GV January Newsletter

GOVERNMENT
MAKING A difference
2021 BUDGET
WHAT DOES THE
BUDGET SAY ABOUT
THE VILLAGE’S
FINANCIAL CONDITION?
This past December, City Council
adopted the 2021 Annual Operating
and Capital Improvement Budget.
The primary purpose of the Village’s
budget and budgetary process is to
develop, adopt and implement a
fiscally sound and sustainable plan to
accomplish the established goals of
the upcoming year, while remaining
consistent with the long-term vision
of the community. Despite the
economic challenges presented by the
pandemic, the 2021 budget maintains
the high-quality services residents
expect, provides for reinvestment in
the community’s infrastructure, and
does so without the imposition of
new taxes or the use of debt.
WHERE DOES THE
MONEY COME FROM?
The Village receives revenue from
several sources. Taxes and assessments
represent the largest category,
accounting for more than 80% of all
Village revenue. Other sources
include intergovernmental revenues
comprised of sources which are
collected and shared with the Village
by other governments, as well as
federal, state and/or county grants,
the sale of various licenses and
permits, user charges and fees
intended to offset certain costs,
punitive fines and forfeitures for the
commission of minor crimes, and
lastly, investment earnings and
miscellaneous revenues. For 2021,
the above sources are expected to
continued on page 7
REVENUE SOURCES 2021 Budget % of Total
Taxes & Assessments
Property & Specific Ownership Tax $4,184,000 8.1 %
Sales Tax 28,361,000 55.1 %
Use Tax (General & Building Materials) 4,867,000 9.4 %
Lodging Tax 1,283,000 2.5 %
Occupational Privilege Tax 1,939,000 3.8 %
Special Assessments & Audit Collections 1,294,275 2.5 %
Intergovernmental 3,220,623 6.2 %
(Highway Users Tax, Tobacco Tax, Grants, etc.)
Licenses and Permits (Business Licenses, 1,252,000 2.4 %
Liquor Licenses, Building Permits, etc.)
Charges & Fees (Planning and Zoning Fees, 2,753,055 5.3 %
Participant Fees, Franchise Fees, etc.)
Fines & Forfeitures (Court Costs, Fines, etc.) 2,135,000 4.1 %
Investment Earnings & Miscellaneous Revenue 317,800 0.6 %
TOTAL REVENUE $51,606,753 100.0%
EXPENDITURE ALLOCATION 2021 Budget % of Total
Operations & Maintenance
Mayor & City Council $428,393 0.9 %
City Management (City Manager’s Office, 1,083,813 2.2 %
Community Outreach)
City Attorney 415,893 0.8 %
Municipal Judge 38,143 0.1 %
Administrative Services (City Clerk, 4,530,814 9.0 %
Human Resources, Technology)
Finance (Accounting, Payroll, Taxpayer Services) 2,031,341 4.0 %
Community Development (Planning, 2,859,823 5.7 %
Building Safety, Code Enforcement, Facilities)
Parks, Trails & Recreation (Recreation, 7,765,488 15.4 %
Cultural Arts, Parks, Open Space, Trails)
Police (Dispatch, Patrol, Detectives) 12,293,885 24.4 %
Public Works (Fleet, Transportation, 8,121,104 16.1 %
Snow & Ice Control, Storm Water)
Capital Improvement Projects
Community Development (Facilities) 410,000 0.8 %
Parks, Trails & Recreation (Recreation, 3,737,500 7.4 %
Cultural Arts, Parks, Open Space, Trails)
Public Works (Fleet, Transportation, 6,617,000 13.2 %
Snow & Ice Control, Storm Water)
TOTAL EXPENDITURES $50,333,197 100.0%
PG. 6 GV NEWSLETTER | JANUARY 2021