Title
PRESENTATION OF THE FISCAL YEAR 2017-2018 GENERAL FUND REVENUE ESTIMATES
Body
Issue/Request:
PRESENTATION OF THE FISCAL YEAR 2017-2018 GENERAL FUND REVENUE ESTIMATES
Key Issues:
As part of the fiscal year 2017-2018 budget process, staff prepares revenue estimates for the Finance and Budget Committee to review. This presentation includes an estimate of total revenue that is expected to be available to fund city services. For FY18, the total General Fund revenue estimate is $68,501,591. This represents an 7.86% increase over FY17 Budget and 3.25% increase over FY17 YE Projections.
Background:
Property Tax
Total estimated revenue is $20,508,192 (+6.03% FY17 Budget; +2.52% FY17 Proj). These estimates were delivered by analyzing the CY16 and CY17 assessed value notices as provided by Jackson and Cass Counties. An increase in replacement tax is anticipated as an increase in commercial assessed value has been observed. Variation in PILOT payments received is as a result of business personal property investment and depreciation.
Sales Tax
Gross sales tax receipts are estimated to be $16,825,437 (+6.18% FY17 Budget; +2.32% FY17 Proj). Economic Activity Taxes (EATs) are sales tax redirected to Special Allocation Funds for Tax Increment Financing projects. These have been estimated lower for FY18 as Chapel Ridge TIF will be terminated in FY17 Q4.
Licenses, Permits, and Fees
Due to years of sustained levels of development activity in the city, we have estimated the total revenue from licenses, permits, and fees to be $2,411,880, which represents a 35% increase over FY17 Budget. Over the last three fiscal years, we have seen consistent outperformance of budgeted figures in this area.
Charges for Service
On March 16, City Council approved the FY18 Schedule of Fees document. Enshrined in the schedule are the new Ambulance Fees, as recommended by Ordinance 7815. The resulting total revenue estimate for Charges for Service is $7,531,104, an increase of 42% over ...
Click here for full text