{"id":1686,"date":"2017-08-29T08:43:12","date_gmt":"2017-08-29T13:43:12","guid":{"rendered":"http:\/\/truthinaddison.com\/?page_id=1686"},"modified":"2017-08-29T08:43:12","modified_gmt":"2017-08-29T13:43:12","slug":"2017-18-budget-highlights","status":"publish","type":"page","link":"http:\/\/truthinaddison.com\/?page_id=1686","title":{"rendered":"2017-18 Budget Highlights"},"content":{"rendered":"

2017-18 Budget Highlights
\nBy Liz Oliphant<\/strong>\u00a0<\/strong>
\n(Public hearings on the budget are scheduled for Aug. 29 and Sept. 5 at 6 pm at Town Hall)<\/em><\/h3>\n

Tax Rate \u2013 the City Manager\u2019s proposed budget calls for reducing <\/u>the Town\u2019s tax rate from $0.560472 by just over one penny to $0.550000. The taxable value on the average single-family home in Addison is $299,911. Because of the increase in property values, the average homeowner\u2019s tax bill from Addison would go up $40.77, less than $5 a month.<\/p>\n

Employee Compensation \u2013 A 4% merit pay is planned plus $233,000 to implement a certification pay program.
\nMy Comments<\/strong> \u2013 In an effort to meet council goals of remaining competitive with neighboring communities, a comprehensive salary study \u2013 that includes additional compensation for job related certifications \u2013 is in process and will be completed in November.\u00a0 At that time, additional discussions will be held on employee compensation.<\/p>\n

Major projects underway with designated funding:
\nAn Asset Management plan in process that will be used to create a financial plan and a five-year capital improvement plan.
\nRedesign of the Town website
\nUpdate of land development code
\nReview of Parks master plan
\nReprogramming traffic signals<\/p>\n

General Fund \u2013 A 2% increase is planned for this fund which covers traditional government services.<\/p>\n

Utility Fund \u2013 Water and sewer rates are not covering the costs in this area. A rate consultant will review the current rate structure and staffing to maintain the desired level of service.<\/p>\n

Infrastructure Investment Fund – Design plans for Belt Line Road streetscape 1.5 (Midway to Marsh) is planned as well as funds to finish the ADA Transition plan.<\/p>\n

Economic Development Fund \u2013A new strategic development plan for the department will be created plus additional funds for marketing and tourism outreach.<\/p>\n

Airport Fund \u2013The Town\u2019s portion of a matching grant for taxiway improvements, general facility repairs and equipment, design of a new customs facility.<\/p>\n

Storm Water Fund \u2013 Storm water assessment basin improvements and construction of a parallel storm water pipe on Sherlock Drive and Winter Park to reduce flooding.<\/p>\n

Addison Grove Escrow Fund \u2013 Because development of Addison Groves has been delayed, $750,000 scheduled to be paid to reimburse the developer for public infrastructure costs is NOT included in the 2017-18 budget.
\nMy Comments<\/strong> \u2013 While there is no \u201ccash out\u201d to Addison Groves in the 2017-18 budget, $1 million has been set aside to meet future obligations according to the contract. In most communities, long term assets such as large investments in infrastructure are funded through debt or bond issues. It is unfortunate that decisions made by the prior council forces current residents to pay for this development\u2019s $5 million in infrastructure, thereby reducing funds available to meet current needs.<\/p>\n

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