FY 2018/19 BUDGET WORKSHOP

Transcription

1 TOWN OF LANTANA FY 2018/19 BUDGET WORKSHOP

2 WHERE ARE WE? March - Began compiling budget data Workshop #1 Workshop #2 Set proposed millage rate tonight Set non-ad valorem assessment (solid waste) July 23 rd Adopt budget late September

3 TAXABLE VALUES Certified taxable value for FY 2018 budget V.A.B. completed $951.4 million Certified taxable value for FY 2019 ($16M in new construction) Increase in value Percentage increase $1.027 billion $76.1 million 8%

4 TAXABLE VALUES (in millions) 1, , , ,

5 AD VALOREM REVENUE Ad Valorem revenue using $3.5 millage rate is $3.4M. (95% collection rate) Rolled-back millage rate of $ Property tax revenue increases $238,457, or 7.5% when using the same millage rate.

6 GENERAL FUND REVENUES Total revenue projections are $11,482,064. Property taxes +$238k Local option taxes +$48k Franchise fees +$64k Building permits +$52k Transfers from other funds -120k Solid waste assessment +$345k Non-ad valorem assessments Solid waste collection $ (32.9% increase) annual curbside & $ (49.3% increase) annual containerized Hypoluxo Island gas line $77,863 with $ assessment

7 Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.5 = current millage rate Market value increases by 6.3% Increase of assessed value for homestead property-cpi with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Mayor David J. Stewart FY18 FY19 Millage Rate Market Value $ 856,597 $ 907,993 SOH Savings $ 423,923 $ 466,233 Assessed Value $ 432,674 $ 441,760 Exemption Amount $ 50,000 $ 50,000 Taxable Value $ 382,674 $ 391,760 Taxes paid/to be paid to Lantana $ 1,339 $ 1,371 Change to tax levy $ 32

8 Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.5 = current millage rate Market value increases by 6.3% Increase of assessed value for homestead property-cpi with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Edward Paul Shropshire FY18 FY19 Millage Rate Market Value $ 152,590 $ 161,745 SOH Savings $ 59,622 $ 66,825 Assessed Value $ 92,968 $ 94,920 Exemption Amount $ 50,000 $ 50,000 Taxable Value $ 42,968 $ 44,920 Taxes paid/to be paid to Lantana $ 150 $ 157 Change to tax levy $ 7

9 Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.5 = current millage rate Market value increases by 6.3% Increase of assessed value for homestead property-cpi with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Pro Tem Malcolm Balfour FY18 FY19 Millage Rate Market Value $ 779,061 $ 825,805 SOH Savings $ 408,230 $ 447,186 Assessed Value $ 370,831 $ 378,618 Exemption Amount $ 50,000 $ 50,000 Taxable Value $ 320,831 $ 328,618 Taxes paid/to be paid to Lantana $ 1,123 $ 1,150 Change to tax levy $ 27

10 Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.5 = current millage rate Market value increases by 6.3% Increase of assessed value for homestead property-cpi with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Philip J. Aridas FY18 FY19 Millage Rate Market Value $ 178,049 $ 188,732 SOH Savings $ 62,168 $ 70,417 Assessed Value $ 115,881 $ 118,315 Exemption Amount $ 50,000 $ 50,000 Taxable Value $ 65,881 $ 68,315 Taxes paid/to be paid to Lantana $ 231 $ 239 Change to tax levy $ 8

11 Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.5 = current millage rate Market value increases by 6.3% Increase of assessed value for homestead property-cpi with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Dr. Lynn Moorhouse, D.D.S. FY18 FY19 Millage Rate Market Value $ 423,000 $ 448,380 SOH Savings/State Statute $ 95,090 $ 100,795 Assessed Value $ 327,910 $ 347,585 Exemption Amount $ - $ - Taxable Value $ 327,910 $ 347,585 Taxes paid/to be paid to Lantana $ 1,148 $ 1,217 Change to tax levy $ 69

12 GENERAL FUND EXPENDITURES Cost of Living Adjustment (COLA) of 2.4%; the merit plan is budgeted with a 0-5% range for general employees based on their annual evaluation and 5% sworn officers (career development program). Pension costs are projected at 42.71% of wages for sworn officers at a cost of $946,021. Pension costs for general fund employees are 7% of wages with a matching program of up to 2%. Total cost of $290,490 ($189,510-GF & $100,980-UF). Health & dental insurance rates are anticipated to increase 27% & 17%, respectively, for a total cost of $1,406,230 (all funds).

13 GENERAL FUND EXPENDITURES Department changes: Police additional dispatcher; additional Investigator assignment from an Officer position. Operations Recreation Coordinator becomes Park & Recreation Supervisor; additional General Maint. Worker (discontinuing p/t service by vendor). Finance HR Generalist becomes HR/Risk Manager. Includes debt payment of $59,000 (Gas line-fy 2024) Capital projects = $241,455 Budgeted contingency = $177,540

14 G.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION DEPARTMENT AMOUNT Computer Replacement Code Enforcement Officer Development Services $ 1,650 Development Services Director Development Services 1,500 Purchasing/Payroll Accountant Finance 1,500 Lending Station Library 1,500 Assistant Public Works Director Operations 1,500 Replacement of virtual server system & accessories Police 33,000 Dispatch Stations (2) Police 6,000 Police mobile units (2) Police 5,530 Motorcycle unit Police 4,500 Detectives Sergeant Police 4,500 Laptop Finance 2,000 Library books Library 20,000 General Maintenance Worker truck Operations 25,742 Sports Park utility vehicle (mule) Operations 15,563 Pressure cleaner and trailer Operations 6,200 Multi-space parking kiosk for Bicentennial Park Operations 6,000 Air conditioner replacements Operations 5,000 Marked sport utility vehicle and related accessories Police 57,415 Patrol vehicle & related accessories Police 42,355 $ 241,455

15 INFRASTRUCTURE SURTAX FUND $735,579 in projected revenue. $230,579 in paving projects. $130,000 for a new playground, fencing and shade cover at Sports Park. $375,000 towards a $1.5 million grant to harden the Police Station.

16 GRANTS FUND $1.5 million to harden Police Station. $40,000 furniture in Police Department s communications center.

17 UTILITY FUND REVENUES Total revenue projections are $6,000,989, and are relatively flat. A 2.8% rate adjustment scheduled for July 23 rd Council Meeting.

18 UTILITY FUND EXPENDITURES Same benefits provided to general employees as in the General Fund Includes debt payment of $495,650 (10/2021) Includes capital requests of $666,200 Budgeted contingency = $38,968

19 U.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION DEPARTMENT AMOUNT Replacement vehicle for Utilities Manager Operations 30,200 Front end loader Operations 175,000 Water treatment plant upgrades Operations 461,000 $ 666,200

20 WHAT IS NEXT? Set tentative millage rate & date/time of 1 st Public Budget Hearing (Wednesday, September 12 th at 5:30 p.m.) at tonight s Council Meeting. Incorporate Council direction into budget. 2 nd and Final Budget Hearing Monday, September 24 th at 5:30 p.m.

21 Any questions? Thank You