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CITY OF COLTON FISCAL YEAR 2015-16 ADOPTED BUDGET FISCAL YEAR 2015-16 CITYWIDE BUDGET The following sections discuss the City’s major revenue sources and their projected levels as well as major expenditure categories for Fiscal Year 2016. REVENUE Total citywide revenue for Fiscal Year 2015-16 is projected to be $132.8 million. The City of Colton is a multi- faceted municipal operation, and its revenue sources reflect the various operations of the City. Although most citizens associate property taxes with City government, as a revenue source, property taxes on ly account for 3.7 percent of the City of Colton’s total revenue. The various utilities which the City operates as enterprise funds comprise 66.4 percent of the $ 132.8 million in revenue. Grant revenues are typically budgeted in the year the grant is accepted and carried forward to match expenditures, if applicable. Details of major revenue categories are discussed below. CHARGES FOR CURRENT SERVICES Charges for Current Services is the largest source of revenue in the citywide budget. In Fiscal Year 2015-16, the projected revenues in this classification are projected to be $87.9 million, which represents 66.2 percent of the total citywide budgeted revenues. Fiscal Year 2015-16 charges for current services represent a $3.4 million, or 4.0 percent, increase compared to Fiscal Year 2014-15 ending revenue projections. This increase is attributed to a difference in accounting for the internal service fund allocations. In Fiscal Year 2014-15 the interdepartmental allocations for the internal service funds were netted against expenditures. In order to increase transparency and better account for internal service fund allocations, in Fiscal Year 2015-16 the interdepartmental allocations are recognized as a revenue to net against the expenditures in these funds. The largest component of the Charges for Current Services category consists of the revenues generated to fund the cost of providing utilities services to residents and businesses in the City’s service area. Of the total $87.9 million of projected Fiscal Year 2015-16 revenues in this category, charges for utility and refuse services account for $81.9 million, or 93.2 percent. In comparison to projected year end revenues for Fiscal Year 2014-15, this represents a $781.4 thousand decrease in utility and refuse revenues, which equates to a decrease of 0.9 percent. OTHER FINANCING SOURCES (INLCUDING TRANSFERS) Revenues in this category are projected to be $17.6 million, or 13.2 percent of the total citywide budget. The Other Financing Source category encompasses a wide range of revenues, but predominantly consists of transfers, which account for almost $9.7 million, or 55.1 percent, of the total $17.6 million budgeted in this category. CITYWIDE BUDGET OVERVIEW 8-xx