| Estimated Beginning Balance |
$39,720,474 |
| Estimated Revenues |
$47,268,982 |
| Requested Appropriations |
$39,225,310 |
| Estimated Ending Balance |
$47,764,146 |
Revenue Assumptions
- Income Taxes are conservatively forecasted at 1%.
- Property taxes assessed valuation $585 million to $586 million.
- Real Estate Taxes are estimated to be 1% more than 2019.
- All other revenue sources include Local Government Fund, Investment Income, and the Gasoline Tax and Motor Vehicle Registration Fees.
Total Revenues and Expenditures
|
2020 Budget |
2019 Budget |
Variance |
| Total Revenues |
$47,268,982 |
$24,453,666 |
$22,815,316 |
| Total Expenditures |
$39,225,310 |
$23,801,790 |
$15,423,520 |
Total Revenues and Expenditures Notes
- Conservatively forecasted at 1%
- Increase in total revenues can be attributed to additional gas tax and anticipated MQ bond proceeds
- Increase in total expenditures can be attributed to anticipated construction costs for the MQ
Fund 223 – Fire/EMS Levy Fund
| Estimated Beginning Balance |
$6,101,037 |
| Estimated Revenues |
$5,712,938 |
| Total Available |
$11,813,972 |
| Estimated Expenditures |
$4,578,079 |
| Estimated End Balance |
$7,235,896 |
| Months in Expenditures |
19 |
Fire/EMS Levy Fund Notes
- Reserve Fund Balance Policy 6-12 months of operating expenditures in reserve.
- Revenues generated primarily from property taxes.
Fund 410 – Capital Improvement Fund
| Estimated Beginning Balance |
$3,590,411 |
| Estimated Revenues |
$2,013,900 |
| Total Available |
$5,604,311 |
| Expenditures |
$2,831,950 |
| Estimated End Balance |
$2,772,361 |
| Reserve Balance |
$1,000,000 |
| Variance |
$3,772,361 |
Capital Improvement Fund Notes
In 2020, 20% of income tax revenues are allocated for capital improvements.
Debt Service
| Project |
2020 Principle |
2020 Interest |
2020 Total |
| Special Assessment |
$0 |
$0 |
$0 |
| Reserve Bond Retirement |
$170,000 |
$8,170 |
$178,170 |
| VC Phase I |
$465,000 |
$497,497 |
$962,497 |
| VC Phase II |
$30,000 |
$242,806 |
$272,806 |
| GRA |
$0 |
$0 |
$0 |
Personnel Costs
Labor agreements
- FOP - Police expired June 2019
- AFSCME - Public Works expires in August 2020
- IAFF - Fire expires in March 2021
Healthcare Costs
- Increase in medical premiums
- City’s total contributions to fund medical and dental insurance premiums is budgeted at $1,349,698 in 2020, increasing to $2.0M in 2024.
- Future increases are based on annual increases of 10% for medical and 3% for dental insurance.
Solid Waste and Recycling Costs
- New Contract 2018-2022
- $645,331 per contract year
- Contract includes eight weeks unlimited yard waste collection and holiday greenery collection.
Future Budgetary Considerations
- $5 motor vehicle registration fee
- Future reallocation of City Income Tax Revenues
2020 Annual Budget Timeline
- October 2 – 1st Reading
- November 6 – 2nd Reading
- December 4 – 3rd Reading
- December 19 – Appropriations to amend 2018 Budget.
Montgomery Open Checkbook
