HomeMy WebLinkAbout10-08-2012 - Supplemental Materials2013
u et overview
October 81 2012
Public Hearing
2013 Budget Overview
General Fund
2013 Assumptions:
• Property Tax increase of 1%, plus new construction per King
County Assessor's Office.
• Sales Tax has averaged $1,1 M/year over the past 10 years. 2012
decline in Sales Tax Revenue has brought us to a conservative
Sales Tax Revenue Budget of $900K for 2013. This presents
revenue challenges for us in 2013.
• Council direction is to:
• Utilize $95K of available $445K Revenue Resources from
2012 fund balance in 2013.
• Increase Utility Tax and Franchise Fee rate from 3% to 4% for
one year with a Utility Tax expiration date of January 2014.
• Implement expense reductions of ($58K) per the Council
Study Session review of the Budget on 9/24/12.
2013 Budget Overview
2013 Assumptions:
.
General Fund
2013 Beginning Fund Balance in General Fund: $1,825,112
2013 New Revenue $5,?1171793
2013 Expense $5,P212,P 637
2013 Ending Fund Balance in General Fund: $11730,268
2013 Required Ending Fund Balance: ($1,379,1853)
25% of 2013 Expense perfinancial policy, plus reserved balance restrictions
Available revenue resources at end of 2013: $350,?415
Balanced Budget per RCW 35.33.075:
"Available revenue resources (unencumbered fund balances), plus new
revenue, less expenditures"
2013 Budget Overview
Capital Funds
Capital Projects Fund:
Legislation allows for REET 1 & REET 2 Capital Revenues to be used
for operations and maintenance of existing capital projects
• $110,000 will be transferred from the Capital Fund to the Street
Fund to fund Street operations.
• $200,000 will be transferred from the Capital Reserve Fund to
the Capital Projects Fund for a one time capital outlay for City
Shop storage.
Capital Reserve Fund:
• 2013 Ending Fund Balance in Capital Reserve Fund: $1,876,380
2013 Required Ending Fund Balance: $11042,P527
20% of 2013 Expense perfinancial policy