Assessed Values [see p. 8 of 2017 Executive Operating Budget]
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- Clarence Newton
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3 Assessed Values [see p. 8 of 2017 Executive Operating Budget] Property values have grown 4.85% on the strength of a 4.5% increase in residential and 6% increase in commercial property values (commercial property includes apartments). From 1991 to 2017, values have grown an average of 5.4% annually. From 2013 to 2017, values have grown an average of 1.8% annually. Assessed value of property in tax increment districts (TIDs) increased 6.25%, and follows a 30% increase in This is due both to value growth in existing TIDs and creation of new TIDs. The average home value is up 3.6%, reflecting stronger housing sales. Changes in Assessed Values from 2015 Residential: up 4.48% Commercial: up 5.97% Agricultural: up 8.61% Manufacturing: up 6.24% Personal Property: up 3.29% TIF Increment Value (deduction): up 6.25% Net Taxable Property: up 4.85% Average Value Home: up 3.58% 1
4 General Fund Spending and Levy Increase [see p. 8 of 2017 Budget] Levy = Expenditures less Revenues (i.e., State aid) Expenditures up 3.44% (+$10.0 million) [see pp. 8, 12-14] General fund expenditures up 3.44% due primarily to compensation, debt service and operating costs. Library fund expenditures up 3.6% due primarily to compensation and operating costs. Total debt service (general fund and library fund) is up $3.9 million (9.0%). Revenues up 0.6% (+$470,100) [see pp. 8, 9-11] State aid (excluding transit aid) up 3%. With transit aid, state aid is 2%. This increase is due primarily to exempt computer aid increases associated with action by the state to expand the exemption to equipment of cable providers and expenditure restraint payment estimates. Ambulance fee revenues up 7% compared to the 2016 adopted budget, due to expansion of fire and emergency medical services to surrounding communities, improved collections, and an increase in fee by $50 to help fund street team services to the homeless. This change increases revenues by an estimated $175,000. Building permits are down 9.1% from 2016 adopted budget estimates due to a slower rate of growth in construction compared with earlier in the decade. Revenues from fines and forfeitures are down 1.7%, due to continued declines in parking violation revenue due to multi-space meters. Fund balance applied of $400,000 reflects an expected lapse in funding for the police procedures review contract and re-appropriation of that funding to support the cost of the contract in Change from 2016 $ % Expenditures $10.0 million 3.44% Revenues $0.5 million 0.6% Fund Balance Applied $0.4 million N/A Levy $9.1 million 4.3% 2
5 Mill Rate and Taxes on Average Value Home [see p. 8 of 2017 Budget] 1. Mill Rate Mill Rate = Levy divided by Assessed Value Estimated mill rate under executive budget = $9.45 per $1,000 of value. Mill rate is down 0.5% from 2016 due to levy increase of 4.35% and an increase in assessed value of 4.85%. 2. Taxes on Average Value Home Average Value Home = Residential value divided by number of residential parcels Taxes on Average Value Home = Mill Rate multiplied by Average Value Home 2016 average value home = $254,693 (up $8,799 / 3.6%). Taxes on average value home = $2,407 (up $72 / 3.1%). 3
6 Levy Limit Calculation Allowable Increase = the greater of 0% or the Change in Net New Construction (2.11% for 2017) Key Adjustments / Exclusions Fee increases for garbage collection, fire protection, snow plowing, street sweeping, or stormwater management result in a commensurate reduction in levy limit if those services provided from property taxes in % of incremental value from closed TIDs. For 2017, the closure of TID 33 adds 0.049% to the calculation ($67,161). Up to 1.5% of prior year unused allowable levy limit (0.5% or less requires majority vote of governing body; 0.5% to 1.5% requires three-fourths majority vote) unused levy limit from 2016 is $987,425 (0.471% of prior year allowable levy limit). Change in debt service on general obligation debt. Amount of refunded or rescinded taxes ($512,677 due primarily from Attic Angels / Prairie Point tax refund). Calculation of Allowable Levy for City 4
7 Trends in Taxes and Spending [see Madison Measures] Historical Levy Increases 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% City of Madison Percent Levy Increases Above/Below the Historical 15-Year Average of 4.28% 0.00% Historical General Fund Expenditure Increases City of Madison Percent Budgeted Expenditure Increases Above/Below the Historical 15-Year Average of 3.64% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%
8 Historical Increases in Taxes on the Average Home City of Madison Percent TOAH Increases Above/Below the Historical 15-Year Average of 3.34% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% % 6
9 Budget Summaries 7 8
10 Balancing the Budget 8
11 Balancing the Budget (continued) 9
12 General Fund Balance Maintaining an unassigned fund balance of 15% of subsequent year General Fund expenditures is a key financial policy goal and a major element of the City s Aaa bond rating. The graph below shows the history of the fund balance since 1995 and the expected level in 2017 and The 2017 executive operating budget applies $400,000 from fund balance associated with the carryover of funding from 2016 for the police procedures review contract. Unassigned Fund Balance and Fund Balance Applied to Budget 1995 to 2015 Actual 2016 to 2018 Projected 21.00% 20.00% 19.00% 18.00% 17.00% 16.00% 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Fund Balance Applied -- Right Axis Unreserved Undesignated Fund Balance % Target Unreserved Undesignated Fund Balance Proj Proj Proj. $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- 10
13 Tax Rate Computation 11
14 Comparative Changes in Levy, Mill Rate and Taxes on Average Value Home 12
15 Summary of General and Library Funds Expenditures, Revenues and Property Tax Levy 13
16 Summary of General Fund Revenues 14
17 Position Changes 15
18 City of Madison Finance Department 210 Martin Luther King Jr Blvd Madison WI
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