City expects less sales tax revenue in 2013 - North Kitsap Herald

POULSBO ? The City of Poulsbo is expecting $31.5 million in total revenue in 2013, $9 million for their general fund operating revenue. This is a 3.2 percent decrease from 2012 budgeted revenue, which Finance Director Deb Booher attributes to a projected decrease in sales tax revenue.

Booher presented the revenue sources for the 2013 budget at a public hearing Wednesday.

Booher broke down the city?s revenue sources for the City Council: 71 percent of its revenue comes from taxes, followed by 21 percent from charges for goods and services.

Of the 71 percent tax base, 43 percent comes from sales tax, 33 percent from property tax, and 23 percent from business tax.

Of the property tax, the city is expecting $2,077,552 from the tax levy, which is set at $1.71 per $1,000 of a property?s assessed value. That equates to $513 for the owner of a $300,000 house, a $2 decrease from 2012. The property tax revenue is a 2.36 percent decrease from last year?s property taxes.

All tax districts are limited by the state for how much they can increase their levy, and this is the first year Poulsbo hit its allowed cap of $1.71.The city spends most of its property tax levy on its transportation budget ? $1.02 of the $1.71 for street maintenance and projects. Twenty-four cents goes to general government, such as salaries, and 23 cents goes to police.

The total proposed budget is $24.2 million. General fund revenue is budgeted at $10.9 million, and expenses are estimated at $9.9 million.

The preliminary 2013 budget will be available Nov. 2 in hard copy at City Hall, 200 NE Moe St., and the city will officially set the property tax levy Nov. 7.

The city will be hold public hearings on the preliminary budget Nov. 14 and Nov. 21.

Contact North Kitsap Herald Megan Stephenson at mstephenson@northkitsapherald.com or 360-779-4464.

Source: http://www.northkitsapherald.com/news/174847611.html

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