City Council Meeting

Bryan FosterstaffSo, with that being said, these are the funding requirements necessary to have a balanced budget that's being recommended to you this evening. A nine and a half cent increase to the real estate tax rate, which will take us from $1.03 to $1.12.5. An increase to the meals tax rate from 4% to 6%. this move for a person who is a customer who purchasing a 50 meal this would be an additional one dollar in expense on that 50 meal where there's a six percent increase to the wastewater rate which is again is this uh enterprise fund that's self-supporting that results in an average annual bill increase of $42, a 6% increase to the stormwater utility rate, which equates to an average annual bill increase of $10.

having everything reliant upon the tax rates. Ambulance transport fees, this is typically when Medicare increases their maximum reimbursement we try to capture that and that's recommended as well in this budget. As well as another example is market alignment of our building and code enforcement fees and so that's a whole schedule of fees for a variety of things. Again, you will see that in your budget book. So I just want to speak a minute. So on the meals tax, that has not changed in 21 years. It's last changed in 2004. Meals tax, while I know maybe not be, or any tax for that matter, is not necessarily very popular, the meals tax is one way in which you can capture revenue from non-residents

And seeing a pie chart of this nature where you're seeing a significant reliance on taxes in order to fund essential services. So some of the changes to the general fund revenue for FOI 26, again you'll see these are the changes. So this is the increase, the additional real estate increase, $6 million of which is due to appreciation of assessments. Not all of that's because of the rate. You'll see the increase in meals tax, estate revenue, and use of money, interest income. I do want to explain or point out you'll see $4.1 million of appropriated prior year assigned fund balance. I want to make the distinction for both yourself and the general public that's watching. Assigned fund balance is fund balance or reserves that's for a specific purpose.