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File #: 19-036    Version: 1
Type: Report Status: Filed
File created: 1/7/2019 In control: City Council
On agenda: 1/15/2019 Final action: 1/15/2019
Title: Receive the report on alternate revenue options for the 2019 Annual Operating Budget
CITY COUNCIL AGENDA ITEM

ACTION REQUESTED:
title
Receive the report on alternate revenue options for the 2019 Annual Operating Budget
body

DEPARTMENT: Finance Department

SUBMITTED BY: Rachel Mayer, Finance Director

BOARD/COMMISSION REVIEW:
N/A

BACKGROUND:
The $451.4 million 2019 annual operating budget was approved at the December 4, 2018 City Council meeting. This budget adheres to the City's established three financial principles and meets the service needs of the community's citizens while simultaneously advancing Naperville's goals and ends policies.

Principle #1

Principle #2

Principle #3
The City will pass a structurally balanced operating budget annually

The City commits to continuous improvement in the delivery of necessary and cost-effective services

The City will actively seek to increase its reserves to 25% and reduce its debt by 25% in the next eight years.
2019 Approved Budget - Achieved

2019 Approved Budget -
On Target

2019 Approved Budget -
On Target

To support the 2019 budget, the City Council approved a $49.1 million property tax levy at its December 18, 2018 meeting. This value, combined with the projected equalized assessed valuation (EAV) increases, will allow the City to leverage community growth and maintain a flat property tax rate, estimated at 0.6815. Property taxes are the primary funding source for long-term obligations of the City, such as public safety pensions, IMRF pensions and debt service payments. Property taxes are also the major funding source for the Library and Naper Settlement operations.

As part of the budget and property tax levy approval process, City Council asked staff about funding alternatives that could negate the need for an increased property tax levy, specifically in the areas of the food and beverage tax and commuter parking fees. Staff was directed to provide a revenue report in January 2019 that includes alternatives.

Staff has researched both revenue enhancement and expenditure reduction op...

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