2015-16 Preliminary Budget Follow-up Council Briefing November 3, 2014 1.
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Transcript of 2015-16 Preliminary Budget Follow-up Council Briefing November 3, 2014 1.
2015-16 Preliminary Budget Follow-up
Council BriefingNovember 3, 2014
1
Goals for Tonight
• Review adjustments made to Preliminary Budget after presentation
o Increased Property Tax estimates to reflect most recent assessed valuation estimate
o Updated benefit rates per Association of Washington Cities adopted rates for 2015
o Add Economic Development supplemental budget as presented on October 20
o Increase funding for Evergreen Poolo Increase funding for implementation of Community Engagement
Plan
2
2015-2016 Budget Process
• Six-year Financial Forecast/Financial Policies/Public Hearing and Preliminary Operating and CIP Budgets/Human Services and Arts and Culture Funding/Budget Supplementary Package – June 23 through October 20
• Budget Follow-up/Financial Policy Discussion/Public Hearing – November 3
• Property Tax Levy/Proposed SWM Rate Ordinances introduced – November 3
• Budget Ordinance introduced – November 17• Property Tax Levy/SWM Rates Adopted – November 17• Budget Ordinance/Financial Policies Adopted – December 1
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Preliminary Budget Revisions
Increased Property Taxes by $20,000◦Updated Assessed Valuation from King County
Assessor’s Office ◦AV is still preliminary – will be finalized in December or
January◦Increased General Fund revenue by $10,000 each year
Increased B&O Tax Revenue by $860,000 for Economic Development Supplemental Budget package
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Preliminary Budget Revisions
Updated 2015 medical and dental benefit rates to reflect final rates adopted by carriers (also reduces 2016 estimates)◦Regence = 5% increase (Preliminary Budget = 10%)◦Group Health = 6% increase (Preliminary Budget = 7%)◦Delta Dental = 8% increase (Preliminary Budget = 6%)◦Willamette Dental = 0% increase (Preliminary Budget = 6%)◦Savings for Biennium
General Fund = $44,400 Street Fund = $7,425 Surface Water Management Fund = $9,650 City-wide savings = $61,475
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Preliminary Budget Revisions
Added Economic Development Supplemental Package – Expenditure Recommendations◦Added Economic Development Specialist position for
$213,610 over biennium◦Added Community-wide Branding effort - $120,000◦Added Downtown Mobility projects - $190,000◦Added Urban Land Institute for 1st Avenue development -
$150,000Added additional funding for Evergreen Pool - $20,000Added $100,000 for implementation of the
Community Engagement Plan6
Preliminary Budget Revisions General Fund
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2015 Preliminary
2015 Revisions
2015 Proposed
2016Preliminary
2016Revisions
2016 Proposed
Beginning Fund Balance
$7,858,755 $0 $7,858,755 $7,927,630 ($18,685) 7,908,945
Revenues 22,312,350 440,000 22,752,350 22,684,850 440,000 23,124,850
Transfers In 173,000 0 173,000 173,000 0 173,000
Total All Resources 30,344,105 440,000 30,784,105 30,785,480 421,315 31,206,795
Expenditures 22,206,475 458,685 22,665,160 22,679,285 290,525 22,969,810
Transfers Out 210,000 0 210,000 215,000 0 215,000
Total Exp. And Transfers
22,416,475 458,685 22,875,160 22,894,285 290,525 23,184,810
Ending Fund Balance
7,927,630 (18,685) 7,908,945 7,891,195 130,790 8,021,985
Total All Uses $30,344,105 $440,000 $30,784,105 $30,785,480 $421,315 $31,206,795
Preliminary Budget Revisions Street Fund
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2015 Preliminary
2015 Revisions
2015 Proposed
2016Preliminary
2016Revisions
2016 Proposed
Beginning Fund Balance
$981,995 $0 $981,995 $241,760 $3,485 245,245
Revenues 2,451,000 0 2,451,000 2,471,000 0 2,471,000
Transfers In 0 0 0 0 0 0
Total All Resources 3,432,995 0 3,432,995 2,712,760 3,485 2,716,245
Expenditures 1,683,235 (3,485) 1,679,750 1,684,470 (3,940) 1,680,530
Transfers Out 1,508,000 0 1,508,000 858,000 0 858,000
Total Exp. And Transfers
3,191,235 (3,485) 3,187,750 2,542,470 (3,940) 2,538,530
Ending Fund Balance
241,760 3,485 245,245 170,290 7,425 177,715
Total All Uses $3,432,995 $0 $3,432,995 $2,712,760 $3,485 $2,716,245
Preliminary Budget Revisions Surface Water Management Fund
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2015 Preliminary
2015 Revisions
2015 Proposed
2016Preliminary
2016Revisions
2016 Proposed
Beginning Fund Balance
$507,210 $0 $507,210 $255,460 $4,520 $259,980
Revenues 3,155,000 0 3,155,000 3,220,000 0 3,220,000
Transfers In 0 0 0 0 0 0
Total All Resources 3,662,210 0 3,662,210 3,475,460 4,520 3,479,980
Expenditures 2,266,750 (4,520) 2,262,230 2,295,695 (5,130) 2,290,565
Transfers Out 1,140,000 0 1,140,000 940,000 0 940,000
Total Exp. And Transfers
3,406,750 (4,520) 3,402,230 3,235,695 (5,130) 3,230,565
Ending Fund Balance
255,460 4,520 259,980 239,765 9,650 249,415
Total All Uses $3,662,210 $0 $3,662,210 $3,475,460 ($610) $3,479,980
Preliminary Budget Revisions Capital Improvement Program
Parks and General Government Fund
Recommend adding one unfunded project for Maintenance Facility/Emergency Operations Center
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:
Next Steps
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Action Timeline
Public Hearing on B&O Tax Increase November 17
Property Tax Levy Adopted November 17
SWM Rates Adopted November 17
Budget Ordinance/Financial Policy Discussion November 17
B&O Tax Ordinance Increase Discussion November 17
Budget Ordinance/Financial Policy/B&O Tax Ordinance Adoption December 1
Questions?
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