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Home My WebLink AboutPOWERPOINT PRESENTATION MID - YEAR BUDGET REVIEWMid -Year Budget FY 2013 -14 TUS IN HISTORY BUILDING OUR FUTURE HONORING OUR PAST .R w FY 13/14 Mid -Year General Fund Projected General Fund Revenue June 30, 2014 Mid -Year FY13/14 projected revenue is $49,945,723 4.5% or $2,181,323 greater than the amended budget: $47,761,400 Major contributors to this change in revenues: Building permit & plan check: $1,602,000 Residual property tax: $550,000 N Sales Tax $25 20.0% 0 15.0% $20 Al N 10.0% $15 $10 5.0% 0.0% -5.0% -10.0% $5 �— \ I -15.0% - 20.0'/ $0 08 -09 09 -10 10-11 11 -12 12/13 13 -14 14 -15 -25.0% Projected Projected Sales Tax $19,802,70 $15,671,03 $18,342,28 $19,666,67 $21,276,99 $22,007,90 $22,766,00 Sales Tax %Change -3.1% -20.9% 17.0% 7.2% 8.29/03.4% 3.4% --F% Change 3 Property Tax $9 0 $8 $7 $6 - $5 $4 $3 $2 $1 - $0 08 -09 L r r r r 09 -10 3.0 10 -11 11 -12 12/13 13 -14 Adopted 13 -14 Projected m FY 13/14 Mid -Year General Fund Cont. Building permit &plan check revenues Development activity at Tustin Legacy Economic recovery Increased revenues are offset by increased expenditure Supplemental appropriation of $171,500 for FY 2013 -14 FY 2013 -14: $2,833,100 5 FY 13/14 Mid -Year General Fund Cont. Residual Property Taxes AB X1 26 & AB 1484 Distribution of Redevelopment Property Tax Trust Fund (formerly tax increment) Pass - through payments County administrative fees ROPS enforceable obligations Successor agency administrative cost allowance (3% of ROPS) Any remaining amounts (residual) will be distributed to all taxing entities Projected FY 2013 -14 revenue: $1,000,000 1 FY 13/14 Mid -Year General Fund Cont. Total General Fund expenditures: $48,145,458 Non - Departmental, Other 1,156 3° Successor A RDA, 37,20 Parks and Recreation 3,031,937 6% Fire Service! 6,181,900 13% Police 23,0 4 City Attorney City Council, 59,868, 551,000 City Manager x,049,906 2% Finance 1,090,286 2% man Resources 615,852 1% Community ievelopment 2,882,404 6% Works G9,729 7% VA FY 13/14 Mid -Year General Fund Cont. Budget as of July 1, 2013: Planned Use of Reserves : $327,150 Mid -Year Budget: Operating surplus (excludes one -time transfers): $1,261,265 How did we get here: Increased building permit & plan check revenue Increased residual property tax revenue FY 13/14 Mid -Year General Fund Cont. Projected Year End Fund Balance Mid -Year budget: $14,970,226 31 % of General Fund Expenditures (excludes one- time transfers) Necessary for cash -flow Meets the City Council reserve policy of 20% General Fund reserve 01 FY 13/14 Mid -Year —All Funds 10 13/14 Projected 13/14 Projected Year -End FUND Expenditures ($) Fund Balance ($) GENERAL FUND 48,145,458 14,970,226 OBLG REIMB FRM SUCCESSOR AGNCY 950,000 (13,324) BACKBONE FEE FUND 12,363,349 7,251,994 LAND HELD FOR RESALE 14,069,141 22,551,222 EQUIP. REPLACEMENT FUND 3,488,526 2,352,449 INFORMATION TECHNOLOGY FUND 1,573,655 183,095 TUSTIN SL 570,000 1,915,885 CAPITAL PROJECT FUND - CIP 10,913,373 291,670 PARK DEVELOPMENT/ LEGACY 515,753 7,831,491 AD 95 -1 CONSTRUCTION 288,136 3,624,465 AIR QUALITY MANAGEMENT DISTRICT 140,000 104,428 ASSET FORFEITURE 252,000 425,002 CDBG 486,005 0 CFD 04 -1 / 06 -1 / 07 -1 CONST. 17,395,536 23,011,576 GAS TAX 2,148,915 4,782,536 LIABILITY 807,262 379,922 MEASURE M / M2 2,509,486 8,238,486 SUPPL. LAW ENFORCEMENT 149,353 2,185 TUSTIN HOUSING AUTHORITY 264,944 993,565 TUSTIN LLD 726,700 (63,161) UNEMPLOYMENT 75,000 20,113 WATER ENTERPRISE 16,139,710 12,094,620 WORKER'S COMPENSATION 771,800 2,445,978 TOTAL: 134,744,101 1 113,394,426 NON - RESTRICTED PARTIALLY RESTRICTED RESTRICTED 10 FY 13/14 Mid -Year — Capital Projects Amended Category Budget FY 13/14 Projected Expenditure FY 13/14 FY 14/15 Project Carryovers Flood Control Facilities $216801068 $6911194 $119881874 Park Facilities $6361707 $6211920 $141787 Public Facilities $210841547 $116021302 $4821245 Traffic Control Facilities $110921086 $8051458 $2861628 Transportation Facilities $517921821 $419591116 $8331705 Legacy Development $7114441117 $4115401131 $2919031986 Water Facilities $1113921153 $211721602 $912191551 $9591229499 $5293929723 $4297299776 11 FY 13/14 Mid -Year —All Funds Cont. Increased expenditures General Fund: increase of $171,500 consultant costs associated with increase building permit and plan check activity due to Tustin Legacy development. The expenditures are offset by revenue Approve supplemental appropriation of $171,500 General Fund: appropriation of $41,716 of grant revenue from the Board of State and Community Corrections for the purchase of a camera system on the southern hangar. Approve supplemental appropriation of $41,716 12 FY 13/14 Mid -Year —All Funds Cont. Remove Recommendation item #3 Land Proceeds Fund: The supplemental appropriation of $2,000,000 is no longer needed as there's sufficient appropriation in the Backbone Fee Fund. Remove recommendation item #3 from the agenda 13 FY 13/14 Mid -Year —All Funds Cont. Increased expenditures Park Development Fund: increase of $150,000 for expenditures on the Cedar Grove playground renovation and Clifton C. Miller Community Center kitchen remodel. Approve supplemental appropriation of $150,000 Asset Forfeiture Fund: increase of $65,000 for expenditures associated with the emergency operation center upgrades. Approve supplemental appropriation of $65,000 Equipment Replacement Fund: increase of $674,000 for expenditures associated with the acquisition of new building permit software ($500,000), servers and storage units ($150,000), and repairs to the mobile data computer in the police cars ($24,000). Approve supplemental appropriation of $674,000 14 FY 13/14 Mid -Year —All Funds Cont. Increased expenditures Water Enterprise Fund: increase of $583,000 for increase production costs associated with delivering water to residents. The treatment plant (17th St Desalter) has been off -line for longer than originally anticipated therefore more water must be purchase from Metropolitan Water District of Southern California. Approve supplemental appropriation of $583,000 Assessment District 95 -1: increase of $26,000 for expenditures associated with irrigation improvements in the Lighting and Landscape District. Approve supplemental appropriation of $26,000 15 FY 13/14 Mid -Year —All Funds Cont. Increased expenditures Community Facilities District 07 -1 Debt Service Fund: increase of $236,000 for expenditures associated with administrative fees that are charged to the agency fund. Approve supplemental appropriation of $236,000 Tustin Legacy Park Development Fund: increase of $2,022 for expenditures associated with bank service fees. Approve supplemental appropriation of $2,022 W. Questions 17