City Budget


Financial Goals for the City of Ithaca heading into 2017:


Increase / Maintain Fund Balance

Fund Balance needs to be 10-20% of operating revenues/expenses
Currently fund balance is 15.16% of expenditures
Allows for greater flexibility
 

Reduce debt load
Reduce reliance on debt (borrowing) for payment
Pay by cash where possible
Debt service is 12.8% of budget
 
Reduce tax burden on city taxpayers
Keep tax rate increases to a minimum
Assessment increases shifted to new construction and commercial
Proposed 2017 tax rate at $12.04 per $1,000 assessed value
Stay within State Property Tax Cap if possible
 

Continue to move operating expenses from borrowed capital funds to G/F
Every year move streets and road construction costs to operating
Every year move equipment acquisitions from capital to operating
We are reducing our reliance on borrowing for operating funds
 
Purchase more efficiently and economically
Use more state contract, cooperative purchasing and bidding
Restructure some city departments to produce operating efficiencies
 

Maximize revenues and minimize costs
Increase fees where applicable and lower costs