CITY OF CULVER CITY FY Mid-Year Presentation

Size: px

Start display at page:

Download "CITY OF CULVER CITY FY Mid-Year Presentation"

Cleopatra Whitehead
5 years ago
Views:

1 CITY OF CULVER CITY FY Mid-Year Presentation

TONIGHT S PRESENTATION 1 2 3 4 FY 2017/2018 Summary Mid-Year FY

2 TONIGHT S PRESENTATION FY 2017/2018 Summary Mid-Year FY 2018/2019 Proposed Mid-Year Budget Adj. Review of Financial Forecast

3 CITY OF CULVER CITY FY 2017/2018 Summary

4 Independent Auditors Report Unmodified Audit Opinion Implemented GASB Statement No. 68, for fiscal years beginning after June 30, 2014 No disagreements with management on financial accounting or reporting matters GASB Statement No. 75, for fiscal years beginning after June 30, 2017

5 Financial Report Award

FY 2017-18 Management's Discussion & Analysis Net position for Governmental Activities

7M is restricted ($172.8M) is unrestricted This was a decrease of $6.4 million $3.

6M was Business-Type Activities Governmental Funds had a fund balance of $172.4M.

6 FY Management's Discussion & Analysis Net position for Governmental Activities and Business Activities is $129.4M $216.9M is net investment in capital assets $91.7M is restricted ($172.8M) is unrestricted This was a decrease of $6.4 million $3.8M was Governmental Activities $2.6M was Business-Type Activities Governmental Funds had a fund balance of $172.4M. Approximately 12% or $20.6 M is unassigned fund balance The General Fund unrestricted fund balance was $66.5M or 57.2% of total General Fund expenditures of $116.3M

8 CITY OF CULVER CITY FY Mid-Year Summary - GENERAL FUND

9 REVENUE AS OF 12/31/2017 GENERAL FUND REVENUES REVENUE TOTAL REVENUE AS OF 12/31/ REVISED BUDGET TOTAL PROJECTED REVENUES Property Tax $ 2,470,914 $ 9,447,323 $ 2,230,325 $ 8,871,954 $ 9,145,780 Sales Tax 7,488,747 $ 21,023,821 7,363,999 21,192,000 21,255,170 Sales Tax - Measure Y 3,369,245 $ 9,696,444 2,651,636 9,758,000 9,830,000 Sales Tax - Measure C ,000 Public Safety Sales Tax (PSAF) 144,072 $ 442, , , ,918 Business Tax 574,569 $ 13,168, ,565 13,915,000 13,325,000 Franchise Tax 317,555 $ 1,439, ,489 1,438,000 1,450,000 Real Property Transfer Tax 1,894,665 $ 4,343,548 1,644,196 2,000,000 2,500,000 Electricity UUT 3,065,829 $ 6,290,487 3,102,507 6,592,000 6,400,000 Gas UUT 264,008 $ 998, ,281 1,048, ,000 Water UUT 676,489 $ 1,527, ,466 1,414,000 1,475,000 Telecomm UUT 1,833,076 $ 4,253,201 1,562,502 3,972,000 3,750,000 Cable UUT 371,219 $ 900, , , ,000 Transient Occupancy Tax (TOT) 3,219,919 $ 7,903,787 3,407,123 7,944,000 7,944,000 Commercial/Industrial Dev. Tax 827,933 $ 1,731, , ,000 1,225,000 Licenses and Permits 3,055,439 $ 6,455,405 3,871,374 5,706,600 6,351,650 Intergovernmental 126,021 $ 5,124,827 18,347 5,147,437 5,160,712 Charges for Services 5,990,956 $ 13,410,831 5,956,630 11,446,627 11,924,342 Fines and Forfeitures 2,287,829 $ 5,647,360 2,194,049 5,524,441 5,525,341 Use of Money & Property 544,856 $ 750,687 1,249, , ,826 Interfund Revenues 2,284,648 $ 4,569,296 2,360,177 4,720,353 4,720,353 Transfers In 7,328,654 $ 9,185,650 1,366,992 2,733,984 2,733,984 Other Revenues 490,252 $ 599, , , ,886 TOTAL REVENUES $ 48,626,895 $ 128,910,732 $ 43,228,523 $ 116,706,514 $ 119,535,962

10 General Fund Revenues

11 RECOMMENDED MID-YEAR REVENUE ADJUSTMENTS FOR FY 2018/2019 Property Tax Revenues $273K Sales Tax $916K UUT ($503K) Other Taxes $825K Other Revenues $1.3M Increase in assessed values for secured and unsecured property taxes Budget one quarter of Measure C Telecommunications, Electricity, Gas & Cable continues to decline Real Property Transfer Tax and Comm. Industrial Development Tax Strike Team Reimbursement $500K, Street Permits $125K, and other Misc. Revenue already received or on the way *TOTAL RECOMMENDED INCREASE IN GENERAL FUND REVENUES IS $2.8M

12 GENERAL FUND EXPENDITURES EXPENDITURE AS OF 12/31/ EXPENDITURE TOTAL EXPENDITURE AS OF 12/31/ REVISED BUDGET TOTAL PROJECTED EXPENDITURES DEPARTMENT Administration $ 832,916 $ 1,564,810 $ 962,656 $ 1,694,315 $ 1,694,315 City Attorney 1,198,552 2,409,822 1,305,946 2,616,648 2,616,648 Finance 2,737,970 5,124,622 2,856,938 5,803,138 5,803,138 Administrative Services 1,067,763 2,244,470 1,211,903 2,561,737 2,561,737 Information Technology 2,126,507 4,202,354 2,340,797 5,172,276 5,172,276 Parks, Recreation & Comm Svcs 4,390,041 8,609,043 4,851,698 9,783,524 9,783,524 Police Department 22,386,571 39,537,598 24,217,073 43,219,264 43,219,264 Fire Department 13,025,195 23,287,918 14,298,257 24,839,165 24,839,165 Community Development 4,311,534 8,307,362 4,304,329 14,045,116 14,045,116 Public Works 6,072,219 11,609,418 6,750,001 13,861,436 13,861,436 Non-Departmental 1,921,333 13,381,943 1,119,347 1,488, ,447 Transfers 2,412,701 4,784,999 1,415,000 2,830,000 2,830,000 TOTAL EXPENDITURES $ 62,483,300 $ 125,064,358 $ 65,633,946 $ 127,914,884 $ 127,410,066

13 General Fund Expenditures by Categories

14 RECOMMENDED MID-YEAR EXPENDITURE ADJUSTMENTS FOR FY 2018/2019 ON-GOING $31.5K for Part-Time Staffing and supplies in the CCARP program and to cover community events $30K to cover increase in ActiveNet fees associated with online registration or recreation classes/programs ONE TIME ADJUSTMENTS $23.5K Transfer to Fund 420 Capital & Acquisition Fund for Building Repairs $66.4K for health and safety items related to the Plunge operations $100K for Improvements in the Hayden Tract and Transit Oriented District environmental graphics consultants $22K for temporary Code Enforcement Officer $119K for increase in maintenance operations for traffic, street & median repairs & parking meter operations

15 CITY OF CULVER CITY FY 2018/2019 Mid-Year Summary - OTHER FUNDS

16 FY 2019 OTHER MAJOR FUNDS OTHER MAJOR FUNDS EXPENDITURES EXPENDITURE AS OF 12/31/ EXPENDITURE TOTAL EXPENDITURE AS OF 12/31/ REVISED BUDGET TOTAL PROJECTED EXPENDITURES DEPARTMENT Refuse Disposal Fund 7,501,890 15,010,387 7,761,840 16,501,451 17,455,901 Municipal Bus Lines 13,974,990 27,573,875 13,900,430 40,322,957 40,322,957 Sewer Enterprise Funds 3,068,743 8,377,348 3,766,451 22,339,990 22,339,990 Municipal Fiber Network Fund 1,301,624 3,694,207 1,156,604 3,534,701 3,534,701 TOTAL EXPENDITURES $ 25,847,247 $ 54,655,817 $ 26,585,325 $ 82,699,099 $ 83,653,549

17 CITY OF CULVER CITY General Fund Ten-Year Financial Forecast

18 Basis of Estimates for Financial Forecast: Local and National Economic Indicators LA County Assessor s Office Property Tax and Sales Tax Consultants (HdL) Utility Users Tax Consultant (MuniServices) Economic Forecasts (i.e., UCLA, LAEDC) CalPERS Actuarial Valuations Bartel & Associates Actuarial Estimates Input from Financial Advisor

19 General Fund Revenue Assumptions: Conservative and steady annual growth (average of 2%) Cannabis Permit Fees and Business Tax (range of $525K - $2.6M) Includes Measure Y (assumes sunset is removed by the voters in 2020) UUT has been decreasing over time Comercial Ind. Tax and Real Property Transfer Tax is projected at a flat amount of $2.9M Expenditure Assumptions Baseline budget includes CALPERS rates Fire SAFER Grant Includes 3% COLA increase for Safety and 2.5% for Non-Safety Cost Sharing for PERS is up to 5% for Safety and 3.5% for Non-Safety CPI Increase of 2% for all other areas Savings factor of 2.5% Assumes $2M for CIP and $.5M for one-time enhancements

20 Estimate General Fund Forecast [in thousands] Projection Projection Projection Projection Projection Projection Projection Projection Projection Projection RESOURCES Beginning Balance * 66,377 58,504 59,571 59,711 58,634 54,521 49,558 43,899 37,990 31,608 25,091 OPERATING REVENUES Operating Revenue 106, , , , , , , , , , ,609 Measure Y 9,830 9,761 9,902 10,127 10,319 10,500 10,710 10,924 11,142 11,365 11,592 Measure C 916 4,881 4,951 5,064 5,160 5,250 5,355 5,462 5,571 5,683 5,796 Additional Operating Rev from Development , TOTAL REVENUES 117, , , , , , , , , , ,997 OPERATING EXPENDITURES 6% 2% 2% 1% 2% 2% 2% 2% 2% 2% Current Service Budget (117,685) (123,318) (127,830) (132,325) (136,471) (139,867) (143,282) (146,185) (149,304) (152,132) (155,764) Assumed Savings - Vacancies, O&M, etc. 2,805 3,081 3,196 3,306 3,412 3,495 3,582 3,653 3,733 3,801 3,892 TOTAL OPERATING EXPENDITURES (114,880) (120,237) (124,634) (129,019) (133,059) (136,373) (139,700) (142,533) (145,571) (148,331) (151,872) OPERATING SURPLUS / (DEFICIT) 2,663 4,197 2,641 1,422 (1,613) (2,463) (3,159) (3,409) (3,882) (4,017) (4,875) ONE-TIME ITEMS AND INFRASTRUCTURE INVESTMENTS One-Time Revenue - Mid-Year Increase 1, One-Time O&M Carryover from Prior Year (3,406) One-time Enhancement Costs (6,333) (1,130) (500) (500) (500) (500) (500) (500) (500) (500) (500) Section 115 Pension Trust Contribution General Infrastructure Funding (2,790) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) (2,000) Net One-time Items and Infrastructure (10,536) (3,130) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) (2,500) GROSS SURPLUS / (DEFICIT) (7,874) 1, (1,078) (4,113) (4,963) (5,659) (5,909) (6,382) (6,517) (7,375) 30% Contingency Reserve Requirement 34,464 36,071 37,390 38,706 39,918 40,912 41,910 42,760 43,671 44,499 45,562 Facilities Planning Reserve (40% of any gross surplus) 9,139 9,566 9,622 9,622 9,622 9,622 9,622 9,622 9,622 9,622 9,622 Recreation Facilities Reserve (10% of certain PRCS fees) 1,460 1,455 1,450 1,445 1,440 1,435 1,430 1,425 1,420 1,415 1,410 UNASSIGNED FUND BALANCE 13,440 12,478 11,249 8,861 3,541 (2,411) (9,063) (15,817) (23,105) (30,446) (38,878) ENDING TOTAL BALANCE 58,504 59,571 59,711 58,634 54,521 49,558 43,899 37,990 31,608 25,091 17,716

21 ANY QUESTIONS?

Fiscal Year Proposed Budget

Fiscal Year Proposed Budget Fiscal Year 2013-2014 Proposed Budget Tonight s Agenda Discussion of economic trends and issues. High-level discussion of proposed City budget. General Fund Specifics Updated Forecast Future meeting schedule