HomeMy WebLinkAbout04 10 2017 2018 Preliminary Budget PresentationApril 10, 2017
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2018 Budget Schedule
2016 Financial Review
Pay 2018 Property Values
Tax Levy Components
Budget Strategies
Agenda
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Schedule
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March 27 Dept. Heads submit large budget item requests to Finance
April 10 Council Workshop – 2018 Budget and Long Range Financial Forecast (establish
2018 levy target)
April 17 Budget and CIP instructions provided to Dept. Heads
April 24 Council Workshop – Personnel Plan / Forecast Adjustments
After 2016 Audit
is Completed
and Closed in
BS&A.
Approximately
May 8 - 19
Dept. Heads submit budget requests to Finance
City Manager, Finance and Staff budget review
Deadline for Staff to complete CIP updates to the following:
1. Transportation Plan
2. Water Operating Plan
3. Sewer Operating Plan
4. Water Quality Operating Plan
5. Equipment Replacement Plan
6. Park Equipment Replacement Plan
7. Facilities Management Plan
8. Technology Plan
9. Personnel Plan
May 22 – June 2 City Manager, Finance and Staff CIP review
June 12 Council Workshop – 2017 Budget Update and Review Draft CIP Part 1
June 26 Council Workshop – Review Draft CIP Part 2
July 10 Council Workshop – Review Draft CIP Part 3
July 17 Planning Commission Reviews Draft Transportation Plan
August 7 Council Meeting – Public Hearing on CIP/Street Reconstruction Plan
August 21 Council Workshop – Preliminary 2018/Tax Levy Discussion
August 21 Council Meeting – Adopt CIP
September 18 Council Meeting – Adopt Preliminary Tax Levy and announce public budget hearing
date
October 11 Town Hall Meeting (tentative)
November 6 Council Workshop – Yearend Budget Preview and Final 2018 Budget/Tax Levy
Discussion
December 4 Council Meeting – Public Budget Hearing
December 4 Council Meeting – Adopt 2018 Budget and Tax Levy
Revenues exceeded expenditures by $560k
Revenues equaled 101.6% of budget
Expenditures equaled 95.5% of budget
Project Admin Fees -$163k
Bldg. Permit related revenue -$105k
Personnel -$130k
Parks Infrastructure -$88k
2016 General Fund
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Revenues
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2012 2013 2014 2015 2016
Budget 12,030,173 11,501,328 12,319,453 12,647,274 12,775,738
Actual 12,871,570 11,732,430 12,355,519 12,691,919 12,977,951
10,500,000
11,000,000
11,500,000
12,000,000
12,500,000
13,000,000
13,500,000
Budget Actual
Expenditures
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2012 2013 2014 2015 2016
Budget 13,944,977 12,332,384 13,445,210 12,874,822 13,008,737
Actual 13,646,417 12,273,537 13,010,133 12,343,813 12,417,778
11,000,000
11,500,000
12,000,000
12,500,000
13,000,000
13,500,000
14,000,000
14,500,000
Budget Actual
Rev vs. Exp
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2012 2013 2014 2015 2016
Revenues 12,871,570 11,732,430 12,355,519 12,691,919 12,977,951
Expenditures 13,646,417 12,273,537 13,010,133 12,343,813 12,417,778
10,500,000
11,000,000
11,500,000
12,000,000
12,500,000
13,000,000
13,500,000
14,000,000
Revenues Expenditures
Beginning Balance -$6.04M
Ending Balance -$6.68M*
Reserve Calculation –51.1%
CFMP specifies a range between 40% and 50%
*Does Not Include Budget Amendments
General Fund Reserve*
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General Fund Reserve*
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$12,188,313
$12,729,968
$12,192,316
$12,985,255
$12,563,945
$12,945,738
$13,070,878
58%
61%
57%
50%
46%
47%
51%
$11,500,000
$11,750,000
$12,000,000
$12,250,000
$12,500,000
$12,750,000
$13,000,000
$13,250,000
$13,500,000
2010 2011 2012 2013 2014 2015 2016
Subsequent Year’s Budget Actual Fund Balance
* Does not include 2016/17 Budget Amendments
Beginning Balance -$6.68M
2016
Parks, Technology, Bridge Repair -$156k
Mill & Overlay -$120k
2017
Community Survey -$10.5k
Compensation Study -$28k
CR 21/TH 13 Consultant -$75k
OPEB –35% Funded
Ending Balance -$6.3M (48%)
Budget Amendments
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EMV -$3.99B (9.5% inc.)
Residential -$3.04B (11.34% inc.)
New Construction -$62.1M (38.8% inc.)
TMV -$3.28B (12.1% inc.)
Pay 2018 Preliminary
Property Values
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General Fund
Debt Service
Revolving Equip. Fund
Revolving Parks Equip. Fund
EDA
Tax Supported Funds
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Cost Components
Personnel (69%)
Current Expenditures (30%)
Capital Outlay (<1%)
Projected Increase -$350k to $550k
General Fund
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Proposed Issuance in 2017 -$7.255M
$4.5M –Road Reconstruction
$310k –Mill and Overlay
$645k –Facility Repairs
$1.8M –AMRS Replacement (Water and Sewer)
MV Ref debt service levy –$800k
Debt Service
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CIP Proposed 2018 Levy -$550k
Increase of $175k over 2017
Proposed Bond Issuance -$665k
Revolving Equipment
Fund
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CIP Proposed 2018 Levy -$368k
Increase of $155k over 2017
Includes $100k increase for sidewalk/ trail
replacement
Revolving Parks
Equipment Fund
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2017 Budget -$160,825k
Tax Levy -$140,000
Use of Fund Balance -$9,825
Future Levies -$140,000
Economic
Development Authority
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Long Range Forecast
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Projected
2017 2018 2019 2020 2021
Tax Levies:
General 7,271,555 7,598,538 8,009,805 8,504,245 8,883,568
Equipment Revolving Fund 375,000 550,000 600,000 600,000 600,000
Revolving Park Equip Fund 213,406 368,184 469,292 563,276 657,649
Facilities Management Fund ---30,000 80,000
EDA Fund 140,000 140,000 140,000 140,000 140,000
Debt Service 3,646,956 3,578,893 3,792,086 3,778,516 4,251,339
11,646,917 12,235,615 13,011,183 13,616,037 14,612,556
General 1.38%4.50%5.41%6.17%4.46%
Equipment Revolving Fund 15.38%46.67%9.09%0.00%0.00%
Revolving Park Equip Fund n/a 72.53%27.46%20.03%16.75%
Facilities Management Fund n/a n/a n/a n/a 166.67%
EDA Fund -9.68%0.00%0.00%0.00%0.00%
Debt 6.46%-1.87%5.96%-0.36%12.51%
Total Change 5.13%5.05%6.34%4.65%7.32%
Service Challenges
Proactive Policing
Winter Maintenance
Transportation Projects
Aging Fleet impact to operations
Parks, trails and natural area maintenance
Technology Replacement
EAB
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Budget Strategies
Revenues
Raise Taxes
Street Lighting Fee
Rec. Charges
Use of Reserves
Expenditures
Plan CIP projects over a longer period
Reduce OCI below 70
Reduce non-essential levels of service
Other Budget Cuts
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Council Direction
Is there support to:
Increase funding for infrastructure
maintenance (special assessments?)
Increase funding to add staff
Adopt new/increase existing revenue sources
Increase 2018 property tax levy
Reduce Budgets
Cutback/eliminate programs/services
Lower existing standards
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