Humboldt council OKs $10.6 million budget
HUMBOLDT — The Humboldt City Council approved the $10.6 million fiscal year 2017-2018 budget at a special meeting Monday.
The total property tax levy is $17.77 per $1,000 of taxable value.
It is a 35 cent increase.
The total property taxes to be collected next fiscal year are estimated to be $2,688,000, said City Clerk Gloria Christensen.
Total property taxes on the current year are estimated to be $2,565,630.
Total revenues are estimated to be $12.7 million, which is an increase over the current year of $11.5 million.
Expenditures are estimated to be $10.6 million.
This year’s expenditures are estimated to be $8.9 million.
The ending fund balance on June 30, 2018, is estimated to be $4.5 million, which is an increase over the ending fund balance on the current budget, which is estimated at $4 million.
Expenditures exceeded revenues in 2015 by $375,000, Christensen said.
“A lot of it has to do with the timing of borrowing money and paying for projects,” she said.
“The 2014 paving project would be a prime example where it spanned three fiscal years,” added City Administrator Travis Goedken.
The two major increases in revenue are estimated to be in tax increment financing revenues:
• $956,060 as opposed to $840,760 estimated in the current budget;
• and $1.3 million in intergovernmental funds as opposed to $828,539 estimated in the current budget.
The largest increases in expenditures are estimated to be in public works, $1.6 million up from $919,486; and capital projects, $2.2 million up from the current $1.3 million. The city will spend less on community and economic development, $681,750 which is down from $803,580.
The council also approved a 2.5 percent salary increase for all city employees.
The council approved the budget with council members Jim Vermeer and Kirk Whittlesey absent.