The Fiscal Year 2015 spending plan drafted by Finance Administrator
"The city's sound financial position is due to the difficult decisions taken over the last several years that were necessitated by the recession, a currently improving economy and real estate market, and pro-active financial management," Owens said. The city's five-year forecast also looks "extremely positive," he said.
A combination of increased property values and an upswing in construction is putting extra property-tax money in city hands, allowing:
--An increase in infrastructure spending, to
--And raises, as set forth in recent union contracts.
If approved by the city council, it also makes good on a pledge by City Manager
"The budget being proposed is the best effort of staff to carry out the council's vision of completing capital projects, conducting repairs, and maintaining infrastructure that we were unable to fund during the economic downturn," Ferris said Thursday.
The council's policy has been to keep the city's operating tax rate at a constant level since 2011, he said.
"This policy has kept the city in a financially sound position and with this proposal, it is projected to continue for five more years," he said.
The city has proposed a tax rate of
The city's still playing catch-up from the recession, which cost it nearly
"Even with three years of moderate growth," he said, "the city's total property valuation is down over 11 percent, from a high of
But the proposed budget sets aside
The budget proposes 458 full-time jobs. That's an increase of four positions, three of them by turning part-time employees into full-timers, and one, a new fire code compliance officer. Personnel costs take up 69 percent of the budget.
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