HomeMy WebLinkAboutPowerpoint 3-21-20143/28/2014 9:48 AM
3/28/2014 9:48 AM
3/28/2014 9:48 AM
3/28/2014
St. Lucie County
FY 2014.Outlook
March u, 2oi4
eneral Fund & -Fine and
Forfeiture Fund Overview
• Fiscal year 2014 budget for the General Fund and
Fine & Forfeiture was adopted with a $14.1 million
gap, which means the operating budget was
balanced with fund balance dollars
• Current revenues and expenses indicate that the
actual use of fund balance will be less than
projected
• Since the FY14 projections are based on the first
quarter results; as the year progresses FY14
projections will be updated
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Projected Vs. Adopted
Use of Fund Balance (Adopted) I $ 14.1 1
Non -Ad Valorem I (.9)
Operating and Other Expenses 1 (1.6)
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Fund Balance Impact
Estimated Revenues 1 122,601,552
Estimated Expenses I 13o,o66,474
Estimated Ending Fund Balanc 45,343,565
(9/30/20114)
Summary
• The FY14 Budget was adopted with $14.1 million gap
• Updated projections indicate that the actual gap or the
use of fund balance will be less- approx. $7.5 million
verses $14.1 million
• The available fund balance for operations at the
beginning of the fiscal year was $57.2 million
• After covering the estimated gap of $7.5 million and
the $4.4 million in one-time items. At the end of FY14,
there will be $45.3 million in operating fund balance
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FY2015 Budget Assumptions
• FYI budget outlook is showing positive signs
Improvement based on a number of economic indicators
- Building Permits
- Drop in Unemployment Rate
- Change in Foreclosure Activity
- Housing Market
- New Businesses
• Most significant improvement: State projected tax base increase
Budget Assumptions:
Countywide Taxable Value
• 4.1 % increase per recent State estimates.
- Earlier estimate was 2.1 %
• New estimate would result in higher gross taxable value:
- $15.6 billion (up from $14.96 billion)
Operating Revenues
• Property Taxes
o +$4.2M over FYI budget: (4.1 % tax base increase at current
county -wide tax rate of 6.892 mills)
• Major Non -ad valorem revenues
o State Shared Revenues: +$207K (7.0% increase over FY14 budget)
o Half Cent Sales Tax: +$192K (7.5% increase over FYI budget)
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Budget Assumptions:
• Personnel Expenditures
0 3% Cost of Living Adjustment: (BOCC and Constitutional Officers)
0 6% health insurance premium increase
Operating Expenditures
o BOCC Departments: Base budget targets in line with FY13 actuals
Exceptions for uncontrollable increases
o Medicaid increase of 4.3%
o CRA increases: Fort Pierce and Port St. Lucie
o Continuation of the Airport Fund subsidy
o Constitutional Officers: Flat expenses
o Judicial: Flat expenses
Budget Assumptions:
• Debt Service
o Road Bond $3.2M debt service
Capital
o Continuation of needed one-time capital items
- BOCC Vehicles Replacement
- Sheriff Vehicles Replac_emertt
=Airport Projects
Unknowns
o Unfunded Mandates?
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Tentative Operating Budget Based on Assumptions:
Beginning Fund Balance (at 10/01/14)
$
45,343,866
Estimated Revenues
$
123,467,928
Estimated Operating Expenses
$ (137,764,210)
EstimateOperating Gap
_ _ _ _
$
_
14,296,282
_ _ _
Less: One-time Items
$
(2,035,121)
Plus: Revenue & Expenses Variance
$
3,011,499
Ending Fund Balance (at 09130/16)
$
32,023,961
FY15 Budget: Actual Fund Balance Scenario
Estimated Budgeted Operating Gap $14.3M
Underspending-Revenue Variance $3.OM
Est. Actual Operating Gap -Operating Reserves $11.3M
Insurance Write -Down Reserves $ 2.6M
$13.9M
FB -%-to Tentative Budget 10%
FB -%-to Tentative Budget Goal 5%
Note: Prior to FY10 fund balance was used only for one-time capital items.
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