HomeMy WebLinkAboutBudget in Brief Presentation for City Council in November 2019 for Fiscal Year 2020Presented by:
Matt Nielson, City of Rexburg, mattn@rexburg.org
2020 Budget in Brief
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Highlights
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Total Budget: $68,912,000 up $4,248,400
Operating Budget is $31,057,000
General Fund $133,800 in Contingency for unforeseen items
Revenue available for Street maintenance, reconstruction, and
new construction totals $13,004,000 and includes:
an additional $120,000 from power franchise fees shifted
from the general fund (Total Shift of $320,000/year from 2018-2020)
$3.8 million from the Urban Renewal Agency contributions
$2.1 million from fund balance carryover
$3 million from state grants and developer contributed assets
$3.8 million from taxes and fees
$.45 million from impact fees
City property tax levy rate is at $415 per
$100,000 of taxable value
Highlights
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Three new full-time positions in budget
Water
Parks/Golf
Recreation
Actual Net Increase of 1.5 full time positions
Eliminated a position in Building Safety and Inspection Department
Will try a new approach to marketing/media with Part -time positions
and the new Full-time Position in Recreation that eliminated the
equivalent of half a fulltime position
Utility Rate Changes Effective 10/1/19
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•Utility rates are to be increased in October 2019
Major Street Construction Projects
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Major street projects (Sources):
Park Street, Yellowstone Highway near 4th S, Main
St (2nd E to Hospital) (LID 49)
Right of way Purchase–E Parkway Rd (DIF)
Traffic Signal Upgrade-7th S/Yellowstone (URA)
Roundabout/RR Crossing Upgrade-Pioneer/7th S
(URA)
2nd E-Near 7th N and Highway 33 (URA, Commerce
Grant, ITD,DIF)
Major Construction Projects
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Water facilities:funded by operating reserves and a loan from
the DEQ
Wastewater line for North West side of city: contributions
are still being determined and will include claw back fees to be paid by
future development and contributions from other cities that use that
infrastructure as well
Blower/VFD replacements and seven new pasteurization
pumps at the treatment plant
Lift station rebuild near Barney Dairy Road
Airport Feasibility Study: funded by State & Federal Grants
and reserves
Baseball/softball fields: funded by Rexburg Urban Renewal
Agency and Parks Impact Fees
Romance Theatre Restoration: funded by a general fund
transfer
Total Expense Budget
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Total Revenue Budget
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General Fund Budget 12.9 Million
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Debt Service
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No General Obligation Bonds
December of 2010-City sold $10 million in Sewer
Revenue Bonds
Average 3.2% interest rate
15 year term
Current Balance owed is $5,890,000
In process of reevaluating refinance options in 2020 and
anticipates potential interest savings of $100,000 or more
2020/2021 DEQ Loan finalization for water
upgrades
Up to 2.21 Million in Principal Foregiveness
1.75% Interest
Up to 30 year term
Property Tax Levy ($5.05 Million)
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Property Taxes
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City Property and Sales Tax Revenue
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Where to Find More Budget Information
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Utility Newsletter
Will insert in November bill as well
City Hall Finance Department
Rexburg City Website
http://www.rexburg.org/pages/financial-reports