City Manager’s Letter Taxpayer Concentration General Fund The approved Fiscal Year 2014 General Fund budget 2009-2012 totals $53,475,881, an increase of 3.5% when compared to last year’s approved budget. The proposed Fiscal Total Assessed Year 2015 General Fund budget totals $54,363,670 a Tax Year Value 1.7% increase when compared to Fiscal Year 2014. The revenues in the General Fund are predominately property taxes (43%), charges for services (21%), and licenses/permits (14%). The property tax rate remains at 93.5 mills. The City’s taxpayer concentration remains favorable; there is no significant exposure among any certain taxpayer.
Assessed Value of Top 10 Taxpayers
% Top 10 Total Assessed Value
2012
242,372,603
18,559,617
7.66%
2011
228,345,160
17,396,594
7.60%
2010
223,396,488
17,801,217
7.97%
2009
213,443,497
17,835,172
8.3%
Utility Enterprise Fund The Utility Enterprise Fund consists of the electric, water, wastewater, stormwater, and water/wastewater impact fee funds. Fiscal Year 2013 expenditures for the Utility Enterprise Fund total $138,933,683 a 11% increase over last year’s approved budget. The proposed 2015 budget is $146,393,956 which represents a 5.4% increase over Fiscal Year 2014. Maintaining aging infrastructure, expanding infrastructure into growing areas, and using technology to enhance service delivery are priorities for our Utility Fund. The Fiscal Year 2014 approved budget includes a 6% electric rate increase to cover a 6.7% wholesale electric rate increase. This increase is effective July 1, 2013 and represents a $6.59 increase in the average residential customer’s monthly utility bill. Over the past twenty years, the City’s electric system has absorbed over $166 million worth of rate increases from PMPA. Although we seek to minimize rate increases of any kind to our citizens, this year’s rate increase was a necessity to keep our system in good standing. Fortunately, there are no other rate increases included in this budget.
Our accountability and transparency efforts won the Government Finance Officers Association’s 2011 Award for Excellence in Government.
The proposed Fiscal Year 2015 budget includes a 5% electric rate increase to cover a projected 6.7% wholesale power rate increase.
Conclusion Despite the challenges presented with balancing the Fiscal Year 2014 and Fiscal Year 2015 budgets, Rock Hill’s tradition of fiscal prudence has allowed us to continue with progress on accomplishing the goals outlined in the Strategic Plan and enhancing the overall quality of service delivery to our community. I invite you to monitor our financial and strategic plan progress throughout the year by visiting the City’s performance and financial dashboards located on the City’s transparency webpage— cityofrockhill.com/ transparency. Respectfully submitted,
David B. Vehaun City Manager
City of Rock Hill, South Carolina—Fiscal Year 2014/2015
The International City/ County Management Association recognized our performance management program, comparative analysis, and transparency in awarding us the 2013 Certificate of Excellence Award.
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