|
005 Budget 2004 Budget
<br />General Property Taxes $ 61,712,349 $ 59,61b,683
<br />Local Option Income Taxes 9,570,628 10,671,904
<br />Other Taxes 14,549,404 14,372,941
<br />Fees Paid by Ratepayers {Water, Sewer, Solid Waste) 34,308,890 32,519,$15
<br />Charges for Services {User Fees) 12,362,720 12,305,648
<br />Intergovernmental Revenue 6,857,019 6,449,$47
<br />Interest Income 1,20$,775 1,337,586
<br />Other Miscellaneous Revenue 6,49b,657 5,860,485
<br />Interfund Revenue Transferred In (from other City Funds) 21,552,679 21,240,745
<br />Total Citywide Revenue $ 168,619,121 $ 164,375,654
<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
<br />the assessed property valuation of industrial, commercial and residential parcels, 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
<br />is restricted by Indiana Law (as explained in the transmittal letter), with certain adjustments and
<br />restrictions. Total anticipated general property tax revenue of $61.7 million far 2005 will be
<br />allocated to the following "civil city" funds for general operations: General Fund, Park and
<br />Recreation Department, Police and firefighters Pension Funds and Cumulative Capital
<br />Development Fund. In addition, a separate tax Ievy is budgeted for the City's Redevelopment
<br />Authority District outstanding debt obligations which include the Shadebaker Corridor Bond and
<br />the College Football Hall of Fame Bond.
<br />Property tax revenue has been budgeted for the past three years as follows:
<br />General Fund
<br />Parks and Recreation Fund
<br />Police Pension Fund
<br />Firefighters Pension Fund
<br />Cumulative Capital Dev. Find
<br />2005 Budget 2004 Budget 2003 Budget
<br />$ 47,678,892 46,169,437 43,494,702
<br />8,054,012 7,714,571 7,347,210
<br />1, 289,172 1,289,172 1,227,783
<br />1,499,712 1,43b,506 1,368,101
<br />1,345,896 1,003,664 974,431
<br />Total Civil City Property Taxes
<br />Studebaker Corridor Bond
<br />Football Ha11 of Fame Bond
<br />Total Property Taxes
<br />Total Property Taxes Collected
<br />of Property Taxes Collected
<br />$ 59,867,684 57,613,350 54,412,227
<br />644,403 636,401 606,096
<br />1,421,609 1,366,932 1,301,840
<br />$ 61,933,696 59,616,683 56,616,683
<br />n/a 51,430,824 58,271,966
<br />n/a 86.3% 103.4%
<br />Total budgeted property taxes have increased annually by the fu115°/a allowable by state law over
<br />the past several years (not including 2005}. Due to state wide reassessment and changes in state
<br />law on how property taxes are collected this projection will not be reached for the 2005 budget.
<br />B-4
<br />
|