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HomeMy WebLinkAboutAgenda Packet 11/01/2011 (3)2012 Preliminary Budget ~ Revenues November 1, 2011 Yvonne Ziomkowski, Finance Director Today’s Agenda 2012 Citywide Revenues (including property taxes) 2012 Revenues by Fund Use of Reserves Next Steps Separate Presentation on Property Taxes 2012 Citywide Revenue “The big hurdle is going out and raising revenue. There’s no doubt about that; it’s an uphill battle.” ~ Terry Porter 2012 Citywide Revenue TOTAL REVENUE $130,781,201 2012 Citywide Revenue by Fund Type FUND TYPE Revenues Reserves Used Total General Fund 18,305,839$ 1,201,000$ 19,506,839$ Special Revenue Funds 5,389,280 3,179,234 8,568,514$ Debt Service Funds 774,721 14,948 789,669$ Enterprise Funds 77,081,941 10,272,284 87,354,225$ Internal Service Funds 7,930,736 573,211 8,503,947$ Fiduciary/Permanent Funds 213,416 116,684 330,100$ Govt. Capital Project Funds 5,602,375 125,532 5,727,907$ TOTAL 115,298,308$ 15,482,893$ 130,781,201$ Reserves includes savings from prior years, settlement proceeds for capital projects, as well as $10 million in bond and loan proceeds in Enterprise Funds for planned capital projects. Citywide Revenue by Fund Type $130,781,201 Includes $15.5 million from prior year savings, bond proceeds, and settlement money. Estimated Reserves at end of 2012: $52 million General Fund 14.00% Special Revenue Funds 4.12% Debt Service Funds 0.59% Permanent Funds 0.14% Enterprise Funds 58.94% Internal Service Funds 6.06% Fiduciary Funds 0.02% Governmental Capital Projects Funds 4.28% Reserves Used 11.84% Citywide Revenues by Fund Type Citywide Revenue Sources 2012 Budget 2011 Amended 2010 Actual $ % Taxes 14,529,007 14,736,993 14,328,261 (207,986) -1.41 Licenses & Permits 571,917 910,618 516,938 (338,701) -37.19 Intergovernmental (1)7,261,302 7,098,277 3,072,678 163,025 2.30 Fines & Forfeitures 287,000 250,000 282,154 37,000 14.80 Charges for Services 12,877,546 12,492,412 11,603,391 385,134 3.08 Utility Collection 57,256,958 54,915,959 53,936,018 2,340,999 4.26 Miscellaneous 3,380,594 3,744,023 4,001,593 (363,429) -9.71 Loans and Bonds (2)12,845,680 3,000,000 10,498,276 9,845,680 328.19 Interfund Transfers (3)6,288,304 5,184,571 5,276,609 1,103,733 21.29 Reserves Used 15,482,893 8,424,246 - 7,058,647 N/A Total 130,781,201 110,757,099 103,515,918 20,024,102 18.08 Change 2012 vs 2011 Summary of Revenues by Sources (1) The City has been aggressive in seeking grant funds; the increase in 2011 included a $2.6 million grant for Wireless Mobile Network. (2) Loans and Bonds budgeted for 2010 & 2011 are from $10 million in bond proceeds received in 2010 which will be used to fund major capital projects in Electric, Water, Wastewater, and Stormwater. (3) The increase in interfund transfers is mostly related to capital project funding from General Fund and Economic Development Fund. Citywide Revenue Sources Taxes 11.1% Licenses & Permits 0.4% Intergovt./Grant s 5.6% Fines & Forfeitures 0.2% Charges for Services 9.8% Utility Collection 43.8% Misc. 2.6% Loans & Bonds 9.8% Transfers 4.8% Reserves Used 11.8% Citywide Revenues by Source $130,781,201 Citywide Taxes $14,529,007 Some increases are still subject to Council approval Citywide Taxes $14,529,007 Sales 20% Lodging 3% Gas 3% Utility 27% REET 1% Criminal Justice 2% Emergency Communications 7% Telephone 4% Regular Levy 28% Special Levy 3% Other 2% Citywide Taxes ~ $14,529,007 What Services are Supported by Taxes? Public Safety & Criminal Justice 63% Comm. & Econ. Devel. 2% Public Works &Eng. 10% Park & Recreation 16% Administrative/ Finance Services 7% Agency Support .45% 2005 GO Bond 1.5% Revenues by Fund GENERAL FUND $19,506,839 Includes $1.2M from prior year savings for capital projects General Fund $19,506,839 2012 Use of $300K BTOP Reserves $1.2M: $250K Police Remodel $500K Waterfront Development $103K Security Cameras matching funds $48K Nice Program General Fund Revenue Analysis by Source 2012 2011 Budget % Budget % Taxes 11,462,190 58.76 10,874,534 60.39 Licenses & Permits 466,917 2.39 360,397 2.00 Intergovernmental 795,016 4.08 805,599 4.47 Charges for Services 5,026,946 25.77 4,921,593 27.33 Fines & Forfeitures 287,000 1.47 287,000 1.59 Miscellaneous 146,570 0.75 212,011 1.18 Transfers from Other Funds 121,200 0.62 131,200 0.73 Reserves Used (Excess) 1,201,000 6.16 415,000 2.30 Total Revenue 19,506,839 100.00 18,007,334 100.00 General Fund Taxes Revenues Taxes 58.8% Intergovt 4.1% Licenses/ Permits 2.4% Interest 0.4% Charges for Services 25.8% Fines/Forfeitures 1.5% Transfers 0.6% Misc. 0.4% Reserves 6.2% General Fund Revenue Sources ~ $19,506,839 Property Taxes 32% Sales Taxes 25% Utility Taxes 34% Telephone 5% Criminal Justice 2% Other 2% General Fund Taxes ~ $11,462,190 Includes $1.2M from prior year savings Utility Taxes $3,937,634 Utility Tax Sources 2012 Budget 2011 Amended $% Electric 2,045,909$ 1,965,820$ 80,089$ 4.1% Water 536,430 511,270 25,160 4.9% Wastewater 679,700 656,920 22,780 3.5% SW Collections 222,595 224,750 (2,155) -1.0% Transfer Station 395,000 380,000 15,000 3.9% Stormwater 58,000 58,080 (80) -0.1% 3,937,634$ 3,796,840$ 140,794$ 3.7% Variance 2012 vs. 2011 ASSUMPTIONS: • Some rate increases in Electric & CSO • Weather factor for Electric Utility • No increase in customer base Utility Rates & General Fund Utility Taxes Utility rates directly impact General Fund revenues through utility taxes At this time, only the CSO rate changes have been approved by Council General Fund revenues for utility taxes are subject to Council’s approval of utility rates Electric Utility rates yet to be determined Could affect the $51,000 transfer from General Fund to Electric Utility for return of utility taxes Utility Taxes $3,937,634 Electric 52% Water 14% Wastewater 17% SW Collections 6% Transfer Station 10% Stormwater 1% Utility Taxes by Fund Over half of all utility tax revenue is collected from the Electric Utility Property Taxes $4,114,905 General Fund $3,632,606 Street $482,299 2012 Special Property Tax Levy 2012 2011 Sr. Center/Fire Hall Bond $121,600 $391,400 $0.08/$1,000 AV $7.16 per capita Payments will end in 2012 $30K in reserves will be used Library Bond $286,400 $280,600 $0.17/$1,000 AV $15.01 per capita Payments will end in 2015  $408,000 $672,000 Sales Tax $2,860,000 Increase for Nippon project - $50,000 Based on YTD actual sales tax revenue 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 Sales Tax Sales Tax Components Total Sales Tax Rate 8.40% 1.00% City Portion 6.50% State Portion 0.60% Clallam Transit 0.10% Criminal Justice 0.10% Emergency Communications 0.10% Clallam County Mental Health 8.40% TOTAL City receives: 0.84% County receives: 0.15% State receives: 0.01% City receives 10% of the sales tax collected within the City limits Sales Tax by Sector $2,860,000 ASSUMPTIONS: • No increase in retail sales • Slight decrease in sales taxes 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 2006 2007 2008 2009 2010 2011 YTD Other Services Retail Automotive/Gas Wholesale Construction Other Taxes $1,031,950 2012 2011 Budget Amended $% Utility Taxes - Non-City Utilities 48,900 48,900 - 0% Criminal Justice Sales Tax 250,000 245,000 5,000 2% Leasehold Taxes 130,000 130,000 - 0% Gambling Taxes 30,000 30,000 - 0% Telephone Taxes 550,000 619,000 (69,000) -11% Other Taxes 23,050 23,050 - 0% TOTAL Other Taxes 1,031,950 1,095,950 (64,000) -6% OTHER TAXES Variance Charges for Services $5,026,946 Interfund Charges (Internal charges to departments) $4,528,924 Miscellaneous Charges (External charges to customers): Planning $ 75,400 Police $ 15,750 Public Works $ 3,000 Parks & Rec. $390,612 Fire $ 11,700 Finance $ 1,560 Over 90% of the General Fund’s charges for services are paid by other City funds Licenses & Permits $466,917 Increased $107K (30%) from 2011, mostly related to two large building projects which will be permitted in 2012. ASSUMPTIONS: • Building permit revenue of $400,000 from Nippon in 2011 (revenue proposed for Waterfront Development project in 2012) •Construction permit revenue remains flat with the exception of two large projects in 2012 $85K • Increase in telecable franchise fees of $15K 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Building Telecable Police Planning Other Intergovernmental $214K 0 50 100 150 200 250 300 Th o u s a n d s Intergovernmental ~ Liquor Profits Liquor Board Profit Liquor Excise Tax • 11% decrease in state-shared revenues from liquor sales • May be decreased further by State and initiatives Intergovernmental ~ Grants $470K 0 50 100 150 200 250 300 350 400 450 Th o u s a n d s Intergovernmental ~ Grants Direct Federal Indirect Federal State Other Intergovernmental Revenues Include: • Law Enforcement Services $ 23K • OPNET Wage Reimbursement $ 40K • COPS grants $291K ASSUMPTIONS: • Some grants will sunset • Decrease in Pool District revenues, from $71K to $26K Fines & Forfeitures $287,000 Municipal Court Fines $260K Parking Ticket Penalties $ 27K 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Fines & Forfeitures Parking Ticket Penalties Municipal Court Fines Interest $76,990 Interest is budgeted $77K (46%) lower than 2011 due to a continuing unfavorable investment environment. 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Interest Revenue No Proposed Fee Increases SPECIAL REVENUE FUNDS $8,568,514 Includes $2.3 million from restricted settlement proceeds and $900K from prior year savings Lodging Tax $470,150 Reserves designated for capital $50K Reserves as of Dec. 2012 $171K ASSUMPTIONS: • $4,500 decrease in lodging revenue based on lower projections •Anticipated decrease of $4K in interest revenue as reserves are used for capital in 2010 & 2011 Lodging Tax Fund Summary of Revenues and Expenditures Fund Department Account Number Lodging Tax City Manager 101-1430 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Taxes 481,304 485,136 474,500 460,662 470,000 (4,500) (0.95) Interest on Investments 6,037 951 4,144 229 150 (3,994) (96.38) Total Revenues 487,341 486,087 478,644 460,891 470,150 (8,494) (1.77) Street Fund $1,800,197 Street Fund Departmental Summary Fund Department Account Number Street Public Works & Utilities 102-7230 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Property Taxes 482,299 482,299 482,299 482,299 482,299 - - Motor Vehicle Fuel Taxes 417,035 417,167 415,507 404,878 403,542 (11,965) (2.88) Interest on Investments 16,077 10,958 15,681 10,136 7,056 (8,625) (55.00) Grants 17,211 69 - - - - N/A Permits 4,400 - 5,000 - 5,000 - - Judgments/Settlements 7,886 210 5,000 7,600 5,000 - - Miscellaneous 3,807 709 300 1,700 300 - - Support from Utilities & Engineering Charges (Operations) 105,139 516,805 475,770 476,770 437,000 (38,770) (8.15) Support from General Fund (Operations) 223,800 170,000 166,000 166,000 290,000 124,000 74.70 Support from SW Collections Fund (Street Sweeper) 125,000 125,000 150,000 150,000 150,000 - - Total Revenues 1,402,654 1,723,217 1,715,557 1,699,383 1,780,197 64,640 3.77 Use of Reserves in 2012 $20K Reserves as of Dec. 2012 $203K Gas Taxes 18 19 20 21 22 23 24 25 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Gas Taxes ~ $403K Per Capita ~ $21.15 Tax Amount $ Per Capita REET 1 & 2 $244,747 Real Estate Excise Tax #1 Fund Summary of Revenues and Expenditures Fund Department Account Number Real Estate Excise Tax Public Works & Utilities 105-7840 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Taxes 125,756 113,710 120,000 120,000 120,000 - - Interest on Investments 8,768 7,482 9,128 3,158 2,191 (6,937) (76.00) Total Revenues 134,524 121,192 129,128 123,158 122,191 (6,937) (5.37) Real Estate Excise Tax #2 Fund Summary of Revenues and Expenditures Fund Department Account Number Real Estate Excise Tax Public Works & Utilities 160-7841 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Taxes 125,756 113,710 120,000 120,000 120,000 - - Interest on Investments 4,070 4,120 4,408 3,685 2,556 (1,852) (42.01) Total Revenues 129,826 117,830 124,408 123,685 122,556 (1,852) (1.49) Use of reserves in 2012 $64K Reserves as of Dec. 2012 $50K Use of reserves in 2012 $90K Reserves as of Dec. 2012 $22K Economic Development $325,581 Use of Reserves in 2012 $2.5 million (For planned capital projects using settlement proceeds and shoreline development) Reserves as of Dec. 2012 $2.1 million (Over $1.7 million of reserves is restricted for specific purposes) Economic Development Fund Summary of Revenues and Expenditures Fund Department Account Number Economic Development Community & Economic Development 103-1511 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Interest on Investments 129,508 106,286 113,787 90,508 60,581 (53,206) (46.76) Support from Electric Utility Rural Econ. Dev. Fund 25,000 25,000 25,000 25,000 25,000 - - Support from Electric Fund 60,000 40,000 40,000 40,000 60,000 20,000 50.00 Support from Water Fund 30,000 30,000 30,000 30,000 30,000 - - Support from Wastewater Fund 30,000 30,000 30,000 30,000 30,000 - - Housing Rehabilitation Fund (Façade) 115,992 - - - 120,000 120,000 N/A Support from Community Development Grants Fund 37,444 - - - - - N/A Total Revenues 427,944 231,286 238,787 215,508 325,581 86,794 36.35 Cultural Resources $59,183 Use of Reserves in 2012 $97K Reserves as of Dec. 2012 $138K Cultural Resources Fund Summary of Revenues and Expenditures Fund Department Account Number Cultural Resources Community & Economic Development 106-1512 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Intergovernmental & Environmental Services 4,225 380 - - - - N/A Interest on Investments 8,056 6,441 8,435 3,720 2,503 (5,932) (70.33) Judgments and Settlements 280,000 - 140,000 140,000 - (140,000) (100.00) Support from Wastewater (CSO Project) - - - - 56,680 56,680 N/A Total Revenues 292,281 6,821 148,435 143,720 59,183 (145,932) (98.31) PenCom $2,414,027 Use of Reserves in 2012 $220K (to stabilize user fees) Reserves as of Dec. 2012 $377K Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Sales Tax 725,648 741,084 700,000 700,000 700,000 - - Intergovernmental: *Agency User Fees 445,967 446,393 470,198 470,198 470,198 - - Enhanced 911 Program 9,393 10,482 15,000 20,688 25,000 10,000 66.67 911 Revenue 502,279 500,000 663,000 663,000 663,000 - - Capital funding from Reserves 209,423 166,250 - 336,446 297,700 297,700 N/A Interfund Charges (City User Fees) 252,476 252,476 252,476 252,476 252,476 - - Interest on Investments 13,713 8,984 10,364 8,647 5,603 (4,761) (45.94) Other Revenues 2,042 - 50 50 50 - - Total Revenues 2,160,941 2,125,669 2,111,088 2,451,505 2,414,027 302,939 14.35 PA Housing Rehab $76,223 Use of Reserves in 2012 $253K Reserves as of Dec. 2012 $ 2K PA Housing Rehab Project Fund Summary of Revenues and Expenditures Fund Department Account Number PA Housing Rehab Project Finance 172-2310 Variance 2011 2012 vs. 2009 2010 2012 2011 Budget Actual Actual Budget Amended Budget Amount Percent Revenues Intergovernmental 151,580 62,367 387,633 860,037 27,596 (360,037) (92.88) Interest on Investments 10,562 6,559 11,294 10,391 8,327 (2,967) (26.27) Principal Payment 88,610 103,474 188,600 73,600 40,000 (148,600) (78.79) Miscellaneous 600 7,311 300 300 300 - - Total Revenues 251,352 179,711 587,827 944,328 76,223 (511,604) (87.03) Misc. Special Revenue Funds Electric Utility Rural Economic Dev. $ 50,000 Firearms Range $ 9,877 Drug Task Force $ 5,175 Reserves at end of 2012  $96K  $54K  $ 7K DEBT SERVICE FUNDS $789,669 Debt Service Funds $774,721 Special (Voted) Levy $454,827 Senior Center/Fire Hall $167,898 Matures 11/2012 Property Taxes Library $286,929 Matures 11/2015 Property Taxes Councilmanic Bonds $319,894 WUGA $251,534 Utilities & GF transfers Property Acquisition $ 68,360 Plus $13K from reserves Parking tax and interest revenue In the final budget, reserves of $30K will be used to reduce the Senior Ctr. Special Levy Total reduction in reserves for Debt service Funds is $45K ENTERPRISE FUNDS $87,354,225 Includes $10.2 Million mostly from loan and bond proceeds for capital projects. Enterprise Funds Number of Accounts: Electric 10,570 Water 8,272 Wastewater 7,591 SW Collection 7,861 2012 Rate Increases: CSO rates $2.50 per month (from $17.60 to $20.10/mo.) Electric rates an average 6% Transfer Station – some retail rates No rate increases in any other utilities Enterprise Funds $87,354,225 2012 2011 Budget Amended $% Licenses & Permits 100,000$ 81,000$ 19,000$ 23% Intergovt.3,229,736 3,772,058 (542,322) -14% Charges for Services 57,256,958 54,915,959 2,340,999 4% Interest Revenue 655,432 942,993 (287,561) -30% Misc.1,064,630 1,451,169 (386,539) -27% Loans and Bonds 12,845,680 3,000,000 9,845,680 328% Contributions (other funds)1,338,505 991,487 347,018 35% Construction Contributions 591,000 - 591,000 N/A Reserves Used 10,272,284 4,179,546 6,092,738 146% Total Revenues 87,354,225$ 69,334,212$ 18,020,013$ 26% Variance Summary of Revenues by Sources Enterprise Funds $87,354,225 Licenses & Permits 0.1% Intergovt. 3.7% Charges for Services 65.5% Interest Revenue 0.8% Misc. 1.2% Loans and Bonds 14.7% Contributions (other funds) 2.0% Construction Contributions 0.7% Reserves Used 11.8% Revenue by Source Includes $10.3 million from reserves (mostly from loans & bond proceeds) Enterprise Funds $87,354,225 Includes $10.3 million from reserves (mostly from loan & bond proceeds) Electric 44.5% Electric Conservation 1.8% Water 6.6% Water Treatment Plant 0.1% Wastewater 22.7% Solid Waste Collection 3.7% Solid Waste Transfer Station 6.1% Stormwater 0.9% Medic I 1.7% Reserves 11.8% Revenue by Fund Estimated reserves $35.3 million Electric $41,546,722 Includes $2.6 million reserves from bond issue for capital projects Grants & Bonds 6.2% Residential 23.3% Commercial 13.9% Industrial 42.5% Contributions 1.4% Reserves 6.3% Interest & Other 6.3% Electric Revenue Estimated reserves $6.9 million Water $8,984,829 Includes $3.2 million mostly from bond issue for capital projects Grants & Bonds 0% Residential 38% Commercial 17% Interest 1% Reserves 36% Transfers 3% Water Resale & Other 5% Water Revenue Estimated reserves $2 million Water Treatment Plant $258,529 Only revenue source is investment interest Down $61K (40%) from 2011 Estimated reserves $7.7 million Wastewater $23,385,571 Includes $3.6 million reserves from loans and bonds for capital projects Residential 14.6% Commercial 6.0% Interest 0.7% CSO 8.3% Bonds/Loans 54.9% Other revenues 0.2% Reserves 15.3% Wastewater Revenue Sources Estimated reserves $9.6 million Solid Waste Collections $3,558,906 Includes $315K from prior savings for rate stabilization Operating/other 6% Weekly 35% Bi-weekly 22% Commercial 26% Interest 2% Reserves 9% SW Collections Revenue Sources Estimated reserves $2.6 million Transfer Station $5,446,222 Includes $80K from prior savings for rate stabilization Self Haulers 24% Commercial 50% Recycling/compost 2% City of PA 19% Interest 1% Other 2% Reserves 2% SW Transfer Station Revenue Sources Estimated reserves $4.9 million ($3.5 is Landfill Post- Closure reserves) Stormwater $1,244,298 Includes $463K from grant proceeds for capital projects Operating Revenue 57.2% Interest & other 0.8% Grants 4.8% Reserves 37.2% Stormwater Revenue Sources Estimated reserves $334K Medic I $1,499,520 General Fund is increasing support by $16K Ambulance 34% Other 1% Transfers 26% Utility Chgs for Service 39% Medic I Revenue Sources Estimated reserves $45K INTERNAL SERVICE FUNDS $8,503,947 Includes $573K from prior year savings Internal Service Funds $8,503,947 Includes $573K reserves • Equipment reserves $518K • Restricted savings $55K for capital projects Equipment Services 22% Information Technology 15% Self-Insurance 63% Internal Service Funds $8,503,947 Equipment Services $1,842,665 Includes $518K from prior savings Operating charges $758K Replacement charges $237K Information Technology $1,249,482 Includes $55K from prior savings Includes $332K for capital Self-Insurance $5,411,800 11% AWC medical rate increase 7.6% decrease AWC dental 7.3% increase AWC vision 7.3% Teamster medical rate increase 5% Teamster dental rate decrease Reserves at end of 2012 $4.1 million Reserves at end of 2012 $714K Reserves at end of 2012 $1.3 million Other Funds Permanent Funds $187,617 Esther Webster Trust Fund $184,355 GF support same as 2011 ($25K) Donations down 12% to $115K Cemetery Endowment $3,262 Fiduciary Fund Firemen’s Pension $25,799 Plus $126K from reserves Revenue from interest and fire insurance premium Revenue from interest down $6K, or 51% Reserves at end of 2012 $679K Reserves at end of 2012 $382K Reserves at end of 2012 $490K Use of Prior Year Savings/Resources $15,482,893 “The highest use of capital is not to make more money, but to make money do more for the betterment of life.” ~ Henry Ford General Fund (various projects) $1,201,000 Special Revenue Funds: Street $ 20,000 REET 1 &2 (street projects) $ 20,912 PA Housing Rehab. $ 253,077 Economic Dev. (capital projects, harbor planning) $2,511,452 Cultural Resources (operations) $ 97,301 PenCom (user fee stabilization) $ 220,053 Electric Utility Rural Econ. Dev. $ 46,593 Debt Service Funds: LTGO Bond (debt svc. on property acquisition) $ 18,531 Final Budget - UTGO Bond $ 45,000 Sources of reserves include grants, prior year savings, & settlement proceeds. Remaining Reserves $4.2M $ 72K $ 2K $138K $377K $759K Use of Reserves $203K $2.1M $ 96K $5K Capital Projects Funds: CIP (capital projects) $125,532 Internal Service Funds: Equipment Services (capital outlay-vehicles) $517,913 IT (capital outlay) $ 55,298 Other Funds: Firemen’s Pension (medical reimbursement) $125,532 Sources of reserves include bond proceeds, prior year savings, & settlement proceeds. Remaining Reserves $811K $4.1M $714K $491K Use of Reserves Enterprise Funds: Electric (construction projects) $6.1M Water (construction projects) $3.4M Wastewater (construction projects) $17.2M SW Collections (rate stabilization) $ 40K Transfer Station (rate stabilization) $80K Stormwater (construction projects) $462K Sources of reserves include bond proceeds, prior year savings, & settlement proceeds. Remaining Reserves $ 6.9M $ 2.0M $ 9.6M $ 2.6M $ 4.9M $ 334K Use of Reserves Citywide Focus Continued conservative approach to revenues Focusing on Sustainability Planned use of Reserves for Capital Projects NO major fee or tax increases Future Concerns Initiatives Resistance to tax and fee increases Recovering costs Sustainability of revenue sources to allow continued service levels Major grants will end Health care costs PERS increases Union negotiations State & County budget reductions Funding for Street improvements Next Steps “I’d like to think the actions we take today will allow others in the future to discover the wonders of landscapes we helped protect, but never had the chance to enjoy ourselves.” ~ Annie Leibovitz Looking Forward Tonight Conduct Public Hearing on Revenue Sources and Property Taxes November 3 Budget Workshop November 15 Continue Public Hearing from November 1 - Expenses Adopt Property Tax Ordinance & Resolution Continue Public Hearing on Budget to December 6 First reading of 2012 Budget ordinance December 6 Continue Public Hearing from November 15 Consider Adoption of 2011 Amended Budget and 2012 Budget QUESTIONS?