ANNUAL BUDGET 2022
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The City of Bloomington adopted its 2022 Annual Budget on December 6, 2021, with other funds adopted between October and December 2021, as presented by Chief Financial Officer Lori Economy-Scholler. The budget document indicates the city maintained strong financial performance through 2021 despite pandemic challenges, with residents rating city services highly (88% positive rating for customer service in a community survey). The city received the Government Finance Officers Association's Distinguished Budget Presentation Award for the 26th consecutive year, recognizing the budget as an effective policy document, operations guide, financial plan, and communications tool.
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The City of Bloomington Controller presented a 2021 budget overview addressing pandemic-related fiscal challenges, noting that departments have been asked to conserve spending while the city experienced revenue reductions in Street, Parks, and Food & Beverage Funds, partially offset by federal CARES and ARPA assistance. Cash reserves declined from 38.8% of annual expenditures at the end of 2020 to projected levels of 29.1% by end of 2021 and 23.6% by end of 2022, sufficient to cover approximately 4.5 months of general fund expenditures. Key revenue sources for the General Fund include property taxes (53.7%), Local Income Tax (26.5%), and miscellaneous revenues (19.9%), with the state projecting a 4.3% increase in property tax revenue but a 7.8% reduction in Local Income Tax for 2022 due to delayed tax filings.
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