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Public Hearing FY 2011 Budget 1. City Council Goals FY 2011 Flood Recovery and Protection –Identify Funding and Sources for Flood –Restore Affordable.

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Presentation on theme: "Public Hearing FY 2011 Budget 1. City Council Goals FY 2011 Flood Recovery and Protection –Identify Funding and Sources for Flood –Restore Affordable."— Presentation transcript:

1 Public Hearing FY 2011 Budget 1

2 City Council Goals FY 2011 Flood Recovery and Protection –Identify Funding and Sources for Flood –Restore Affordable Housing for Affected Citizens –Develop and Implement Property Acquisition Plan –Develop and Implement Neighborhood Revitalization and Enhancement Plans Dynamic and Diverse Neighborhoods –Increased, Streamlined, Proactive Code Enforcement –Multimodal Connectivity to Schools, Recreation and Work –Enhance Viability of Existing & New Neighborhood Associations –Develop Neighborhood Resource Centers –Eliminate Nuisance Properties 2

3 A Vibrant Downtown –Housing Unit Construction to Meet Market Demand –Over 1/2 of Army Corps of Engineers Study Completed –95% Occupancy rate for Commercial / Office –Finalize Transportation Plan City Financial Strength –Reduce Dependency on Property Taxes –Improve Intergovernmental Relations –Align with Best Practices for Cities A Sustainable Community: Economically, Environmentally, and Socially –Develop Comprehensive Energy Management Plan –Evaluate Current Practices –Protect Natural Resources for future generations City Council Goals FY 2011 (continued) 3

4 Citizen Involvement –Active Boards & Commissions –Utilize Empirical Data –Develop Comprehensive Plan for Connecting People to their Government Reinvest and Maintain Public Infrastructure –Update the City's Comprehensive Plan (incorporate subordinate plans) –Develop Comprehensive Environmental Management Plan –Develop Comprehensive Building Facilities Management Plan City Council Goals FY 2011 (continued) 4

5 Department Objectives for FY 2011 Budget  City continues to tighten its belt by implementing efficiencies (i.e. lean processes, reorganization) and offering services to other entities that decrease overall operating cost.  Demand for City services has increased post flood. The City identified gaps caused by increased demands for services post flood and identified funding sources other than property taxes where possible to address those gaps.  Departments continue to look for ways to reduce recurring operating cost through developing comprehensive energy plan, facilities management plan, and long term capital improvement plan. 5

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8 Budget at a Glance  Taxable valuations increased by 2.8%.  In total, the property tax levy rate will not increase.  Operating tax levy will decrease by $.18730/$1000 to $  Debt service levy will increase by $.18730/$1000 $  General fund will use $1.8M of reserves to fund operations.  The overall budget decreased $117.2M from $752M in FY10 to $634.8M FY11  The largest portion of the budget decrease is a result of the 2008 flood. FY11 budget decreased $102M from $359.5M to $257.5M. 8

9 Budget Comparative by Major Object of Expenditure, FY10 – FY11 9

10 Budget Comparative by Major Object of Expenditure and Fund Type, FY11 10

11 Expenditure Budget Comparative by Fund Type, FY10 - FY11 11

12 Budget Comparative by Major Object of Revenue Source, FY10 – FY11 12

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14 Cedar Rapids Total Assessed Value Comparative, FY10 – FY11 14

15 Property Tax Rollback History by Property Type, FY07 – FY11 15

16 Cedar Rapids Taxable Value Comparative, Without TIFs, FY10 – FY11 16

17 Taxable Value Comparison (without TIFs) - FY05 – FY11 FY11 Taxable Value is $5,224,952,672 17

18 Comparison of Budgeted Property Tax Levy Revenue, FY10 – FY11 18

19 Comparison of Property Tax Levy, FY10 – FY11 19

20 City of Cedar Rapids FY11 Tax Rate Breakdown 20

21 Property Tax Levy on Property Owner, FY10 – FY11 21

22 Comparative of Tax Rates of Iowa’s Largest Cities - FY11 Proposed Tax Rate 22

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24 Budget Comparative by Major Object of Expenditure, General Fund FY10 – FY11 24

25 Budget Comparative by Major Object of Revenue Source, General Fund FY10 – FY11 25

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27 CIP at a Glance – 10 Year Program The total estimated cost of the 10 year CIP program is $2.5 billion. Of this amount, $350M is expected to be spent in FY11. The largest fund area in terms of expenditures over the 10 year program is 2008 Flood Recovery. The City estimates it will spend $1.4 billion over the budgeted 10 years. The next largest fund area in terms of expenditures over the 10 year program is Street Improvements with an estimated budget of $285M. The largest revenue source over the 10 year program relates to new borrowings for $1.15 billion. Of this $882M is budgeted for general obligation bonds. 27

28 10 Year CIP Expenditures by Fund – FY FY

29 10 Year CIP Expenditures – FY FY

30 CIP Revenues by Source – FY FY 2020 Non-Flood Flood 30

31 CIP at a Glance – FY 2011 The largest fund areas in terms of expenditures in FY 2011 include:  2008 Flood Recovery $257M  Street Improvements $32M  Airport Construction $18M  Water Construction $9.6M  WPC Construction $8.2M  Sanitary Sewer Improvements $6M The largest revenue source in FY 2011 relates to federal, state, and local grants budgeted at $271M. 31

32 FY 2011 CIP Expenditures by Fund 32

33 FY 2011 CIP Revenues by Source Non-Flood Flood 33

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35 Comparative Debt Service Levy 35

36 Bond Issue by Fiscal Year FY 2006 – FY

37 Debt Limit Capacity Comparative 37

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39 Original Budget Request Representative Monthly Bill Water, Sewer/WPC & Solid Waste (Typical customer - 10 units Water & 10 units Sewer) 39

40 Revised Budget Request – 2/18 Budget Meeting Representative Monthly Bill Water, Sewer/WPC & Solid Waste (Typical customer - 10 units Water & 10 units Sewer) 40

41 41 Revised Budget – Latest Version Representative Monthly Bill Updated Water, Sewer/WPC & Solid Waste (Typical customer - 10 units Water & 10 units Sewer)

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43 Looking Ahead  Continued focus on improving the efficiency and effectiveness of City services.  Restoring affordable housing for citizens affected by the flood.  Establish level of City services to be provided in future years.  Working with the Legislature to receive increased assistance for flood recovery.  Implement comprehensive energy management plan, building facilities management plan, and long term capital improvement plan.  Complete property acquisition plan.  Implementing neighborhood revitalization and enhancement plan.  Develop neighborhood resource centers. 43

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