| The 10 year capital plan developed by
the SFMPCAC estimated capital expenditures from reserves in 2000 of $1.6
million while the actual budget for this year amounted to $1,276,900. The
reason for this decrease was essentially due to the fact that the sewage
treatment upgrade budgeted to be $400,000 in the 10 year plan was deferred
until 2001 in the 5 year plan for 2000-2004.
Capital out of revenue expenditures in the
10 year plan were estimated to be $395,000 but the actual budget for 2000
amounted to $346,500. The reduction is due to the exclusion of under
grounding power lines in the downtown core in the 5 year plan.
Taxation revenue was projected to
increase by 4% in real terms* in 2000 by the SFMPCAC. This represented a
1% growth in the taxation base together with a recommended 3% across the
board tax increase. The actual property tax increase for 2000 was 3%.
There was a 2.12% (0.89% - 1999) growth in assessment value due to new
construction which produced a 4.42% (1.37% - 1999) increase in taxation
revenue. The overall actual increases in taxation revenue growth for 2000)
amounted to 7.49% (3.14% - 1999) , i.e. 3.49% more (1.86% less - 1999)
than that projected by the SFMPCAC. It is evident from the foregoing
figures how difficult it is to project future property tax revenues due to
the sporadic nature of new construction.
The SFMPCAC report projected a General
Operating Fund surplus of $52,658 in real terms while the actual result
for the year was a surplus of $20,844.
The SFMPCAC had recommended in their
report that sewer rates be increased by 20% in 1999. This would have meant
that residential rates would have increased from $125 to $150 per year,
with a similar percentage increase for commercial customers. The actual
sewer rate increase for 1999 was 12% with a further 10.72% in 2000 to
bring the residential rate to $155. Water rates were increased to $225
(from $175) in 2000 with a similar percentage increase in commercial rates
in accordance with the recommendations of the SFMPCAC.
* I.e. Before accounting for inflation.
|
