FYE 14 Budget prelim - City of Norman

CITY OF NORMANGENERAL FUNDBUDGETHIGHLIGHTSBackgroundThe General Fund is used to account for resources that are utilized for general governmentactivities such as:• Park and Public Lands Maintenance• Street Maintenance• Neighborhood Revitalization and Code Enforcement• Public Safety and Emergency Response• Traffic Control• Public TransportationThese services are distinct in that they promote the overall public good, are provided toeveryone in the community equally, and cannot be denied to anyone.The major sources of revenue are sales tax, franchise fees, and cost allocation charges.Sales tax revenues allocated to General Fund are equal to 77% of a three percent tax (3%).Franchise fees are generated by a fee on the gross receipts within Norman of public utilities asfollows:A T & T Cable 5%A T & T Telephone 2%Oklahoma Gas & Electric 3%Oklahoma Natural Gas 3%Cox Communications Cable 5%Cox Communications Telephone 2%Oklahoma Electric Cooperative 5%The City’s Water and Water Reclamation Utility Enterprises also make a five percent(5%) payment in-lieu of franchise fees to the General Fund.Revenues derived from cost allocation charges are the result of the distribution of the cost ofcentrally-provided support services benefiting departments of the City such as:• Management (Council and Manager)• Accounting/Purchasing/Payroll/Risk Management• Human Resources• Information Systems• Legal• Investment/Debt AdministrationA five-year financial forecast is found in this section. The purpose of a five-year forecast isto project existing conditions into the future, given certain assumptions, in order to determine futurefinancial viability, to identify financial strengths and weaknesses, and to provide a base for remedialor supportive financial policy.ANNUAL BUDGET52