Summary
To: Finance Board
From: Ashley Bernal, Management Analyst
Date: 8/15/2017
______________________________________________________________________
Subject:
Title
Discussion of 2017-2018 Fiscal Year Budget
Summary:
All major funds are presented as balanced at this time. The General Fund is balanced with a proposed 3% salary enhancement and no change to the millage calculation. In addition, the Water and Solid Waste funds are balanced with no proposed utility rate increase. The Commission will conduct a Budget Workshop on 8/24 to examine in detail the proposed budget. Staff provide a detailed discussion and analysis at the meeting regarding the changes, and assumptions. End
Body
Previous Commission Action: Commission approved the Tentative Millage Rate of 5.9257.
Background/Problem Discussion: The final millage rate shall not exceed the previously set maximum millage preliminary (MMP) rate of 5.9257. The Commission may set a final rate equal to, or less than the MMP. The proposed fiscal year 2017-18 millage is 5.9257: 4.9427 to the General Fund, and 0.9830 to the Infrastructure Fund, which is the same distribution as the prior year. All millage calculations are based upon the certified total taxable value of $713,138,935. This is an increase of 6.355% from the prior year's total taxable value
GENERAL FUND
Revenues
Ad Valorem revenues have increased 8.125% for the upcoming year, which equates to an increase of $256,250. Communication services tax has increased this year by $11,850, totaling $178,000. State Revenue Sharing saw a small increase of $1,950, while State Sales Tax has a larger increase of $3,250.
As part of the new construction associated with the Golf Course, building permit revenue has increased $75,000, bringing this year's total to $375,000. Staff expects this revenue to continue to grow with construction, which will be replaced with an increase of Ad Valorem once construction finishes.
Miscellaneous revenue increased by $14,700.
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