FY 21 Budget Overview (Preliminary Draft) z Preliminary Budget - - PowerPoint PPT Presentation

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Jan 09, 2023 204 likes •300 views

City of Riverdale, Iowa z FY 21 Budget Overview (Preliminary Draft) z Preliminary Budget (Revenue) Revenue Source FY21 (Budget) FY20 (Budget) FY19 (Actual) Property Tax/Bond Levies $ 693,131 $ 625,001 $ 531,035 TIF Revenue 0 0 0

SLIDE 1

FY 21 Budget Overview

(Preliminary Draft)

City of Riverdale, Iowa

SLIDE 2

Preliminary Budget (Revenue)

Revenue Source FY21 (Budget) FY20 (Budget) FY19 (Actual)

Property Tax/Bond Levies $ 693,131 $ 625,001 $ 531,035 TIF Revenue Other City Taxes (LOST) 110,000 168,195 113,959 Licenses & Permits 500 390 5,246 Use of Money & Property 30,500 5,000 40,264 Intergovernmental (RUT) 55,000 104,536 55,444 Charges for Fees (Sewer) 625,000 123,000 69,057 Special Assessments 53,423 Misc. 24,000 5,177 Transfers In 125,000 TOTAL $ 1,663,131 $ 1,026,122 $ 1,192,116

SLIDE 3

Preliminary Budget (Expenses)

Revenue Source FY21 (Budget) FY20 (Budget) FY19 (Actual)

Public Safety $ 100,000 $ 99,900 $ 218,323 Public Works 180,000 159,600 109,565 Culture & Recreation (P&R) 88,500 61,950 55,288 Community/Econ. Dev. 62,000 6,500 54,594 General Government 234,500 256,100 217,556 Debt Service 315,000 316,913 31,5400 Sewer System 525,000 123,000 123,122 TIF Reimbursements Capital Expenditures 102,000 11,400 Special Projects 50,500 TOTAL $ 1,782,500 $ 1,023,963 $ 1,105,248

SLIDE 4

Maximum Tax Levy for FY21

FY20 (Projected) FY21 (Advertised) FY21 (Proposed)

Taxable Valuation $ 72,699,043* $ 72,463,556* $ 72,463556* Regular Levy (Rate/$1000) $ 317,159 ($4.76909) $ 586,955 ($8.10000) $ 331,318 ($5.0000) Liability, Property & Self-Ins. $0 $ 31,635 ($0.43656) $0 FICA & IPERS $0 $ 38,000 ($0.52440) $0 Other Employee Benefits $0 $ 25,000 ($0.34500) $0 Debt Service $ 316,539 ($4.75977) $ 316,713 ($4.77960) $ 316,713 ($4.77960) Capital Improvement Levy $ 49,012 ($.73699) $ 44,728 ($.6250) $ 44,728 ($.6250) Total Tax Levy (Rate/$1000) $ 682,711 ($10.2659) $ 1,043,031 ($15.7406) $ 692,759 ($10.4546) * Taxable Valuations include G&E/actual levies are on property values without G&E Riverdale’s valuation without G&E is around $66,000,000

SLIDE 5

Budget Snapshot

Here are a few things to keep in mind about the FY21 budget:

Additional revenue outside of property taxes:

Sewer Fees (going up in July)

TIF Revenues (will start generating in 2022)

General Fund Surplus (currently around $1.5 M) §

Long-range capital improvements for the City will mean residents may have to consider renewing bond obligations to fund projects

$145,000 in special projects planned for FY 21 to be funded by the General Fund surplus – tax revenues you’ve already paid

SLIDE 6

Budget Snapshot

Expense controls need to be put in place:

The City does not currently have an effective way for monitoring/managing purchases to make we’re maximizing value

Every vendor relationship will be reviewed for cost-effectiveness

Alternative funding sources will be considered to provide cash required for capital projects at better rates/lower origination costs than conventional, general obligation bonds

SLIDE 7

Next Steps

Working on putting the finishing touches on the budget this week

Public Intake Session with residents the week of 03/09

Line-by-line review

Discuss long-range capital improvements under consideration §

Draft published to the City’s website for review around 03/16

Public hearing and City Council approval on 03/24

Back up Council Meeting date for approvals (if needed) on 03/30

SLIDE 8