Fiscal Year 2021 Fiscal Year 2016 Budget Proposed Budget
Fiscal Year 2021 Proposed Budget Outline ➢ Fund Structure ➢ Budget Process ➢ Budget Goals ➢ New Items in the Budget Document ➢ Fiscal Year 2021 Proposed Budget Overview
➢ Fund Structure The financial transactions of the Village are reported in individual funds. A Fund is a fiscal and accounting entity with a self-balancing set of accounts that records transactions that are segregated for the purpose of carrying on specific activities or attaining certain objectives. Funds are organized into three categories: governmental, proprietary, and fiduciary funds. This presentation will focus on the Village’s three Major Funds. Governmental Funds General Fund Proprietary Fund Electric Fund Water and Sewer Fund Village of Chatham Proprietary Governmental Fiduciary Funds Funds Funds Special Capital General Permanent Enterprise Revenue Trust Projects Fund Fund Funds Funds Fund Fund
➢ Budget Process ➢ February 2020 Revenue and preliminary payroll estimates completed. Preliminary budget numbers input for operating line items using same budget amounts as in Fiscal Year 2020 budget with the exception of debt service, electric, water and sewer expense ➢ March 1, 2020 – March 11, 2020 Preliminary budget results reviewed with the Village Manager and Budget materials assembled. ➢ March 12, 2020 – The Village Management team conducted their first meeting to discuss the 2021 Budget. ➢ March 17, 2020 – May 4, 2020 Work on Budget put on hold due to the COVID-19 Pandemic ➢ May 5, 2020 – May 26, 2020 Budget worked resumed, revenue estimates were adjusted for effects of pandemic and vacant positions were removed from budget. Meeting held with Management team and remainder of budget was reviewed for expenditure cuts ➢ June 9, 2020 – A budget status update is presented to the Village Board. Work on a preliminary budget document will resume ➢ June 23, 2020 – A presentation regarding the recommended Budget is presented to the Village Board ➢ July 14, 2020 - A Public Hearing is held and the Fiscal Year 2021 Appropriation Ordinance is adopted
➢ Budget Goals ➢ Customer Service - Provide outstanding customer service for our residents, business community and visitors. ➢ Performance - Provide efficient and streamlined services and processes for the community that are sustainable and which effectively utilize technology. ➢ Economic Development- Continue economic development efforts to provide financial stability by attracting new businesses to the area. ➢ Quality of Life - Make Chatham a place where people want to live, work, and play and create a legacy where people want to stay in the community after they “grow - up” and raise their own children.
➢ Items in Budget Document The Village’s Budget Document is still being assembled. The following items will be included in the final document. ➢ Estimated Changes in Fund Balance and Net Position – Shows an overview of the estimated effect of the Fiscal Year 2021 budget on each Fund’s Fund Balance or Net Position. ➢ Position Summary Schedule – Shows information on budgeted positions in the past two fiscal years and proposed 2021 budgets. ➢ Debt Service – This section discusses the Village’s legal debt margin as well as outstanding debt issues the Village has. ➢ Budget Summary – This section contains summary schedules and graphs that include all funds of the Village. ➢ Glossary – Definitions of terms found throughout the Village’s 2021 Budget Document
Village of Chatham Fiscal Year 2021 Proposed Budget Overview General Fund $5,672,635 Police Pension Police and Public Fund 4.5% Works Utility Tax Electric Fund 11,243,055 Veteran's Fund Yard Waste, Memorial Fund Water and Sewer Fund 7,375,492 Recycling and Motor Fuel Tax Refuse Fund 1.5% Capital Projects Fund 38,809 Fund 1% Capital Projects Village of Chatham Fiscal Year 2018 Proposed Yard Waste Recycling and Fund Refuse Fund 354,246 Budget Overview General Fund 22% Water and Sewer Police and Public Works Fund 28% Utility Tax Fund 36,530 Electric Fund 43% Police Pension Fund 1,137,950 Cemetery Perpetual Care Fund 83,489 Veteran's Memorial Fund 1,200 Motor Fuel Tax Fund 435,508 $26,378,914
Village of Chatham Fiscal Year 2021 Proposed Budget Overview Although a deficiency is shown in the budget columns, these are attributable to expenditures intended to be financed with restricted cash, issuance of debt, and fund reserves if sufficient cash is not produced by annual revenues. The 2019 Actual column and 2020 Projected column show total revenues exceeding total expenditures. 30,000,000 27,500,000 25,000,000 22,500,000 20,000,000 17,500,000 15,000,000 12,500,000 10,000,000 7,500,000 5,000,000 2,500,000 0 2019 2019 2020 2020 2020 2020 2021 2021 Actual Actual Budgeted Budgeted Projected Projected Budgeted Budgeted Expenditure Expenditure Expenditure Expenditure Revenue Revenue Revenue Revenue s s s s Expenditures to be paid with issuance of debt 500000 51,600 11627 259,751 Accrued time payouts to be funded with Cash on Hand 141,897 631,000 160,521 692,500 Capital expenditures and special projects and interfund debt 132,630 362,926 132,435 207,365 payments Estimated Operating Expenditures 22,482,811 25,607,533 22,881,359 25,219,298 Estimated Operating Revenue 24,598,958 25,612,813 23,952,653 25,315,983
Village of Chatham Fiscal Year 2020 Proposed Budget Overview Three Major Funds ➢ General Fund ➢ Electric Fund ➢ Water and Sewer Fund
General Fund The following pie chart details the estimated revenue for fiscal year 2021 for the General Fund. The General Funds’ main Revenue Sources are Property Tax, Sales Tax and Income Tax. These sources represent 65% of the General Fund Revenue. The State Shared Revenues (Income and Local Use Tax) were updated with the latest IML projections reflecting the effects of the COVID-19 pandemic from June 9, 2020. The Village is also estimating a 15% decline in Sales Tax Revenues. $1,420,635 Property Tax General Fund Estimated Revenue for the Fiscal Year Ended 4/30/2021 $5,166,470 Sales Tax 807,100 Income Tax 1,118,950 Road and Bridge Telecom Tax & Fines Licenses, Permits and Fees 139,350 Tax Grants Franchise Fees 1% Video Gaming Tax 2% 8% Utility Administration Fee 490,725 2% Local Use Tax 408,250 Local Use Tax 8% Video Gaming Tax 102,500 Utility Adm Fee Road and Bridge Tax 24,500 Property taxes 28% 10% Fines 68,200 Telecommunications Tax Sales taxes 16% Income taxes 21% and Franchise Fees 408,100 Miscellaneous 1% Licenses, Permits & Grants 105,550 Fees 3% Miscellaneous 72,610 Total Estimated Revenue $5,166,470
General Fund - Expenditures General Fund Expenditures by Dept. General Fund Expenditures by Type Office Expense Cemetery 1% Transfers 1% Public Works Supplies and Debt Service 1% 3% Equipment 2% 13% Admin Liability and Transfers 1% 18% Workmans Comp Insurance 1% Culture and Recreation 9% Grounds and Vehicle Personnel 78% Maintenance 5 % Public Safety 58% Professional Services 9% 2021 Proposed 2021 Budget Proposed Personnel $4,423,650 By Department Budget Professional Services 500,707 Administration $1,013,461 Maintenance 261,710 Cemetery 41,505 Insurance 103,300 Office expense 155,750 Parks and Recreation 535,312 Equipment and Supplies 129,609 Streets 766,018 Debt Service 59,100 Police 3,277,530 Transfers 38,809 Transfers 38,809 General Fund Appropriation $5,672,635 General Fund Total Appropriation $5,672,635 General Fund expenditures can be broken down into the following categories: Administration, Cemetery, Parks and Recreation, Streets, Debt Service and Public Safety. The chart above shows the allocation of financial resources between these categories as well as the allocation between Expenditure Types.
General Fund - Expenditures The total appropriation of the General Fund for fiscal year 2021 is greater than the estimated revenues for fiscal year 2021 in the amount of $506,165. This deficiency is attributable to expenditures in the General Fund intended to be financed with fund reserves or restricted cash on hand. The following are items that are included in the General Fund appropriation that if incurred will likely be funded by fund reserves or restricted cash. ➢ Transfer of funds received from subdivision settlement to Capital Project Fund to complete work on sidewalks $38,809 ➢ Estimated liability related to accrued benefits - $358,500 ➢ Park development $30,000 ➢ Purchases budgeted to be expended from cash on hand in the Police Department’s restricted cash accounts $32,300 ➢ Remaining budget deficit of $46,566
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