BudgetFiscal Year 2021 Budget

May 16, 2020by Matt Fitterer0

A City’s budget represents it’s priorities.

Spring Hill’s proposed Fiscal Year 2021 budget represents a focus on three essential services – Roads, Public Safety and Utility Services.

80% of all available funds are proposed to be spent towards these three essential services.

  • Roads – $27.7M
  • Water, Sewer and Sanitation – $20.3M
  • Public Safety – $12.7M
  • All Other – $15.4M

 

 

Spring Hill’s Fiscal Year budget is reflective of the economic uncertainties as a result of Covid-19. Total budgeted expenditures are $76,000,000

Spring Hill’s budget is composed of multiple funds. Many funds have restrictions on how fund monies can be spent. For example, Water and Sewer funds can only be spent on Water and Sewer operations and capital projects.

The General Fund is the most flexible of all funds. Revenues from property taxes and sales taxes are part of the General Fund.

 

The breakdown of budgeted expenditures by fund are as follows:

  • General Fund – $26.8M
  • Capital Projects Fund – $20.7M
  • Water & Sewer Fund – $17.9M
  • Adequate Facilities Tax – $2.8M
  • Sanitation Fund – $2.4M
  • Northfield Fund – $2M
  • Traffic Impact Fees – $1.4M
  • State Street Aid – $1.1M
  • Stormwater – $0.9M

 

General Fund resources primarily come from property and sales taxes.

Property Tax – $12.7M

Sales Tax $8.9M

Beer and Liquor Tax – $0.9M

Building Permits – $0.9M

All Other $3.5M

 

The proposed General Fund expenditures focuses on providing public safety, streets, parks and library services.

80% of your tax dollars are spent on Public Safety, Streets, Parks and Library services.

  • Public Safety Services – $12.7M
  • Transfers to Capital Projects – $4.6M
  • Streets & Public Works $2.8M
  • Parks and Recreation $1M
  • Library – $0.9M
  • All Other $4.8M

 

Across all funds – $27.7M are budgeted towards streets and roadways. The fiscal year 2021 budget is focused on addressing infrastructure needs within Spring Hill.

  • Capital Projects Fund $20.7M
  • General Fund – $2.8M
  • Adequate Facilities Tax – $1.6M
  • Impact Fees  $1.4M
  • State Street Aid – $1.1M

 

You can find a shareable summary of the above information by visiting this link.

You can find a copy of the current budget Ordinance and line item detail by visiting this link.

None of the figures presented are final. All are subject to change by the Board of Mayor and Alderman before the final budget vote on June 15, 2020.

 

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