 100. This tax rate is applied to the NAV of each property to determine an individual’s property tax bill.

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City of Bloomington

Budget Process

Tax Rate Calculation (2019 Example)

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Equals:

Levy/NAV:

x 100

2019 Tax Rate: 0.008962 0.8962 2019 Levy: $32,599,942

Divided by

2019 NAV: $3,637,574,484

City of Bloomington

Budget Process

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Net Assessed Value $100,000 City Tax Rate .8962 Gross Tax Amount $ 896.20

City of Bloomington

Budget Process

Property tax payments are made to the county treasurer May 10th and November 10th each year. In June and December, the auditor summarizes tax collections and distributes money to the individual taxing units.

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Taxing Units

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WASHINGTON

MONROE COUNTY

CORPORATIONS: BLOOMINGTON ELLETSVILLE STINESVILLE TOWNSHIPS BEAN BLOSSOM BENTON BLOOMINGTON CLEAR CREEK INDIAN CREEK PERRY POLK RICHLAND VAN BUREN LIBRARIES AND SPECIAL DISTRICTS: MONROE COUNTY PUBLIC LIBRARY SOLID WASTE MANAGEMENT DISTRICT BLOOMINGTON PUBLIC TRANSPORTATION PERRY - CLEAR CREEK FIRE PROTECTION SCHOOLS: MONROE COUNTY COMMUNITY SCHOOLS RICHLAND BEAN BLOSSOM SCHOOLS

Local Taxes for Perry City Residents *

Slide 10 WASHINGTON

MONROE COUNTY *

CORPORATIONS: BLOOMINGTON *

ELLETSVILLE STINESVILLE

LIBRARIES AND SPECIAL DISTRICTS: MONROE COUNTY PUBLIC LIBRARY * SOLID WASTE MANAGEMENT DISTRICT * BLOOMINGTON PUBLIC TRANSPORTATION *

PERRY - CLEAR CREEK FIRE PROTECTION

TOWNSHIPS

BEAN BLOSSOM BENTON BLOOMINGTON CLEAR CREEK INDIAN CREEK

PERRY *

POLK RICHLAND

SCHOOLS: MONROE COUNTY COMMUNITY SCHOOLS *

RICHLAND BEAN BLOSSOM SCHOOLS VAN BUREN

23,384,919 , 51% 11,827,433 , 26% 10,464,544 , 23%

City of Bloomington 2020 General Fund Revenues

Property Taxes Local Income Tax Miscellaneous Revenues

City of Bloomington

Accounting

• Accounts Payable – Claims
• Purchasing
• Payroll
• Receipts
• Fixed Assets
• Financial Reporting
• Internal Audit

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City of Bloomington

Cash Management

• Investing Public Funds
• Banking

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City of Bloomington

Special Projects

• String of Pearls
• Trades District
• Hospital
• Convention Center
• Switchyard Park
• Parking Garages
• Union Negotiations

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City of Bloomington

Capital Finance

• Leases
• Bonds
• Long Term Capital

Plan

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City of Bloomington

Questions and Answers