Citizens Academy Budget Office

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1 Citizens Academy Budget Office January 19, 2018 Jill J. Hayes, Budget Director

2 Overview 2 The Budget Office Truth In Millage & Property Taxes Charter Section How We Impact the Citizens The Brevard County FY Budget Government Accounting/Budgeting Budget Development for FY Q & A

3 The Budget Office 3 The Citizens of Brevard County Board of County Commissioners County Manager Budget Director Budget Analyst II Budget Analyst II Budget Analyst II Budget Analyst I Special Projects Coordinator

4 Budget Office Mission 4 Promote fiscal responsibility and transparency by developing sound fiscal management practices to manage scare resources in accordance with the vision and priorities set forth by the Board of County Commissioners.

5 Functions & Services 5 Provide budget management and oversight Ensure budget compliance with state statutes, regulations, and local ordinances Business process improvements through performance measurement Capital planning and cash flow forecasting Formulate millage rates, project ad valorem and major revenues Liaison to Citizens Budget Review Committee

6 BUDGETING IT S A YEAR ROUND THING! 6

Budget Process The development, approval, and execution of the budget involves analyzing and understanding past expenditures, financial forecasts and legislative

7 Budget Process The development, approval, and execution of the budget involves analyzing and understanding past expenditures, financial forecasts and legislative impacts, reviewing the impacts of property valuations and ultimately aligning all of these factors with the Board of County Commissioners priorities and direction.

8 BUDGET AS A TOOL 8 Policy Management Financial Communication

9 Balancing the Budget 9 Revenues Taxes Permits & Fees Intergovernmental Charges for Service Fines & Forfeits Miscellaneous Balance Forward Transfers Financing Expenses Salaries & Benefits Operating Expenses Capital Equipment Capital Projects Debt Service Grants Reserves

10 Statutory Framework o Florida Statutes o o Chapter 129 County Annual Budget Chapter 200 Determination of Millage o Brevard County Charter Section o o Section Limitations on Growth in Ad Valorem Tax Revenues Brevard County Budget and Financial Policy BCC#21

11 Truth in Millage (TRIM) 11 The Truth in Millage (TRIM) process informs taxpayers and the public about the legislative process by which local taxing authorities determine ad valorem (property) taxes. Florida state laws provide for public input and for governing bodies of taxing authorities to state specific reasons for proposed changes in taxes and the budget According to Florida law, failure to meet TRIM requirements will result in the loss of revenue sharing for the taxing authority

12 Some Helpful Terms 12 Ad Valorem (According to Worth) Taxes A tax based upon assessed value of property. The term property tax may be used interchangeably with the term ad valorem tax Non Ad Valorem Assessment Not typically based on value but rather a charge to cover the cost of providing a service or improvement, based on the relative amount of benefit received Assessed Value/Taxable Value The assessed value of each property is used in the computation of the property taxes. After allowances for personal exemptions, it becomes the taxable value to which the tax rate is applied

13 Some More Helpful Terms 13 Exemptions Discounts applied to the assessed value of property in order to reduce the value upon which taxes are levied Taxing Authority A unit of government that determines tax rates and levies taxes Millage Rate (Tax Rate) The amount per $1,000 of property value (a mill) that is used to calculate taxes on a property

14 14 TRIM Timetable

15 Property Tax Rates 15 The Taxing Authority (Budget Office) Formulates Tax Rates for 25 Individual Taxing Authorities Another Helpful Term: Rolled Back Rate: The millage rate which, exclusive of new construction, will provide the same property tax revenue for the taxing entity as was levied during the prior year.

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17 Aggregate Millage Rate 17 No individual taxpayer pays the aggregate rate Only Countywide millages affect each taxpayer General Revenue Library Services Mosquito Control Environmentally Endangered Lands o All other taxes paid are geographically dependent o Brevard County has 25 Taxing Authorities and 52 Millage Codes Taxes paid are affected by: Municipality/Unincorporated Parks Districts Road and Bridge Districts NOTE: We are not the taxing authority for the School Board, the St Johns River Water Management District, the Florida Inland Navigation District, the Sebastian Inlet District or any municipality.

18 What is a Tax Increase? 18 o A tax increase, by statute, occurs when the tentatively adopted aggregate operating (non debt) millage rate is greater than the current year rolled back rate. o Conversely, if the tentatively adopted aggregate millage rate is equal to, or less than, the current year rolled back rate, then this situation is not a tax increase

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22 22 BREVARD COUNTY CHARTER SECTION

23 23 Charter Cap

24 Charter Section Limitations on growth in ad valorem tax revenues 24 The Board shall not impose any ad valorem tax for county purposes or within any municipal services taxing unit, or district At a millage rate which causes the budgeted revenue to increase over the budgeted ad valorem revenue for the previous fiscal year By more than the lesser of: (1) three percent, or (2) the change CPI Excluding revenue change associated with new construction The Board of County Commissioners may impose an ad valorem tax for county, municipal or district purposes at a rate which exceeds the limitations in paragraphs (a) and (b), if a supermajority of the Board concurs in a finding that such an excess is necessary because of emergency or critical need.

25 25 Effect of Charter Cap Aggregate Millage Rate

26 26 Effect of Charter Cap General Fund Millage Rate

27 Six Year % Change in General Fund Millage Rates FY through FY % 10.90% 10.86% 7% 3.76% 2% 0.26% 0.00% 0.00% 0.00% 0.00% 0.00% % Change 3% Indian River Pasco Volusia Polk Osceola Seminole Orange Sarasota Duval Lee Brevard 2.41% 8% 13% 18% 15.31% *Data retrieved from applicable County websites. Per Florida Statute Chapter 129, Counties are required to post budgets and millage rates on their websites

28 28 Effect of the Charter Cap on the General Revenue Millage Rate FY FY FY FY FY Taxable Property $25,763,338,328 $28,019,599,988 $29,696,507,254 $32,068,466,282 $34,478,856,166 GR Millage Rate Budgeted Revenue $124,279,768 $131,170,955 $135,110,199 $139,917,925 $143,259,647 Revenue/ Unchanged Millage (4.9063) $126,402,667 $137,472,563 $145,699,974 $157,337,516 $169,163,612 Difference $2,122,899 $6,301,608 $10,589,774 $17,419,591 $25,903,965 Cumulative Difference $2,122,899 $8,424,507 $19,014,282 $36,433,872 $62,337,837

29 Special Act o Brevard County and local governments Prohibited from increasing ad valorem revenues for operating budgets by more then 10% from previous year Exclusive of new construction Without affirmative vote of citizens

30 30 HOW DO WE IMPACT THE CITIZENS?

31 Taxable Value 31 Property Tax Revenue is calculated by multiplying the taxable property value by the applicable millage levy and then dividing by 1,000. For example: If your home as an assessed value of $150,000 with homestead exemptions of $50,000, your General Revenue tax is $ $150,000 $50,000 = $100,000; $100,000 X = $415,500; $415,500 1,000 = $415.50

32 Millage Codes 32 CODE DESCRIPTION CODE DESCRIPTION CODE DESCRIPTION 1000 DISTRICT DISTRICT 2 420Y VIERA 1300 DISTRICT 1 26D0 COCOA 42P0 INDIAN HARBOUR BCH 13D0 COCOA 26G0 CAPE CANAVERAL 4300 DISTRICT 4 13E1 ROCKLEDGE 26H0 COCOA BEACH 430Y VIERA 1400 DISTRICT DISTRICT 2 43E1 ROCKLEDGE 14A0 TITUSVILLE 2800 DISTRICT 2 43J0 PALM SHORES 14D0 COCOA 3400 DISTRICT 3 43K0 MELBOURNE 15D0 COCOA 34K0 MELBOURNE 4700 DISTRICT DISTRICT 1 34L0 GRANT VALKARIA 4800 DISTRICT DISTRICT 1 34U0 PALM BAY 51K0 MELBOURNE 2200 DISTRICT 2 34V0 WEST MELBOURNE 51P0 INDIAN HARBOUR BCH 2300 DISTRICT 2 34X0 MELBOURNE BEACH 51R0 MELBOURNE VILLAGE 23D0 COCOA 34Z0 MALABAR 52P0 INDIAN HARBOUR BCH 23E1 ROCKLEDGE 4100 DISTRICT 4 52V0 WEST MELBOURNE 2400 DISTRICT 2 41M0 SATELLITE BEACH 5300 DISTRICT DISTRICT 2 41P0 INDIAN HARBOUR BCH 53K0 MELBOURNE 25D0 COCOA 4200 DISTRICT 4 54S0 INDIALANTIC 54U0 PALM BAY

33 33 A TYPICAL TAX BILL

34 Save Our Homes 34 limit the annual increases in the assessed value of property receiving homestead exemption to 3% or the percentage change in the Consumer Price Index, whichever is lower. This assessment limitation is commonly referred to as the Save Our Homes or SOH cap. Brevard County Property Appraiser F.S (1)

35 35 Allocation of $1.00 of Property Taxes and Assessments A Home in the Unincorporated Area

36 36 Allocation of 26 from Previous Example

37 37 General Fund Property Taxes Per Capita Population FY2018 GF AV Taxes AV Taxes Per Capita Duval 926, ,914,631 $ 643 Indian River 151,563 85,572,835 $ 565 Osceola 336, ,771,217 $ 458 Orange 1,314, ,334,844 $ 406 Sarasota 412, ,876,342 $ 363 Volusia 529, ,560,864 $ 343 Seminole 455, ,582,626 $ 315 Pasco 512, ,069,982 $ 314 Polk 666, ,606,568 $ 255 Brevard 579, ,259,647 $ 247 Lee 722, ,375,099 $ 154 *Data retrieved from applicable County websites. Per Florida Statute Chapter 129, Counties are required to post budgets and millage rates on their websites

38 Local Option Taxes 38 Local Option Gas Taxes Public Service Tax Franchise Fees Discretionary Sales Tax

39 Local Option Taxes 9th 1 5 Addl Discretionary 39 County Cent LOGT LOGT Public Service Tax Franchise Fee Sales Tax Brevard None Electricity 0.5% Duval Electricity, Water, Gas, Fuel Oil, Other Electricity, Water, Gas, Sewer, Solid Waste 1.0% Indian River None Electricity, Water, Gas, Solid Waste 1.0% Lee None Electricity, Solid Waste 0.0% Orange Electricity, Water, Gas, Fuel Oil, Propane Solid Waste 0.0% Osceola Electricity, Water, Gas, Fuel Oil, Propane Solid Waste 1.0% Pasco None Solid Waste 1.0% Polk Electricity, Water, Gas None 0.5% Sarasota None Electricity 1.0% Seminole Electricity, Water, Gas, Fuel Oil, Propane Solid Waste 1.0% Volusia Electricity Solid Waste, Other 0.0% Source: 2016 Local Government Financial Handbook; Florida Legislature s Office of Economic and Demographic Research

40 POP QUIZ 40 What functions does the Brevard County Budget Office Perform (may be more than one answer)? A. Set Millage Rates for the Brevard Public Schools B. Determine Assessed and Taxable Property Values C. Set Millage Rates for BOCC Taxing Authorities D. Grant Homestead Exemptions to Homeowners E. Provide Extraordinary Service to the Citizens of Brevard Answer: C. You get extra points if you answered C and E

41 41 FY ADOPTED BUDGET

42 FY Budget Highlights Top Priority: Organizational leadership to effectively and efficiently implement Board of County Commissioner s policies and directives. Organizational Initiatives: Promoting inclusiveness/responsiveness. Addressing funding of road system. Accelerating Indian River Lagoon restoration. Addressing employee compensation and benefits. Employee development. 42

43 FY Adopted Budget Service Level Reductions & Expenditure Shifting 43 Community Based Organizations reduced by 20% ($102,000) and will be phased out over the next five years Direct Client Emergency Services are reduced by 50%, ($184,924) Reductions made to General Government for LEAD Brevard ($40,700), Memberships ($28,500), and the Brevard Cultural Alliance, ($20,000 or 20%). Reallocation of Veterans Grant Support Reductions in travel, training, operating supplies, cell phones, and capital equipment Shifting of Law Library and the Historic Commission to the Library District Shifting a portion of SCGTV Social Media Specialist to Fire Rescue

44 FY Adopted Budget Significant Funding Priorities 44 Public Works, Road Reconstruction Increase, $2,299,658 Facilities Management, Infrastructure Needs Increase, $773,631 Parks & Recreation, Safety and Building Needs Increase, $510,000 Fire Rescue, EMS Rescue Unit and CPI Increase, $294,851 Medical Examiner s Office, Autopsy Increase, $341,030 Court Administration, Family Court Increase, $54,020 Cost of Living Adjustment for Employees, 3.5% Increase General Government Operating Reserves Increase, $1,777,977

45 General Government Reserves 10 Year History 45 25,000, % 20,000, % 11.70% 11.26% 9.87% 9.77% 10.49% 13.00% 11.00% 15,000, % 8.44% 8.64% 7.88% 7.76% 8.42% 9.00% 7.00% 10,000, % 3.00% 5,000, % 0 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY % General Government Reserves % of Operating Revenues Set Aside in Reserves

46 FY Adopted Budget Summary 46 The Adopted Budget represents an increase of 10.93% or $115,389,470 when compared to Adopted Budget for FY The Adopted Budget of $1,170,704,359 represents a reduction of $58,978,448 from the Final Budget for FY The aggregate operating tax rate is , a 4.02% decrease from the FY aggregate operating tax rate. The aggregate operating tax rate of is a 0.48% increase from the FY aggregate operating rolled back tax rate. The general countywide tax rate is , a 4.02% decrease from the FY countywide tax rate.

47 Adopted Budget FY through FY

48 Property Valuations and Property Tax Revenue 48 Fiscal Year Certified Property Valuation Valuation Change $ Yearly Change % $34,478,856,166 $2,572,359, % $31,906,496,454 $2,209,989, % $29,696,507,254 $1,676,907, % $28,019,599,988 $2,256,261, % $25,763,338,328 $1,140,053, %

49 49 FY Adopted Budget Ongoing Focus Areas Unfunded Critical Needs Roadway Reconstruction Backlog, $86M Sidewalks, Traffic Signals, Drainage, $2M annually Unfunded Road Capacity Needs, $389M Additional Unfunded Critical Needs, $47.9M Equipment Repair & Replacement Facilities Maintenance & Repair Technology Improvements Emergency Operations Center Capital Projects Additional Homestead Exemption Florida Legislature approved a constitutional amendment to place an additional $25,000 homestead exemption on the ballot in 2018 Anticipated Decrease of $6.8M to General Fund and $4.1M to Special Districts and MSTUs

50 Proposed Additional Homestead Exemption

51 51 FY Adopted Budget Ongoing Focus Areas Save Our Indian River Lagoon Project Plan & Voter Approved Referendum Save Our Indian River Lagoon Trust Fund Citizens Oversight Committee Operational Efficiencies and Lean Six Sigma Improving Efficiencies to Better Service the Public and Reduce Costs Example Improved Building Permit Issuance Performance Employee Compensation and Staffing

52 Brevard County Departmental Staffing Level and County Population 18

53 53 GOVERNMENT ACCOUNTING and BUDGETING

54 54 Governmental GAAP and Fund Accounting o Generally Accepted Accounting Principles GAAP is common to public and private sectors Important differences exist between governmental GAAP and commercial GAAP Source: GFOA Stephen J. Gauthier, Accounting and Financial Reporting

55 55 o Governmental GAAP and Fund Accounting Fund Accounting Government s activities not typically considered a homogeneous whole Local government is comprised of separate fiscal entities: funds Segregate activities/objectives in accordance with regulations, restrictions or limitations Classified by fund types for reporting purposes Source: GFOA Stephen J. Gauthier, Accounting and Financial Reporting

56 Restricted Use of Funds 56 o Legal Restrictions By Statute By Special Act Funds allocated for specified purposes (Utilities, Solid Waste, Roads, Library, Mosquito Control, etc.) o Voter Approved Restrictions o Imposed by Creditors o Grant Requirements Leveraging Funds o Federal and State Guidelines

57 GASB 54 Definitions o o o o o o General Funds account for/report all financial resources not accounted for and reported in another fund Special Revenue Funds account for/report the proceeds of revenue sources restricted to expenditures for specific purposes Debt Service Funds account for/report financial resources restricted for principal and interest Capital Project Funds account for/report financial resources restricted to capital outlay Enterprise Funds Proprietary fund type used for an activity for which a fee is paid for goods or services Internal Service Funds Proprietary fund type used for an activity that provides goods or services to other depts/agencies, etc. on a cost 57 reimbursement basis.

THE FY 2017 2018 ADOPTED BUDGET: $1,170,704,359 Balance Forward, $393,342,536, 34%

58 THE FY ADOPTED BUDGET: $1,170,704,359 Balance Forward, $393,342,536, 34% Financing, $21,502,735, 2% Transfers, $48,833,716, 4% Operating Revenue, $707,025,372, 60% 58

59 59 HOW MUCH REVENUE DO WE HAVE TO USE FOR DAY TO DAY OPERATIONS?

60 From The Total Budget to Operating Revenue TOTAL BUDGET $1,170,704,359 BALANCE FORWARD ($393,342,536) INTER/INTRA FUND TRANSFERS ($48,833,716) FINANCING ($21,502,735) OPERATING REVENUE $707,025,372 60

61 FY Sources of Operating Revenues by Fund Group, $707,025,372 61

62 FY Fund Allocation of Non General Government Operating Revenues 62 User/Services Fees Special Revenue Funds Sheriff's Office $11,172,381 Natural Resources $56,246,650 Public Works $6,613,439 Public Works $53,738,954 Central Services $3,672,668 Fire Rescue $50,188,809 Parks and Recreation $3,298,623 Tourism $20,053,404 Natural Resources $2,076,928 Planning and Development $19,989,476 Planning and Development $1,684,940 Sheriff $18,425,041 Emergency Management $1,114,328 Library Services $17,633,689 Valkaria Airport $665,751 Parks and Recreation $16,760,538 Other Other GF $665,815 Housing/Human Svcs $8,202,494 Total Dept User Fee Funds $30,964,873 Valkaria Airport $7,178,000 Mosquito Control $6,654,129 Enterprise Funds Emergency Management $4,997,659 Utility Services $43,019,940 North Brevard Economic Dvlp $2,751,665 Solid Waste $37,412,162 Court Operations $2,520,624 Transit Services $23,336,458 Space Coast Transp Planning $2,139,149 TICO $2,558,265 Other Special Revenue Funds $1,297,671 Melbourne Tillman $2,020,457 Total Special Revenue Funds $288,777,952 Parks & Recreation $920,617 Total Enterprise Funds $109,267,899 Capital Project Funds Parks and Recreation $219,721 Internal Service Funds Emergency Management $950 Employee Benefits $54,488,440 Capital Project Funds $220,671 Risk Management $9,391,407 IT Communications $3,385,895 Debt Services Funds Total Internal Service Funds $67,265,742 Parks and Recreation $11,762,410 Total Non Gen Gov Op Revenue $508,259,547

63 63 HOW MUCH GENERAL OPERATING REVENUE DO WE HAVE?

64 From The Total Operating Revenue to General Operating Revenue OPERATING REVENUE $707,025,372 SPECIAL REVENUE ($288,777,952) ENTERPRISE REVENUE ($109,267,899) INTERNAL SERVICE REVENUE ($67,265,742) USER FEES REVENUE ($30,964,873) DEBT SERVICE REVENUE ($11,762,410) CAPITAL PROJECTS REVENUE ($220,671) GENERAL OPERATING REVENUE $198,765,825 64

65 65 FY Adopted Budget General Government Operating Revenue $198,765,825

66 66 HOW MUCH TOTAL GENERAL REVENUE DO WE HAVE?

67 From General Operating Revenue to Total General Revenue Operating Revenue $ 198,765,825 Balance Forward $ 24,690,135 Transfers In $ 6,354,971 Total General Revenue $ 229,810,931 67

68 FY GENERAL FUND SOURCES AND USES GF Revenue Sources: GF Uses: Current Ad Valorem $136,096,665 Charter Officers $105,788,247 Prior Year Ad Valorem $270,750 Court Operations $2,535,045 Communication Svc Tax $5,676,373 Mandates $20,792,518 FPL Franchise Fees $9,828,058 Reserves $20,846,662 State Shared Revenue $11,762,839 TIF Payments $7,817,071 Local Half Cent Sales Tax $27,345,694 Debt Service $5,221,760 All Other Operating Revenue $7,785,448 Total General Fund Obligations: $163,001,303 Balance Forward $24,690,135 BOCC GF Supported Departments Non Operating Revenue $6,354,971 Public Safety, Infastructure, Veterans $32,148,562 Total General Fund Sources: $229,810,931 General Fund Programs & Services $34,661,066 Total General Fund Uses: $229,810,931 68

69 69 FY Adopted Budget General Government Operating Expenses $229,810,931

70 General Revenue Supports MANDATES MEDICAID 6,881,463 SCHOOL BOARD & CITY COMMISSION, PROPERTY APPRAISER 5,326,070 SCHOOL BOARD COMMISSION, TAX COLLECTOR 4,945,739 COURT OPERATIONS 2,535,045 BAKER ACT 1,748,507 PRE TRIAL DETENTION OF JUVENILES 1,337,719 OTHER MANDATES 553,020 TOTAL MANDATES $ 23,327,563 70

71 General Revenue Supports CHARTER OFFICERS SHERIFF'S OFFICE 94,036,746 TAX COLLECTOR 2,822,950 CLERK TO THE BOARD 2,070,000 PROPERTY APPRAISER 2,032,068 SUPERVISOR OF ELECTIONS 4,826,483 TOTAL CHARTER OFFICERS $ 105,788,247 71

72 General Revenue Supports OTHER OBLIGATIONS RESERVES 20,846,662 GENERAL GOVT DEBT 5,221,760 CRA PAYMENTS TO CITIES 5,164,189 NORTH BREVARD ECONOMIC DVLP ZONE 2,652,882 TOTAL OTHER OBLIGATIONS $ 33,885,493 72

73 General Revenue Supports PUBLIC SAFETY, INFRASTRUCTURE, AND VETERANS SERVICES PUBLIC WORKS 19,648,640 FIRE RESCUE 9,661,968 EMERGENCY MANAGEMENT 663,789 MEDICAL EXAMINER 1,904,623 VETERANS SERVICES 319,524 TOTAL PUBLIC SAFETY, INFRASTRUCTURE, & VETERANS $ 32,148,562 73

74 Discretionary General Fund Allocations PARKS & RECREATION 12,755,872 GENERAL GOVERNMENT 5,901,329 HOUSING AND HUMAN SERVICES 3,620,677 INFORMATION TECHNOLOGY 2,135,006 TRANSIT SERVICES 1,859,453 COMMISSIONERS 1,623,098 COUNTY ATTORNEY 1,601,492 COUNTY MANAGER 1,104,943 CENTRAL SERVICES 851,952 UF/AG EXTENSION 814,393 HUMAN RESOURCES 693,616 BUDGET OFFICE 586,422 PLANNING AND DEVELOPMENT 435,960 NATURAL RESOURCES 386,544 SCGTV 290, TOTAL GF DISCRETIONARY PROGRAMS AND SERVICES $ 34,661,066

75 75 Budget Development for FY

76 FY Budget Development February March February 15 th Budget Workshop & Board Direction Budget Kickoff Meeting with Departments & Agencies April May Revenues & Expenditure Forecasting Florida Legislative Session 5/01/18 Submission of Supervisor of Election & Clerk Budgets June 6/01/18 Preliminary Certified Tax Roll Received 6/01/18 Submission of Sheriff & Property Appraiser Budgets County Manager Meetings with Departments & Agencies

77 FY Budget Development July 7/01/18 Receive Certification of Property Values 7/17/18 Proposed Budget to County Commissioners 7/24/18 Board Sets Tentative FY 2019 Ad Valorem Millages August 8/01/18 Submission of Tax Collector s Budget 8/25/18 Property Appraiser mails TRIM Notices Completion of Changes to Operating and CIP Budgets September 9/11/18 First Public Budget Hearing, Adopt Tentative Budget 9/25/18 Second Public Budget Hearing, Adopt Final Budget

78 February 15 th Budget Workshop Consumer Price Index Change General Fund Revenue and Fund Balance Proposed Additional Homestead Exemption Hurricanes Matthew and Irma Impact Roadway Improvements Indian River Lagoon Golf Operations Debt Service FY Budget Development

79 79 The Budget on the Internet: brevardfl.gov/budget/home

80 80 The Budget on the Internet

81 Citizens Academy January 19, 2018 Jill J. Hayes, Budget Director

FY19 Adopted Budget Overview

FY19 Adopted Budget Overview FY19 Budget Overview FY19 Financial Plan Overview The Sarasota County total FY2019 Financial Plan is $1,242,441,007 for all funds. When excluding transfers and reserves equaling $212,401,925, the FY19