Fiscal Year 2007-2008 City and Urban Renewal Budgets Adopted

Immediately following public hearings at their June 11^th meetings, the City Council and Urban Renewal Agency unanimously adopted the fiscal year 2007-2008 City and Urban Renewal budgets. The total City budget for year 2007-2008 (July 1, 2007 - June 30, 2008) is $22,559,829, which represents an increase of $181,377 (less than 1%) above the fiscal year 2006-2007 budget of $22,378,452. The combined total of the budgets for Urban Renewal District No. 1 and District No. 2 is $1,202,305, which is $153,537 more than last year.

Unlike most other cities whose budgets are based heavily on property taxes, Bandon’s revenues are primarily generated by its electric, water, and sewer utilities. At only $.46 per $1,000 assessed valuation, the City of Bandon's permanent property tax rate is extremely low compared to other full-service cities in the County, whose rates range from $6.10 to $7.99. The City's ability to provide essential public services relies upon the overall health of its water, sewer, and electric enterprises. These utilities contribute to the City’s operation through sales taxes, in-lieu taxes, and direct payments. The proposed budget anticipates that the total operating resources (beginning balance, grants, and pass-through funds excluded) to be received by the General Fund in fiscal year 2007-2008 will be $2,434,734. Of This amount, $1,653,506 (68%) will be received from the utility systems and utility taxes. The second largest resource is anticipated to be transient occupancy taxes in the amount of $417,593 (17%). Property taxes are expected to contribute only $153,906 (6%), with all other resources accounting for $209,729 (9%).