“The total Budget amount is $290 million, City Manager Tim Gleason told Cities 92.9 after Monday’s council meeting. “And that includes all funds. I think the area that the community is probably most interested in is maybe the operating fund, the different costs for operating the city, as an operation, as a business. And that’s about $130 to $135 million.”
Bloomington Finance Director Scott Rathbun told us, “We presented the citywide budget totals and kind of some of the material drivers of that, the $290 million citywide budget is I think $21 million over the prior year numbers. But of that total 13 million is really specifically due to increases in capital projects, what we refer to as infrastructure type projects, roads, sewers, water projects even parks and recreation.”
Gleason touts the city’s process saying, “We are very transparent and communicate as stewards of the tax payer dollars, so I am excited and proud of that.”
Gleason continued, “As far as the schedule to ultimately approve the 2023/24 budget, which is May 1 through April 30 for us as the city of Bloomington, our tentative approval date is that first council meeting in April. But what occurred tonight was the budget presentation, sort of a teaser, if you will, and then next week at The Committee of the Whole we are going to dive much deeper into the specific line items.”
Funds that will see significant increased expenditures are the general, arena, library and asphalt funds.
Expenditures in the general fund are expected to be up by $6.8 million. Arena spending will increase by $3.4 million partly for new chillers and also to invest in shows that should in return show a profit. The library fund will be up $3.2 million but that is mostly pass through money coming from the state to pay for the library improvements under construction. The city also is planning to spend $3 million more on streets and sidewalks.
Bloomington is expecting revenue increases primarily from three sources; the property tax levy, state sales tax and income tax.
The city looks to see an increase of $2 million from property taxes. $1.5 million more is anticipated in state sales taxes as increasing prices continue to increase sales tax revenue. And the city is looking for $1 million in additional funds from the income tax.
The General Fund is expected to benefit from extra revenue coming from taxes, service charges and investments. Taxes are expected to bring in $7.2 million more. Service charges are expected to increase by $4 million mostly from ambulance fees. And investments are expected to provide an additional $1.6 million as interest rates have increased.
General fund expenditure increases are planned for salaries, contractuals, transfers out and commodities. Salaries are expected to be up an additional $3.7 million as a result of new hires. Contractuals will be up $3.1 million. An additional $2,9 million will be transferred out, mostly for golf and streets. And commodities will be up by $1.4 million, largely to operate the new O’Neil Pool.
The Committee of the Whole will meet on February 20.
