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August 14, 2007 Council Workshop General & Hotel Fund Updates

2008 Budget Development.

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August 14, 2007 Council Workshop General & Hotel Fund Updates

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  1. 2008 Budget Development These slides accompanied a presentation to the Addison Council that explained the city manager’s budget for the General and Hotel funds, including the property tax rate proposed for the new budget year beginning October 1, 2007. Please direct any questions regarding the budget to the Town’s finance director, Randy Moravec, at 972-450-7050. August 14, 2007 Council Workshop General & Hotel Fund Updates

  2. Property Tax Value TrendGross Values Before Exemptions Personal property of $655M includes 313 aircraft valued at $154M Average home up 5.6% in value to $293,703; includes $4.2M of new construction associated with City Homes Real property up 16%, improved up 30%, total up 27%

  3. Property Tax Rate & Levy FY 08 Tax Levy $15.1 Million O&M-$10.4M / Debt $4.7M FY 07 Tax Levy $13.8 Million O&M-$9.2M / Debt $4.6M 2007 Taxable Value $3,482 Million 2006 Taxable Value $2,973 Million FY 08 Tax Rate $0.4337/$100 FY 07 Tax Rate $0.4640/$100 X = FY 08 O&M Rate $0.2990 FY 07 O&M Rate $0.3110 FY 08 Debt Rate $0.1347 FY 07 Debt Rate $0.1530

  4. Property Tax Rates Dallas Area Preliminary FY07 Rates Addison Rate History

  5. Commercial Property Taxes

  6. 2007-08 Proposed BudgetHomeowner Tax Bill 2007 Rate $.4640 2008 Rate $.4337 Avg. Home Value after homestead exemption- $222,447 Addison Taxes - $1,032.17 Avg. Home Value after homestead exemption- $234,962 Addison Taxes - $1,019.03 Addison - $1,019.03 Carrollton - $1,451.77 Farmers Branch - $1,161.89 Richardson - $1,689.26 Plano - $1,112.55

  7. General Fund Revenues • Total revenues up by $1,521k, or 5.7% (revised $1,895k and 7.2%) • Property tax levy up $490k (revised $864k). • 08 sales tax up 5% over budget, 3% over 07 est. • Court fines up 28%. • Interest income up 65%.

  8. General Fund Operating Expenditures • 2008 operating expenses total $3,127k or 12.3% more than 2007. • Budget includes $2,235k of budget adjustments, $1,048k dedicated to facility maintenance. • Personal services up 7.3%. • Includes 6% pay increase • Anticipates 10% increase in health benefit costs

  9. 2008 General Fund by Function Expenditures Staffing

  10. General Fund LT Plan 2008Fund Balances

  11. Hotel Fund LT PlanRevenue Assumptions • Plan reflects 14% increase in 2007, and 3% in 2008 and thereafter. • HOT increases 10% in 2007, 5% in 2008 and 3% thereafter. • Special event income estimated to grow 25% in 2007, and 4% in projected years. • ACC rent is budgeted to increase 11% in 2007 and 3.5% thereafter.

  12. Hotel Fund LT PlanExpenditure Assumptions • Total 2008 operating expenditures up $526k over 2007 budget. • Visitor services budget up 21% due to train depot expenditures. • Marketing budget up 8%. • Special events 2008 budget up 5.5% over 2007. • Centre expenses up 16% due to maintenance items. • Performing arts 2008 budget up 2%; costs represent 12% of HOT, within 15% ceiling. • Capital expenditures in 2008 up due to $500k parking lot and in 2009, conference centre HVAC replacement of $480k.

  13. Hotel Fund LT Plan

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