R2007-54 APPROVING THE ANNUAL BUDGET

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FINANCIAL MANAGEMENT DEPARTMENT #2007 - 28 DATE: April 11, 2007 TO: Honorable Mayor and City Council FROM: Steve Garm City Manager Ron Neufel inance Director SUBJECT: 2007-08 Budget Attached is the Budget Resolution for the 2007-08 Budget. In addition, since we have made several changes to the previous budget presented to you at the last City Council meeting, those pages have been changed and attached, so you can insert them into the original document. Budget Detail sheets go behind tab 4 and Annual Budget sheets go behind tab 3. Below are explanations of the changes and why they were made. • Pa�e 1 — Bud�et Detail - General Fund Revenue — Most of the revenue under ' Taxes and Intergovernmental were adjusted slightly to more closely reflect the � latest information available. There was very little change in the overall total. '�� • Pa�e 14 — Bud�et Detail - Non-Departmental — Account 441300 — Downtown I Decatur Council was increased from $25,000 to $50,000 to reflect what we have given them this year and what they have requested for next year. • Page 14 — Budget Detail — Non-Departmental — Account 444100 — Transfer to Debt Service Fund was increased from $261,324 to $447,782 to reflect the increase in the General Fund transfer to Debt Service Fund. The increase of $186,458 offsets the reduction in the 2006 Tax Levy to maintain a rate of$1.24. • Pa�e 14—Budget Detail—Non-Departmental—Account 474002 —GIS Expense was increased to $150,000 to $200,000 to reflect the anticipated carryover of the original amount appropriated in the FY07. • Pa�e 14 — Bud�et Detail — Total Non-Departmental — Total increased from $3,978,878 to $4,240,336, an increase of$261,458. • Page 74 — Bud�et Detail — Letter of Credit Project Fund — This budget was increased by $650,000 to reflect the anticipated expenses related to work to be done at the 300 block of North Water and West Main/Millikin Project. The money will come from a letter of credit, which in turn will be reimbursed by the proceeds from a General Obligation Bond Issue.