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Home My WebLink AboutPOWERPOINT PRESENTATION - BUDGET WORKSHOPProposed Budget FY 2014-1 5 US IN FY 2014-1 5 Total Expenses 0 Gas Tax Fund $2,644,660_ 2% CIP Fund $4,820,000 4% Measure "M" Funds $8,895,300 \ 7%_ General Fund $50,398,600 41% Park Funds $973,500 1% All Other Sources $14,492,100 _12% Internal Service Funds $6,561,300 5% Water Funds $17,685,192 14% Special Districts Funds $191,700 <1% FF----- CDBG Funds $1,156,600 1% Community Facilities Districts Funds $16,145,156 13% KA FY 2014-1 5 Total Revenue Park Funds Special Districts Funds $196,500 $1,600 <1% <1%_ Measure "M" Funds \ $8,969,988 5% Internal Service Funds ~� $4,244,000 3% General Fund $50,563,400 31% Water Enterprise Funds $20,598,300 13% All Other Sources $66,296,900 40% Capital Gas Tax Fund Improvement $2,014,100 Fund 1% $1,964,700 1% CDBG Funds $1,156,600 1% Community Facilities Districts Funds $7,896,500 5% 91 FY 2014-15 Use of Funds FUND 14/15 PROPOSED EXPENDITURES $ GENERAL FUND 50,398,600 BACKBONE FEE FUND 1,750,000 EQUIPMENT/VEHICLE REPLACEMENT FUND 2,583,000 INFORMATION TECHNOLOGY FUND 1,510,000 LAND HELD FOR RESALE FUND 9,705,000 SPECIAL RESERVE 0 TUSTIN SL 1,419,500 CAPITAL PROJECT FUND - CIP 4,820,000 PARK DEVELOPMENT 973,500 95-1 CONST. / DEBT SERVICE 191,700 ASSET FORFEITURE 320,000 CDBG 1,156,600 CFD 04-1 / 06-1 / 07-1 16,145,156 GAS TAX 2,644,660 LIABILITY 798,400 MEASURE M 8,895,300 SCAQMD FUND 100,000 SUPPL. LAW ENFORCEMENT 98,500 TUSTIN HOUSING AUTHORITY 366,400 TUSTIN LLD 732,700 UNEMPLOYMENT 75,000 WATER ENTERPRISE 17,685,192 WORKER'S COMP. 1,594,900 TOTAL: 123,964,108 NON -RESTRICTED PARTIALLY RESTRICTED RESTRICTED FY 2014-1 5 General Fund Expenses Police Services $23,141,600 46% Parks and Recreation $3,103,600 6% City Attorney $550,000 City Clerk 1% $430,400 1 _1% Public Works 9,451,800 19% Contract Fire Services $6,565,200 L 13% Non -Departmental $1,062,600 2% City Council $47,400 <1% City Manager $1,354,000 3% -Community Development $2,850,700 6% `Finance $1,120,600 2% Human Resources $720,700 1% Includes: Retiree Health Insurance, Animal Control Contract 5 FY 2014-1 5 General Fund Revenue Use of Property Various Taxes Admin Fee & All Other $762,000 1,458,300 Sources 1% 3% $4,052,000 Fines and Forfeitures 8% $726,000 Sales Tax 1% $22,320,400 44% Residua $1 Rei Agencies $70,000 <1% Recreation Fees VLF $777,500 $5,940,000 2% 12% '723,443,. UU 17% Ase Fees '65,000 3% Interest Income $103,000 <1% s/Permits/Fee .,846,500 4% -ime / Successor ency Transfer $814,000 2% of Reserves irry-Over CI Property Tax $ 9 c O $8 $6 .s $3 M $1 $0 08-09 X8.2 09-10 10-11 11-12 12-13 13-14 $8.4 14-15 7 Property Tax Distribution Tustin Unified $0.440 School District ERAF $0.176 CITY OF TUSTIN $0.127 SOCCCD $0.089 County of Orange $0.062 OC Flood Control Dist. $0.020 OC Library Dist $0.017 OC Dept. of Education $0.016 Various Special Districts $0.054 E:3 ales Tax $25 20.0% 0 15.0% $20 10.0% $15 $10 5.0% 0.0% -5.0% -10.0% $5 \ j -15.0% -20.0% 0 0 08-09 09-10 10-11 11-12 1213 13-14 14-15 -25.0% Projected Proposed Sales Tax $19,802,70 $15,671,03 $18,342,28 $19,666,67 $21,276,99 $22,007,90 $22,320,40 — Sales Tax % Change -3.1% -20.9% 17.0% 7.2% 8.2% 3.4% 1.4% 1 -�&, % Change Ge Cost of mandates $1.2 million due to State/Federal Water Quality Regulations $1.2 million for Measure M2 Compliance General Fund Reserve Policy requires 20% Proposed 2014-15 expenditures reserve is 33% of General Fund [to] Projected GF Fund Balance Staff projects the fiscal year 2014-15 General Fund fund balance at $16.7 miIIion Fund balance is 33% of General Fund Expenditures Projected 14/15 14/15 14/15 14/15 Projected Ending Proposed Proposed Proposed Proposed Ending Balance Balance One -Time Transfer In / One -Time Fund Description 06/30/14 Cash Revenues Expenditures Transfer Out 06/30/15 100 General Fund $16,499,869 $814,000 $49,749,400 50,398,600 0 $16,664,669 Staff projects the fiscal year 2014-15 General Fund fund balance at $16.7 miIIion Fund balance is 33% of General Fund Expenditures Purpose of Reserves Cash flow Emergencies/ contingencies Internal financing (preserving current service levels) MA Successor Agency: State Department of Finance on May l st 2014 issued the Finding of Completion to the City dated May 15, 2013. Allows the City to move forward with expending MCAS Tax Allocation Bonds -- $32 Million Used for Backbone Infrastructure at Tustin Legacy a] Successor Agency - Recognized Obligation Payment Schedule (ROPS) State Department of Finance letter on May 16th 2014 approved the 14-1 5A ROPS with several denials and adjustments: ROPS 14-15 A Total RPTTF Request: $14,310,462 Total DOF Denials: ($9,470,666) Administrative Allowance: $2501000 Total RPTTF Amount Approved: $510891796 Other Adjustments: ($461,069) Total RPTTF Distributed to Sucessor Agency: $4,628,727 El Successor Agency - Recognized Obligation Payment Schedule (ROPS) Administrative Cost Allocation isn't sufficient to meet projected administrative expenditures of the Successor Agency 3% of RPTTF or $250,000 for fiscal year Approved ROPS 14-15A -Admin allocation: $250,000 Approved RPTTF: $4,839,796 Admin Allocation @ 3% of RPTTF: $1455194 Minimum RPTTF: $2505000 15 Property tax revenue - 2.6% greater than 2013-14 Sales tax revenue - 1 .4% greater than 2013-14 General Fund expenditures are about the same as the budget for the prior fiscal year Operating expenditures increased by $272297398 Includes Measure M2 MOE funding in GF Increase in Professional & Consulting services Increase in Fire Service contract Includes Successor Agency costs 10 FY 2014-15 Capital Improvement Projects Tustin Legacy $30,679,792 62% Water Facilities $9,317,350 Flood Control 19% Facilities Park r-arilitipc $2,561,126 $1,066,000 2% blic Facilities 'P2,423,995 5% raffic Control Facilities $907,546 2% irtation ities .?4,wb,314 5% 17 Budget & Fiscal Policy Formalizes the philosophy and intent of the City in conducting financial matters. Reinforces the importance of long-range financial planning. Correlates to strategic plan to develop and communicate a comprehensive set of financial policies. Reviewed, approved and recommended by the Audit Commission. Highlights: City to maintain a structurally balanced budget (recurring revenues should equal or exceed recurring expenditures) Fund balance and reserves, future development, user fee cost recovery goals and general revenue management. Audit Commission recommends a two year budget process to emphasize long-range planning and effective program management. I:3 Questions 001