Marysville News

Council OKs $101.6 million in 2014 city appropriations

By ThisWeek Community News  • 

Marysville City Council approved a 2014 annual appropriations ordinance of $101.6 million at its Nov. 21 meeting.

"Overall, it's a balanced budget that's been presented and the services the residents have come to expect will continue to be there for 2014," Finance Director Jenny Chavarria said.

The $101.6 million includes a general fund of $17,445,055, a special revenue fund of $25,840,065, a debt service fund of $7,074,732, a capital projects fund of $2,932,100, an enterprise fund of $48,305,188 and an agency fund of $52,500.

Anticipated revenue for the general fund in 2014 is $17,102,801 and anticipated expenditures are $17,377,610, leaving a deficit of almost $275,000 that Chavarria said will be covered by general fund reserves.

"However, the city is 'upfronting' the funds for Partners Park and the contributors will be reimbursing the city," she said. "That is why there is a slight shortage in the general fund."

Marysville has two main sources for revenue: a city income tax and property taxes.

"The income tax is the majority of that. About $13.8 million of the general fund revenue is made up of income tax revenue," Chavarria said.

Council also approved a capital budget for 2014 of $7,043,900 and an operating budget of $27,637,991.

Chavarria, City Administrator Terry Emery and Mayor John Gore gave a presentation at a council work session in October that broke the budget down further into three areas.

The operating budget is related to the day-to-day needs of the city, such as personnel, materials, supplies and contracts.

The capital budget expenditures are for the purchase of capital assets or improvements to a city-owned asset.

There is also a debt service budget of $41,736,706 that includes expenditures for principal and interest payments on outstanding debt.

Those three areas total $76.4 million, and along with the TIF fund and transfers, total $101.6 million.

Emery said the bottom line is that residents can expect their level of service to continue.

"We are at a period of time when we are able to maintain our services at the same time, we're able to pay down debt in certain areas," he said.