As part of our in-depth look at Perry’s fiscal year 2014 budget, today we outline how capital improvement projects are paid for.
The expenses come from the Local Option Sales tax funds collected for all funds except the sewer department, which has their capital expenditures funded through sewer utility fees collected.
The City has a 28E agreement with the Perry Community School District which will end on December 31st. This means that starting January 1st of 2014, the city will keep their 1% of the Local Option Sales Tax and the school will keep their 1% of the School Infrastructure Local Option tax.
Sales tax revenues for the upcoming fiscal year are estimated to be $700,000. Once loan payments are made for the middle school demolition and purchase of a garbage truck recycle truck and end loader and money is transferred for the City’s share of the Owner Occupied Housing Rehabilitation Grant… roughly $393,000 will remain in the capital expenditures account.
During the budget process, city department heads prioritize requested expenditures. This year those expenses total more than $1.1 million. We’ll have details on the proposed projects tomorrow on the Raccoon Valley Radio Network.