The City of Fort Wayne
Graham Richard, Mayor
January 1, 2005
Dear Fellow Citizen,
The 2005 City of Fort Wayne Budget reflects the emphasis on critical objectives to:
- Expense management through strong fiscal control
- Reduce gap in revenues and expenditures
- Maintain adequate cash reserve
For many years, the City of Fort Wayne was substantially below the property tax maximum levy. In the 2004 budget, the City was $20 million below the maximum levy (banked levy), which allowed for financial flexibility in local government. The passage of Senate Bill 1 in December 2003 removed the banked levy and eliminated any financial flexibility. The levy is now calculated using a six-year average of non-farm personal income multiplied by the prior year levy. The new calculation does limit all taxing entities' ability to raise property taxes, which is good news for the taxpayer.
The continued focus on expense and cash management has allowed the City of Fort Wayne to be financially positioned to fund the Southwest Extended annexation costs as the City prepares for the January 1, 2006 annexation.
Fiscal responsibility requires revenues to exceed expenditures. Currently, the City is using the cash reserve to prepare for the Southwest Extended annexation.
In 2007, property tax revenues will be received and will align with the expenditures incurred with the Southwest Extended annexation.
I would like to acknowledge the commitment and dedication of all City employees as they respond to financial objectives that has allowed our City to be in the strong financial position it is today.
Patricia A. Roller, CPA