HomeMy WebLinkAboutBudget in Brief PresentationPresented by:
Matt Nielson, City of Rexburg, mattn@rexburg.org
2022 Budget in Brief
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Highlights
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Total Budget: $84,497,500 up $4,541,600
Operating Budget is $33,789,000
General Fund $180,000 in Contingency for unforeseen items
Revenue available for Street maintenance, reconstruction, and new construction totals $9,737,200 and includes:
an additional $163,700 from power franchise fees shifted from the general fund (Total Shift of $483,000/year from 2018-2022)
$2.3 million from the Urban Renewal Agency contributions
$3 million from fund balance carryover
$.59 million from state grants and developer contributed assets
$3.7 million from taxes and fees
$.21 million from impact fees
City property tax levy rate is at $377 per $100,000 of taxable value
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Highlights
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Will begin to construct a fiber ring to connect city assets
Funding from the American Rescue Plan Act (ARPA)
Four new full-time positions in budget
Water
Wastewater
Police Patrol (Planning to reduce down 1 position w/o hospital contract)
GIS (Returns them to same FTE level from few years
Plan to replace/increase capacity on a new sewer line in the North West side of the City ($4 Million)
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Utility Rate Changes Effective 10/1/21
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Utility rates increased in October 2021
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Major Street Construction Projects
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Major street projects (Sources):
Reconstruction of Chad, Angela, Melanie, Marianne Drive (LID 51)
Traffic Signal Upgrade-7th S/Yellowstone (URA)
ROW (URA)/New Road (DIF) 2nd W to Sunrise
New Roundabout/RR Crossing Upgrade-Pioneer/7th S (URA)
Move Signal/Buy ROW 2 E/600 N
New Signal-University and 12th West intersection
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Major Construction Projects
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Water facilities: Finalize upgrade in 2022 and finalize final DEQ loan amount by paying down some of the liability up front
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 ($4 Million)
Water storage building ($500,000)
Well 1/6 & North Well/Res #2/#3 Improvements ($560,000)
Street light projects ($500,000)
Airport Environmental Study: funded by State & Federal Grants and reserves ($200,000)
Continued Park Development/Acquisition: $385,000 in budget for park near Barney Dairy Road
Tabernacle Restoration: funded by a general fund transfer. Restore Towers/Windows ($40,000)/Masonry Repointing ($95,000)
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Total Expense Budget
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Total Revenue Budget
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General Fund Budget 20.78 Million
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Matt
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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
Privately placed bond in May 2020
New rate reduced from average 3.2% interest rate to 1.15%
Saved Sewer fund over $309,000
4 year term remaining
Current Balance owed is $3,115,000
2022 DEQ Loan finalization for water upgrades
Up to 2.21 Million in Principal Foregiveness
1.75% Interest
Up to 30 year term
Will be able to pay down $8.9 million liability significantly
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Population-Updated w/2020 Census
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Property Taxes
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Statewide Summary from Associated Taxpayers of Idaho 2019
2021 document not available yet
2020 included GPSI one time factors
GPSI Year
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Property Taxes
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Property Tax Levy ($5.87 Million)
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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 a link to website w/brief writeup in the January bill
City Hall Finance Department
Rexburg City Website
https://www.rexburg.org/finance/page/budget-reports
It cost over $600 or more to send out a color brochure of this to each utillity account.mkn
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