Page 21 - Saginaw FY22 Adopted Annual Budget

• Maintenance and upgrade of existing infrastructure (water, wastewater, streets,
and drainage) include: Construction of the Fort Worth meter station upgrade,
repairs to Jarvis Road, reconstruction of Delmar Court, Indian Crest and Saddle
Trail.

Other major issues in each of the operating funds of the City are outlined as follows:

GENERAL FUND

This year our estimated General Fund Revenues total $18,175,610. Expenditures total
$20,077,035. The difference of $1,901,425 will be funded using existing fund balance.
The draw-down of fund balance will be used for non-recurring and one-time capital
purchases. $1,303,320 of the use of fund balance is fora development agreement related
to “The Square”. Other one-time expenditures include Saginaw Boulevard/lndustrial
Boulevard redevelopment the addition of an awning at the fleet maintenance facility,
phase 4A of the Americans with Disabilities Act study, and new and replacement
equipment. Our ending balance on September 30, 2021 is estimated at $9,472,371.

The two major sources of revenue consist of $5,788,900 from sales tax revenue and
$6,805,960 from ad valorem tax revenue. The 2021 taxable value is $2,387,571,997 and
reflects $39,728,389 in new construction. The taxable value increased by 8.64% this
fiscal year. The approved budget is based on a 2021 tax rate of $0.479516, which is
1.7937 cents more than the 2020 rate of $0.461579, with $0.285058 for maintenance and
operations, and $0.194458 for debt service.

Sales tax revenues fluctuate from month to month but have remained strong for the last
several years. We estimate that we will receive $5,788,900 in sales tax revenue, which
is lower than the amount we expect to collect in FY2020-2021. There was a large one­
time adjustment in the current year that will not be collected in FY2021-2022.

General Fund expenditures have decreased by $23,965 when compared to the previous
year’s revised budget. The decrease is due to $2.6 million included for partial funding of
the Bailey Boswell Overpass project in FY2020-2021 that is offset by increases described
by department below.

A separate document (Budget Guidelines) is prepared for Department Heads and
identifies the expenditures by account number with explanations for each. The FY 2020-
2021 General Fund Revised Budget is $20,101,000. The approved 2021-2022 budget is
$20,077,035. Capital outlays and transfers total $1,982,065. The following chart shows
the changes in expenditures for each department in the General Fund.

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