CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2018 1st Quarter Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
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BACKGROUND:
Attached is the 2018 1st Quarter Financial Report. The information contained within will be presented by staff during the May 15 City Council meeting; providing Council an opportunity for discussion related to the information contained in the reports.
Below are highlights from the first quarter, more detailed information can be found in the attached documents.
DISCUSSION:
Overall Highlights
Property Taxes
Final assessments for property taxes were provided to the City in March and give a full view of property taxes for the upcoming year. The City experienced a 4.3% growth rate, with the total Equalized Assessed Valuation (EAV) increasing to $6.95 billion. Of that increase, 27% was directly attributable to new growth within the City.
This growth, combined with the City's tax levy of $46.9 million, produced a property tax rate 2.7% lower than 2017. The expected final property tax rate is 0.6815. The average homeowner has seen their property value increase to $393,000, which translates to a $818 property tax bill, an increase of $8, for City services.
Salaries, Benefits and Healthcare
A significant portion of the City's expenses are personnel related, with 31.5% of the City's $442.3 million budget dedicated to salaries and benefits. Through the first quarter of 2018, the City has spent $32.88 million on salaries and benefits, which is 23.6% of the annual budget. This figure is trending 1.8% lower than 2017.
Currently, Regular Pay is at $23.8 million, which is 2.9% lower than 2017. Overtime Pay is trending 14.2% higher than 2017 figures, with $2.16 million spent in the first quarter. This is mainly attributable to winter operations, which will be described in detail in the Maintenance and Operating Funds expenses section below.
Additionall...
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