CITY MANAGER RECOMMEDED BUDGET Proposed Property Tax Issue 8-13-2010 New APV = $24,680,898,705 General Fund Deficit Position- $2,097,776 or 26 days Current Tax Rate ~ 48.86 cents - O&M Rate = 31.35 - Debt Rate = 17.51 Option 1 — Adding to tax rate to cover additional 1.49 cents required for the debt fund or $3,695,842 - O&M Rate = 32.84 cents up 1.49 cents - Debt Rate = 17.51 cents - Proposed tax rate = 50.35 cents This option would leave a surplus of $1,598,065 or 33 days of operations Option 2 - Adding to tax rate to cover current General Fund deficit position of $2.1M - O&M Rate = 32.25 cents up .90 cents - Debt Rate = 17.51 cents - Proposed tax rate = 49.76 cents This option leaves a zero surplus and 30 days of operations Option #3 - General Fund deficit changes to $1.1 million if we add back in the following unexpected revenue: — Sales Tax = $532,034 Electric Franchise = $132,398 Gas Franchise = $321,623 - O&M Rate = 31.85 cents up .50 cents - Debt Rate = 17.51 cents - Proposed tax rate = 49.36 cents up .50 cents from 48.86 cents This option leaves a zero surplus and 30 days of operations One penny on the tax rate equals $2,443,409 . rt Average home value decreased to $245,802 from $249,679, 7 D zx 0 y AP