M-8 - Budget Projections and Issues - FY 2022

• Sales Taxes Charged by Cities <table> <tr> <th>Good/Service</th> <th>Subject to Sales Tax</th> </tr> <tr> <td>Water</td> <td>WET</td> </tr> <tr> <td>Electric, Gas & Heat (residential)</td> <td>Exempt</td> </tr> <tr> <td>Electric, Gas & Heat (non-residential)</td> <td>Yes</td> </tr> <tr> <td>Sewer (residential)</td> <td>Exempt</td> </tr> <tr> <td>Sewer (non-residential)</td> <td>Yes</td> </tr> <tr> <td>Garbage Collection (residential)</td> <td>Exempt</td> </tr> <tr> <td>Garbage Collection (non-residential)</td> <td>Yes</td> </tr> </table> • Financial Reporting ▪ Annual Financial Report (December 1) ▪ Annual Urban Renewal Report (December 1) ▪ TIF Certification (December 1) ▪ Street Finance Report (December 1) ▪ Outstanding Obligation Report (July 31) ▪ Unclaimed Property Report (November 1) ▪ GASB 77 • Audit and Examinations ▪ Cities 2,000 and over must complete annual audit o Filing fee based on budgeted expenditures ▪ Cities under 2,000 and OVER $1 million in budget expenditures must complete annual examination o Filing fee based on budgeted expenditures ▪ Cities under 2,000 and UNDER $1 million in budget expenditures join periodic examination pool o Pay annual fee based on budgeted expenditures o Examined at least once every 8 years • Budget Approval Process ▪ Certified budget DUE MARCH 31 ▪ Must publish hearing notice on Maximum Property Tax Dollars ▪ Must post link to notice on any city websites/social media pages ▪ Council approves resolution on proposed Maximum Property Tax Dollars (note 2% threshold and possible 2/3 approval) ▪ Must hold public hearing prior to adopting budget ▪ Must publish (or post) notice of hearing 10-20 days before meeting • Contact: ▪ Mickey Shields o [email protected]; (515) 244-7282