HomeMy WebLinkAboutFin Budget Review FY2014-157. e
Agenda Item No:
teetini! Date: May 5, 2014
Department: Finance
Prepared by: Mark Moses, Finance Director City Manager Approvala/A'46�
SUBJECT: REVIEW OF THE PRELIMINARY CITY OPERATING
BUDGET FOR FISCAL YEAR 2014-2015
RECOMMENDATION: REVIEW REPORT AND PROVIDE DIRECTION TO
STAFF TO RETURN WITH FINAL BUDGET FOR
ADOPTION
The purpose of this report is to provide the City Council and community with an update on the
City's general fund fiscal status,, the status of other key funds, and a preliminary operating
budget for fiscal year 2014-2015.
Staff presented the City Council with a mid -year budget review on February 3, 2014, which
covered the status of the current year financial activity for all City funds. During that session,
City Council directed staff to set aside the additional general fund revenues attributable to
Measure E (a three-quarter cent transactions and use tax that supplants the Measure S one-half
cent transactions and use tax, effective April 1, 201 4) for major, public safety facilities
construction and improvements. The City Council also supported the staff recommendation to
direct the additional resources made possible by a large fee refund by the County and a number
of sales tax -related adjustments to increase the General Fund Emergency Reserve by $1 million,
and supplement resources available to pay unfunded retiree benefits by $300,000. Reflecting the
generally stable, economic environment, ustments were recommended or required.
I no other ad j
As this report is being prepared, it does not appear that the State budget will have a significant,
detrimental impact on the City's budget. Howeverthe State continues to defer payments on most
of the SB -90 (State Mandate) claims for reimbursement. The City's receivable for these claims is
$2
approaching million.
This report will cover the following:
1. Update on current year (fiscal 2013-2014) financial performance
2. Preliminary,, fiscal year 2014-2015 General Fund operating budget
3. Preliminary, fiscal year 2014-2015 budgets for other City Funds
4. Next steps for adoption of fiscal year 2014-2015 budget.
FOR CITY CLERK ONLY
File No.
Council Meeting:
D Iis pos it ion:
I
The key elements of this report were placed on the agenda for review and discussion at the
Finance Committee meeting of May 1, 2014.
FINIZEN "T -313
The projections for the remainder of the current fiscal year are important for two reasons: (1)
additional revenues and unspent planned expenditures can be used to address deferred needs not
included in the current budget, and; (2) to the extent major revenues come in higher or lower
than the projected levels, the revenue projections for the subsequent year may be affected.
Because these projections are the basis for the appropriation of expenditures, it is important that
they be monitored closely.
Since the mid -year budget review, an additional $777,000 of revenues, or 1.3% of the revised
revenue budget, has been identified. Based on year-to-date expenditure trends, it is unlikely that
there will be significant operational savings. It is likely that any operational savings will be offse
by needs to increase contributions to facilities maintenance and repair, vehicle replacement
and/or technology needs prior to fiscal year-end. Therefore, no net expenditure adjustments are
being projected. I
Also,, since the mid -year budget review, the General Fund is recognizing the proceeds from the
PG&E loans for City Hall HVAC replacement and LED lighting proiects totaling $569,442.
These funds are shown as additional sources,, but have been transferred out in full to the
respective projects.
When compared to the budget as revised at mid -year, there is an additional, net $777,000 in
resources in the current budget period. The following table presents the original bud:4et, the
budget as revised at mid -year, the projected changes and corresponding updated, year-end
projections.
General Fund
Adopted Budget
FY2013-14
Budget as
revised at Mid-
Year
Projected
Changes
Current
projection for
FY2013-14
FTra
$60 2531,618
$62,146618
$777000,1
$62923618
sfers in
1 24 1424
Financing sources
569.4AJ
5691442-
i
FY13-14 Sourcilee
61495,042'1
63,388,042
11346�1
64,734,484
FY12-13 rollove
- - -- ------------
I Sources
Total Sources
F_ -------- A
11 S611495104L
S6314061646
$1,346,442
$641753108,81
dMe=sMMO
7EMMMx
n P, nen it' u r ee sz.
DD
T� 591526424�
591230.13
59230,134
Transfers out
I !925iPoo
r6* MW
569442
498,
2 7336
LAPPI!T-riatiOnS
Operating Results
S61,451,424==[
$43,618
$61,159,028
S212471618
S5691442
S777,0001
S6117281470
S310241618
11 1
gglk !111111; i F I
11 1 1 1]
Allocations of Net Operating Results:
iii Mid ear
Preliminary
FY 2014-15
Current
Public Safety Facilities: Measure E
Revenues
$62!9231,618
$891000
Whill 111111,11LIO roll -no I'm
7.9%
Transfers in
L241 ,424
890!207
(351,217)
$4161,806�9
P.O. Rollover
Emergency Reserves
LOWPOO
416�809
1416.,809
Financing Sources
569,442
0
(5691,442)
$2,247,618
$777,000
------
$3,024 618
At the mid -year budget review on February 3, 2014, the City Council directed staff to set aside
the additional one-quarter cent from Measure E (which became effective April 1, 2014) for
public safety facility construction and improvements.
Consistent with the discussions held at mid -year, staff recommends applying half, or $416,809,
of the residual funds from positive net operating results to the General Fund Emergency Reserve.
It is critical to the City's compliance with its own fiscal policies and commitment to fiscal health,
that this reserve return to its target balance of 10% of general fund operating expenditures. As of
July 1, 2013, this fund was funded at 4.0% of general fund operating expenditures. The addition
Of $1,416, 809 would increase this funding level to 6.3 %. Staff recommends that the remainder
($416,809) be allocated facilities maintenance.
The preliminary fiscal year 2014-2015 budget projects approximately $4.0 million in additional
resources and approximately $2.3 million in additional uses, compared to the projected results of
the current fiscal year. Approximately 80% of the projected positive net operating results in
fiscal year 2014-2015 are attributable to Measure E; this reflects the first full year of collections.
General Fund
Projected
FY 2013-14
Preliminary
FY 2014-15
Change from
previous
year
Change
from
previous
,srear
.Y
Revenues
$62!9231,618
$67,874,774
$4!19511156
7.9%
Transfers in
L241 ,424
890!207
(351,217)
P.O. Rollover
18fiO4
0
(181,604)
Financing Sources
569,442
0
(5691,442)
Total Resources
$6411753,088
$68,764,981
$4,011,893
6.2%
Expenditures
$59,230,134
$62,522!,288
$3,292,154
5.6%
Transfers out
21498.336
1.500M00
(9981,336)
Total Uses
5611728,470
$64,022,288
52,2931818
3.7%
Operating Results
$3,024,618
54,7421693
Measure E set-aside
891.000
3!333.000
Net Operating
5211331618
S110091693
A detailed schedule of revenues., transfers in expenditures and transfers out for the General Fund
is attached to this report (Exhibit 1).
Revenue Factors
In fiscal year 2014-2015, General Fund revenues are projected to grow by $4.9 million, or 7.9%,
over those of the previous year. When the revenues of the previous year are adiusted for Measure
E and one-time revenues,, economic growth contributes to a 3.4% year -over -year increase.
Sales tax and the transactions and use tax (Measure "E") account for most of the increase in
revenues over the previous fiscal year. Sales tax is projected to increase by approximately $1.4
million, or 5.7%1, from $19.0 million to $20.4 million. Transactions and use tax is projected to
increase by approximately $3.2 million, or 40%, from $8.0 million to $11.2 million, since there
will be a full year of collections of the new Measure E 1/4cent tax. All other revenues, includinldw
business tax, franchise tax, charges for services and permit fees are expected to experience
modest increases.
The City Council has agreed to support the Marin Telecommunications •Agency in the funding of
the Community Media Center of Marin, by redirecting franchise fees over a four year period to
help them preserve their reserve levels and meet capital replacement needs. The impact to the
City's general fund revenues is limited to $172,443 over four years (approximately $43,000 per
year), depending upon the actual capital replacement needs of the Media Center. The Media
Center recently approved a plan to reduce this exposure.
Ex'I., e Factors
penaitur
Expenditures are projected to grow by 5. 6% in fiscal year 2014-2015; although because of
several one-time transfers (e.g., PG&E loans) in the current fiscal year, overall uses grow by
only 3.7%. The growth in expenditures is fueled by increases in staff and/or contractual services
($450,000), facilities repair ($375,000) and technology ($200,000). Personnel costs, including
step increases and contractual commitments also contribute to the projected growth.
Following two years of significant increases, MCERA rates decrease very slightly (i.e., less than
I% reduction in rate) in fiscal year i anticipates significant upward pressure on
future MCERA rates,, based on the MCERA board's indication that it will ate a review of
0
mortality trends. This review is highly likely to result in changes in assumptions that will
4-1
increase targg
et funding levels. MCERA contributions account for approximately 20% of eneral
fund expenditures, thus even relatively small changes in MCERA rates (which are largely a
function of actuarial assumptions and investment returns) have a significant impact on available
general fund resources. To address future rate volatility, staff has begun to employ a rate
stazation strategy that entails broadening the use of the employee retirement internal services
fund, a fund used historically for funding payments on the pension obligation bonds and making
supplemental payments to reduce the unfunded pension liability. Going forward, this fund will
include a provision by which additional funds will be contributed when budgeted MCERA costs
exceed actual costs or additionaL contribution sources are available. The enhanced contributions
to this fund provide a resource that can be used to buffer the impact of significant rate increases
on a particular year's operating budget.
Other Factors
The General Fund continues to have some financial exposure to the activities of the Successor
Agency, which supplanted the former Redevelopment Agency as of February 1, 2012. The
General Fund could be adversely affected by decisions of the Successor Agency Oversight
w
Board', the Department of Finance or the State Controller's Office with respect to allocations of
property tax increment to cover the administrative and other costs associated with the disposition
of Agency assets. Thus far, the financial impact has not been significant.
Although there is a long list of deferred facilities maintenance, unmet technology needs, and an
emergency reserve that remains significantly underfunded, the City's financial condition
continues to improve as demonstrated by the following accomplishments:
1. The City has been contributing one-time resources and positive operating results to re-
establish its emergency reserve, and to address deferred facility repair projects and other
issues of safety and preservation of City assets.
2. The City continues to fully fund the actuarially required contribution for retiree medical
benefits and pension.
3. The City continues to fund the Homeless Initiative Project without reducing other service
levels.
The City's current level of staffing, 383 FTE, is 14 percent below the peak of 445 FTE that was
supported in fiscal year 2007-2008, and at the same level that existed in the mid-to-late 1990's.
The erosion of staffing levels has significantly reduced the City's organizational capacity, and
leaves few resources available to proactively manage emerging issues, or to ensure smooth and
consistent continuity of services. The management team has considered the impact of the severe
restructuring on the City's ability to effectively and sustainably deliver services upon which the
residents depend.
To address the most severe capacity deficiencies while tempering increases to annual operating
costs, the City Manager has proposed allocating $450,000 for additional staffing or contractual
services to address such needs as: (1) analytical and decision -support needs in the public safety
and community services departments; (2) engineering project management; and (3) continued
contracted services for massage code enforcement. With City Council concurrence of this
recommendationadditional details and a formal request will be included in the final, proposed
budget in June.
Successor Agency
Prior to the State Legislature -initiated dissolution of the Redevelopment Agency in January
2012!City Council met as the Redevelopment Agency, and approved its annual budget as part of
the City-wide budget process. Under the current legislation, the Successor Agency is not
required to prepare an annual budget. All funding of the Successor Agency follows a different
process specified in the new law. Funding must be approved by the Successor Agency's
Oversight Board and the California Department of Finance for six month periods. The economic
development -related functions of the former Redevelopment Agency have been fully transferred
to the City Manager's office.
The San Rafael Successor Agency Oversight Board has approved the minimum allowable
administrative expenses of $250,000 annually for City staff time devoted to the dissolution of the
former Redevelopment Agency.
Capital Improvement Program
The Capital Improvement Program (CIP) will be covered in a separate report from Public Works.
The new and carried -over appropriations for fiscal year 2014-2015 are expected to equal
approximately $14 million from special revenue, grants and other funding sources. The chief
challenges of this activity include (1) project management capacity on active projects; (2) capital
project funding shortages beyond the first year of the CIP; and (3) ensuring that grant -supported
projects have sufficient project management and matching funds to take full advantage of the
grants.
Special Revenue and Grant Funds
These funds have restricted uses, based on their respective sources. One significant fund in this
group is the Paramedic Fund, which is presented to the City Council as a separate item in order
to establish the Paramedic Tax rates for fiscal year 2014-2015. The fund has planned
expenditures of $6.6 million for the upcoming fiscal year, of which $3.8 million, or 58%, comes
from the Paramedic Tax. The balance of the funding of this activity comes primarily from third -
party billings for emergency medical response services.
The Homeless Initiative fund was established to fund the Downtown Streets Team and other
efforts to support the actions recommended by the Homelessness Ad hoc Subcommittee and
approved by the City Council. The source of funding includes contributions from the City,
County of Marin and other organizations. Fiscal year 2014-2015 marks the second full year oil
operations for this program.
Measure A — Open Space is also in its second year. Funding for this activity is primarily
provided by a nine-year., county -wide sales tax that is managed by the County of Marin, with the
I
City providing discretionary contributions as needed. The focus for fiscal year 2014-2015, for
which $350,,000 in revenues is projected, remains on recreational facility improvements and
open -space enjoyment and safety. The fiscal year I' A — Open Space
Workplan, will be presented to the City Council separately.
Measure Cthe Library parcel tax, is 'Included in this group and is funded adequately to ensure
continuity of service levels in the next fiscal year. The purpose of the tax is to "augment the
capacity of the City of San Rafael to provide quality library services to its residents."
The Recreation and Childcare Funds, operated by Community Services are anticipating spending
plIns of $3.88 million and $3.87 millionrespectively. Fee income covers 68% of the Recreation
budget, while fee and grant income cover 98% of the Childcare budget.
Other significant funds in this category include Gas Tax, Sewer Maintenance, Storm Water,, a4
Business Improvement District. These funds are adequately funded to execute their respective
spending plans for fiscal year 2014-2015.
Enterprise Fund (Parking Services)
The sole fund in this category is the Parking Services Fund. Currently, operations are tunded via
parking fees and fines, and fund balance is the only resource with which to cover capital
improvements. The parking structures and lots have deferred maintenance issues that win need to
be addressed over the next few years, in order to preserve these revenue- generating assets. The
operating and capital expenditure budgets for this fund are $4.1 and $0.1 million. respectively.
7
Internal Service Funds and Capital Replacement Funds
These funds are usedto manae services that are delivered throughout the organiza
gtion. For
example, computer replacement, employee benefits, workers compensation, general liability and
vehicle replacement are funded via internal charges to the funds that uze these respective
services. These funds have sufficient resources to support services for fiscal year 2014-2015. The
technology internal service fund and the capital replacement funds (e.g., building maintenance,
equipment and vehicle replacement), remain underfunded with respect to the City's long-term
needs.
lq�
NEXT STEPS: Staff is preparing to return to Council at the meeting of June 16, 2014 with the
following items:
1. Fiscal Year 2013-2014 Final Budget Adjustments
2. Fiscal Year 2014-2015 City-wide Budget Adoption
FISCAL IMPACT: The preliminary fiscal year 2014-2015 budgets have been prepared for all
funds. Funding sources are sufficient to support the preliminary spending plans presented. The
preliminary General Fund budget does not use borrowed monies or reserves as resources with
which to fund current period operational expenditures.
RECOMMEDED ACTION: Direct staff to return on June 16,2014 with a final city-wide
budget, incorporating modifications or changes discussed at this City Council meeting.
ATTACHMENT
General Fund Preliminary Budget FY 2014-2015
Preliminary Budget for Other Funds FY 2014-2015
0
rojected
SoII� IIIurces
pl III III
Uses
Projected
Balances
(Revenues
(Expenditures
Balance
July 1, 2014
and
and
June 30 2015
Transfers)
Transfers)
General Fund
$51313!P29
$611 8764
i� i981
$64!P22 288
$10IVIII M11 55722
pecil Revenue/Grant/Trust
S a
24 791 003
201,816548
22 !1323 576
231,28 3975
Enterprise (Parking)
4,781,000
RE 41 IBM
�111= Wn
Internal Service
131194!527
9M94497
Capital Replacement
Debt Service
a Us
1 65!352
1 950M49
34400
A dJ for ISF Charges/Transfe cc,
M
0
(131,4281 52)
(13 42 8, 0 5 2)
City-wide Totals
$ 429554931 8
$939043,77III IIIIIIIIII 0
$ 909321111 8,28i !4
$4VI 5,III 26 99804
NEXT STEPS: Staff is preparing to return to Council at the meeting of June 16, 2014 with the
following items:
1. Fiscal Year 2013-2014 Final Budget Adjustments
2. Fiscal Year 2014-2015 City-wide Budget Adoption
FISCAL IMPACT: The preliminary fiscal year 2014-2015 budgets have been prepared for all
funds. Funding sources are sufficient to support the preliminary spending plans presented. The
preliminary General Fund budget does not use borrowed monies or reserves as resources with
which to fund current period operational expenditures.
RECOMMEDED ACTION: Direct staff to return on June 16,2014 with a final city-wide
budget, incorporating modifications or changes discussed at this City Council meeting.
ATTACHMENT
General Fund Preliminary Budget FY 2014-2015
Preliminary Budget for Other Funds FY 2014-2015
GENERAL FUND
PRELIMINARY BUDGET FY 2014-2015
REVENUES & OTHER OPERATIONAL SOURCES
Taxes
Property Tax and related
Sales Tax / Triple Flip
Sales Tax -Measure E
Franchise Tax
Business Tax
Transient Occupancy Tax
Other Agencies
CSA #19 Fire Service
VLF Backfill
Other Agencies (Prop 172, Owner Prop Tax, State Mandate, Other agencies)
EXHIBIT 1
153773,000
201423,900
111201,000
31307,739
21639,761
21421,000
11600,000
41591,000
777,712
Permits & Licenses (building, electrical, encroachment, use, alarm) 11883,000
Fine & Forfeitures (traffic, vehicle, etc.) 4631368
Interest & Rents (investment earnings, rents, etc.) 268,994
Charges for Services (includes dev't fees and plan review) 11977,000
Other Revenue (damage reimbursements, misc income) 5471299
Sub -total: Revenues 67,874v774
TRANSFERS IN
from SRSD Sewer Maint Fund -Admin. cost 251,057
from Parking Services Fund -Admin. cost 362,630
from Employee Retirement Fund -POB debt payment 276,520
Sub -total: Transfers In 890,207
E ow
EXPENDITURES AND OTHER OPERATIONAL USES
pow
Expenditures by Department
Finance
17840,334
Non -Departmental
27784,964
City Manager/City Council
27123,970
City Clerk
483,896
Mgt Serv: Adm, IT, HR, Pkg. Emg
11609,403
City Attorney
805,763
Community Development
31223,740
Police
20,678,083
Fire
15,8637538
Public Works
10,327,518
--Library --------------------------------------------------------------------------------------------------
2,781,229
---------------------------------- Su b -total: -Expend i1tu res -----------------------------------
$ 62�5221288 m
TRANSFERS OUT
to Childcare Fund -Operating support 100,000
to Recreation Fund -Operating support 11300,000
to Grant Fund -Homeless InitiativeProject------------------------------------------------------------ 100,000
----------------------------------�����# -Transfers Out ------------------------------------- $ 11500,000
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