| Estimated Beginning Balance |
$51,701,179 |
| Estimated Revenues |
$32,511,022 |
| Requested Appropriations |
$34,582,566 |
| Estimated Ending Balance |
$49,629,634 |
Revenue Assumptions
- Income Taxes are conservatively forecasted at 2020 levels.
- Property taxes assessed valuation is $674M.
- Real Estate Taxes are estimated to be at 2021 levels.
- All other revenue sources include Local Government Fund, Investment Income, and the Gasoline Tax and Motor Vehicle Registration Fees.
Total Revenues and Expenditures
|
2022 Budget |
2021 Budget |
Variance |
| Total Revenues |
$32,511,022 |
$51,281,710 |
$(18,770,688) |
| Total Expenditures |
$34,582,566 |
$48,369,053 |
$13,786,487 |
Total Revenues and Expenditures Notes
- Conservatively forecasted.
- The decrease in total revenues can be attributed to the MQ bond proceeds.
- A decrease in total expenditures can be attributed to roundabout completion and MQ Phase I.
Fund 223 – Fire/EMS Levy Fund
| Estimated Beginning Balance |
$10,836,678 |
| Estimated Revenues |
$5,754,988 |
| Total Available |
$16,591,666 |
| Estimated Expenditures |
$4,223,056 |
| Estimated End Balance |
$12,368,610 |
| Months in Expenditures |
35 |
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 |
$4,096,094 |
| Estimated Revenues |
$3,491,775 |
| Total Available |
$7,587,869 |
| Expenditures |
$4,568,355 |
| Estimated End Balance |
$3,019,514 |
| Reserve Balance |
$1,000,000 |
| Variance |
$2,019,514 |
Capital Improvement Fund Notes
In 2022, 20% of income tax revenues will be allocated for capital improvements.
Debt Service
| Project |
2022 Principle |
2022 Interest |
2022 Total |
| Special Assessment |
$0 |
$0 |
$0 |
| Reserve Bond Retirement |
$0 |
$0 |
$0 |
| VC Phase I |
$540,000 |
$294,411 |
$834,411 |
| VC Phase II |
$40,000 |
$240,006 |
$280,006 |
| Montgomery Quarter $7.5M (BAN) |
$0 |
$101,693 |
$101,693 |
Personnel Costs
Labor agreements
- IAFF - Fire expires in March 2021
- FOP - Police expired June 2022
- AFSCME - Public Works expires in August 2023
Healthcare Costs
- The city’s total contributions to fund medical and dental insurance premiums is budgeted at $1,530,142 in 2022, increasing to $2.05M in 2026.
- 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 and holiday greenery collection.
Future Budgetary Considerations
- Reallocation of City Income Tax Revenues
2021 Annual Budget Timeline
- October 6 – 1st Reading
- November 3 – 2nd Reading
- December 1 – 3rd Reading
- December 15 – Appropriations to amend 202 Budget.
Montgomery Open Checkbook
