The City's Budget
The City's budget for FY2003 - July 1, 2002, through June 30, 2003 - was $1.1 billion. This amount reflects both Operating and Capital budgets.
FY2003 Sources of Revenue
FY2003 How We Use the Money
Operating Budget consists of the General Fund, which includes revenue from property taxes and 20 other funds with clearly designated purposes, such as aviation, public transit, water, sewer and storm water. Revenue for these other funds comes from user fees, sales tax, federal agencies and other sources not related to property tax.
The City's five-year
Capital Investment Plan (CIP) Budget funds the construction of roads, sidewalks, fire stations, police facilities and other public buildings. Revenue for this budget includes property tax, water/sewer fees, aviation fees, storm water fees and sales tax.
For FY2003, which this report highlights, the property tax rate was 46.7¢ per $100 assessed valuation, or $700.50 annually ($58 per month) on a $150,000 home. The property tax accounted for 20.6% of the City's overall annual income.
For the next fiscal year - July 1, 2003, through June 30, 2004 - the City's total budget is $1.39 billion. To offset the impact of property revaluation, City Council reduced the property tax rate to 42¢ per $100 assessed valuation. This represents 18.4% of the City's overall annual income.
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