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City of West Richland 2008 Proposed Preliminary Budget – Revenue Sources October 15, 2007

City of West Richland 2008 Proposed Preliminary Budget – Revenue Sources October 15, 2007. The Finance Department projects moderate revenue growth in 2008. Goals of Presentation. Understand key revenue sources to help in decisions about allocating resources

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City of West Richland 2008 Proposed Preliminary Budget – Revenue Sources October 15, 2007

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  1. City of West Richland2008 Proposed Preliminary Budget – Revenue Sources October 15, 2007

  2. The Finance Department projects moderate revenue growth in 2008

  3. Goals of Presentation • Understand key revenue sources to help in decisions about allocating resources • Careful, conservative forecasting supports the proposed 2008 budget • Reach a consensus that revenue estimates are reasonable and adequate

  4. Revenue estimates are developed with care • Expert (AWC, MRSC, Staff), consensus • Trend analysis – 5 year history • A number of indicators are used to determine a general growth factor • Underlying assumptions: no new taxes or increases in existing tax rates, no other major “new” revenue sources

  5. Review of major revenue sources and any significant changes, new developments

  6. Restricted Revenue:Capital Projects (3xx Funds) • Restriction: Capital improvements as specified by City Comprehensive Plan.

  7. Restricted Revenue:Capital Projects $14.1M Water reservoir, improvements $5.7M Treatment plant expansion $5.5M Streets, parks, others $2.9M • Funding: • Debt Proceeds (60%) $8.5M • Development Fees (17%) $2.1M • Utility Rates (10%) $1.1M • Grants, others (13%) $2.4M

  8. Restricted Revenue:Special Revenue (1xx Funds) • Restriction: For various purposes as specified by federal, state or local law

  9. Major sources of revenue for Special Revenue funds

  10. Restricted Revenue:Utility Revenue (4xx Funds) • Restriction: Used only for obligations of utilities, including capital improvements

  11. Major sources of revenue for Enterprise funds

  12. Unrestricted RevenueGeneral Fund (Fund 001) • Unrestricted in use, can even supplement restricted funds • Funds: most public safety, administration, planning, engineering, finance, parks maintenance, etc.

  13. Major sources of revenue for the General Fund

  14. Major sources of revenue for the General Fund

  15. Major sources of revenue for the General Fund

  16. Major sources of revenue for the General Fund

  17. Commitment to refining estimates • New or updated information can change estimates (Ex. Assessed value for property tax) • Reviewing variances from current year’s expected result (Ex. Water System Development fees)

  18. 2008 Revenue Presentation • Review of major revenue sources • Review of revenue assumptions supporting 2008 budget • Questions?

  19. Next Steps • October 22 – Special Meeting: Public Works Department Presentation at 7:00 • November 5 – Public Hearing and Property Tax Ordinance • December 3 – Final Hearing on Budget, Salary Resolution

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