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HomeMy WebLinkAboutFin Budget FY2014-15 PPTProposed Budget Fiscal Year 2014-2015 City Council Meeting June 16, 2014 Presentation Agenda FY201 3-14 Budget Status /Amendments Changes since May 5 report Recommendations Proposed FY201 4-1 5 Operating Budget General Fund Other Funds What staff is seeking... Approve FY201 3-14 budget amendments Approve FY201 4-1 5 budget Fiscal Year 2013-2014 Update Fiscal Year 2013-2014 GF Revenues Since May 5 review... $467K(plus interest) One-time adjustment based on recent audit of County distributions of ERAF Covers period dune 1, 2004 -duly 30, 2011 No other adjustments FY2013-2014 Appropriations No changes in general fund since May 5 Action needed on a few prior items PG&E loan transfer to projects ($569K) OPEB/Retiree Medical ($300K) Bldg Maint ($41 7K) Server/desktop upgrades ($325K) Minor fund clean up (small grants, etc.) Potential uses of additional funds • Building /facilities maintenance • Major Capital Facilities Operating Reserves (40% funded) • Unfunded liabilities Technology General Fund services Recap of discretionary allocations $891 K for Measure E Priorities (Feb 3) $300K to OPEB liability (Feb 3) $41 7K to building maintenance (May 5) $1.9 million to GF Reserve (combined) General Fund Reserve Status as of June 30, 2014 Projected to increase to $4.2 million 7.0% of annual expenditures (target 10%) up from $1.3 million/ 2.4% at 6/30/2011 Opportunity to revisit other reserves unrestricted only Language added to FYI 3-14 budget amendment to accommodate this Fiscal Year 2014-2015 Proposed Budget FY 2014-15 General Fund Revenues Key trends and assumptions... Property tax +4.1 Sales Tax +5.9% Business Tax +3.0% Transient Occupancy +3.0% Development- related +2.5% Overall revenues: $67.9 million 7.1% (+2.6% w/o Measure E) Other Revenue Highlights Measure E - Transactions & Use Tax $3.7 million projected for FYI 4-1 5 FYI 4-1 5: First full year of collections Builds on $891 K projected for FYI 3-14 (3 months) Set aside for public safety facilities Recorded in General Fund FY 2014-2015 Budget Expenditure trends and assumptions... Increased funding of Homeless Initiative Vegetation Management +$301( Open space equipment +$1 5K Building Maintenance: +$3751( Technology: +$200K Additional staffing /support: $450K Assistant Civil Engineer Management Analyst Code Enforcement contract FY 2014-2015 Budget Expenditure trends and assumptions... Overall GF Expenditures: $62.8 million 4.7% (+3.0% without above items) Planned increase to General Fund Emergency Reserve: $1.0 million Other funds (FY2014-201 5) Parking Fund: $4.3 million Paramedic Fund: $6.6 million Measure "A" Open space/parks: $470K Measure "C" Library parcel tax: $876K Support for other funds (e.g., Stormwater) Recommended Actions Resolution amending FYI 3-14 budget Resolution adopting FYI 4-1 5 budget OI1S�nt`��S�9r>�'l QUES TIONS ��%Qe;'� 4QUF,44i