FY2014 General Fund Budget: $30.87 million
FY2015 General Fund Budget: $35.22 million
Does this reflect $4 million in revenue growth for City of DeKalb? No, it does not. For one thing, FY2015 currently shows a deficit of $586,800. It is not a balanced budget (at least not yet, though they may not be done with it).
Also, more than $2 million of the shown increase is a result of the city manager’s effort to record more revenues and expenditures in the actual budget.
Let that statement sink in for a min.
And we are not just talking about bringing the Administrative Tow account into the budget picture.
[T]he Home Rule and State Sales Taxes are being revised to show the gross sales tax revenue. In previous years, the sales taxes were shown as a ‘net’ income, after deduction of sales tax abatements with DeKalb County and the City of Sycamore.
The result of the change is that, for the first time, we can look at sales tax revenues and it’s the real number. And for the first time, we can look at expenditures and find out that tax-sharing agreements are expected to cost us about $2.1 million next fiscal year.
It’s another reason to feel pretty good about how the budgeting process is going under new city management.