AGENDA MEMORANDUM

Meeting Date:           September 13, 2007

From:                          Jay Evans, Interim City Manager and William Pfeilsticker, Finance Director

Subject:                      Public Hearing for FY 2007-08 Millage Rate and Budget

This Public Hearing is being held pursuant to the provisions of Section 200.065(2)(c), Florida Statutes, and is the first of two public hearings required to be held prior to the adoption of the fiscal year 2007-08 millage rate and budget.  As such, this is not a final hearing, and final adoption of the millage rate and budget will not be considered at this hearing.

We look forward to working with you as you finalize the fiscal year 2007-08 budget, and we stand ready to discuss with you the procedures followed and/or assumptions made in preparing the budget document.

FUND		PROPOSED FISCAL YEAR 2007-08 BUDGET
General Fund:		$26,098,344
Special Revenue Funds:
	Stormwater Utility Fund	1,450,966
	Greater Leesburg CRA Fund	619,437
	Carver Heights CRA Fund	301,035
	US Hwy 441 CRA Fund	1,221,068
	Police Impact Fees Fund	401,500
	Fire Impact Fees Fund	100,000
	Recreation Impact Fees Fund	200,000
	Police Forfeiture Fund	69,400
	Police Education Receipts Fund	17,000
	Building Permits Fund	972,000
	Discretionary Sales Tax Fund	1,820,176
Debt Service Fund:		1,625,700
Capital Projects Fund:		6,774,630

	FUND	PROPOSED FISCAL YEAR 2007-08 BUDGET
Enterprise Funds:
	Electric Utility Fund	65,053,742
	Gas Utility Fund	12,214,116
	Water Utility Fund	8,490,868
	Wastewater Utility Fund	11,208,293
	Communications Utility Fund	1,215,876
	Solid Waste Utility Fund	4,029,115
	Kristen Street Fund	220,000
Internal Service Funds:
	Health Insurance Fund	4,424,349
	Workers’ Compensation Insurance Fund	523,468
Pension Trust Funds:
	Municipal Police Retirement Trust Fund	810,000
	Municipal Firemen’s Retirement Trust Fund	819,000
	General Employees’ Retirement Fund	3,106,022
	TOTAL – ALL FUNDS	$153,786,105