Tuesday, May 29 th , 2018 Helena P. Alves, CIA, MBA Finance - PowerPoint PPT Presentation

Tuesday, May 29 th , 2018 Helena P. Alves, CIA, MBA Finance Director Lina Williams 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 - May  Review 10 Year Infrastructure Plan  Departments Begin FY 2019 Budget Preparation  Second Quarter Review  Year to Date Budget Results Presentation

May – June  Fund Accounting & Long Term Planning Presentation  Property Tax & Other Revenues Presentation July - August  General Fund Budget Workshop  Adopt Maximum Millage Rate (August 4 th deadline)  Third Quarter Review  Capital Funds Budget Workshop  Proprietary & Special Revenue 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 2018 Year End Close-out  End of Year Review with Departments

Fund Accounting

 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.

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

 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

Long Term Financial Planning

Insight into Establishes Aligns the future the Helps Integral part financial Shows financial foundation achieve long- of Strategic capacity with financial capacity of for strategies term Planning long-term accountability our to be sustainability Process objectives organization developed

Include: • Analysis of financial environment Consider all Provide direction to the Lookout at least 5 years • Revenue & expenditure appropriated funds budget process forecasts • Consideration of our current debt position

Achieve full cost Enhance the Help achieve the Maintain or recovery, when long term Continue to objectives improve service possible, for the financial improve the City’s documented in financial position level standards provision of sustainability of the SAP services the City

Available Revenue & revenue Anticipated Condition of Economic Historical Future rate expenditure sources not deficits or reserves/fund growth trends increases currently surpluses balance projections being utilized

Long term Current state Sustainability Upcoming impact of Anticipated of the of current legislative current Bond ratings operational disaster expenditure changes action decisions reserves baseline being made

Annual Annual & Annual Budget Measuring 10 Year 5 Year Capital Quarterly Financial Document & Results Capital Improvement Progress Report Budget at a Document Funding Plan Plan Report (CAFR) Glance

Assumptions: CPI: 2% increase per year Assessed Value: 2.3% increase per year Communications Services Tax: Increase by CPI Personnel: Increase 4% per year

Assumptions: CPI: 2% increase per year Personnel: Increase 4% per year Water & WW Sales: Per Capital Finance Plan

Assumptions: Personnel: Increase 4% per year Stormwater Fees: Increase 0.5% per year

June 12 th Property Tax & Revenues Presentation July 10 th Budget Workshop - General Fund Adopt Maximum Millage Rate (August 4 th deadline) July 17 th July 31 st Budget Workshop – Capital Funds Aug 14 th Budget Workshop - Proprietary & Special Revenue Funds August 28 th Final Proposed Budget Presentation September: Public Hearing to adopt tentative millage rate and Budget & Final Public Hearing to adopt final millage and budget