No preview available
HomeMy WebLinkAbout04- April 11 2014 Meeting Materials4/29/2014 County Administrator's Operating Budget Overview Presentation • Where We've Been • How We Handled the Gap • Sustainability Model: FY15-FY18 Options Pre Great Recession: Oct. `02 - Sept. `07 5 FYs Impacted: FY03 - FY07: Boom Period • Property Values Spiked Up: +9% - +39% • No Operating Gap • Expansion of Budget - Operations - Staffing Levels - New Departments - Salary Increases - Constitutional-Judicial Agencies Funding Boosts - Capital Infrastructure Program *June 2007: State Tax Reform Adopted in Special Session 1 4/29/2014 ~~t~~ ~ -s~~T~ Grea~ Recession: Oct. `08 - Sept. `10 m~ ~~ 2 FYs Impacted: FY08 - FY09 • Property Values Dropped: +5% - -12.5% • Operating Revenue Dropped o Operating Reserves Created: Substantial Funding • Operating Gap FY09 - $12.8M Covered by Underspending • Contraction of Budget - Operations - Reduced Service Hours: e.g. Libraries, Museums, etc. - Salary Freezes - Frozen Positions - Non-Profit Agencies - Leave Incentives • January 2008: Amendment 1 Passed - Additional Homestead Exemption - Tangible Personal Property Exemption - Save Our Home Portability - 10% Cap on Non-Homestead Property 2 4/29/2014 Post Great Recession: Oct. `10 - Sept. `14 5 FYs Impacted To Date: FY10 - FY14 • Property Values Significant Drops: - FY10 - FY13: -21 % - -4.75% • Significant Operating Revenue Losses • Significant Budget - Operating Cuts - County Operating - Constitutionals - Judicial Agencies ,~ ~ ~ -~~,~~~ Post Great Recession: Oct. `10 - Sept. `14 ~ 5 FYs Impacted To Date: FY10 - FY14 ~ Property Values: S4ight Drop-{ncrease FY13-FY14: -1.7 - +5.37% ~ Incremental Budget Increases - COLA - State Mandates - Operational Demands • Operating Gap - Reserves used - $57M - $14M $20M - $7.5M • Insurance Write Down -FY12 - FY14 $7.6M 3 4/29/2014 ~"~i' L ~J,i ~' ~,r:r,,..t. ' ~ Method for Closing Gap ~Pro art ~/a ua Chan e FY09 -'16.63% avan o ~16~1 .GM G '12.9M f ~~ FY90 -2~.00% Ravanue '1'15.8M G3 a 66.8 M 'n A ro risatio ~ -:6 9 ~ FY~1~" -'10.~J6% ~avonue "1'1G.OM A ro ri t o s 4~1 GM Ga 26.6M Ci~an c-3 in A ~tions: -$37.OM ~ FY'12 -4.75 % Revanua '1'12.2M A o riat o s 33 G C3 4 M Chan o in A ro riatlo~s -$ O ~ FY'13 -'1.72% Revanua '1'10.7M 'a io ~ '137 9 Ga 27 2 Cha c.3 {n A ria[fons~ !$4.3M ~ FY~4 5.37% Revanue ~h9.2M ro r atio s '133.3M Ga '14.'1 M Cl~an~la ir~ Appropriations: . I-$4.GM . ~ In FY'1'1, eF~a millaga rato in tF-~a Genaral Fund and Fina~~~BForfaitura Fund wara~ ~ incraaead as follows: i Millapa Rafa Incraasa I . Ganaral Fund ~ 0.90'131 9,4C-a9,573 Fina 8. f=orfeitura o.5742! R.~s.4.ss~ Tofal . O. G765 ~'. 9, 74G, 226 Tax Incraase par $900,000 of Proparty ~/alu~ $67.55 I i 4/29/2014 Operating Budget 3-Year Projections Summary FY15 - FY17 Assumptions: Expenditures: - 3% COLAAnnually - Insurance Premium Increases Revenues: - State Projections 4.1 %; 4.2%; 4.7% - Shift of Stormwater Millage 3 YearliExpenditures Projection 3-Year i l nsurance Write Down 3-Year;Adjusted Expenditure Projection 3-Year,;Revenues Projection 3-Year Gap Amount 3-Year Revenue Variance 3-Year;Adjusted Gap Amount 3-Year"One-Time Capital 3-Year~"Ending Fund Balance Projection Operating Budget General Fund - Fine & Forfeiture 3-Year Summary: FY15 - FY17 $430,347,088 ' ' -$6,958,292 ' ' $423,388,796 $378,180,715 ' -$45,208,081 $8,869,389 ' -$36,338,692 , ~.~ ! Projected Fund Balance Available ~`•~~ "End of FY14: 9/3012014 , .~~', ! ~ ' 45 343 865'. ~9,005,173' $5,341,491' $3,663,682 5 4/29/2014 FY18 Projected Operating Budget Snapshot ; Operating Revenues Operating Expenses Gap , Millag Rate to Close Gap Tax Increase Per $100,000 of Property Value FY18 $137,900,812 -$147,245,078 _$9,344,266 0.5426 $54.26 6 4/29/2014 8:16 AM Stormwater Millage Shifts ~~ Mosquito Control Fund ; General Fund Mi(lage 5hift '', $ (0.1600); _ __ __ ~ (0.0540) _ $ Shift $ (2,491,440} $ (841,016) ' Less 5% ! $ 124,572 $ 42,051 Net Shift ' $ (2, 366, 868~ ;; $ ( 798,966) 4/z9/zmq Stormwater Millage Shifts _ _ _ _ _ __ Stormwater Fund _ _ _ _ __ Stormwater Fund .. ,__ _ __ __ _ . Stormwater Fund' _ fram Mosquito from GF Total ' IMiilage Shift $ 0.3807 0.1234' 0.5041 $ Shift $ 2,491,440 $ 841,016 $ 3,332,456 ~.ess S% ' $ (124,572) $ ~42,Q5~.) $ (166,623). NetShift _ $ 2,366,868 _ _ . _ $ 798,966 $ 3,165,$33 ' _ _ _ 4~29~im4 1 ~ ~~J~'Y~C• `~ 1 ~ ~~ ' ~~ •. Gt- ~~ ' ~~~~` ~ ~,~I~J~ _ ~ ~t ~r~~t ~e~~ FY10 - FY~ ~ ~~., k Pfl : ~ted T~ ~~te: -=--=-~-~ ~ F~(s ~m'p~ -i ncreas~ alu~~~ ~~~~~t Dr~~ o • P rope~~ ~ _ +5 .37 ~~ ~4: -1.7 FY 13-~Y ~reaSes ~ntal Budget in . ~ ncrem _ COLA - State Mandates iona~ ~~mands - ~perat Funding -Time Gap-tal erves used _ pne ~, Res . ~rating ~ap 2~~ _ ~7.5M C~p $ ~ _ 57M _ $~I 4M ~ pawn Insuran~~ Wr~te 0 _FY 12 - ~Y ~ 4 ~7,6M GF & FF Combined 3eginning Fund Balance Jperating Revenues Jperating Expenses ( Subtotal Operating Gap-Surplus Gap as a% of Operating Expenses ~apital One-Time Items 'rojected Revenue/(Expense) Variance Ending Operating Fund 8alance, , =k 09 Operating Fund Balance Peak Level 4ssamptions; ~evenues; Millage Rate State Projected Value Increase Tax Revenuelncrease OtherRevenue Changes 3ubtotal Revenue Increase: =spenses; COLA (3%); BOCC Constitutional COLA Total Other Operating Increases: iubtotaf Expenses: Available fnsurance Reserves Balance Insurance Write~Down 'fotal Insurance Reserve Balance FY 12 Beginning Balance Insurance Reserve: (FY15 Budget Process) (FY16 Budget Process~ (FY17 BudgetPracess) ~FY18 Budget Process) 2014 FY 2015 FY 2016 FY 2017 FY 10/2013-9f2414 10/2014-9/2015 10/2015-9/2016 10/2016-9/2017 ~ Si/2014 ~ 11/2015 ~ 11/2016 ~ ~ ~ ~ Election • 2 Seats No Election - 0 5eats Election - 3 Seats ~' ~~ FY14 Projected Actual FY15 Tentative Budget FY16 Tentative Budget FY17 Tentative Budget Notes: 57,216,941 45,3A3,865 31,091,738 15,577,763 122,601,552 122,669,113 125,191,040 130,320,562 • In our projections, we have included a projected variance, which reflects; 130,066,474) (137,889,210) (141,135,164) (144,364,422) a collecting 96% of ad valorem taxes o collecting 100% of other anticipated revenues (7,464,922) (15,220,097) (15,944,124) (14,043,86~) o estimated savings that can he reasanably expected through attrition 6% 11% 11% 10% o othersavings . (4,408,154) (2,035,121) (2,500,379) (805,991) - 3,003,091 2,930,528 2,935,770 ~,~ 6,8920 4,531,088 997,212 598,989 287,589 1,326,217 2,284,801 - 11,805,202 - (2,582,447 11,805,202 31,091;738 15,577,763 6.8380 6,8380 4.1% 4.2% 3,216,605 4,248,455 223,315 (1,726,528) 3,439,920 2,521,927 616,959 1,366,004 1,925,206 1,982,963 2,661,329 1,777,991 4,586,535 3,760,954 9,222,755 (2,282,787) 9,222,755 6,939,968 94,000,000 635,468 6,939,968 6.8380 4,7% 4,953,901 175,621 5,129,522 2,042,452 2,120,306 4,162,758 • $798,966 of the tax revenue decrease in FY 15 is from a 0.0540 miilage shift to the Stormwater MSTU. ~ $1,9 M transfer of revenue to Transp Trust starting in FY 16. • Expenses are artificially low by the amount of the insurance write down. 4,846,910 15,140,725