Fiscal 2019 Draft Budget
The City Council will review the draft budget for Fiscal Year 2019 (FY19) on May 14, 2018. The fiscal budget year begins on July 1 each year. In developing the annual budget, city staff rely upon a variety of planning documents, including the Comprehensive Plan 2030, the five-year Capital Improvement Plan, and the FY2018-2020 Strategic Plan. The budget is guided by the principles of maintaining high service levels, responsiveness to the needs of residents and businesses, preserving long-term financial stability through sound fiscal management and economic development, and providing for well-planned capital investment in the community to preserve infrastructure and facilities.
The city’s General Fund relies heavily on Intergovernmental Revenues including sales tax (44 percent of revenues) and utility licenses (38 percent of revenues). FY19 General Fund revenues are projected to increase .47 percent from FY18. Operating expenditures are projected to increase 2.29 percent from FY18 to $15,367,745.
Capital Improvement Fund
The proposed budget is based on the five-year Capital Improvement Plan adopted by the City Council on April 8. The half-cent capital improvement sales tax is the major funding source, accounting for approximately $2 million in projected FY19 revenues. The city has been successful in obtaining over $388,000 in grant funding for FY19 capital projects. Proposed Capital Improvement Fund expenses include $3,207,380 for projects.
The Enterprise Fund includes operations and maintenance of the golf course and ice arena. Overall, operating revenues are projected to decrease by 1 percent to $1,127,026 due to decrease in green fees and ice arena revenues. Operating expenses for the Enterprise Fund are anticipated to increase by 4 percent to $1,097,255.
POlice Building fund
In 2016 the citizens of Creve Coeur approved Proposition P which authorized the levying of a property tax to provide funding for the construction of a new faclitiy for the police department and associated improvements at the current government center. This fund will be resonsible for accounting for all revenues and expenditures associated with the construction of the police facility and related improvements of the government center. It is estimated this project will be completed during FY2019.
Debt Service Fund
This project was funded through the issuance of General Obligation Bonds in April 2017. These Bonds will be repaid with interest over a twenty-year period with funding provided by an annual levy of Real and Personal Property tax. This fund will account for all revenues and expenditures (interest and principal) related to repayment of the City's outstanding debt. FY2019 principal payment is estimated to be $420,000 and interest payment is estimated to be $291,406.
Public safety sales tax fund
A countywide Public Safety sales tax was approved by voters on April 4, 2017. Cities in St. Louis County will share 5/8 of the revenues based on population. The projected amount to be received by the City of Creve Coeur in FY2019 is $850,000. These revenues will help offset the increasing cost of providing high quality police services including maintaining required manpower, competitive salaries and benefits, equipment, technology, training and maintenance and operating expenses for the new Police Station. Staff has been developing a proposed policy for the use and allocation of these funds and has been included in the 'Financial Policies' section of the proposed budget. Expenses for FY2019 are estimated to be $226,340.
Fiscal year 2019 draft budget