Minutes 03/31/1998 - Laserfiche WebLink

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March 31, 1998 33:7 "WHAT IS PAST IS PROLOGUE" Comparing these goals with financial trends over the last 20 years, .the importance of keeping these objectives in mind becomes evident.. As we view a glimpse of the past, a William Shakespeare quote from "The Tempest" speaks to the importance of learning from our history, for "What is past is prologue." Operating Budget History The operating budget history depicts operating revenues and expenditures. As you will note, the City experienced growth in the late 1980s that reached a plateau in the early 1990s. Beginning in 1995, we began to see improving trends in revenues that signaled economic recovery and a growing tax base. OPERATING BUDGET HISTORY 150,000 120,000 90,000 60,000 30,000 I [] Revenues [] Expenditures Real Estate Assessed Values One of the most important indicators of economic health is the growth in real estate assessments. Real estate assessed values experienced significant growth in the 1980s and then stagnated in the early 1990s. The bars in this graph show the total amount of assessed value of all property in the City, more than 50% of which is non-taxable. The line on the chart indicates the percentage change from one fiscal year to the next, with the highest rate of increase reaching 12% from 1981 to 1982, to an actual decrease in assessed values in 1991. As with the overall budget, the assessed values begin to rise in the mid 1990s with the increase for fiscal year 1998 expected to exceed 2%. This increase in the tax base will allow for an increase in revenues without increased tax and furthers our efforts in meeting our financial objectives. REAL ESTATE ASSESSED VALUES 3,000,000 2,5O0,OOO 2,OOO,0OO 1,500,000 1,000,000 500,000 0 15% 10% 5% 0% -5% Assessed Value .-e-- Percent Change