2015-2016REVENUE FORECAST

1

Presented by Brian HenshawOctober 27, 2014

General Fund Revenue - $70.3 Million

$30

$40

$50

$60

$70

$80

2

$0

$10

$20

$30

2010

2.6%

2011

3.1%

2012

2.4%

2013

1.8%

2014P

2.4%

2015

2.6%

2016

1.5%

Taxes Goods & Services Intergovernmental

Fines Transfers Licenses

Miscellaneous

Year

% Change

Sales Tax Citywide - $20.1 Million

$10

$15

$20

$25

18.6 19.8 14.8

5.0

20.1 20.5

3

$0

$5

$10

2010

3.1%

*2011

6.6%

2012

4.5%

2013

6.5%

2014

0.0%

2015

1.5%

2016

2.0%

16.7 17.818.6 19.8

Received Projected Budgeted

Year

Percent Change

* State Tax Amnesty

YTD Sales Tax – Top Sectors (millions)

Building Mat.

Clothing

Wholesale

Specialty Trade

Misc. Retailers

4

0.0 0.5 1.0 1.5 2.0 2.5 3.0

Gen. Merch

Autos & Parts

Food & Drink

Construction

Millions2014 2013

Business & Occupation Tax - $13.4 Million

$6

$8

$10

$12

$14

11.6 12.19.3

2.9

13.4 13.7

5

$0

$2

$4

$6

2010

-3.7%

2011

6.7%

2012

5.4%

2013

3.4%

2014

0.8%

2015

9.8%

2016

4%

10.4 11.111.6 12.1

Received Projected Budgeted

Year

Percent Change

Utility Taxes - Combined $15.9 Million

$6

$8

$10

$12

$14

$16

$18

12.7 13.8 14.1 14.7 11.7

3.6

15.9 16.2

6

$0

$2

$4

$6

2010

-.8%

*2011

8.7%

**2012

2.2%

2013

4.3%

2014

4.1%

2015

3.9%

2016

2.0%

Received Projected Budgeted

Year

% Change

**2012 Watershed Fee Increase*2011 Change to pay for hydrants

Utility Taxes - $15.9 Million

Water $3.8

24%

Gas $1.8

Tele $2.2

14%

Cable $1.3

8%

7

Sewer $2.3

14%

Storm $0.8

5%

Elect $3.8

24%

Gas $1.8

11%

Property Tax - $23.7 Million

$10

$15

$20

$25

18.9 19.2 19.5 22.9 12.6

10.7

23.7 24

8

$0

$5

$10

2010

3.3%

2011

1.6%

2012

1.6%

**2013

17.4%

2014

1.7%

2015

1.5%

2016

1.3%

18.9 19.2 19.5 12.6

Received Projected Budgeted

Year

% Change

**2013 Housing Levy

2014 Property Tax Distribution

B'ham School

39.1%

Port of B'ham

2.5%

General Fund

14.1%

City of

Bellingham

9

Conservation

Futures

0.4%Flood Control

1.2%

County Levy

10.2%

State GF

22.8%

Greenways

4.7%

Fire / Police

Pension 2.0%

Housing, 3.0%

Bellingham

23.8%

Property Tax - 20148.23%

59.09%

0.14%

12.82%

Levy Rate per $1,000 of

Assessed Valuation

General Fund $1.6163

Greenways III .53949

10

19.72%

Fire / Police Pension General Fund

Greenways Rev. Dev. Area

Housing

Affordable Housing .35071

Fire / Police Pension .22499

RDA .00384

CITY TOTAL $2.73538

Estimated Impact of 1% Increase

Item Amount

2014 Total Levy $21,400,000

1% Levy Increase $210,000

Estimated New Construction ($40 Million) $100,000

11

Estimated New Construction ($40 Million) $100,000

Housing Levy $2 M per year $2,000,000

2015 Levy $23,710,000

*Does not include adjustments: annexations, refunds,

utility valuations, etc.

Estimated Impact of 1% Increase

Item Amount

2015 Total Estimated Levy $23,710,000

Divided by Estimated Assessed Value $8,679,000,000

12

Divided by Estimated Assessed Value $8,679,000,000

Assumed Assessed Value $250,000

City’s Portion of Property Tax $684

Citywide Budgeted Revenue - $229.5 Million

General

Fund,

$70.3All

13

All

Others,

$159.2

Real Estate Excise Tax - $2.1 Million

$1.5

$2.0

$2.5

2.3 2.3 1.9

0.4

2.1 2.2

14

$-

$0.5

$1.0

2010

-10.5%

2011

1.8%

2012

32.9%

2013

0.0%

2014

0.0%

2015

-8%

2016

4.8%

1.7

1.7

Received Projected Budgeted

Year

Percent Change

Street Fund Revenues - $12.8 Million* PW Admin & Eng. Fund

$15

$20

$25

15

$0

$5

$10

2010 2011 2012 2013 2014P 2015* 2016*

Taxes Goods & Services Intergovernmental

Impact Fees Fuel Tax All Other

Water Fund Revenues - $24.2 Million

$20

$25

$30

$35

$40

*Watershed Rate Increase

16

$0

$5

$10

$15

2010 2011 *2012 2013 2014P 2015 2016

Metered Water Unmetered Water Bond & Misc

Watershed Goods & Services Demand Charges

Wastewater Fund Revenues - $20.3 Million

$30

$40

$50

$60

$70

17

$0

$10

$20

$30

2010 2011 2012 2013 2014P 2015 2016

Unmetered Wastewater Metered Wastewater All Other

Demand Charges Financing

Stormwater Fund Revenues - $12 Million

$8.0

$10.0

$12.0

$14.0

18

$0.0

$2.0

$4.0

$6.0

2010 2011 2012 2013 2014P 2015 2016

Goods & Services Loan Interest & Misc. Grants

Solid Waste Fund Revenues - $1.6 Million

$2.0

$2.5

$3.0

$3.5

$4.0

19

$0.0

$0.5

$1.0

$1.5

$2.0

2010 2011 2012 2013 2014P 2015 2016Taxes Miscellaneous Goods & Services Grants

Budget Calendar Key DatesNovember 10th Afternoon Budget Work Sessions

Close Public Comment

Introduce Property Tax Ordinance

November 24th Evening Public Hearing on Budget

Budget Work Sessions

Adopt Property Tax Ordinance

20

Adopt Property Tax Ordinance

December 8th Afternoon Introduce Budget Ordinance

Budget Work Sessions

December 15th Evening Adopt Budget Ordinance

REVENUE FORECAST2014

21

Presented by Brian HenshawFinance Department

(360) 778 – 8036 bhenshaw@cob.org