Proposed FY 2014 - 2015 Budget - Laserfiche WebLink

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to complete the final phase of the Neighborhood Road Rehabilitation Program. This expenditure is not yet budgeted for Fiscal Year 2015 and may be deferred to Fiscal Year 2016. Several appropriated projects will roll forward into Fiscal Year 2015 for completion outside of this budget document. These include: • Construction of the Granular Activated Carbon (GAC) filter for the South Water Production Plant. • Triplet Lake Drive road reconstruction project. • South Triplet Lake Drive reconstruction project. • Oxford Road (Phase 1) reconstruction project. The City will achieve its many missions with efficient organization and no change to the requested millage rate. BUDGET IN BRIEF Preparation of the Fiscal Year 2015 Proposed Budget called for continued conservation of resources and my thanks are extended to the City's Department Directors who answered the call to keep personnel, operating, and ordinary capital requests in line with Fiscal Year 2014 levels. That said, the Fiscal Year 2015 Proposed Budget City-wide comes to $44,167,220 which is $4,835,265 less than the Fiscal Year 2014 Adopted Budget. The Fiscal Year 2014 budget was unusually high with over $8 million in capital projects approved for the Water and Sewer Fund, $1.2 million for Section 3 of the Greenway Trail and $1.4 million for Phase 2 of the Neighborhood Road Rehabilitation program. Highlights of Note in the Proposed Budget for Fiscal Year 2015 • The millage rate is proposed to remain at 5.45 mills. The City is anticipated to experience an increase of 3.5% of taxable property value applicable to Fiscal Year 2015; the City will budget to collect about $240,906 more in property taxes than it did in Fiscal Year 2014. The growth is driven by appreciation in the tax base derived from sales of real property. • A salary merit/COLA increase is requested in an amount of 3% for all employees (except the City Commission and the City Manager). This increase is already agreed to in the last year of the Firefighters Collective Bargaining Agreement. The increase is planned to be effective January 1, 2015, creating an effective budgetary increase of 2.25% for the fiscal year. Inflation is projected to be 2.0% in CY 2014 and is predicted to be 2.3% in calendar year 2015 based on the U.S. Economic Forecast released by Wells Fargo Bank in June 2014. • The General Fund budget is balanced with a small draw ($27,813) on Fund Balance Reserves needed to supplement the proposed spending level. Fund balance reliance City-wide is $1,237,722. It is concentrated primarily in the Water and Sewer Fund with utilization of $1,082,466 for capital projects. • The City's Neighborhood Improvement Grant program continues. For its second year an amount of $50,000 has been set aside in the Community Development Planning Division to fund the grant awards. • The City's employee count has decreased by one full-time position. This net change reflects position reorganizations discussed further in this message. • Water or sewer rates are approved to increase in the Fiscal Year 2015 Proposed Budget. A rate study was completed in Fiscal Year 2013, which called for a rate change in Fiscal Year 2013 and 5% increases in utility page 13