$180 $160 $140 $120 $100 $80 $60 $40 $20 $ Single Fam -New Apts -New

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1 2012 REVENUE FORECAST Presented by Brian Henshaw September 26,

2 Economic Conditions Housing starts Federal & State deficits Sovereign-debt crisis Bankruptcies Unemployment Stock Market volatility Geographic location Regional Shopping destination Canadian shoppers Not as over built Reserves 2

3 88 Whatcom County non-farm jobs Thousands Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

4 YTD Building Activity - $72 Million $180 $160 $140 $120 $100 $80 $60 $40 $20 $ Single Fam -New Apts -New Com/Ind/Mix - New Com Alter 4

5 Sales Tax Citywide - $18.3 Million $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 Year Percent Change % % % % % Received Projected Budgeted % 5

6 YTD Sales Tax Top Ten Industries (millions)

7 Business & Occupation Tax - $10.8 Million $14 $12 $10 $8 $6 $ $2 $0 Year Percent Change % % % % % % Received Projected Budgeted 7

8 Real Estate Excise Tax - $1.5 Million $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $ $- Year Percent Change % % % % % % Received Projected Budgeted 8

9 Utility Taxes - $14.45 million Cable $1.25 9% Telephone $ % Gas $ % Water $ % Sewer $ % Electric $ % Storm $0.57 4% 9

10 $16 $14 Utility Taxes - combined $14.5 Million $12 $10 $8 $6 $4 $ $0 Year Percent Change % % % % * % % Received Projected Budgeted 10

11 Property Tax - $19.3 Million $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 Year Percent Change * % % % % % % *2007 Greenways III Received Projected Budgeted 11

12 2011 Property Tax Distribution Port of B'ham 3.0% B'ham School 35.0% State GF 25.2% City of Bellingham 23.6% General Fund 15.7% Greenways 5.3% County Levy 11.4% Flood Control 1.4% Conservation Futures 0.4% Pension, 2.3% Voted Levy,.3% 12

13 0.10% Property Tax % 9.76% Levy Rate per $1,000of Assessed Valuation 22.40% General Fund $ Greenways III % Fire Pension Bond RDA CITY TOTAL $ Bond Fire Pension General Fund Greenways RDA 13

14 Estimated Impact of 1% Increase Item Amount 2011 Total Levy $19,080,000 1% Levy Increase $190,000 Estimated New Construction ($40 Million) $80, Levy $19,350,000 *Does not include adjustments: annexations, refunds, utility valuations, etc. 14

15 Estimated Impact of 1% Increase Item Amount 2012 Total Levy $19,350,000 Divided by Est Assessed Value $8,228,000,000 Assumed Assessed Value $250,000 Total City Portion of Property Tax $586 Banked capacity approximately $120,000 15

16 General Fund Revenue - $64.8 Million $80 $70 $60 $50 $40 $30 $20 $10 $ Proj 2012 Taxes Goods & Services Intergovernmental Fines Transfers Licenses Miscellaneous 16

17 GF Preliminary Budget Revenues $62,592,837 $64,750,585 Salaries and Benefits (43,965,776) (44,854,110) Supplies & Services (7,531,845) (6,943,251) Intergovernmental Expenditures (5,790,681) (5,474,596) Capital (164,000) Principal and Interest (238,524) (227,582) Interfund (6,071,291) (7,088,046) Subtotal of Expenditures ($63,598,117) ($64,750,585) Shortfall ($1,005,280) Reserves 17

18 Citywide Budgeted Revenue - $193.8 Million All Others, $129.0 General Fund, $

19 Street Fund Revenues - $19.1 Million General / Street Fund Split *2009 = 57.5% / 42.5% $25 $20 $15 $10 $5 $ * Proj 2012 Taxes Goods & Services Intergovernmental Impact Fees Fuel Tax All Other 19

20 Water Fund Revenues - $18.3 Million $25 $20 $15 $10 $5 $ Proj 2012 Metered Water Watershed Unmetered Water Bond & Misc Goods & Services Demand Charges 20

21 Wastewater Fund Revenues - $18.2 Million $70 $60 $50 $40 $30 $20 $10 $ Proj 2012 Metered Wastewater Demand Charges Unmetered Wastewater All Other Bond Financing 21

22 Stormwater Fund Revenues - $7.3 Million $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $ Proj 2012 Goods & Services Loan & Misc. Interest Intergovernmental 22

23 Solid Waste Fund Revenues - $1.6 Million $9.0 $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $ Proj Taxes Miscellaneous Goods & Services Other 23

24 Citywide Preliminary Budget Revenues $182,159,858 $193,720,729 Salaries and Benefits (77,471,733) (79,805,745) Supplies & Services (44,118,832) (43,131,769) Intergovernmental Expenditures (15,399,006) (16,982,518) Capital (26,139,830) (40,288,803) Principal and Interest (10,214,899) (9,389,617) Interfund (24,262,787) (25,709,749) Subtotal of Expenditures ($197,607,087) ($215,308,201) Shortfall ($15,447,229) ($21,587,472) Bond $43,000,000 24

25 Budget Calendar Key Dates *October 3 rd 2:30 p.m. 2011Finance, Executive & Legal Department Objectives October 10 th Afternoon Police Department& Museum work sessions Capital & Budget Overview *October 17 th Afternoon Municipal Court, ITSD, &Park department work sessions October 24 th Afternoon Third Quarter Financial Review Fire, Library, and PW department work sessions November 7 th Afternoon Introduce Property Tax Ordinance Executive, HR, and Planning department work sessions * Not a regular council meeting 25

26 Budget Calendar Key Dates November 21 st Afternoon Adopt PropertyTax Ordinance Public Hearing on Budget Finance& Legal departmentwork sessions December5 th Evening IntroduceBudget Ordinance December 12 th Evening AdoptBudget Ordinance 26

27 2012 REVENUE FORECAST Presented by Brian Henshaw Finance Department (360)

28 Property Tax Levy City of Bellingham is less than 1/4 th of the total property tax levy City G.O. Bond is expiring ($265,000 in 2011) A 1% increase ($190,000) is less than the amount rolling off All estimates are subject to the Assessor valuation and adjustments Net forecasted City Property Tax Levy is less than last year's adjusted levy 28

29 Property tax levy = Historical recap Projected General Fund Levy 12,533,391 12,878,856 13,106,381 Fire Pension Levy 1,934,324 1,893,780 1,864,904 Voted Greenways Rate 4,268,495 4,346,856 4,411,037 Voted G.O. Bond Levy 355, ,000 - Total Regular Levy Rate 18,736,210 19,119,492 19,382,322 Total Property Tax levy 19,091,520 19,384,491 19,382,322 Assessed values total (thousand 8,596,998 8,416,799 8,288,463 Levy rate total $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Projected General Fund Levy Fire Pension Levy Voted Greenways Rate Voted G.O. Bond Levy 29