3.6 OtherRevenueSources: Revenue from this category is forecasted depending on specified use and can be classified by funds as follows:
General Fund: The general fund receives annual reimbursement for administrative costs from enterprise funds of $1,992,971. Other revenue sources that vary by year include revenues from lease/rent, auction proceeds, training revenue and intergovernmental revenue Capital Improvement Funds: Proceeds from issuing general obligation, certification of obligation or revenue bonds. Revenue in this category will depend on the City’s the Five Year Capital Improvement Plan (CIP). Debt Service Fund: Revenue in this category is property tax revenue allocated to retire the City’s debt.
A table laying out projected debt issuance and related projects is contained in the CAPITAL IMPROVEMENT PROGRAM section of this budget document.
3.7 Intergovernmental Revenue:
Historically, intergovernmental revenue (principally grants) represent a very small (1.5%-2.5%) part of total General Fund revenues. This shows that the city doesn’t rely on resources from other government agencies. This percentage has been higher than normal the past couple of years due to COVID recovery programs (CARES and ARPA) promulgated by the federal government. This is likely to be the case for at least the next three years, with elevated levels of intergovernmental revenue continuing until the end of the ARPA program. 4. Summary of Revenue Forecast In each major revenue forecast category, the following growth rates are included: Historical Growth Rate – The cumulative annual rate of growth for the past five years, FY2017 through FY2021. Projected Growth Rate – The cumulative annual rate of growth projected for the current five-year forecast, FY2022 through FY2026. 4.1 General Fund Revenues The General Fund revenue consists principally of Property Tax, Sales Tax, Licensing, Permit Fees and Charges for Services and Intergovernmental Transfers. Revenues increased by $10M per year over the FY2017-FY2021 period. Over the next 5-years, General Fund revenues are expected to grow at an aggregate average rate of 2.4% annually, supported by the increase in assessed property values and projected increases in sales tax revenue.
Historical (Past Five Years) Annual Growth Rate : 6.3% Projected Average Growth Rate: 2.4%
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