FY2016-17 Budget Final



values and debt service tax rates from FY2006. Despite subsequent years of favorable escalations in certified taxable values, the total tax rate continued to rise except for FYs 2009 and 2010. During the abovementioned FYs, tax rates were intentionally adjusted as a means to remain constant and competitive with surrounding cities. In FY2011 , after a two (2) year hiatus, the property tax rate was increased to support impending debt service payments by .0354 (.7351) and .0223 in FY2012 (.7574). Luckily, there was a strategic plan in place to repress this financial debacle that incessantly pulled at the purse-strings of tax payers. In our unwavering quest to eradicate this relentless cycle, the City was able to maintain its current tax rate (.7574) for another FY while still being plagued with descending property tax values. In spite of these seemingly endless financial challenges, the tax rate remained constant (.7574) for two (2) more FYs (FY2013 and FY2014). In FY2014, property values began to show an upward movement for the first time since FY2009. Interestingly, in FY2009, the City reached its highest taxable property value since being incorporated (1949). In many aspects, the FY2014 budget solidified our reasoning for making those radical changes in leadership and financial practices in FY2011. Without making these vicissitudes throughout the organization, the City would have continued down a path of financial instability. In FY2015, the City experienced another positive gain in its taxable property value ($3 ,017,996,030). Though the taxable property value was greater than FY2014 ($2,877,357,291), it still failed to exceed the community wealth figures from FY2009 ($3 ,064,485,872). Regardless of these economic circumstances, the City was able to retain its current tax rate of .7574 for four (4) consecutive FYs. This progressive financial momentum continued into FY2016, which served as the ending point of our five (5) year economic plan to overhaul a broken financial system. The FY2016 budget was built upon an unprecedented taxable property value of $3 ,130,445,607. Reaching this milestone was truly a gratifying experience for those who had toiled tirelessly over the past (7) years to manage day-to-day operations with limited human and financial resources. It is imperative to understand that the City continued to function with fewer revenues since FY2009. At that time, the taxable property value was certified at $3 ,017,996,030 and it continued to plummet until FY2014 ($2,877,357,291). As a result of the unanticipated growth in taxable property value from FY2014 and FY2015 , the City was finally able to lower its property tax rate by .0075 (FY2016). Throughout this duration of time, the City was able to incrementally mend its financial health by hiring highly qualified professionals for leadership positions and modifying past organizational practices. By incorporating these individuals from the public and private sectors, we were able to collectively find viable solutions to budgetary and operational issues that have progressively inhibited the City from being financially secure. The outcomes from these ongoing

Made with FlippingBook - Online Brochure Maker