FY 2019-20 Budget David Gaines Finance Director September 17, 2019
Key Budget Dates General Fund Five Year Forecast Presentation, Departmental Presentations ✓ June 18, 2019 Departmental Presentations ✓ June 25, 2019 2 nd General Fund Five Year Forecast Discussion, Departmental Presentations ✓ July 16, 2019 Departmental Presentations ✓ July 23, 2019 Final Certified Value Received ✓ July 24, 2019 1 st Budget Workshop – City Manager’s Proposed Budget Submitted to Council ✓ August 1, 2019 2 nd Budget Workshop ✓ August 13, 2019 3 rd Budget Workshop/1 st Public Hearing on Tax Rate ✓ August 20, 2019 2 nd Public Hearing on Tax Rate & Public Hearing on Budget ✓ September 10, 2019 Council Adopts Budget • September 17, 2019 September 10, 2019 - ID19-1882
Property Values and Tax Rate Current Tax Rate $0.620477 / $100 Proposed Tax Rate Maintenance & Operation $0.385364 / $100 Debt Service $0.205090 / $100 Total Proposed Tax Rate $0.590454/ $100 Effective Tax Rate $0.590454 / $100 Rollback Tax Rate (Current 8%) $0.633033/ $100 Future “Rollback Tax Rate” (Future 3.5%) $0.610501 / $100 (Beginning in FY2021 For Reference Only) Certified Taxable Value* $12,620,560,528 Freeze Adjusted Certified Taxable Value* $11,196,080,339 Value Increase 11.52% Value Increase 11.3% * Excluding TIRZ Values September 10, 2019 - ID19-1882
Return on Investment Other Revenues (ROI) 2.4% 6.6% Property Tax Transfers 35.7% 9.2% General Fund Revenue Licenses and Permits 4.9% FY 2019-20 Proposed Budget Fines and Fees 2.6% Service Fees 6.0% $136,335,942 Other Taxes 0.4% Franchise Agreements 3.4% Sales Tax 28.8% September 10, 2019 - ID19-1882
Building Inspections Comm Imp Services Other 2.5% 1.2% 12.4% Libraries Finance/Internal Audit 4.5% General Fund 1.0% Parks & Recreation Economic Development 9.0% Expenditures by 0.9% 380 Agreements 2.8% Function Planning 2.8% Legal/CMO/Judge Gas Well Inpections 4.1% 0.3% Comm Development Traffic/Transportation 1.2% 2.3% FY 2019-20 Public Safety Animal Services Communications 1.5% Proposed Budget 3.0% $136,461,548 Fire Police 23.4% 26.4% Municipal Court 0.9% September 10, 2019 - ID19-1882
FY 2019-20 Proposed Budget by Fund - $1,233,556,997 General Fund 11.1% General Debt Service Fund 7.4% Capital Budget Available Funding 29.7% Electric Fund 18.6% Capital Budget New Funding 11.0% Grants Water Fund 0.4% 4.1% Wastewater Fund Internal Service Funds Other Funds Street Improvement Fund Solid Waste Fund 3.1% 8.2% 2.0% 1.3% 3.1% August 1, 2019 - ID19-1710
Monthly Rate Impact – Average Residential Customer Increase/ % FY 2018-19 FY 2019-20 (Decrease) Change Electric (1,200 kWh/month) $124.80 $124.80 $0.00 0.00% Water $54.18 $54.18 $0.00 0.00% (9,200 gallons/month) Wastewater $31.15 $31.15 $0.00 0.00% (5,400 gallons/month) SW – Standard Cart $24.51 $24.51 $0.00 0.00% (standard sized cart) Total $234.64 $234.64 $0.00 0.00% September 10, 2019 - ID19-1882
September 10, 2019 - ID19-1882
Changes to Proposed Budget • Increased Development Service Fee Revenue $2.8 Million • Reduced Property Tax Rate to Effective Rate • Funded Development Fee Grant or Other Assistance an Additional $150,000 • Decreased Engineering Services Transfer $500,000 due to Engineering Review Fee changes • Increased Meet and Confer Allocation $60,000 ($510,000 total) • Increased City Council Contingency Budget from $1,600 to $1,700 • Increased Election Expenses by $50,000 for November and May elections • Included funding for Downtown Pressure Washing ($35,000) in the General Fund September 10, 2019 - ID19-1882
Revenue Assumptions Assessed Value Increases • FY 2019-20 – 11.52% (11.9% with TIRZ values) • 11.3% increase in Non-Frozen Values • FY 2020-21 and beyond – Assumes effective tax rate each year plus new value. • Proposed (Effective) tax rate of $0.590454 (3 Cent Decrease from Current Tax Rate) • Debt Service Portion of Tax Rate • Decrease of $0.00995 to $0.205090 in FY 2019-20 • M&O Portion of Tax Rate • Decrease of $0.020066 from $0.405432 in FY 2018-19 to $0.385364 in FY 2019-20 • Sales Tax • FY 2019-20 – 3.5% above the revised estimate for FY 2018-19 • FY 2020-21 and beyond – 3.5% increase • Franchise Fees • Assumed $650K decrease in FY 2019-20 projection • Result of SB 1152 change to Franchise Fee Payments • Increase in Development Service Fees • $2.8 Million increase based on revised fees following cost of service study • September 10, 2019 - ID19-1882
Average Taxable Value - History Fiscal Year Operations Rate Debt Rate Total Rate Average Taxable Value Average Tax Bill 2020 $0.385364 $0.20509 $0.59045 $248,909 $1,470 2019 $0.40543 $0.21505 $0.62048 $233,165 $1,447 2018 $0.43031 $0.20755 $0.63786 $214,136 $1,366 2017 $0.46674 $0.21660 $0.68334 $197,379 $1,349 2016 $0.47456 $0.21519 $0.68975 $179,149 $1,236 2015 $0.48119 $0.20856 $0.68975 $166,728 $1,150 2014 $0.47480 $0.21495 $0.68975 $157,039 $1,083 2013 $0.47088 $0.21887 $0.68975 $154,354 $1,065 2012 $0.47088 $0.21887 $0.68975 $154,282 $1,064 2011 $0.47088 $0.21887 $0.68975 $153,160 $1,056 September 10, 2019 - ID19-1882
Tax Rate - History $0.80000 $0.66652 $0.70000 $0.59045 $0.59815 $0.60000 $0.50815 $0.50000 $0.40000 Fiscal Year September 10, 2019 - ID19-1882
City Comparison Cents Over Proposed Tax City Population Water Rate Increase Wastewater Rate Increase Effective Rate Rate Denton 133,808 $0.0000 $0.59045 0% 0% Plano 288,061 $0.0000 $0.4482 2% 0% Mesquite 142,816 $0.0392 $0.7340 0% 0% McKinney 191,645 $0.0069 $0.5156 2% 6% Allen 103,383 $0.0024 $0.4890 8% 10% Richardson 120,981 $0.0353 $0.6252 7.5% 7.5% Garland 242,504 $0.0200 $0.7696 0% 3.96% Irving 195,218 $0.0269 $0.5941 2.6% 5.8% Arlington 398,112 $0.0440 $0.6240 2.5% 8% Grand Prairie 191,720 $0.0585 $0.6699 4.5% 4.5% Frisco 189,916 $0.0119 $0.4466 2% 2% Round Rock 116,120 $0.0370 $0.4390 0% 0% Carrollton 136,170 $0.0319 $0.5949 7.3% 7.3% Lewisville 105,640 $0.0299 $0.4433 1% 1% September 10, 2019 - ID19-1882
Building Inspections Comm Imp Services Other 2.5% 1.2% 12.4% Libraries 4.5% General Fund Finance/Internal Audit 1.0% Parks & Recreation Economic Development 9.0% Expenditures by 0.9% 380 Agreements 2.8% Function Planning 2.8% Legal/CMO/Judge Gas Well Inpections 4.1% 0.3% Comm Development Traffic/Transportation 1.2% 2.3% FY 2019-20 Public Safety Animal Services Communications 1.5% Proposed Budget 3.0% $136,461,548 Fire Police 23.4% 26.4% Municipal Court 0.9% September 10, 2019 - ID19-1882
General Fund Forecast – Development Fee Increase/Effective Tax Rate FY 2018-19 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-2022 FY 2022-23 FY 2023-2024 Budget Estimate Proposed Projected Projected Projected Projected Beginning Fund Balance $ 30,317,385 $ 30,317,385 $ 30,135,495 $ 29,974,888 $ 29,732,809 $ 29,323,681 $ 29,477,051 $ 46,259,982 $ 46,259,982 $ 48,629,397 $ 50,293,933 $ 51,856,989 $ 53,420,580 $ 54,984,724 Property Tax 41,425,582 37,953,567 39,281,942 40,656,810 42,079,798 43,552,591 45,076,932 Sales Tax 40,015,741 41,492,342 48,424,603 48,224,749 49,529,077 51,072,524 52,779,690 Other Revenues $ 127,701,305 $ 125,705,891 $ 136,335,942 $ 139,175,492 $ 143,465,865 $ 148,045,695 $ 152,841,346 Total Revenue $ 129,184,436 $ 125,435,880 $ 130,876,472 $ 138,617,572 $ 143,874,992 $ 147,892,325 $ 152,285,026 Base Expenditures* $ 5,140,591 $ 800,000 New Recurring Expenses $ 451,901 $ 479,485 New One-Time Expenses $ 129,184,436 $ 125,887,781 $ 136,496,548 $ 139,417,572 $ 143,874,992 $ 147,892,325 $ 152,285,026 Total Expenditures Ending Fund Balance $ 28,834,254 $ 30,135,495 $ 29,974,888 $ 29,732,809 $ 29,323,681 $ 29,477,051 $ 30,033,372 Change in Fund Balance $ (1,483,131) $ (181,890) $ (160,606) $ (242,080) $ (409,128) $ 153,370 $ 556,321 Fund Balance as % of Total Expenditures 22.32% 23.94% 21.96% 21.33% 20.38% 19.93% 19.72% September 10, 2019 - ID19-1882
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