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GENERAL FUND FORECAST <br />The forecast for the General Fund after FY 2013 is favorable and is essentially in balance through FY <br />2021. The chart below assumes a fixed millage rate at 5.45 mills as property values stabilize through <br />2014. The millage rate will be set at "rollback" thereafter and, as taxable values rise, the millage rate <br />should decline. Growth in ad valorem tax revenue will be driven by new additions to the tax base. It is <br />assumed to be $20 million each year. Assumptions built into the forecast are as follows: <br />® Taxable values will remain flat in FY 2014 and will grow at a rate of 2% a year thereafter. <br />Note —this assumption only affects the estimated millage rate. <br />• Most revenues will grow between 1% — 2%, except the Utility Transfer, which is anticipated <br />to grow at 2% in FY 2014 and thereafter. <br />® Personnel costs will increase 2.5% for FY 2014 and thereafter. <br />• Capital Outlay for ordinary purchases will be limited to an annual allowance in FY 2014 and <br />thereafter of $250,000. <br />® Long-term debt issues will mature as scheduled within the projection period. Future new <br />issues are estimated and included for capital leases that would support Police fleet and <br />Fire/Rescue apparatus replacement. <br />General Fund Budget Forecast <br />A-14 <br />