By state law, the City of Prescott is required to adopt an annual budget for each fund.  Before adopting the annual budget, a public hearing on the proposed budget is held to allow citizen comment.  A notice is published in the Prescott Journal at least 15 days before the public hearing.

2011 General Fund Budget summary:

Revenues 2009 Actual 2010 Actual  2011 Budget
Property Taxes $1,225,774 $1,208,496 $1,166,080
Taxes other than Property $26,125 $24,939 $120,800
Special Assessments $91,499 $36,028 $28,700
Intergovernmental Revenue $628,446 $607,464 $645,099
Licenses and Permits $23,266 $26,529 $23,530
Fines and Forfeitures $51,310 $63,022 $65,000
Public Charges for Service $310,391 $308,208 $275,400
Miscellaneous Revenue $51,517 $92,364 $49,623
    Total Revenue     $2,408,328     $2,367,050     $2,374,232
Expenses
General Government $459,709 $470,455 $555,122
Police $783,481 $809,055 $839,795
Public Works $664,329 $664,826 $653,159
Cemeteray $6.016 $5,988 $6,000
Animal Control $5,474 $3,848 $5,500
Parks $72.108 $71,747 $75,055
Economic Development $271 $771 $2,800
Emergency Medical Services $86,323 $84,065 $84,065
Fire $85,268 $88,785 $81,036
Other financing uses     $71,700
    Total Expenses $2,162,979 $2,199,540 $2,374,232

 

2011 Budget for all funds:

  Revenues Expenses 2010 tax levy  2011 tax levy  % change
General $2,374,232 $2,374,232 $1,208,496 $1,166,080 -3.51%
Capital Projects $389,790 $548,200 $118,020 $160,831 36.27%
Impact Fees $10,950 $10,950 $0 $0  
Freedom Park $28,007 $28,007 $21,707 $28,007 29.02%
Cable TV $42,000 $45,748 $0 $0  
Library $218,298 $218,298 $158,512 $162,672 2.6%
Water $583,495 $574,360 $0 $0  
Sewer $846,650 $1,017,639 $0 $0  
Storm water $81,000 $57,085 $0 $0  
TIF District 3 $119,900 $119,310 $0 $0
TIF District 4 $715,000 $837,885 $0 $0  
TIF District 5 $569,915 $905,980 $170,255 $0 -100%
Debt Service $540,145 $540,145 $387,000 $525,760 35.86%
     Total   $6,519,382   $7,277,839 $2,063,990 $2,043,350 -1.00%