What is St. Joseph's total budget?
What is St. Joseph's current Ad Valorem tax rate? Break down by funds.
The current City ad valorem tax rate is: $1.1047 per $100 of assessed valuation. The City ad valorem rate also includes $.0487 per $100 of assessed valuation for the city museum. Total City ad valorem tax rate is $1.1534 per $100 of assessed valuation.
General Fund (inc Public Safety Tax): 70.09 cents
Parks & Recreation Fund: 19.46 cents
Health Fund: 20.92 cents
Total: $1.1047
What is Ad Valorem?
A tax computed from the assessed valuation of land and improvement.
How much does the average citizen pay based on the above tax rate ?
Buchanan County has set the assessed value of a residential property at 19% of its fair market value. The City’s tax levy is taken times this assessed valuation. So, for example:
An individual who owns a home with an actual value of $100,000 would pay the following to the City:
$100,000 x 19% = $ 19,000 assessed valuation.
$19,000 divided by $100 = $ 190.00 x $1.1047 = $ 209.89 (City Real Estate Property Tax)
What is the total Sales Tax rate in St. Joseph?
7.475%
Voters approved an increase in the Transit portion of the St. Joseph sales tax effective 7/1/08. Total sales tax will increase to 7.70%.
How is that tax rate broken down by jurisdiction?
City of St. Joseph sales tax = 2.150% of the receipts from retail sales of taxable items. (two and one-eighth cent for every dollar spent).
Buchanan County = 1.1%
State of Missouri = 4.225%
How is the budget developed?
See the current budget
What is the Operating Budget?
It is the plan for current expenditures and the proposed means of financing them. The annual operating budget is the primary means by which most of the financing, acquisition, spending, and service delivery activities of the City are controlled. The use of an annual operating budget is required by State law.
What is CIP?
The CIP or Capital Improvement Program is a 5-year financial plan matching the City's projected financial resources dedicated to capital spending with the City's highest priority capital needs.
How is the CIP developed?
The City maintains a separate five-year Capital Improvement Program categorized as follows:
- Individual Funds’ CIP projects (these projects include certain smaller Street projects, some Park improvements, Sewer improvements, basically any capital project paid for out of a specific fund’s dollars).
- CIP Sales Tax Projects (projects paid for out of the one-half cent capital improvements sales tax).
What revenue sources are used to finance CIP?
For the past several years, financing for most capital projects has been “pay-as-you-go”. In other words, capital projects are paid for out of the cash flow provided by the half-cent CIP Sales Tax and available monies from other fund balances.
Large Sewer CIP projects are financed by revenue bonds approved by a vote of the citizens as well as through bonds approved through development boards. The annual bond payments are included in the overall rates charged to customers. A large project of the first type was financed by bonds in 1997 and currently $10.2 million remains outstanding on the four sewer bonds issued from that voter initiative. In 2003 and in 2007, bonds were issued through the Missouri Development Finance Board and the St. Joseph Industrial Development Board in the amounts of $11.7 million and $20.4 million respectively. Those bonds are financing the expansion of the WWT Plant, preparing the plant to meet EPA and MDNR mandates, and extending sewer mains to un-served areas.
Recent improvements to the Parking Garages, Health Department, Parks Department facility, and Landfill facility were financed using PBA (Public Building Authority) issued bonds. Annual payments are authorized from the existing revenue streams of the funds in which the improvement occurred.
By State statute, the City is permitted, by vote of 2/3rds majority, to incur General Obligation (GO) debt in the amount not to exceed 20% of the assessed value of the City. Using the current assessed valuation, the City of St. Joseph could ask for bonds up to $179 million for public improvements. However, the City has had no GO debt since the early 1990’s.
Why use General Obligation Bonds?
General Obligation (G.O.) Bonds are debt instruments much like a house mortgage, and generally run for a period of 20 years. The City identifies a major project (e.g. a fire station) or several similar projects (e.g. five road intersections) and determines that to complete the project(s) in a timely manner a debt issuance is needed. With all of the improvement needs in the community there are times the City might not want to wait until enough CIP Sales Tax funds had accumulated to be able to pay for the project. Or, projects might come up after all of the funds for the current CIP sales tax are “taken” for other projects as approved by the voters.
What are “funds” and why does the City have them?
The City receives revenues from many different sources. Most of them have restrictions on how they can be used. For example, money from the Federal government (called Community Development Block Grant, or CDBG, funds) must be used in low & moderate income areas, blighted areas, and or for other specified purposes. Monies received through sewer fees must be used to operate and maintain the City’s sewer system. Certain portions of real and personal property taxes must go to specific areas - there is a portion for Health, for maintenance of the Parks system, for Public Safety. Some of the franchise fee revenues received from utilities must be used for the Transit System. There are MANY instances like this.
In order to be sure that monies received are spent as legally required the City sets up different Funds (like separate bank accounts) to keep track of where the money comes from and how it is spent. This is verified every year during an audit by independent, outside auditors.
What is an Enterprise Fund?
A fund established to account for operations that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
What is Capital Outlay?
An expenditure which results in the acquisition of or addition to fixed assets, and meets these criteria: has an anticipated useful life of more than one year; can be permanently identified as an individual unit of property; belongs to one of the following categories: Land, Buildings, Structures Improvements, Equipment; constitutes a tangible, permanent addition to the value of City assets; cost generally exceeds at least $5,000 (per unit); does not constitute repair or maintenance; and, is not readily susceptible to loss.
What is the City of St. Joseph's fiscal year?
A twelve-month period designated as the operating year for accounting and budgeting purposes in an organization. The City of St. Joseph has specified July 1 to June 30 as its fiscal year.
Where can I get a copy of City of St. Joseph budget?
Copies of the budget books are available for viewing in the City's public library branches, can be viewed in the City Clerk’s Office, or contact the Administration & Budget Department, or on the City's website by clicking here.
Contact:
Jodie Rocha
Revenue Technician
1100 Frederick Avenue
St. Joseph, MO 64501
Room 201
1100 Frederick Ave
St. Joseph, MO 64501
(816) 271-5526