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

Slide 1 CITY OF BLOOMINGTON Controlle r’ s Presentation to the 2019 Citizens ’ Academy www.bloomington.in.gov/controller

City of Bloomington Controlle r’ s Office • Budget • Accounting • Cash Management • Special Projects • Capital Finance Slide 2

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 Slide 3 • Departmental Hearings

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 Slide 4

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. Slide 5

City of Bloomington Budget Process Tax Rate Calculation (2019 Example) 2019 Levy: $32,599,942 Divided by 2019 NAV: $3,637,574,484 Equals: Levy/NAV: 0.008962 x 100 2019 Tax Rate: 0.8962 Slide 6

City of Bloomington Budget Process Net Assessed Value $100,000 City Tax Rate .8962 Gross Tax Amount $ 896.20 Slide 7

City of Bloomington Budget Process Property tax payments are made to the county treasurer May 10 th and November 10 th each year. In June and December, the auditor summarizes tax collections and distributes money to the individual taxing units. Slide 8

Taxing Units CORPORATIONS: BLOOMINGTON MONROE COUNTY ELLETSVILLE STINESVILLE LIBRARIES AND SPECIAL DISTRICTS: TOWNSHIPS MONROE COUNTY PUBLIC LIBRARY BEAN BLOSSOM SOLID WASTE MANAGEMENT DISTRICT BENTON BLOOMINGTON PUBLIC TRANSPORTATION BLOOMINGTON PERRY - CLEAR CREEK FIRE PROTECTION CLEAR CREEK INDIAN CREEK PERRY SCHOOLS: MONROE COUNTY COMMUNITY SCHOOLS POLK RICHLAND BEAN BLOSSOM SCHOOLS RICHLAND VAN BUREN Slide WASHINGTON 9

Local Taxes for Perry City Residents * CORPORATIONS: BLOOMINGTON * MONROE COUNTY * ELLETSVILLE STINESVILLE TOWNSHIPS LIBRARIES AND SPECIAL DISTRICTS: MONROE COUNTY PUBLIC LIBRARY * BEAN BLOSSOM SOLID WASTE MANAGEMENT DISTRICT * BENTON BLOOMINGTON PUBLIC TRANSPORTATION * BLOOMINGTON CLEAR CREEK PERRY - CLEAR CREEK FIRE PROTECTION INDIAN CREEK PERRY * SCHOOLS: MONROE COUNTY COMMUNITY SCHOOLS * POLK RICHLAND RICHLAND BEAN BLOSSOM SCHOOLS VAN BUREN Slide WASHINGTON 10

City of Bloomington 2020 General Fund Revenues 10,464,544 , 23% 23,384,919 , 51% 11,827,433 , 26% Property Taxes Local Income Tax Miscellaneous Revenues

City of Bloomington Accounting • Accounts Payable – Claims • Purchasing • Payroll • Receipts • Fixed Assets • Financial Reporting • Internal Audit Slide 14

City of Bloomington Cash Management • Investing Public Funds • Banking Slide 15

City of Bloomington Special Projects • String of Pearls • Trades District • Hospital • Convention Center • Switchyard Park • Parking Garages • Union Negotiations Slide 16

City of Bloomington Capital Finance • Leases • Bonds • Long Term Capital Plan Slide 17

City of Bloomington Questions and Answers