This coming Tuesday the City Council and staff will meet to discuss the budget for 2016-7. The meeting starts at 6 pm. During the workshop, the City Manager and the Director of Finance present an overview of the budgets. After concluding the presentations, the City Council is invited to make inquiries, receive public input, and provide direction to staff as desired.
OVERVIEW
The City’s Proposed Fiscal Year 2016-2017 General Fund Operating Budget consists of $44.2 million in revenues, $42.8 million in operating expenditures, and -$0.1 million in net transfers out. At the end of Fiscal Year 2016-17, General Fund Balance available would increase by approximately $1.4 million. Reserve funds would remain fully funded at required levels (i.e. 40% of General Fund revenues).
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The City’s proposed total budget consists of $64.9 million in revenues and $52.2 million in total expenditures.
REVENUE HIGHLIGHTS
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· City property taxes ($7,785,000) are projected at 6.4% growth (33% of total)
· Sales taxes ($14,700,000) are projected to increase by 2% (31% of total)
· Transient occupancy tax ($3,550,000) continues with a steady growth of 7.1% increase
· All other tax revenues (Franchise Fees and Real Property Transfer Tax) are projected to increase 8.0%
· Revenues and grants from other governments are projected to increase 12% (10% of total)
EXPENSE HIGHLIGHTS
· 63% of expenditures will go to contracts
· The biggest single contract is Police services - $16,469,400
· Public Works is $12,087,000, exclusive of capital projects ($5,851,800)
Tomorrow we look at salaries.
ABOUT THE AUTHOR
Dr. Jim Gardner is on the City Council for Lake Forest. You can check him out on LinkedIn and/or Facebook and you can share your thoughts about the City at Lake Forest Town Square on Facebook. His comments are not meant to reflect official City Policy.
Dr. Gardner has office hours every Tuesday from 4 pm to 6 pm at the City Hall. In addition, he holds a Town Hall meeting every quarter. The next meeting will be on August 13 at 2 pm at the Foothill Ranch Public Library.
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