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Budget Presentation

Budget Presentation. City of Cohoes October 9, 2007 Cohoes City Hall. Finance 101 Guidelines. Expenditures Limit Public Safety Expenditure Increases to Inflation No New Debt No New Benefits Keep Services Expenditure Increases to Below Inflation Revenues Minimize Property Tax Increases

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Budget Presentation

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  1. Budget Presentation City of Cohoes October 9, 2007 Cohoes City Hall

  2. Finance 101 Guidelines Expenditures • Limit Public Safety Expenditure Increases to Inflation • No New Debt • No New Benefits • Keep Services Expenditure Increases to Below Inflation Revenues • Minimize Property Tax Increases • Conservative Revenue Estimates Fund Balance/Future Planning • Continue to Build Fund Balance to 5% Target to Improve Bond Rating and Protect against Rainy Days

  3. Budget Goals • Conservative Revenue Estimates • Continue to Build Fund Balance • No New Debt or Benefits • Minimize Property Tax Increases

  4. General Fund • 4.96% Tax Rate Increase • Average home ($80,000 assessed) increase $61.52 in City Taxes • No New Debt

  5. General Fund • 1 New Code Enforcement Officer • 12% Increase in Health Insurance • 5% Increase State Aid to reduce tax increase • All union contracts settled in 2007 with retroactive payments

  6. General Fund

  7. General Fund

  8. Water Fund • 4% Rate increase ($12/yr for average user)

  9. Water Fund

  10. Decreasing Water Usage

  11. Sewer Fund • 4% Rate Increase ($12/yr for average user) • LTCP $100,000 for 2008, MS 4 mandates

  12. Sewer Fund

  13. Albany County Sewer District Charges

  14. Revenues • No proposed increases in major revenue accounts • Conservative sales tax estimate • Mortgage tax decreasing with fewer sales and refinancing • State Aid revenue is paying retirement costs

  15. Overall Budget • Total Budget is $20,420,823 over all Funds General Fund $16,565,107 Water Fund $1,849,088 Sewer Fund $2,006,628 • Increase expenses of $662,660 or 3.3% General Fund $622,350 or 3.9% Water Fund $12,648 or <1.0% Sewer Fund $27,662 or 1.4% • CPI-U = 4.3% for 2007

  16. Budget Conclusions • There are obstacles to overcome • Projections are conservative • Continued concern of impact on the taxpayers vs. the cost to provide services with an eye towards the current and future financial condition of the City. • The budget process is an ongoing process and this is just the start.

  17. Future Budget Process • Common Council Meeting - Tuesday Oct 23 at 7pm • As needed • Budget Vote - Tuesday Nov 13 at 7pm

  18. Q & A

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