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2006 Budget 2005 Budget
<br />General Property Taxes $ 63,379,735 $ 61,712,349
<br />Local Option Income Taxes 9,043,914 9,570,628
<br />Other Taxes 14,039,936 14,549,404
<br />Fees Paid by Ratepayers (Water, Sewer, Solid Waste} 34,376,164 34,30$,890
<br />Charges fnr Services (User Fees) 12,424,820 12,362,720
<br />Intergovernmental Revenue 7,316,573 6,857,019
<br />Interest Income 1,076,531 1,208,775
<br />Other Miscellaneous Revenue 5,494,990 6,496,557
<br />Interfund Revenue Transferred In (from other City Funds) 26,698,824 21,552,679
<br />Total Citywide Revenue $ 174,851,487 $ 168,619,121
<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 variable is tl~e
<br />assessed property valuation of industrial, commercial and residential parcels, both real and
<br />personal property. The second variable is the applicatioza 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 $63.4 million for 2006 will be
<br />allocated to the following "civil city" funds for general operations: General Fund, Park and
<br />Recreation Department, Police and Firefighters Pension Funds and Cumulative Capital
<br />Development Fund. In addition, a separate tax levy is budgeted for the City's Redevelopment
<br />Authority District outstanding debt obligations which include the Studebaker Corridor Bond and
<br />the College Football Hall of Fame Bond.
<br />Property tax revenue has been budgeted for the past three years as follows:
<br />General Fund
<br />Parks and Recreation Fund
<br />Pofice Pension Fund
<br />Firefighters Pension Fund
<br />Cumulative Capital Dev. Fund
<br />2006 Budget
<br />49,058,785
<br />8,365,716
<br />1,398,129
<br />1,556,681
<br />1,074,522
<br />2005 Budget
<br />47,678,892
<br />8,054,012
<br />1,345,896
<br />1,499,712
<br />1,345,896
<br />2 04 Bud, get
<br />46,169,437
<br />7,714,571
<br />1,289,172
<br />1,436,506
<br />1,003,664
<br />Total Civil City Property Taxes
<br />Studebaker Corridor Bond
<br />Football Hall of Fame Bond
<br />Total Property Taxes
<br />$ 61,453,833 59,924,408 57,613,350
<br />585,427 644,403 636,401
<br />1,340,475 1,421,609 1,366,932
<br />$ 63,379,735 61,990,420 59,616,683
<br />Total Property Taxes Collected n/a 58,309,877 58,430,524
<br />% of Property Taxes Collected n/a 94.1% 86.3%
<br />lan 2002, the General Assembly passed HB 1001 revising the tn~ximum levy increase for property
<br />taxes. The bill allows maximum levies to increase by the six year average annual growth in
<br />Indiana personal income, as calculated the U.S. Bureau of Economic Analysis, with a 6%
<br />maximum. Total budgeted property taxes have not increased annually by the full 6% allowable by
<br />B-4
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