City of Fillmore

City of Fillmore City of Fillmore

2009/10 Midyear Budget Review2009/10 Midyear Budget ReviewMarch 9, 2010March 9, 2010

City of Fillmore 2009/10 City of Fillmore 2009/10 MidyearMidyear

Budget Adoption and Review Budget Adoption and Review August 25, 2009 – City of Fillmore August 25, 2009 – City of Fillmore

Adopted its Budget for the 2009/10 Adopted its Budget for the 2009/10 fiscal year.fiscal year.

March 9, 2010 – City of Fillmore March 9, 2010 – City of Fillmore performed its 2009/10 Midyear Budget performed its 2009/10 Midyear Budget ReviewReview

June, 2010 – City of Fillmore adjusts June, 2010 – City of Fillmore adjusts 2009/10 and adopts 2010/11 Budget2009/10 and adopts 2010/11 Budget

Two major fund groups in the reportTwo major fund groups in the report

1.1. Operating Funds Operating Funds A.A. GeneralGeneral

B.B. Special RevenueSpecial Revenue

C.C. EnterpriseEnterprise

D.D. Debt Service (except redevelopment)Debt Service (except redevelopment)

2.2. Capital ImprovementsCapital Improvements



• Report starts with balances derived from Report starts with balances derived from audited numbersaudited numbers

• Converts balances into “available balances” by Converts balances into “available balances” by reviewing balance sheet accounts.reviewing balance sheet accounts.

GENERAL FUNDGENERAL FUND AmountAmountCurrent AssetsCurrent Assets $ 6.7 million$ 6.7 million

Current Liabilities and Current Liabilities and Restricted ReservesRestricted Reserves

$ 3.7 million$ 3.7 million

Available BalanceAvailable Balance $ 3.0 million$ 3.0 million


• July 1, 2009 beginning balances in the July 1, 2009 beginning balances in the adopted budget are estimated.adopted budget are estimated.

• July 1, 2009 beginning balances in the July 1, 2009 beginning balances in the Midyear Report are audited numbers.Midyear Report are audited numbers.

Operating Operating FundsFunds

Per Adopted Per Adopted 2009/10 2009/10 BudgetBudget

Using Audited Using Audited Beg. BalanceBeg. Balance

7/1/09 Balance7/1/09 Balance $ 33.0 million. $ 33.0 million. $ 37.5 million.$ 37.5 million.

Net ChangeNet Change ($ 2.7 million)($ 2.7 million) ($ 2.7 million)($ 2.7 million)

6/30/10 Balance6/30/10 Balance $ 30.3 million.$ 30.3 million. $ 34.8 million.$ 34.8 million.

General Fund Revenue AdjustmentsGeneral Fund Revenue Adjustments


Secured Property TaxSecured Property Tax ($ 1.000 ($ 1.000 Million)Million)

Secured Property Secured Property TaxTax

($ 1.000 ($ 1.000 Million)Million)



HistoryHistory Triple Flip Triple Flip Rec’dRec’d

FY 2005-2006FY 2005-2006 $ 1.3 million$ 1.3 million


FY 2007-2008FY 2007-2008 $ .6 million$ .6 million




Secured Property TaxSecured Property Tax ($ 1.000 ($ 1.000 Million)Million)

Revenue – Special Revenue – Special ReserveReserve


Sales and Use TaxSales and Use Tax ($ ($ .100 .100 Million)Million)

Interest – General Interest – General ReserveReserve

($ .137 ($ .137 Million)Million)

All Other AdjustmentsAll Other Adjustments ($ .053 ($ .053 Million)Million)

Total Revenue Total Revenue AdjustmentsAdjustments


General Fund Expenditure AdjustmentsGeneral Fund Expenditure Adjustments


Sales Tax AgreementSales Tax Agreement ($ 2.800 ($ 2.800 Million)Million)

Insurance – Treatment Insurance – Treatment PlantPlant

$ .025 $ .025 MillionMillion..

All Other Expend All Other Expend AdjustmentsAdjustments

($ .009 ($ .009 Million)Million)

Total Expend. Total Expend. AdjustmentsAdjustments



General Fund SummaryGeneral Fund Summary

Revenue/Revenue/

Transfers InTransfers InExpend/Expend/

Transfers Transfers OutOut

Net Income/Net Income/

(Expense)(Expense)

Adopted BudgetAdopted Budget $ 13.35 M.$ 13.35 M. $ 13.31 M.$ 13.31 M. $ .04 M.$ .04 M.

Recom. ChangesRecom. Changes ($ 4.09 M)($ 4.09 M) ($ 2.77 M)($ 2.77 M) ($ 1.32 M)($ 1.32 M)

Amended BudgetAmended Budget $ 9.26 M.$ 9.26 M. $ 10.55 M.$ 10.55 M. ($ 1.29 M)($ 1.29 M)

General Fund Balance After General Fund Balance After AdjustmentsAdjustments


Available Balance 7/1/09Available Balance 7/1/09 $ 3.0 Million$ 3.0 Million

Revenue/Transfers InRevenue/Transfers In $ 9.3 Million$ 9.3 Million

Expenditures/Transfers OutExpenditures/Transfers Out $ 10.5 Million$ 10.5 Million

Ending Balance 6/30/10Ending Balance 6/30/10 $ 1.8 Million$ 1.8 Million

Loans to Other FundsLoans to Other Funds $ .6 Million$ .6 Million

Balance If Loans Are BookedBalance If Loans Are Booked $ 1.2 Million$ 1.2 Million


FundFund AmountAmount ReasonReason

General FundGeneral Fund ($ 4.09) ($ 4.09) MM

Discussed earlierDiscussed earlier

DIFsDIFs $ .30 $ .30 MM

Developers & Interest Developers & Interest Inc.Inc.

General General ReserveReserve

$ .50 $ .50 MM

Grant for closing WWTPGrant for closing WWTP

CFDsCFDs $ .22 $ .22 MM

Adjust Assmts & Int Inc.Adjust Assmts & Int Inc.

All other fundsAll other funds ($ .76) ($ .76) MM

Various minor Various minor adjustmentsadjustments

TotalTotal ($ 3.56) ($ 3.56) MM

REVENUE & TRANSFER IN ADJUSTMENTS


FundFund AmountAmount ReasonReasonGeneral FundGeneral Fund ($ 2.77) ($ 2.77)

MMDiscussed earlierDiscussed earlier

Sewer FundSewer Fund $ 15.13 $ 15.13 MM

Bond $$ Tsfr & Int Bond $$ Tsfr & Int IncomeIncome

Pub. Fin. Pub. Fin. AuthorityAuthority

$ .63 $ .63 MM

Debt Service Debt Service

All other fundsAll other funds $ .12 $ .12 MM

Various minor Various minor adjustmentsadjustments

TotalTotal $ 13.11 $ 13.11 MM

EXPENDITURE & TRANSFER OUT ADJUSTMENTS


AdoptedAdopted

BudgetBudgetAmendeAmende

dd

BudgetBudgetDifferencDifferenc

ee

Avail 7/1/09Avail 7/1/09 $ 33.02 M$ 33.02 M $ 37.46 M$ 37.46 M $ 4.44 M$ 4.44 M

Revenue & Revenue & Tsfrs InTsfrs In

$ 30.57 M$ 30.57 M $ 27.01 M$ 27.01 M ($ 3.56)M($ 3.56)M

Expend & Expend & Tsfrs OutTsfrs Out

$ 30.26 M$ 30.26 M $ 46.37 M$ 46.37 M ($16.11)M($16.11)M

Avail Avail 6/30/106/30/10

$ 33.33 M$ 33.33 M $ 18.10 M$ 18.10 M ($15.23)M($15.23)M


CAPITAL IMPROVEMENT PROJECTSCAPITAL IMPROVEMENT PROJECTS


Capital Projects Revenue & Transfer In Adjust.:Capital Projects Revenue & Transfer In Adjust.:

AmountAmount ReasonReason

Prior YrPrior Yr ($ 16.09)M($ 16.09)M Replace with sourcesReplace with sources

Transfers InTransfers In $ 15.79 M$ 15.79 M Inc. $15.1 bond Inc. $15.1 bond proceedsproceeds

GrantsGrants $ .50 M$ .50 M Caltrans,Prop1B,ParksCaltrans,Prop1B,Parks

Stimulus $$Stimulus $$ $ .40 M$ .40 M Federal ProgramFederal Program

Total Total $ .60 M$ .60 M


Capital Projects Expenditure & Transfer Out Adjust.:Capital Projects Expenditure & Transfer Out Adjust.:

AmountAmount ReasonReasonWW RecyclingWW Recycling ($ ($

2.600)M2.600)MWill complete projectWill complete project

2 Rivers Park 2 Rivers Park (464)(464)

($ .789)($ .789)MM

Will complete projectWill complete project

Misc. Cape SealMisc. Cape Seal $ .076 $ .076 MM

Prop1B FundingProp1B Funding

Mt. View/A St. Mt. View/A St. O’layO’lay

$ .400 $ .400 MM

New Project – Stimulus New Project – Stimulus $$

2 Rivers Park 2 Rivers Park (467)(467)

($ ($ 5.033)M5.033)M

Adequate funding in Adequate funding in 464464

Pump Pump Station/HouseStation/House

($ .396)($ .396)MM

Delayed until Delayed until 2010/20112010/2011

Other Other AdjustmentsAdjustments

$ .022 $ .022 MM

Misc.Misc.

Total Total ($ ($ 8.320)M8.320)M


CAPITAL IMPROVEMENTS ADOPTED BUDGETCAPITAL IMPROVEMENTS ADOPTED BUDGET

AdoptedAdopted

Balance 7/1/09Balance 7/1/09 ($ 8.30) ($ 8.30) MM

Rev/Transfers Rev/Transfers InIn

$ 23.15 $ 23.15 MM

Exp/Transfer Exp/Transfer OutOut

$ 23.15 $ 23.15 MM

Balance Balance 6/30/106/30/10

($ 8.30) ($ 8.30) MM


CAPITAL IMPROVEMENTS REQUESTSCAPITAL IMPROVEMENTS REQUESTS

AdoptedAdopted RequestRequest



$ 23.15 $ 23.15 MM

$ .31 M$ .31 M


$ 23.15 $ 23.15 MM

($ 8.72) ($ 8.72) MM


($ 8.30) ($ 8.30) MM


CAPITAL IMPROVEMENTS AMENDED BUDGETCAPITAL IMPROVEMENTS AMENDED BUDGET

AdoptedAdopted RequestRequest AmendedAmended


($ 8.30) ($ 8.30) MM


$ 23.15 $ 23.15 MM

$ .31 M$ .31 M $ 23.46 $ 23.46 MM


$ 23.15 $ 23.15 MM

($ 8.72) ($ 8.72) MM

$ 14.43 $ 14.43 MM


($ 8.30) ($ 8.30) MM

$ .72 M$ .72 M


The budget will be further refined as we The budget will be further refined as we approach year end and begin to develop approach year end and begin to develop the 2010-2011 Budget.the 2010-2011 Budget.

Major areas of concern are:Major areas of concern are: State of the EconomyState of the Economy Possible Decline in Property ValuesPossible Decline in Property Values The State of California’s Budget WoesThe State of California’s Budget Woes Resolution of Sales Tax IssueResolution of Sales Tax Issue

Recommended Action:Recommended Action: Adopt Resolution 10-3225 amending Adopt Resolution 10-3225 amending

2009/2010 budget.2009/2010 budget. Authorize the City Manager to make Authorize the City Manager to make

recommended budget adjustments.recommended budget adjustments. Authorize the Executive Director to send Authorize the Executive Director to send

a letter to Ventura County Auditor a letter to Ventura County Auditor Controller reporting the source of the Controller reporting the source of the SERAF paymentSERAF payment


Documents

City of Fillmore