<strong>City</strong> <strong>of</strong> <strong>Auburn</strong>Revenue Overview<strong>City</strong> <strong>of</strong> <strong>Auburn</strong>Growth in <strong>City</strong> Revenues ~ FY 1992 - FY 2002199219931994199519961997199819992000$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000General Fund Other Gov't'l Fds Enterprise Fds Internal Svc FdsAll % IncreaseFiscal Governmental Funds Proprietary Funds <strong>City</strong> overYear General Fund Other Gov't'l Enterprise** Internal Svc Funds Prior Year1992 $ 16,654,003 $ 3,515,490 $ 2,876,313 $ 983,619 $ 24,029,4251993 17,570,668 3,703,854 3,532,487 1,105,711 25,912,720 7.84%1994 18,407,584 3,729,683 4,415,013 1,058,115 27,610,395 6.55%1995 19,876,679 5,368,643 4,927,094 972,069 31,144,485 12.80%1996 22,565,856 4,396,361 5,235,624 945,038 33,142,879 6.42%1997 23,128,657 6,097,463 5,734,996 965,374 35,926,490 8.40%1998 24,412,533 5,738,150 7,145,435 973,436 38,269,554 6.52%1999 28,217,199 7,019,408 5,280,503 1,044,463 41,561,573 8.60%2000 29,348,728 7,058,252 5,816,414 1,201,990 43,425,384 4.48%2001 30,976,507 8,218,805 4,668,460 1,308,058 45,171,830 4.02%2002 * 32,498,932 8,502,372 5,340,702 1,340,412 47,682,418 5.56%Growth in total revenue from FY 92 to FY 02Average annual growth in total revenue98.43%8.95%* Unaudited** In fiscal year 1996, financial reporting for the <strong>City</strong>'s Industrial Development Board (IDB) was changed topresent the IDB as a discretely (separately) presented component unit <strong>of</strong> the <strong>City</strong>. The 1996-2002 amountsreported above for Enterprise Funds include the IDB's revenues for comparability. Like,wise in 1997, thefinancial reporting for the <strong>Auburn</strong> Center for Developing Industries (ACDI) was changed to present the ACDIas a discretely presented component unit <strong>of</strong> the <strong>City</strong>. The 1997 - 2002 amounts reported above for EnterpriseFunds includes the ACDI's revenues for comparability.59
<strong>City</strong> <strong>of</strong> <strong>Auburn</strong>Overview <strong>of</strong> Debt Policy and Outstanding DebtThe <strong>City</strong>’s annual revenues typically are not adequate to finance all the expenditures proposed to andapproved by the Council. Expenditures that benefit the citizens for the long term generally havesignificant costs and it is reasonable to spread the cost <strong>of</strong> such expenditures over more than oneyear. Borrowing is the mechanism through which the <strong>City</strong> is able to allocate the costs <strong>of</strong> largepurchases so their costs can be paid from the revenues <strong>of</strong> several years. Balancing this advantage isthe cost <strong>of</strong> borrowing, which includes interest and administrative costs. To manage public debt in aresponsible manner requires consistent application <strong>of</strong> sound debt management policies.Debt PoliciesThe <strong>City</strong> Council and <strong>City</strong> Manager have established conservative policies for managing the <strong>City</strong>’sdebt level. The <strong>City</strong>’s debt policies are summarized as follows:• All debt issuances will be accomplished in compliance with federal regulations, State law, <strong>City</strong>ordinances and all other applicable legal constraints.• The <strong>City</strong> will retain on a continuing basis, a competent and reputable attorney specializing inmunicipal financing in the State <strong>of</strong> Alabama.• The <strong>City</strong> will retain on a continuing basis, a competent and reputable financial advisor specializingin municipal financing in the State <strong>of</strong> Alabama.• <strong>City</strong> debt will be issued only to finance the acquisition or construction <strong>of</strong> capital assets, includingland to be held for future use. Annual operating costs, including costs <strong>of</strong> employees’personal services, will be financed from current revenues or fund equities.• The repayment periods for long term debt issuances will not be extended beyond the expecteduseful life <strong>of</strong> the capital asset being acquired with the proceeds <strong>of</strong> the financing. Debt repaymentperiods will be as short as feasibly possible in order to minimize interest costs and maximizeflexibility for future financial planning.• If the impact <strong>of</strong> budgeted significant capital outlays on the current year’s projected ending fundequities will cause fund equity to be less than 6% <strong>of</strong> annual budgeted expenditures, otherfinancing sources (proceeds <strong>of</strong> long term debt) for the significant capital outlays will be included inthe budget in order to maintain fund equity at an acceptable level.• The Council and <strong>City</strong> Manager will engage in capital assets planning and will hold citizenreferenda as required by law to enable the use <strong>of</strong> the <strong>City</strong>’s property tax dedicated to repayment<strong>of</strong> general obligation long term debt for the construction and acquisition <strong>of</strong> major capital assets,including infrastructure fixed assets. The <strong>City</strong>’s Five Mill property tax is dedicated by law to thepayment <strong>of</strong> debt service on general obligation debt that is issued to finance the construction <strong>of</strong>capital projects that have been approved by the voters in a public referendum. Before holding anyreferendum on the use <strong>of</strong> the Five Mill Tax debt service fund as a debt repayment source,principal amounts and amortization schedules <strong>of</strong> proposed debt issues will be structured in amanner to maintain a positive fund balance in the Five Mill Tax Fund.60
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Auburn City LibraryMargie B. Huffma
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