Tuesday, April 25 th , 2017 Christopher M. Quinn, MACC, CPA, CFE, - PowerPoint PPT Presentation

Tuesday, April 25 th , 2017 Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Helena Alves, CIA, MBA Lina Williams Chief Accountant Budget Coordinator

January - March  First Quarter Review  Annual Financial Audit  Presentation of Annual Progress Report  Survey Results to City Council  Annual Update of the Strategic Action Plan April  Revise 10 Year Infrastructure Plan  Year to Date Budget Results Presentation  Fund Accounting & Revenue Presentation  Second Quarter Review  Departments Begin FY 2018 Budget Preparation

May – June  Long Term Financial Planning Presentation  Property Tax Review Presentation July - August  General Fund Budget Workshop  Adopt Maximum Millage Rate (August 4 th deadline)  Third Quarter Review  Proprietary, Special Revenue & Capital Funds Budget Workshop  Final Proposed Budget Presentation

September  Public Hearing to Tentatively Adopt Millage Rate & Budget  Public Hearing to Adopt Final Millage Rate & Budget October – December  FY 2017 Year End Close-out  End of Year Review with Departments

 Regulatory Authorities  Classification of Funds  Revenue Overview • Restricted vs. Unrestricted

Governmental State Government Federal Government Accounting Standards (Statutes, Department of Revenue, (IRS, SEC, GAO) Board (GASB) Rules of the Auditor General) Payroll taxes Exposure Drafts Truth in Millage (TRIM) Debt issuance Statements Grant compliance Grant compliance Technical Bulletins 1099 reporting Annual reporting Accounting and Financial requirements Yellow Book Reporting Guidance

 A fund is a segregated accounting entity (checkbook)  Tracks activities according to regulations, restrictions, or limitations.  Revenue, restricted for a specific purpose, cannot be used for general operations  Funds are divided into various types according to legal restrictions or their uses.

 Must comply with legal and external requirements.  Small County Surtax Capital projects  Utility Revenues Operation and expansion of utility system  Impact Fees Infrastructure capacity improvements related to growth  Grants Specific programs/projects DO NOT TOUCH Restricted Fund

Governmental Proprietary Fiduciary General fund Enterprise funds Trust funds Special revenue funds Capital projects funds Debt service funds Internal services funds Agency funds Permanent funds

Proprietary Governmental Fiduciary Funds Funds Funds Primarily Primarily Not the City’s supported by supported by money taxes user fees

Proprietary Governmental Fiduciary Funds Funds Funds General Fund Utility Fund Capital Projects VFF Pension Stormwater Fund Fund Fund Special Revenue Building Fund Funds

Proprietary Funds Governmental Funds Utility Administration & Finance Stormwater Public Safety (Fire & Police) Building Community Development Information Technology (excluding Building) Solid Waste Streets & Parks Maintenance Fleet Parks & Recreation Facilities

Definition Use Policy For emergencies General Fund or one time Utility Fund Accumulated expenditures Stormwater Fund (capital project) revenues Solid Waste Fund over Disaster Reserve Not meant to fund expenditures continuing Self Insured Fund operations Fleet Fund

Permits, Fees Judgments Inter- Miscellaneous Charges for Taxes and Special Fines and governmental Revenues & Services Revenue Other Sources Assessments Forfeits

2017 Revenues by Source

Discretionary Sales Local Option Fuel Ad Valorem Tax Surtaxes Tax (Property Tax) (Small County Surtax) Currently 6 cents per gallon on fuel Replaced Local Government purchased in Flagler County Infrastructure Surtax Based on taxable value of property Distributed per Inter-local .5 percent of the 7% sales tax agreement based on road miles collected in Flagler County Restricted to transportation Pursuant to an ordinance enacted expenditures by Flagler County Considered general revenue Currently allocated to the Streets Currently allocated to Capital Improvement Fund Projects Fund

Communications Public Service Taxes Business Tax Receipt Services Tax (Not currently in use) Applies to telecommunications, Electricity video, satellite and related Local services Water Rate of 5.22% Natural Gas Considered general Currently allocated to revenue Propane General Fund

State Revenue Fire Insurance Local Government Other Sharing Half-Cent Sales Tax Premium Tax Portion of State sales and use tax collections & one-cent Distributes a portion of the Grants municipal fuel tax state 6% sales tax (a)76.20% Sales & Use Tax collections Taxable sales within Flagler Volunteer Firefighters’ County Business Tax County Pension Receipts (b) 23.80% Fuel Tax and User Fees collections Currently allocated to Alcoholic Beverage License Currently allocated to General Fund tax General Fund (a) & Streets Improvement Fund (b)

Franchise Fees Special Assessments Solid Waste Old Kings Road Natural Gas Code Nuisance Utility (not in use)

Utility Fees Impact Fees Other Fees Water and Wastewater Annual Fire Inspections Water and Sewer Transportation State Road Maintenance Solid Waste Parks Recreation Fees Fire Planning Fees Stormwater School Building Permits & Inspections (remitted to Flagler County Schools)

Local Ordinance Citations & Violations Violations Parking Tickets Code Fines Traffic Citations Animal Control

Inter-fund Internal Debt Proceeds Transfers Charges Fleet Replacement Payment-In-Lieu- & Maintenance Loans of-Taxes (PILOT) Facilities Maintenance Tax Increment for Bonds the CRA IT Allocation

Building Permit Fire Insurance Fuel Tax Police Local Option & Inspection Premium Tax Refund Education Fuel Tax Fees Construction Volunteer & Law Applied solely Transportation Firefighters maintenance Enforcement to BPI costs expenditures pension of roads

State Revenue Tax Increment Special Impact Fees Sharing (b) 24.86 % Revenue (CRA) Assessments Transportation Capacity Purpose of Per CRA plan expenditures improvements assessments

Water & Sewer Small County Surtax Stormwater Fee Disaster Reserve Charges Restricted by Restricted by Bond Restricted by loan Flagler County Restricted by City Covenants & City covenants & City Ordinance Council Council Council Used for construction & improvement of Used to maintain Used to maintain Used for costs public facilities, system & debt system & debt related to a operating service service disaster expenses etc…

In Use Not Currently in Use Ad Valorem Tax Utility Franchise Fee Alcoholic Beverage License Business Tax Receipts Communication Services Tax Natural Gas Franchise Fee Half-Cent Sales Tax Public Service (Utility) Tax Solid Waste Franchise Fee State Revenue Sharing (a) 76.20%

May 15 th Long Term Financial Planning Presentation June 13 th Property Tax Presentation July 11 th Budget Workshop - General Fund Adopt Maximum Millage Rate (August 4 th deadline) July 18 th August 8 th Budget Workshop – Proprietary Special Revenue Funds & Capital Funds August 29 th Final Proposed Budget Presentation September: Public Hearing to adopt tentative millage rate and Budget & Final Public Hearing to adopt final millage and budget