Public hearing fy 2011 budget
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Public Hearing FY 2011 Budget PowerPoint PPT Presentation


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Public Hearing FY 2011 Budget. Overall City Budget. Taxable valuations increased by 2.8%. In total, the property tax levy rate will not increase. Operating tax levy will decrease by $.18730/$1000 to $12.74667 Debt service levy will increase by $.18730/$1000 $2.46954

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Public Hearing FY 2011 Budget

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Public Hearing FY 2011 Budget


Overall

City Budget


Taxable valuations increased by 2.8%.

In total, the property tax levy rate will not increase.

Operating tax levy will decrease by $.18730/$1000 to $12.74667

Debt service levy will increase by $.18730/$1000 $2.46954

General fund will use $1.8M of reserves to fund operations.

The overall budget decreased $117.2M from $752M in FY10 to $634.8M FY11

The largest portion of the budget decrease is a result of the 2008 flood. FY11 budget decreased $102M from $359.5M to $257.5M.

Budget at a Glance


Budget Comparative by Major Object of Expenditure, FY10 – FY11


Expenditure Budget Comparative by Fund Type, FY10 - FY11


Budget Comparative by Major Object of Revenue Source, FY10 – FY11


Property Tax

Revenue


Cedar Rapids Total Assessed Value Comparative, FY10 – FY11


Cedar Rapids Taxable Value Comparative, Without TIFs, FY10 – FY11


Taxable Value Comparison (without TIFs) - FY05 – FY11FY11 Taxable Value is $5,224,952,672


Comparison of Property Tax Levy, FY10 – FY11


City of Cedar RapidsFY11 Tax Rate Breakdown


Property Tax Levy on Property Owner, FY10 – FY11


Comparative of Tax Rates of Iowa’s Largest Cities - FY11 Proposed Tax Rate


General

Fund


Budget Comparative by Major Object of Expenditure, General Fund FY10 – FY11


Budget Comparative by Major Object of Revenue Source, General Fund FY10 – FY11


Capital

Improvement

Program


The total estimated cost of the 10 year CIP program is $2.5 billion. Of this amount, $350M is expected to be spent in FY11.

The largest fund area in terms of expenditures over the 10 year program is 2008 Flood Recovery. The City estimates it will spend $1.4 billion over the budgeted 10 years.

The next largest fund area in terms of expenditures over the 10 year program is Street Improvements with an estimated budget of $285M.

The largest revenue source over the 10 year program relates to new borrowings for $1.15 billion. Of this $882M is budgeted for general obligation bonds.

CIP at a Glance – 10 Year Program


10 Year CIP Expenditures by Fund – FY 2011 - FY 2020


The largest fund areas in terms of expenditures in FY 2011 include:

2008 Flood Recovery $257M

Street Improvements $32M

Airport Construction $18M

Water Construction $9.6M

WPC Construction $8.2M

Sanitary Sewer Improvements $6M

The largest revenue source in FY 2011 relates to federal, state, and local grants budgeted at $271M.

CIP at a Glance – FY 2011


FY 2011 CIP Expenditures by Fund


FY 2011 CIP Revenues by Source

Non-Flood

Flood


Debt


Comparative Debt Service Levy


Bond Issue by Fiscal YearFY 2006 – FY 2011


Debt Limit Capacity Comparative


Utilities


Original Budget RequestRepresentative Monthly BillWater, Sewer/WPC & Solid Waste(Typical customer - 10 units Water & 10 units Sewer)


Revised Budget Request – 2/18 Budget MeetingRepresentative Monthly BillWater, Sewer/WPC & Solid Waste(Typical customer - 10 units Water & 10 units Sewer)


Revised Budget – Latest VersionRepresentative Monthly BillUpdated Water, Sewer/WPC & Solid Waste(Typical customer - 10 units Water & 10 units Sewer)


Looking

Ahead


Looking Ahead

  • Continued focus on improving the efficiency and effectiveness of City services.

  • Restoring affordable housing for citizens affected by the flood.

  • Establish level of City services to be provided in future years.

  • Working with the Legislature to receive increased assistance for flood recovery.

  • Implement comprehensive energy management plan, building facilities management plan, and long term capital improvement plan.

  • Complete property acquisition plan.

  • Implementing neighborhood revitalization and enhancement plan.

  • Develop neighborhood resource centers.


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