City Council approves 2016 Budget
Tuesday, November 17, 2015
City of Altoona staff
Altoona City Council at its November 12, 2015 meeting, approved the 2016 Annual City Budget. The budget was discussed at several budget committee meetings during September and October.
The 2016 budget for governmental purposes (General Fund, Library, Capital Projects and Debt Service) includes over $7.87 million in expenditures, with approximately $4.72 million in non-tax revenues, requiring a property tax levy of $2,425,983, which is $25,511 more than 2015.
The proposed General Fund budget represents $4.35 million in general operations, with a property tax levy of $1,520,816, which is 62.69% of the total levy.
The Library budget represents $507,228 in operations, with a property tax levy of $299,637, representing 12.35% of the levy.
The Capital Projects Fund budget is $1,314,619. Sources of funds for the projects include $43,000 from grant funding, $41,000 in equipment sales, an expected $24,500 in donations and $1,206,119 in bonding. The City has the capacity to borrow, and the financing will be structured to maintain a leveled debt service to the extent possible.
The allocation of the projects by fund is as follows:
- Water: $ 209,746
- Sanitary Sewer: $ 32,000
- Storm Water: $ 43,807
- TID #3: $ 6,816,118
- General Fund: $ 1,314,619
The Debt Service Fund requires $2.56 million in principal and interest payments for 2016. $401,084 of this will be paid by enterprise funds (water, sewer and storm water utilities), $1,049,373 by Tax Increment Districts and the remaining $605,530 will be obtained through the property tax levy; this represents 24.96% of the total levy.
The Water Utility budget for 2016 reflects no increase.
The budget for the Sewer Utility reflects the same rates in 2016 as in 2015.
The Storm Water Utility budget for 2016 reflects no increase over 2015 rates.
Click here to view a copy of the 2016 City Budget.
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