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Tentative FY 2014 Budget Adoption July 9, 2013

Tentative FY 2014 Budget Adoption July 9, 2013. City Council Chamber 826 North Main Street Cottonwood, Arizona 8632 6. Key Issues. Slow Recovery Small increases Continued high demand for additional services Taxes 3% Sales Tax No Property Tax State Shared Revenues

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Tentative FY 2014 Budget Adoption July 9, 2013

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  1. Tentative FY 2014 Budget AdoptionJuly 9, 2013 City Council Chamber 826 North Main Street Cottonwood, Arizona 86326

  2. Key Issues • Slow Recovery • Small increases • Continued high demand for additional services • Taxes • 3% Sales Tax • No Property Tax • State Shared Revenues • State is holding HURF Hostage • LTAF has not returned • Staffing & Compensation • Recreation Center • Working toward improved recovery rate • Capital Infrastructure • Water & Wastewater Issues

  3. 2014 Budget Summary - Personnel • Personnel • Seven New Staff Requests – None approved • One reclassification - $6,000 • Wages • COLA – 1.7% • Merit – Budgeted • Longevity – Currently budgeted • Health Insurance • Premiums +6.5% • City continues it dependent coverage program • Retirement • ASRS – Non Public Safety 11.14% - 11.54% • PSPRS – Fire 14.63% - 16.81% • PSPRS – Police 24.90% - 29.88%

  4. Revenues for All Funds There is a 17.6% increase in overall revenues. This includes operational as well as non-operational revenues. These revenues include Other Funding Sources, included but not limited to: -Bond Proceeds, -Lease Purchase Proceeds, -Fund Balances, and -Inter & Intra Governmental Transfers

  5. Expenditures for All Funds There is a 30.7% increase in overall expenditures, from $54,231,275 to 70,875,845. This includes maintenance and operational expenditures as well as capital equipment and projects expenditure. There is $20.2M in capital equipment and projects planned for FY 2014. some of these projects were originally programmed for FY 2013 and were rolled over into FY 2014.

  6. Capital Equipment & Projects

  7. Funding Outside Agencies

  8. General Fund Reserve Funds Status • 60 Days Coverage $2,268,830 • Capital Accumulation Fund $1,000,000 • Undesignated Reserves $53,800 • 1% Sales Tax GF Capital $214,750 • 0.2% Sales Tax PS Capital Fund $0 • Longevity Plan $45,000 Total General fund Reserves $3,582,380

  9. Future Budget Meetings • Final Budget Hearings and Adoption is on August 13th at 6:00 p.m. at the Council Chambers • We will post to the website and Facebook • Post the budget on-line prior to that meeting.

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