Page 277 - Saginaw FY22 Adopted Annual Budget

CITY OF SAGINAW
GENERAL AND DEBT SERVICE FUND FIVE YEAR FORECAST

ADOPTED ESTIMATED ESTIMATED ESTIMATED ESTIMATED
2021-2022 2022-2023 2023-2024 2024-2025 2025-2026
GENERAL FUND
BEGINNING RESOURCES $ 11,584,461 $ 9,683,036 $ 9,333,036 $ 8,972,536 $ 8,601,221
REVENUES
Current Property Taxes $ 6,805,960 $ 7,495,782 $ 8,073,219 $ 8,660,961 $ 9,311,684
Sales Tax 5,788,900 5,904,678 6,022,772 6,143,227 6,266,092
Other Taxes 39,300 40,300 42,300 44,300 46,300
Franchise Fees 1,565,000 1,575,000 1,580,000 1,585,000 1,590,000
License, Permits, Fees, and Fines 1,486,525 1,553,000 1,609,000 1,688,000 1,739,000
Other Revenue 429,440 259,800 264,260 268,770 273,320
Grant Assistance 50,000 50,000 50,000 50,000 50,000
Interest on Investments 2,400 5,000 5,050 5,101 5,152
Transfers from Other Funds 2,008,085 2,108,489 2,213,914 2,324,609 2,440,840
TOTAL REVENUES $ 18,175,610 $ 18,992,049 $ 19,860,514 $ 20,769,968 $ 21,722,387
EXPENDITURES
Personnel Services $ 14,156,230 $ 14,864,042 $ 15,607,244 $ 16,387,606 $ 17,206,986
Supplies and Services 3,938,740 4,056,902 4,178,609 4,303,968 4,433,087
Capital Outlay 1,914,345 350,000 360,500 371,315 382,454
Transfer to Other Funds 67,720 71,106 74,661 78,394 82,314
TOTAL EXPENDITURES $ 20,077,035 $ 19,342,050 $ 20,221,014 $ 21,141,283 $ 22,104,841
ENDING RESOURCES $ 9,683,036 $ 9,333,036 $ 8,972,536 $ 8,601,221 $ 8,218,767
Restricted Resources 5,019,259 4,817,736 5,036,588 5,265,722 5,505,632

Unrestricted/unreserved Resources 4,663,777 4,515,299.63 3,935,947.47 3,335,498.83 2,713,134.90

Increase/(Decrease in Fund Balance) $ (1,901,425) $ (350,000) $ (360,500) $ (371,315) $ (382,454)
DEBT SERVICE FUND
BEGINNING RESOURCES $ 1,081,565 $ 987,165 $ 987,165 $ 987,165 $ 987,165
REVENUES
Current Property Taxes $ 4,642,825 $ 5,670,530 $ 5,070,300 $ 5,370,800 $ 4,560,235
Other Revenue 16,500 16,700 16,800 16,900 17,000
TOTAL REVENUES $ 4,659,325 $ 5,687,230 $ 5,087,100 $ 5,387,700 $ 4,577,235
EXPENDITURES
Principal Payments - Bonds $ 3,160,000 $ 3,942,270 $ 3,538,130 $ 3,855,445 $ 3,268,030
Interest Payments - Bonds 1,577,725 1,728,760 1,532,570 1,515,655 1,292,405
Other Expenses 16,000 16,200 16,400 16,600 16,800
TOTAL EXPENDITURES $ 4,753,725 $ 5,687,230 $ 5,087,100 $ 5,387,700 $ 4,577,235
ENDING RESOURCES $ 987,165 $ 987,165 $ 987,165 $ 987,165 $ 987,165
Increase/(Decrease in Fund Balance) $ (94,400) $ - $ - $ - $ -
The long range financial forecast is a planning tool only. It provides a multi-year overview of possible financial conditions. During the annual
budget process, the City Manager and City Council will assess the current needs of the City and make decisions accordingly.

The annual budget is developed within the context of the Comprehensive Master Plan, the Capital Improvement Plan, and the Department Five
Year Plans. Each year these plans are revised based on more current cost estimates, funding constraints, and changing priorities. The above
five year forecast shows the General Fund and Debt Service Funds balanced with planned drawdowns of fund balance for one time capital
purchases. The Debt Service Fund estimates are based on bond sales of $23.7M in FY21/22 for the construction of a new Library and Senior
Citizens Center, $13.6 M in FY22/23 for street and park improvemenets, $15.2 M in FY23/24 for street improvements, and $6M in FY24/25 for
street improvements. All bonds auhorized by voters in the May 2021 bond election are projected to be issued by FY24/25. The tax rate impact
will be and increase of 4.9 cents in FY22/23, and increase of 2 cents in FY23/24, an increase of 3 cents in FY24/25, and no increase in
FY25/26 due to the retirement of 2014 General Obligation Refunding Bonds.
Assumptions in the forecast include an annual taxable value increase of 2%. Sales tax is projected to grow by 2% per year. Other taxes
remain the same except a gradual increase in mixed beverage tax as growth continues. There is expected growth in waste disposal franchise
fees. Court fines will gradually increase as the Police Department remains fully staffed. Recreation fees will gradually increase to a pre-
pandemic level as programming continues to increase. The fees collected from the school district are eliminated in future years, as the school
district plans to hire it's own officers. Ttansfers from other funds assumes a 5% increase each year to reimburse the General Fund for
operating costs incurred on behalf of the Enterprise, Darinage, adn CCPD Fund. Personnel Services assumes a 5% increase annually for
salary and related benefits. Supplies and Services includes a 3% increase each year. Capital Outlay is projected to be $350,000 in FY22/23
and increase 3% each year. These one time capital outlays will come from fund balance.

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