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North Oaks 2018 Budget: Decreased Expenditures and Increased Tax Levy

Explore the draft North Oaks 2018 budget with a 6% increase in tax levy, decreased expenditures, and highlights on public safety costs and property values.

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North Oaks 2018 Budget: Decreased Expenditures and Increased Tax Levy

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  1. FINAL 2018 Budget • December 14, 2017 • City Council Meeting DRAFT

  2. Budget Considerations • 6% Increase in Tax Levy • Decrease in Expenditures over the 2017 Budget • Public Safety Cost Increases • 1.85% Increase in Property Values DRAFT

  3. Budget Highlights • Why have Expenditures decreased? • Sewer & Water Costs and Revenues have been separated from the General Budget. DRAFT

  4. Budget Highlights- Revenue • Proposed Tax levy is 1,557,082, an increase of $114,536 (6%) from 2017 • Assumes building permits to stay the same compared to 2017 • No increase in building permit fees DRAFT

  5. Revenue Totals • Property Taxes - $1,557,082. (66% of Budget) • Fees for Service - $378,167. (16% of Budget) • Licenses & Permits - $286,250. (12%) • Total Operating Fund Budget- $2,345,871 DRAFT

  6. Budget Highlights- Expenditures • Total Expenditures have decreased $175,039 due to the removal of Water & Sewer from the budget. • The largest departments are; • Police $757,507 (32%) • Fire $342,219 (15%) • Administration $305,855 (13%) DRAFT

  7. Expenditures • There are about 1,925 residential parcels in North Oaks, so each parcel pays an average $808 toward City taxes. • Each parcel pays an average of $394 for Police Services and $178 for Fire Services. • A home valued at $500,000 would pay about $604 in City taxes. DRAFT

  8. Next Steps • The Truth-in-Taxation Public Hearing is to accept public comment and answer questions • 2018 Tax Levy & Budget Adoption follows at the regular City Council meeting DRAFT

  9. QUESTIONS? • Budget questions and comments for either the City Council or the City Administrator DRAFT

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