FY18 Budget Closeout December 5, 2018 1
FY18 Budget Closeout Goals for today 1. Review FY18 priorities and progress 2. Review fiscal results from FY18 budget plan 3. Request your approval of final closeout actions Background • FY18 budget was developed through 10 public meetings and workshops • Annual City Commission retreat established priorities • FY18 was a hold the line budget, with departments using continuous improvement for efficiency and effectiveness of city services consistent with organizational values. 2
FY18 Budget Process City Commission Priorities • City Commission leadership on public safety is paying off; crime is at a five-year low. • Investment in infrastructure resulted in six times more lane miles of road repaired in 2018 than in 2015, and a total of 21,294 sidewalk trip hazards removed since January 2017. • Economic development efforts contributed to strong economic growth. Budget Assumptions • Municipal Cost Comparison for both residential and commercial properties – Tallahassee is 2 nd lowest among 11 municipalities in cost for taxes, rates and fees. 3
FY18 Budget Process Budget Assumptions (cont.) • The city evaluates the financial viability of the organization through its level of reserves, debt service and ensuring that our bond ratings meet policy requirements. Each is consistently evaluated, and have been confirmed to be viable for the long term. • City infrastructure investment is based on a multi-year plan that continues with $6.5 million spent on increased maintenance and new construction efforts for sidewalks and roadways. • Transparency with OpenGov, online budget at Talgov, timely budget workshops to discuss current progress and future strategic planning to ensure efficiency and effectiveness. 4
FY18 Budget Closeout Summary The operating and capital funds for FY18 have been closed in accordance with the City’s budget and accounting policies. FY18 Closeout Summary by Operating Fund Fund FY18 Amended FY18 Actual FY18 Actual FY18 Actual Fund Name Number Expense Budget Expenditures Revenues Variance General 001 $ 154,373,088 $ 151,523,440 $ 151,232,467 (290,973) Building Inspections 120 3,491,062 3,675,154 4,575,174 900,020 Fire 130 44,905,175 43,929,638 44,222,383 292,745 Electric 400 297,055,808 280,406,276 282,697,958 2,291,682 Gas 430 28,270,344 27,026,996 29,262,641 2,235,645 Water 460 35,275,243 33,905,984 34,527,906 621,922 Sewer 500 67,250,473 62,723,040 66,668,644 3,945,604 Aviation 540 10,216,944 9,924,285 11,906,164 1,981,879 Starmetro 580 16,757,139 17,319,520 17,319,520 - Solid Waste 600 29,234,309 26,292,599 25,005,180 (1,287,419) Stormwater 605 17,928,464 16,904,844 18,211,412 1,306,568 Golf 615 1,088,317 917,704 767,345 (150,359) Cemetery 840 479,148 382,658 225,989 (156,669) 5
FY18 General Fund The General Fund ended the year balanced as a result of Commission direction and staff actions throughout the year. • General fund expenditures were $3 million less than budgeted, primarily in contracts, supplies and other operating expense. • General fund revenues, while varied and thorough, continue to be soft. • The closeout accounts for the Monroe St. drive through property sale, open purchase orders and extended operating projects, which were used to balance the General Fund. 6
FY18 Operating Funds • Building fund, with a high volume of permits, increased staffing to meet demand. Surplus of $900,0000 is to be used within the Building Inspections Fund per state law. • Fire services fund is in the third year of the five year cycle. Revenues and expenses were both under budget resulting in a surplus of $292,745 transferred to the Fire Fund Operating Reserve. • Utility funds surpluses are used to re-invest in future capital, saving interest from debt service. payments. • Cemetery fund is balanced utilizing a planned transfer from the Perpetual Care Trust Fund, nearly 50% less than budgeted. 7
FY18 Operating Funds • Solid Waste is balanced with a transfer from reserve, as anticipated in the approved budget. Disposal cost and recycling revenue will continue to be an area to monitor. • Aviation - $1.9 million surplus transferred to Airport RR&I fund (60%) and Airline Revenue Sharing fund (40%) per Airline Use and Lease agreements per City policy. • Golf fund is balanced with a transfer from the Golf Course RR&I fund. • The operating and capital funds for FY18 have been closed in accordance with the City’s budget and accounting policies. 8
FY18 Closeout Overview Accept the closeout report as presented, authorize all year-end and current year budget adjustments as detailed in the agenda item and provide feedback for the 2020 Budget process. These actions include: • Approve FY18 year end transfers between funds and to RR&I/reserves as detailed in the agenda item. • Authorize use of concurrency funding for StarMetro shelters in FY19. 9
Key Dates Steps in the annual budget process: • FY18 Budget Closeout Agenda – Dec. 5, 2018 • FY19 City Commission Retreat – Jan. 16, 2019 • FY19 1st Quarter Budget Workshop – Feb. 20, 2019 • FY20 Capital Budget Priorities Workshop – Feb. 20, 2019 • FY19 2nd Quarter Budget Agenda Item – May 15, 2019 • FY19 3rd Quarter Budget Workshop – July 10, 2019 • FY20 Tentative millage rate workshop – July 10, 2019 • FY20 Tentative Budget Public Hearing – Sept. 11, 2019 • FY20 Final Budget Public Hearing – Sept. 25, 2019 • Questions? 10
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