2012-2013 Budget - City of Saginaw MI

LOCAL STREETS FUNDREVENUE BUDGET SUMMARYThe Local Streets Fund receives an allocation of Statecollected gasoline taxes and license fees to be used forthe maintenance, repair, and construction of local streetsand bridges within the City. The major revenue sourcefor this fund is “State Revenue Sharing”, which isanticipated to be $920,230 in FY 2013. This source ofrevenue increased by approximately 4.83% or $42,401from FY 2012 Approved Budget. Despite this increase,the Local Streets Fund revenues are projected todecrease by $35,518, or -2.90% due to the elimination ofthe Fund Equity appropriation budgeted in FY 2012.Other sources of revenue for this fund include: interestson investments, special assessments, surplus receipts,reimbursements, and a transfer of Act 51 monies fromMajorStreets.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedState Revenue Sharing 981,408 964,194 978,774 877,829 877,829 940,197 920,230Interest and Rents (304) 1,392 282 1,400 1,400 100 1,400Other Revenues 3,502 5,864 7,107 346,107 374,515 3,306 3,000Transfers from Other Funds 490,244 256,340 0 0 177,846 286,996 265,188REVENUE TRENDSTotal Revenues 1,474,850 1,227,790 986,163 1,225,336 1,431,590 1,230,599 1,189,8182,500,000Total Local Streets Revenues Since 20022,000,0001,500,0001,000,000Total Local StreetsRevenues500,000-The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 Approved Revenues, andFY 2013 Approved Budget. The revenue trend above illustrates two significant peaks in revenue (2003 and 2006) Therehas been a gradual decline in revenues since 2007. During the peak periods there were large transfers from the MajorStreets Fund. The two periods of drastic decline in revenues coincide with little to no transfers from the Major StreetsFund for those periods. Since 2007 there have been steady decreases in State Shared Revenues and transfers from theMajor Streets Fund.137