FY 2014/15 FIRST QUARTER BUDGET REVIEW
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1 FY 2014/15 FIRST QUARTER BUDGET REVIEW
2 Fiscal Year 2014/15 - First Qtr. Budget Review Schedule October 28, 2014 FY14/15 First Quarter Review February 2015 FY14/15 Midyear Review FY14/15 Third Quarter Review April 2015 FY15/16 Proposed Budget June 2015 FY15/16 Budget Adoption
3 Budget Policy Healthy: s exceed expenditures and continue to show growth, year over year (City maintains a 10-15% reserves-rainy day fund) Sustainable: s exceeds expenditures (10-15% reserves rainy day fund) Vulnerable: s exceed expenditures (less than 10% reserve rainy day fund) Unsustainable/Insolvent: s less than expenditures
4 City s Long-Term Financial Performance Healthy Sustainable Vulnerable Unsustainable/ Insolvent $42M $42M $48.3M $46.9M $48.7M $48M $53.1M $52.4M $44M $59M 06/07 07/08 $49M $63M 08/09 $49M $71M $58M $84M 09/10 10/11 $46M $49M 11/12 12/13 13/14 14/15 Projected Healthy: s exceed expenditures and continue to show growth, year over year, and the City maintains a 10-15% reserves-rainy day fund Sustainable: s exceeds expenditures (10-15% reserves rainy day fund) Vulnerable: s exceed expenditures (less than 10% reserve rainy day fund) Unsustainable/Insolvent: s less than expenditures
5 Fiscal Year 2013/14 General Fund Year End Results Sales, Property, Gaming and TOT Tax. One time revenue enhancement s. $52.33M $50.79M s Salaries, Benefits, Service and Supplies. General operations of the City. $1.54M Surplus
6 Total Fund Balance () 2012/13 Fund Balance $1.43M 2013/14 Fund Balance $1.54M $2.97M $2.97M = 5.6% of General Fund Council goal is 10% of General Fund
7 Dollars in Millions $48M (Actuals) $48.7M (Actuals) $52.4M $51.2M $55 General Fund Forecast v. Outlook $2.0M* $50 $1.4M* General s Lease Bonds $45 $40 Internal Debt Service Expiration of Furloughs General s $35 $30 $25 One Time s *Beginning Fund balance $20 13/14 14/15 projections assume 1% growth
8 Fund Policy Adopted July 22, 2014 Set aside contingency funds in planned, consistent manner For unanticipated revenue shortfalls or one-time, unanticipated expenditures s require four votes Fund goal of 10% of General Fund expenditures Allocation included in annual budget Policy reviewed annually during budget process
9 Adjustments ( not Anticipated during Budget Process) Additional Property Taxes $6,277,260 AB 1280 Distribution Residual RPTTF Solid Waste Contract Renewal Employee Medical and Labor Compensation Fund TOTAL REVENUE ADJUSTMENTS $500,000 $900,000 $7,677,260
10 Adjustments ( not Anticipated during Budget Process) Total $7,677,260 Total s $6,725,263 Remaining Unappropriated Balance $1,451,997
11 Budget Amendments Summary DESCRIPTION AMOUNT Firefighter Positions Correction(X) No Change Special Events Fund (X) No Change Settlement (1) $11,664 Salary Correction, Parks and Rec (1) $19,416 Compton Sheriff s Station (1) No General Fund Impact $700,000 3 Addtl. Firefighter Positions (Labor Agreement) (2) $105,000 Six.5 Recreation Leader Positions (2) $58,482 Granicus Media System (2) $15,000 Commercial Grade Scanner (2) $35,823 Horticulture Fund (2) $40,000 Community Employment, Training Job Dev. (2) $50,000 Employee Training and Development (2) $45,000 Department of Finance Repayment (3) $4,649,878 Human Resources Recruitment Costs (2) $37,000 Cisco License (3) $95,000 Labor Negotiations $1,200,000 TOTAL $6,275,263 Amendment Types (1) Budget Clean Up (2) Levels of Service Increase (3) Unanticipated Liability (X) No fiscal impact; net zero budget move
12 END
13 Lease Bond Payment Obligations BUDGET YEAR AMOUNT Fiscal Year $1,115,000 Fiscal Year $3,944,000 Fiscal Year $3,948,000 Fiscal Year $3,948,000 Fiscal Year $3,948,000 Fiscal Year $3,948,000
14 Fiscal Year 2014/15 Lease Bond Payment BUDGET YEAR AMOUNT Fiscal Year $1,115,000 Per the Bond Covenant, Fiscal Year 2013/14 interest was paid using Bond Proceeds FY13/14 was last allowable year for this arrangement FY14/15 payment will be a General Fund debt service obligation
15 20-Year Internal Borrowing Debt Service Repayment Plan Fiscal Year ,000 Fiscal Year ,300,000 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year ,000,000 3,500,000 3,500,000 3,500,000 4,000,000
16 20-Year Internal Borrowing Debt Service Repayment Plan Fiscal Year ,300,000 First major installment for internal borrowing 20- Year repayment occurs in FY14/15 Payments escalate to $4M annually in the next 5 years General Fund debt service obligations
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