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File #: 20-121    Version: 1
Type: Report Status: Agenda Ready
File created: 1/17/2020 In control: Financial Advisory Board
On agenda: 1/27/2020 Final action: 1/27/2020
Title: Receive the report on the 2020 annual operating budget
Attachments: 1. Exhibit A - 2020 Rev and Exp, 2. Exhibit B - 2020 Fund and Type Summary, 3. Exhibit C - 2020-2024 CIP, 4. Exhibit D - 2020 CIP Project List
FINANCIAL ADVISORY BOARD AGENDA ITEM

ACTION REQUESTED:
title
Receive the report on the 2020 annual operating budget
body

DEPARTMENT: Finance Department

SUBMITTED BY: Rachel Mayer, Finance Department

BOARD/COMMISSION REVIEW:
N/A

BACKGROUND:
On December 3, 2019, City Council unanimously approved the 2020 annual operating budget. The final budget included $491.5 million in total expenses, an overall increase of 8.9% from the 2019 budget.

On December 17, 2019, Council approved the annual property tax levy. The citywide portion of property taxes was set at $60.61 million. During the same meeting, Council also approved an abatement to reduce the levy by $9.09 million through the use of other funding source, most notably home rule sales tax revenue, to reduce the debt service requirements. The final property tax levy was approved at $51.52 million with an estimated rate of 0.6870. The rate is anticipated to be among the lowest within the area for communities of similar size and structure.

DISCUSSION:
The 2020 budget recommendation adheres to the City's established three financial principles and meets the service needs of the citizens while simultaneously advancing Naperville's goals and ends policies. The recommendation also reflected the priorities and guidance provided by City Council during workshops held in October and November.

2020 CIP Overview
The 2020 CIP is valued at $88 million, which is a 41.2% increase from 2019. The 2020 program is the highest level in the past 10 years as the City continues to re-invest more in aging infrastructure and invest in new capital programs. While the 2020 increase is significant, it should be noted the original 2020 total capital projection included in 2019 was $93.4 million, which would have equaled a 49.9% increase. Below is breakdown of the capital request from the 2019 budget to the 2020 projection to the 2020 budget.








2019
Approved
2020
Projection
2020 Proposed
Building Maintenance/Upgrade
2.88
5.86
4.72
eGo...

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