HomeMy WebLinkAboutBudget in Brief Presentation for FY2023Presented by:
Matt Nielson, City of Rexburg, mattn@rexburg.org
2023 Budget in Brief
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Highlights
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Total Budget: $84,631,200 up $1,502,400
Operating Budget is $33,964,000
General Fund $342,700 in Contingency for unforeseen items
Revenue available for Street maintenance, reconstruction, and new construction totals $9,742,900
$780,000 Urban Renewal Agency contributions
24% increase in Highway User Funds over the prior 2 years
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Highlights
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Will complete construction of the fiber ring to connect city assets
Will look at beginning to build out system outside of ring
Two new full-time positions included in budget
Water
Streets/Sanitation
Property Tax Revenues $6,236,000
25.7% of taxes paid living in the city come to the city
Levy rate of $377 per $100,000 of taxable value
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Utility Rate Changes Effective 10/1/22
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Utility rates increases will show on bill received in November
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Major Street Construction Projects (Sources)
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Reconstruction on 1st E (2nd N-2nd S)/Center Street-1st N to 2nd N and 1st S to 2nd S (LID 52) $2,787,600
E. Parkway ROW/Bridge Design-7 N to Barney $762,000
7th S/Yellowstone Railroad Crossing Upgrade (URA) $780,000
Traffic Signal Completion-12th W and University $200,000
Storm Water Improvements-Main Street Interchange $100,000
Seal Coat/Chip Sealing $220,000
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Water/Wastewater Projects
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12” water line extension Hidden Valley $730,000
New Well Building, Booster #10 for water $1.2 million
Sewer Headworks $300,000
Replace Gravity Fed Sewer Line NWside of city $6.2 million
Budget includes $3.4 million in contributions to help fund this project
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URA 35% and City 65% Funded Projects
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Extend Water/Sewer services on 2nd East
Sewer Lines back to WWTP/Oversizing $2,281,000
Sewer Lift Station $500,000
Water Lines/Oversizing $150,000
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Total Expense Budget
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Total Revenue Budget
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General Fund Budget 16.95 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
3-year term remaining till 2025
Current Balance owed is $2.35 million
2022 DEQ Loan
1.75% Interest
30-year term
Balance owing just over $7.4
All Local Improvement Districts (LID’s) currently financed internally
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Population-Updated w/2020 Census
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Property Taxes
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Property Tax City Comparisons
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Property and Sales Tax Comparison
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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 October 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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