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2004 B et 2003 Budget
<br />General Property Taxes $ 59,616,683 $ 56,320,163
<br />Local Option Income Taxes 10,671,904 10,081,615
<br />Other Taxes 14,372,941 11,568,212
<br />Fees Paid by Ratepayers (Water, Sewer, Solid Waste) 32,519,815 29,923,467
<br />Chazges for Services (User Fees) 12,305,648 11,361,243
<br />Intergovernmental Revenue 6,449,847
<br /> 6,208,199
<br />Interest Income 1,337,586 1,511,863
<br />Other Miscellaneous Revenue 5,860,485 4,975,667
<br />Interfimd Revenue Transferred In (from other City Funds) 21,240,745 17,530,139
<br />Total Citywide Revenue $ 164,375,654 $ 149,480,568
<br />As shown above, the City's single largest source of revenue is generated by property taxation.
<br />This revenue calculation is based on a relationship between two variables. The first vaziable is the
<br />assessed property valuation of industrial, commercial and residential pazcels, both real and
<br />personal property. The second variable is the application of a tax rate to arrive at the total tax
<br />levy. Taxable property is assessed at 100% of the true tax value. The City's maximum tax levy is
<br />restricted by Indiana Law (as explained in the transmittal letter), with certain adJustments and
<br />restrictions. Total anticipated general property tax revenue of $59.6 million for 2004 will be
<br />allocated to the following "civil city" funds for general operations: General Fund, Pazk and
<br />Recreation Department, Police and Firefighters Pension Funds and Cumulative Capital
<br />Development Fund. In addition, a sepazate tax levy is budgeted for the City's Redevelopment
<br />Authority District outstanding debt obligations which include the Studebaker Corridor Bond and
<br />the College Football Hall of Fame Bond.
<br />Property tax revenue has been budgeted for the past three years as follows:
<br />2004 Budget
<br />General Fund $ 46,169,437
<br />Parks and Recreation Fund 7,714,571
<br />Police Pension Fund 1,289,172
<br />Firefighters Pension Fund 1,436,506
<br />Cumulative Capital Dev. Fund 1,003,664
<br />Total Civil City Property Taxes $ 57,613,350
<br />Studebaker Corridor Bond 636,401
<br />Football Hall of Fame Bond 1,366,932
<br />2003 Budget 2002 Budget
<br />43,494,702 41,518,566
<br />7,347,210 6,998,363
<br />1,227,783 1,169,317
<br />1,368,101 1,303,789
<br />974,431 974,431
<br />54,412,227 51,964,466
<br />606,096 615,840
<br />1,301,840 1,299,891
<br />Total Property Taxes $ 59,616,683 56,320,163 53,880,187
<br />Total Property Taxes Collected n/a 58,271,966 52,306,833
<br />of Property Taxes Collected n/a 103.4% 97.1%
<br />Total budgeted property taxes have increased annually by the fiz115% allowable by state law over
<br />the past several yeazs (including 2004). Although current year's actual collections of the total tax
<br />levy razely hit 100%, prior yeazs' past due amounts collected during the current yeaz often make
<br />B-4
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