FYE 14 Budget prelim - City of Norman

CITY OF NORMANNEW DEVELOPMENT EXCISE TAX FUNDBUDGETHIGHLIGHTSBackgroundThe New Development Excise Tax Fund is an enterprise fund established October 1, 2001,as a result of Ordinance 0001-58, adopted by City Council on June 12, 2001, and approved byvoters on August 14, 2001. The fund was established to account for revenues and capital projectexpenditures from excise tax levied and collected on new development (including developments oftax-exempt property owners) to be served by the City’s water reclamation system. The tax imposedis collected at the time a building permit is issued for all construction and based upon the squarefootage as set forth in the permit as follows:• New Residential Construction - $850 for homes up to 1,200 square feet and $2 per squarefoot for each square foot in excess of 1,200 square feet.• Non-Residential Construction - $115 per employee plus $4 per gallon per day ofadditional flow, if estimated flow is greater than 30 gallons per day per employee.• Residential expansions which include the installation of plumbing fixtures – $1 per squarefoot for each additional square foot added to the current structure.As agreed to between the permit applicant and the City Engineer and Utilities Department,water records for existing facilities will be used to estimate future wastewater flow for nonresidentialconstruction and projected employees will be agreed to in advance of the permitissuance.The funds collected from the Excise Tax shall be used exclusively for wastewater expansion,improvements, and to pay debt service on obligations issued to finance future improvements andexpansion of the wastewater system.Resolution No. R-0102-55 approved a Citizens Oversight Committee consisting of nine (9)members, for the purpose of ensuring voter-approved sales tax, excise tax, and maintenance fees arespent in accordance with the ordinances approved, and report to the City Council on an annualbasis. Resolution No. R-0102-98 approved a Wastewater Master Plan Implementation Committeeconsisting of Council Members and citizens, for the purpose of ensuring that implementationpolicies follow the intent of the Citizen’s Wastewater Coalition and the Master Plan.FYE 14 BudgetStatement of Revenues and ExpendituresRevenues have been estimated on historic building permit records applied to excise taxregulations (i.e., projections are based on revenues that would accrue if past building patterns in an“average” year are continued), and are projected at $1,300,000 for FYE 13.ANNUAL BUDGET95