Page 125 - City of Westlake FY20 Budget

Section 2 Financial Analysis

Forecast Assumptions

FY 20-21 THROUGH FY 23-24

GENERAL FUND:

REVENUES AND OTHER SOURCES

• Sales & Use Tax Revenue
o Annual increase of 2% to base sales and use tax thru 2024
o Schwab Phase I and II added in 2021 thru 2024
o Front 44 added in 2022 thru 2024
• Property Tax Revenue
o Estimate value on the roll two years from date of permit for new construction– separate
line-item on forecast from 20/21 thru 23/24
• Building permits/inspection/plan review fees
o based on estimated schedule of annual permits for commercial and residential growth
shown separately
o FY2021 – 22% decrease
o FY2022 – 8% decrease
o FY2023 – 8% decrease
o FY2024 – 1% decrease
• Franchise Fees; increase annually by 1% thereafter
• Fines and Forfeitures; increase annually 0.05%
• All other revenues – are increased 1% annually based on analysis

TOTAL EXPENDITURES AND OTHER USES
• Payroll and related; overall increase annually by 3%
• 3% - all wages
• 0% - related to allowances
• 7.5% - Medical Insurance
• 1% - Insurance – Dental and Various taxes
• 3% - Social Security and Medicare taxes
• 3% - TMRS Retirement
• Capital Outlay and Debt remain flat thru 2024
• Public Notices increase annually by 1%
• Rent increases based on tiered payment schedule
• All other Expenditures increase annually 2%
• Capital Operating Budget is based on operating expenditures from capital project worksheets

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