| Estimated Beginning Balance |
$67,536,411 |
| Estimated Revenues |
$26,168,448 |
| Requested Appropriations |
$46,422,056 |
| Estimated Ending Balance |
$47,282,803 |
Revenue Assumptions
- Income Taxes are conservatively forecasted at 2% decrease.
- Property taxes assessed valuation is $579.
- Real Estate Taxes are estimated to be 2% less than 2020.
- All other revenue sources include Local Government Fund, Investment Income, and the Gasoline Tax and Motor Vehicle Registration Fees.
Total Revenues and Expenditures
|
2021 Budget |
2020 Budget |
Variance |
| Total Revenues |
$26,168,448 |
$57,146,311 |
$30,977,863 |
| Total Expenditures |
$46,422,056 |
$31,066,286 |
$15,355,770 |
Total Revenues and Expenditures Notes
- Conservatively forecasted.
- Decrease in total revenues can be attributed to the timing of 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 |
$8,646,960 |
| Estimated Revenues |
$5,719,085 |
| Total Available |
$14,366,045 |
| Estimated Expenditures |
$5,229,312 |
| Estimated End Balance |
$9,136,733 |
| Months in Expenditures |
20 |
Fire/EMS Levy Fund Notes
- Reserve Fund Balance Policy 6-12 months of operating expenditures in reserve.
- Revenues are generated primarily from property taxes.
Fund 410 – Capital Improvement Fund
| Estimated Beginning Balance |
$3,687,108 |
| Estimated Revenues |
$2,397,880 |
| Total Available |
$6,084,988 |
| Expenditures |
$2,799,276 |
| Estimated End Balance |
$3,285,712 |
| Reserve Balance |
$1,000,000 |
| Variance |
$2,285,712 |
Capital Improvement Fund Notes
In 2021, 20% of income tax revenues are allocated for capital improvements.
Debt Service
| Project |
2021 Principle |
2021 Interest |
2021 Total |
| Special Assessment |
$0 |
$0 |
$0 |
| Reserve Bond Retirement |
$45,000 |
$1,710 |
$178,170 |
| VC Phase I |
$530,000 |
$305,117 |
$835,117 |
| VC Phase II |
$40,000 |
$241,607 |
$281,607 |
| GRA |
$0 |
$112,188 |
$112,188 |
Personnel Costs
Labor agreements
- AFSCME - Public Works expires in August 2020
- IAFF - Fire expires in March 2021
- FOP - Police expired June 2022
Healthcare Costs
- Increase in medical premiums
- The city’s total contributions to fund medical and dental insurance premiums is budgeted at $1,591,631 in 2021, increasing to $1.9M in 2025.
- 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
- The contract includes eight weeks of unlimited yard waste collection and holiday greenery collection.
Future Budgetary Considerations
- $5 motor vehicle registration fee
- Future reallocation of City Income Tax Revenues
2021 Annual Budget Timeline
- October 7 – 1st Reading
- November 4 – 2nd Reading
- December 2 – 3rd Reading
- December 16 – Appropriations to amend 202 Budget.
Montgomery Open Checkbook
