City commissioners will get their first look at revenue projections for the coming budget preparation season during a work session Tuesday afternoon.
The exercise is an annual one designed to lay groundwork for actual preparation of the 2014 budget, although that process will not begin in earnest until summer. The work session begins at 5 p.m.
In material prepared for the session, city finance director Bernie Hayen is projecting that the city will have about $27.52 million in general fund revenues during fiscal 2014, up 5.8 percent from the $25.99 million on which this year’s budget is based. That projection increases an additional 4.4 percent, to $28.73 million, by 2015.
The largest drivers of that revenue increase are also two of the largest sources in the general fund budget: taxes and assessments as well as sales and compensating use taxes. Hayen expects taxes and assessments — principally revenue produced by the property tax — to increase from $1.244 million this year to about $1.855 million next year. He expects sales and compensating use tax revenues to increase from $8.407 million this year to $8.929 million next year.
Together those two sources would account for about three-quarters of the overall $1.53 million increase.
He expects general fund expenditures to climb from $18.28 million this year to about $19 million next year.