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Increase I Percent of
<br /> Percent Decrease} Increase I
<br />Revenues 2001 Amount of Total from 2000 enrease
<br />Taxes:
<br />General Property $ 55,804,324 54.0% $ 3,894,427 7.5%
<br />Auto Excise 3,583,540 3.7% X8,208} 0.2%
<br />EDIT 3,417,763 3.2% 312,290 10.1 °/a
<br />GRIT 4,491,922 2.5% 2,113,435 $8.9%
<br />Financial Tax 118,845 0.1 % X8,476} -6.7%
<br />Commercial Vehicle 659,492 0.1 % 659,492 nla
<br />HotellMotel Tax 496,626 0.1% 496,626 n/a
<br />Licenses and Permits 245,894 0.3% 161,449} -24.0%
<br />Intergovernmental 11,987,614 13.6% 566,123 4.9%
<br />Charges for Services 12,716,474 11.9% 1,294,983 11.3%
<br />Fines and Forfeitures 126,515 0.3% X118,578} -48.4%
<br />Interest 2,571,772 4.4% X1,298,502} -33.6%
<br />Donations 1,626,800 1.2% 439,749 27.0%
<br />Sale of Property 0 4.0% X3,033,334} nla
<br />Miscellaneous 2,084,986 2.0% 202,725 10.8%
<br /> $ 99,9321527 _ 1 Dq,4% $ 4,561,685, 5.1
<br />As shown above, taxes continue to represent a signif cant source of revenue needed to support
<br />the services provided by the City. The City's single largest source of revenue is generated by
<br />property taxation. This revenue calculation is based on a relationship between two variables.
<br />The first variable is the assessed property valuation of industrial, commercial and residential
<br />parcels, both real and personal property. The second variable is the application of a tax rate to
<br />arrive at the total tax levy. Taxable property is assessed at 33113% of the true tax value. As
<br />described earlier, the City has the ability to increase its general property tax levy by 5%, which it
<br />elected to do in 2401. The above general property tax revenue includes taxes collected on behalf
<br />of the following funds: General Fund, Park and Recreation Fund and the Cumulative Capital
<br />Development Fund totaling $46,625,182, which represented the anticipated increase of 5.2%
<br />from 2000}; various capital funds for the Guy's Redevelopment Tax Incremental Financing TIF}
<br />Funds totaling $?,266,992, which increased by 3.8% from 2000}; and a special levy to cover
<br />debt service on general obligation bonds x$1,912,150, which increased 216% from 2000
<br />reflecting the bond's debt schedule}. The increase in property taxes collected on behalf of the
<br />TIF funds was the result of an increase in net assessed value and the scheduled roll-off of tax
<br />abatements in the Airport Development Economic Area Blackthorn} TIF.
<br />ane of the major focuses for the City continues to be the need to diversify its revenue streams.
<br />This is necessary to reduce the dependency on general property taxes and to ensure that abroad-
<br />base ofusers, including nonresidents, share in the funding of basic city services. Currently the
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