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7g. Summary BudgetCITY OF SCANDIA SUMMARY BUDGET 6/20/2023 Inflation Assumptions 677,171 833,881 791,384 815,125 839,579 864,766 Revenue (Non-property tax) 1.00% 1.00% 1.00% 1.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Interest Earnings 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% Expenses 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Audited Budgeted Budgeted Projected Projected Projected Projected Projected Projected Projected GENERAL FUND 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 REVENUE 1 General Property Tax-Current 1,607,142 1,865,918 1,884,577 1,941,114 1,999,348 2,059,328 2,121,108 2,184,741 2,250,284 2,317,792 2 Other taxes 4,115 149,697 156,500 158,065 161,226 164,451 167,740 171,095 174,517 178,007 3 Intergovernmental 69,875 61,000 70,200 70,902 72,320 73,766 75,242 76,747 78,282 79,847 4 Grants 11,700 5 Franchise fees - 6 Licenses and Permits 182,640 161,100 179,100 180,891 184,509 188,199 191,963 195,802 199,718 203,713 7 Charges for Services 53,383 53,000 53,565 54,101 55,183 56,287 57,412 58,560 59,732 60,926 8 Fines & Forfeits 6,027 7,400 7,000 7,070 7,282 7,501 7,726 7,957 8,196 8,442 9 Interest Earnings 5,459 12,100 5,636 5,819 5,994 6,174 6,359 6,550 6,746 6,949 10 Miscellaneous Revenues 13,452 9,900 11,000 11,358 11,698 12,049 12,411 12,783 13,166 13,561 11 - - - - - - - - - - 12 Total Revenue 1,942,093 2,331,815 2,367,579 2,429,320 2,497,560 2,567,755 2,639,960 2,714,235 2,790,640 2,869,237 EXPENSES 13 Current 14 General Government 667,685 754,600 684,802 705,347 726,507 748,302 770,751 793,874 817,690 842,221 15 Public Safety 458,856 504,399 535,581 551,648 568,198 585,244 602,801 620,885 639,512 658,697 16 Public Works 636,351 732,450 827,788 852,622 878,201 904,547 931,683 959,634 988,423 1,018,075 17 Park and Recreation 171,884 175,069 212,924 219,312 225,891 232,668 239,648 246,837 254,243 261,870 18 Applied to Federal Grant 19 Federal fund returned 20 Capital Outlay - 216,000 21 - 22 - 23 - 24 - 25 Total Expenses 1,934,776 2,382,518 2,261,096 2,328,929 2,398,797 2,470,761 2,544,883 2,621,230 2,699,867 2,780,863 26 Revenues Over / (Under) Expenses 7,317 (50,703) 106,483 100,391 98,763 96,994 95,077 93,005 90,774 88,374 38 Ending General Fund Balance (FB) 1,349,787 1,299,084 1,405,567 1,505,958 1,604,721 1,701,715 1,796,792 1,889,797 1,980,571 2,068,945 39 Restricted - - - - - - - - - - 40 Unassigned 1,349,787 1,299,084 1,405,567 1,505,958 1,604,721 1,701,715 1,796,792 1,889,797 1,980,571 2,068,945 41 Fund Balance as a % of Next Year's Expenditures (net of contingency) 56.7% 57.5% 60.4% 62.8% 64.9% 66.9% 68.5% 70.0% 71.2% #DIV/0! Preliminary Projected Levy by Type 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 41 General Fund Operating Tax Levy 1,607,142 1,865,918 1,884,577 1,941,114 1,999,348 2,059,328 2,121,108 2,184,741 2,250,284 2,317,792 42 Annual Increase 16.3% 16.1% 1.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% ANNUAL DEBT LEVIES BY BOND ISSUE-FUTURE 43 44 BONDS ISSUED 4,000,000 4,000,000 2,000,000 45 EQUIPMENT CERTIFICATES 640,000 900,000 400,000 300,000 600,000 46 47 - 48 Total Annual Debt Issuance - - 4,640,000 900,000 400,000 4,300,000 - 600,000 2,000,000 - OTHER SPECIAL TAX LEVIES 49 Debt service 50 2013 Certificates 67,000 64,000 51 2015 Certificates 52 2017 Certificates 34,524 53 2018 GO Bonds 344,531 342,536 345,634 343,166 340,541 343,009 345,161 341,749 343,429 344,794 54 Capital Improvement Debt Levy 55 Equipment Replacement Debt Levy - 75,028 180,535 227,427 262,596 262,596 332,935 332,935 56 Local road improvement Debt Levy 385,369 385,369 385,369 770,738 770,738 770,738 1,029,747 57 Total Annual Debt Levies 446,055 406,536 345,634 803,563 906,445 955,805 1,378,496 1,375,083 1,447,102 1,707,476 ANNUAL CAPITAL PROJECTS LEVIES 58 Capital Improvement 217,336 293,791 300,000 312,000 324,480 337,459 350,958 364,996 379,596 394,780 59 Park Improvement 20,000 20,000 60,000 62,400 64,896 67,492 70,192 72,999 75,919 78,956 60 Equipment Replacement 87,800 - 125,000 130,000 135,200 140,608 146,232 152,082 158,165 164,491 61 Local Road Improvement 216,860 212,012 400,000 416,000 432,640 449,946 467,943 486,661 506,128 526,373 62 63 64 EDA 8,000 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 65 66 67 Total Other Special Levies 549,996 531,103 890,300 925,700 962,516 1,000,805 1,040,625 1,082,038 1,125,107 1,169,900 68 Total Tax Levy 2,603,193 2,803,557 3,120,511 3,670,377 3,868,309 4,015,938 4,540,229 4,641,863 4,822,493 5,195,168 69 Increase/(Decrease) in Total Tax Levy 14.67% 7.70% 11.31% 17.62% 5.39% 3.82% 13.06% 2.24% 3.89% 7.73% 70 Less: Fiscal Disparities (132,739) (123,279) (129,454) (105,953) (123,788) (127,493) (129,797) (144,335) (144,299) (147,153) 71 Net Levy to Taxpayers 2,470,454 2,680,278 2,991,057 3,564,424 3,744,521 3,888,445 4,410,432 4,497,528 4,678,194 5,048,015 72 73 Existing Tax Base 8,336,001 10,528,159 11,114,983 11,337,283 11,564,029 11,795,310 12,031,216 12,271,840 12,517,277 12,767,623 83 26.30% 5.57% 84 New Net Tax Capacity 0 0 0 0 0 0 0 0 0 0 85 Total Net Tax Capacity 8,336,001 10,528,159 11,114,983 11,337,283 11,564,029 11,795,310 12,031,216 12,271,840 12,517,277 12,767,623 86 Tax Rate on Tax Capacity 29.636% 25.458% 26.910% 31.440% 32.381% 32.966% 36.658% 36.649% 37.374% 39.538% 87 Tax Rate % Change 9.24063% -14.10% 5.70% 16.83% 2.99% 1.81% 11.20% -0.02% 1.98% 5.79%