Town of Broadway Fiscal Year 2014 Budget

May 7, 2013

Revenues Overview% Change from Previous Year

• General Fund $1,595,900 9.83%

• Water Fund $522,800 3.36%

• Sewer Fund $2,617,700 -0.27%

Expenditures Overview% change from previous year

• General Fund $1,595,800 9.83%

• Water Fund $522,800 3.36%

• Sewer Fund $2,617,700 -0.27%

General Fund HighlightsRevenue

• Real estate rate remains unchanged at $.07• Meals tax a significant source of revenue

and continues to climb• Sales tax continues to rise moderately for

the second straight year.• Personal Property revenue remain steady• Cigarette tax nearly covering debt service• No increases in fees or taxes

General Fund Revenues

17%

54%

29%0%

General Property Taxes Local Taxes and Fees

Rev. from the State Rev. from Federal

General Fund HighlightsExpenditures

• Street Maintenance continues to account for significant portion of fund

• Increased part time wages in police department to allow for improved coverage

• Continue with improvements at the Community Park

• No new initiatives; General Fund fairly static

General Fund Expenditures

30%3%21%

27% 7%

12%

Adminstration Debt Service Public Safety Streets Parks and Rec Sanitation

Water Fund Revenue

• Proposed 2.9% increase – equates to $1.22 per billing cycle for average user

• Connection Fees collections are projected to remain stable

• Overall revenue projected to increase by 3.36%

Water Fund Revenues

82%

11%

1%

1%

5%

Charges for Services Connections Fees Misc. Interest Lease Fees

Water Fund Expenditures

• Overall expenses increasing 3.36%

• Continue purchasing average 50k gallons per day of water from Co-op

• Minor capital improvements at plant, as well as installing valves in critical locations around town.

• No debt

Sewer Fund Revenues

• No increase in user rates

• Connection fees steady

• Sludge removal revenue ongoing but decreasing due to amount generated; sludge expenses also decrease

• Total revenue almost identical to current year; decrease of .27%

Sewer Fund Revenues

73%

13%2%

12%

Wastewater Contracts Charges for Services Connections Fees Sludge Removal Interest

Sewer Fund Expenditures

• Fairly consistent with current year

• Third consecutive year of decreasing expenditures; albeit slightly, -27%

• Minor capital improvements and contingency built in

• Promoting Wes Estep from regular part time status to full time

Summary FISCAL YEAR 2014 BUDGET

FY 2014Revenue: Proposed

General Fund $ 1,595,900 Water Fund $ 522,800 Sewer Fund $ 2,617,700

Total Revenue $4,736,400

Expenditures:

General Fund:General/Administrative $ 479,600 Public Safety $ 341,800 Highways & Streets $ 435,000 Parks & Recreation $ 111,500 Sanitation $ 187,000 Debt Service $ 41,000

Enterprise Funds:Water Fund $ 522,800

Sewer Fund $ 2,617,700

Total Expenditures $4,736,400