On the Agenda: Proposed Fiscal Year 2014 Budget
What's on tonight's council agenda.
The proposed budget addresses a $5.2 million deficit as well as increases in capital improvement projects and the city's school tuition bill.
Last year the council voted to raise the 2013 real estate tax by 7 cents.
- The city expects $121,432,548 in General Fund revenues for FY 2014. These revenues are made up of real estate, personal property and other local taxes.
- Staff expects assessed residential and non-residential property values to increase 2.9 percent. This gives city staff an additional $2,064,621 to use in balancing the FY2014 budget.
- But the city took $2,184,803 in non-recurring income out of last year's budget to fund operations. This gives the city $833,195 in additional funds to work with in balancing the FY2014 budget (additional smaller increases included).
- The city expects $126,638,577 in General Fund expenses for FY2014.
- Fairfax City's service contract with Fairfax County Public Schools is the largest non-discretionary expense item. This is expected to increase by $894,438 over last year's tuition bill.
- The city may also have to contend with an additional $3,126,386 in capital improvement projects over 2013.
- Additional city employee leave, compensation, performance-based increases and COLA means an additional $1,136,926 in expenses.
- City staff expects expenses to increase by $6,039,224 in FY2014.
Council members will work with staff until they adopt a budget in May.
The meeting is scheduled for 7 p.m. Watch it live online here.