CITY OF WILDWOOD

2014 CITY BUDGET

2014 BUDGET HIGHLIGHTS

� The 2014 local purpose tax rate is increasing by 0.170

cents per hundred dollars of property value to $1.273

per one hundred dollars of property value

� 10.1 cents of the rate increase is due to the

reassessment of properties; 6.9 cents is due to the 2014

budget

� 6.4 cents of the 6.9 cent increase is in Police and Fire

Salaries with both contractual increases and new hires

� The dollar amount for the local purpose tax is an

increase of $1,051,342 or a percentage increase of 6.2%

� The City’s debt service decreased 4.2 cents per one

hundred dollars of property value

.

SOURCES OF NEW RECURRING REVENUE

Beach Services Revenue $156,500

2014 BUDGET BY DEPARTMENTS

DEPARTMENT/FUNCTION 2014 BUDGET % OF TOTAL

PUBLIC SAFETY $7,928,800 31.49%

REVENUE & FINANCE (includes all insurance) 6,424,081 25.51%

PUBLIC WORKS & PROPERTY 3,820,460 15.17%

UTILITY EXPENSE 1,272,400 5.05%

DEFERRED CHARGES 302,738 1.20%

PENSION & RELATED 2,039,366 8.10%

INTERLOCAL 184,700 0.73%

GRANTS 68,376 0.27%

CAPITAL PROJECTS 100,000 0.40%

DEBT SERVICE 2,860,400 11.36%

RESERVE FOR UNCOLLECTED 179,460 0.71%

TOTAL $25,180,781 100.00%

TREND OF LOCAL PURPOSE TAX

YEAR LOCAL TAX LEVY LOCAL TAX RATE

2006 $14,330,900 1.51000

2007 15,459,369 1.55000

2008 17,053,062 1.65700

2009 20,405,768 1.82800

2010 19,370,477 1.08900

2011 17,119,466 1.08800

2012 17,094,077 1.08800

2013 17,000,981 1.10300

2014 18,052,322 1.27300

IMPACT OF LOSS OF NET VALUATION

The City Value Decreased by almost $122.5 million

This alone would create a tax increase of 10.1 cents

per hundred

The cumulative loss in value from 2008 to 2013 is

$442,639,691

YEAR NET VALUE CHANGE

2008 $1,838,284,332 ($23,464,517)

2009 1,838,006,789 (277,543)

2010 1,778,832,252 (59,174,537)

2011 1,573,453,654 (205,378,598)

2012 1,571,191,163 (2,262,011)

2013 1,541,551,466 (29,640,177)

2014 1,419,109,158 (122,442,308)

2014 SPENDING CAP

Under CAP

$2,359,924

Budget

$21,402,178

Allowable

$23,762,102

2014 TAX LEVY CAP

Rate

1.2775

•Maximum Tax Levy

•22,173,363

Rate

1.2730

•Actual Levy

•$18,052,322

Under

.0045

•Amount under CAP

•$4,121,041

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

2008 2009 2010 2011 2012 2013 2014

Budget Detail

Res.Uncoll

Capital/Debt

Def'd

OE

S&W

SOURCES OF REVENUES

HISTORICAL Projected

2009 2010 2011 2012 2013 2014 2015

Surplus $ - 900,000 1,070,000 360,000 1,002,000 975,950 1,000,000

Local Revenue 4,273,493 3,824,629 4,029,201 8,030,695 4,404,766 4,876,429 4,800,000

State Aid 1,218,136 1,005,571 1,005,571 1,005,571 1,005,571 1,005,571 1,005,571

Interlocal 146,522 183,351 58,388 60,000 127,500 184,700 200,000

Grants 1,178,518 156,810 285,042 660,197 340,399 66,810 150,000

Delinquent tax _ 30,000 75,000 85,000 19,094 19,000 60,000

Local Tax 20,405,768 19,370,477 17,119,466 17,094,077 16,834,142 18,052,322 18,100,000

Total Revenue $27,222,437 25,470,838 25,470,838 27,295,540 23,733,472 25,180,782 25,315,571

5-YEAR SURPLUS HISTORY

SURPLUS 2009 2010 2011 2012 2013

AVAILABLE $230,678 1,223,424 1,210,619 1,860,297 1,521,565

USED 0 900,000 1,070,000 360,000 1,002,000

REMAINING 230,678 323,434 140,619 1,500,297 519,565

REGENERATED 992,746 887,195 1,719,678 21,268 890,866

CARRYFORWARD $1,223,424 1,210,619 1,860,297 1,521,565 1,410,431

WATER UTILITY BUDGET

TOTAL BUDGET

•$7,115,000

TOTAL REVENUE

•$7,115,000

IMPACT ON LOCAL TAX

•$0• The Water Utility Fund is supporting the Current Fund

(city) budget with $208,100 of the utility’s fund balance = approx. 1.47 cents

SEWER UTILITY BUDGET

TOTAL BUDGET

•$4,973,863

TOTAL REVENUE

•$4,973,863

DEFICIT COVERED BY TAXPAYERS

•$0