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City of Poulsbo 2012 Budget-In-Brief

City of Poulsbo 2012 Budget-In-Brief

POULSBO’S

POULSBO’S 2012 GENERAL FUND RESOURCESAt A GlanceTotal Resources - $10,535,870One of the largest operating funds is the General Fund, which includes police, financial,planning, engineering services and parks and recreation. Most of the tax revenue collected by theCity goes into the General Fund. This makes the General Fund the primary focus for the CityCouncil during the budget review process. The charts on the following pages provide anoverview of the revenue and expenditures included in the City’s General Fund.“Where does the City’s money come from?”Revenues in the General Fund are typically general purpose and, with a few exceptions, availablefor any public purpose. Taxes represent the largest source of revenue, with sales tax being theCity’s largest revenue source.Resources in the General Fund come from eight areas:Beginning Balance - UndesignatedTaxes - property, sales, and utilityLicenses & Permits - building and businessIntergovernmental - liquor profits tax, grants, and reimbursement for school officerCharges for Goods & Services - charges for services providedFines & Forfeitures - fines from law enforcement related activitiesMiscellaneous Revenue - interest income, copy charges, etcOperating Transfers - transfers from other funds for General Fund expenditures2012 General Fund ResourcesLess Designated Fund Balance$9,141,314License & Permits3%IntergovernmentalRevenue2%Taxes72%Charges for Goods& Services16%Fines & Forfeitures1%Misc Revenue2%Other Non-Revenue2%Other FinancingSourcesless than 1%- 6 -Beginning Balance2%

PROPERTY TAXFor 2012, the estimated assessed value ofproperties located within the City is $1.24 billion.This includes approximately $25.4 million in newconstruction. This assessed value is expected togenerate approximately $2,070,788 in property taxrevenue for the City. The City was able to levy 1%over its highest allowable levy. Although propertytaxes represent a large portion of funding for Cityservices, the portion of each property owner’s totalbill that goes to the City is relatively small. In2012, the total property tax rate for Poulsboproperties is $11.85 per $1,000 of assessedvaluation. Of that total, 15%, or 1.72 per $1,000, ofassessed valuation, will go to the City. The graphto the left outlines how the total property tax paidby a City property owner in 2012 will bedistributed amongst taxing jurisdictions.Poulsbo Property Tax Owners2012 Property Tax DistributionSchools(State& Local)54%County9%Fire District17%City15%Port2%PublicUtilityDistrict1%Library(Regional &CapitalFacilityDistrict)3%EmergencyCommunications.1%County (JailExpansion).1%County(CriminalJustice)*.1%2012 Sales Tax DistributionTransit.8%City1%State6.5%SALES TAXThe sales tax rate paid on transactionswithin the City limits of Poulsbo is8.6%. Similar to property taxes,however, the majority of this tax doesnot go to the City. The chart to theright indicates how the total 8.6%sales tax is distributed.- 7 -

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