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Budget Informational Budget Informational MeetingMeeting
Great Falls Council of Councils Meeting
May 27, 2014
Budget Drivers FY15Budget Drivers FY15 (and (and beyond)beyond)Slow property tax growth Department reliance on General
Fund Subsidy Electric City Power SettlementCapital Planning – Facility
◦Deferred Maintenance◦Some equipment (fire trucks)
The PlanThe Plan↑ ↑ Economic Development↔ Stabilize the budget ↓ General Fund Support↑ Capital Planning - Facility↑ Debt/Operational FlexibilityBudget process overhaul
◦ Service review ◦ Fee review◦ Fund review◦ Quarterly budget meetings
Determine Resident Priorities
New Taxable RevenuesNew Taxable Revenues
General Fund SubsidiesGeneral Fund SubsidiesSupport Area 2011 2012 2013 2014
City County Health $250,000 $250,000 $250,000 $250,000City Band $4,500 $4,500 $4,500 $0GFDA $100,000 $50,000 $0 $0Tennis Court $0 $4,000 $4,000 $0Natural Resources $264,918 $264,918 $264,918 $164,918Planning $199,951 $168,148 $158,825 $100,000Swimming Pools $414,389 $414,389 $414,389 $214,389Recreation Center $153,729 $153,729 $153,729 $59,226Multisport $0 $0 $0 $0IT $11,772 $11,772 $12,695 $0Engineering $126,287 $126,287 $126,287 $63,143Civic Center Events $214,727 $214,727 $214,727 $114,727Golf Course $100,000 $100,000 $0 $0
Deficit and Cash Flow Deficit and Cash Flow (now)(now)
General Obligation Note $1.2 million
Accrued Payables (interest) $9,133Due to other City Funds $5.4 millionWater Credit $1.2 millionAdvances to other Funds Securities $1.4 million
$9.2 million
Settlement FundingSettlement FundingPayment #1 Balance
As of (3/31/14)
Central Garage $905,000 $2,883,802Information Tech $200,000 $157,481Fiscal Services $325,000 ($63,647)Engineering $250,000 $235,185Public Work Admin $100,000 $230,607Insurance & Safety $200,000 $239,676Hazard Removal $100,000 $1,845Economic Revolving $420,000 $280,141
$2,500,000 $3,965,090General Fund ($1,258,040)
Payment #2Tax Revenue $750,000
Total $3,250,000
ECP General Fund Impact?ECP General Fund Impact?
General Fund General Fund Undesignated Undesignated Fund BalanceFund Balance
9
Projected Fund Balance End FY14 $2,164,958 (or 8.4%)
FY15 12%
17%
Moody’s CommentsMoody’s CommentsSTRENGTHS
A sizeable and stable tax base
Strong management team that is seeking to minimize or eliminate enterprise risks
Manageable direct debt burden with rapid repayment
CHALLENGES
Weak financial position as a result of a recent legal settlement involving its electric enterprise
Below-average socioeconomic measures
City’s Rating
General Fund Revenues FY14General Fund Revenues FY14
General Fund Expenditures General Fund Expenditures FY14FY14
GF Break Down - GF Break Down - DepartmentsDepartments
Recovery ProcessRecovery ProcessBudget stabilityRestore Fund Balance - Policy
(17%)Review fees citywideLimit General Fund support Prioritize Services
◦No new services/limited program expansion
Partnerships
Recovery Process Con’tRecovery Process Con’tRebuild Public Trust
◦Educate citizenryRealign City Services
◦Demonstrate that we’ve done everything possible operationally before…
◦Focus on Department Core Services What do we want to be the best at?
Capital Investment◦Facility plan under development ◦Equipment plan stable
Future BudgetsFuture BudgetsAssumptions
◦Little support for another levy◦Slow growth – slow tax revenue
TIFs/Abatements
◦Service Menu Too Full The more government does…
Deferred Maintenance/Capital◦Bond Levees for large capital and
equipment