Business Plan Workshop July 19, 2006

Transcription

1 Business Plan Workshop July 19, /7/2006 2:59 PM 1

2 Agenda for Business Plan Special Meeting Presentation of Business Plan Adoption of Business Plan Assessment Resolution Fire Solid Waste Set Millage Rates 11/7/2006 2:59 PM 2

3 Coral Springs ranked 27 th Highest in Florida Park Space & Safety are best rankings 11/7/2006 2:59 PM 3

4 Proposed 2007 Operating Millage Rate Comparison $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Hollywood Miramar Tamarac Ft Lauderdale Pembroke Pines Plantation Pompano Beach Coral Springs 11/7/2006 2:59 PM 4

5 Customer Satisfaction 100% 90% 90% 92% 93% 93% 95% 95% 80% 70% 60% 50% /7/2006 2:59 PM 5

6 Composite Index /7/2006 2:59 PM 6

7 Wilma Recovery 11/7/2006 2:59 PM 7

8 Financial Policy Reserves Financial Policy Reserves (before Wilma) City s Cost for Hurricane Recovery Financial Policy Reserves (after Wilma) $14.5 million $9.5 million $5.0 million 11/7/2006 2:59 PM 8

9 Before & After 11/7/2006 2:59 PM 9

10 Hurricane Wilma Response Disaster Recovery 1 million cubic yards debris Street Trees "Homeowners Tree Care and Ownership Guide" and "Street Tree Subsidy Program Emergency Roof Permits Metal Roofs Expedite Roof Permits Owner Notification Program Assisted in Hurricane Katrina Disaster Recovery 11/7/2006 2:59 PM 10

11 Building 11/7/2006 2:59 PM 11

12 Traffic Map 11/7/2006 2:59 PM 12

13 Traffic Map 11/7/2006 2:59 PM 13

14 Moving Forward Affordable Housing Neighborhood Aesthetics Bike Patrol Teen Programming Public Safety Improvement Bond Building Division Customer Care Parkland Partnership for NW Fire/EMS Service Improvements New City Hall Green Building Maintenance Standards Reforestation and Replanting 11/7/2006 2:59 PM 14

15 Our Financial Strategy Keep operating millage rate same Already lowest of Broward cities over 50,000 population Reduce debt service millage by 15% Replenish $2 million of hurricaneravaged reserves Equity-fund $6.9 million in capital outlays Savings $2.7 million in future interest expenses Subsidize fire assessment fee by $7.66 per single family home 11/7/2006 2:59 PM 15

16 Effect On The Average Homeowner No increase in operating millage 15% decrease in debt millage $8.00 increase in single-family fire fee $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $ Operating Debt Fire $83.62 $91.62 $45.11 $38.35 $ $ $ $ $91.62 $39.66 $ Average Coral Springs home Save Our Homes Value $204,714 Net Tax = $6.76 Decrease Fire Fee = $8.00 Increase Assuming No Increase In Assessed Value Net Tax = $18.33 Increase Fire Fee = $8.00 Increase Assuming a 3.0% Increase In Assessed Value $210,855 11/7/2006 2:59 PM 16

17 Savings from the Financial Strategy General Fund Water & Sewer Funds Other Funds Total Debt Refunding & Retirements Prior Years $1,122,000 $459,000 $1,581,000 Debt Defeasance Prior Years 2,693,000 $2,693,000 Cost Avoidance Measures Variable Rate Prior Years 798,000 $798, ,000 $368,000 Equity Financing Prior Years 1,940, ,000 $2,281, ,000 $310,000 Water & Sewer ,500 $142,500 Pay as you go Prior Years 606,500 $606, ,000 $139,000 Total Savings $7,231,000 $601,500 $1,086,500 $8,919,000 11/7/2006 2:59 PM 17

18 Proposed 2007 Operating Millage Rate Comparison $ $ $ $ $ Coral Springs without our Financial Strategy $ $ $ $ $ $ $ $ $ $ $ $ $ Hollywood Miramar Tamarac Ft Lauderdale What if... Pembroke Pines Plantation Pompano Beach Coral Springs 11/7/2006 2:59 PM 18

19 Debt Service Millage Rate Trend $ $ $ % Decrease Mills $ $ $ $ New Bond Existing debt /7/2006 2:59 PM 19

20 Growth Rate in Property Tax Revenue 25% 20% Projected 15% 10% 5% 0% /7/2006 2:59 PM 20

21 Fire Rates $ CHG Single Family $83.62 $91.62 $8.00 Multi Family $95.79 $ $11.47 Commercial* $15.91 $15.79 $0.12 Industrial/Warehouse* $5.67 $2.32 -$3.35 Institutional/Gov t* $16.28 $17.67 $1.39 *per 100 sq ft 11/7/2006 2:59 PM 21

22 $160 $140 $120 $100 $80 $60 $40 $20 $0 Proposed 2007 Fire Assessments $ $ $ $ $94.00 For Single Family Homes $91.62 $75.00 $ /7/2006 2:59 PM 22 Tamarac Miramar Hollywood Davie Ft Lauderdale Coral Springs Pompano Beach Pembroke Pines 2006

23 Residential Single Family Solid Waste Assessment Rate % Actual Proposed Increase Increase Rate $ $ $ % Factors: 3.3% Increase in Tipping Fees For All of Broward County 2.69% Contractual Increase (80% of CPI, which was 3.36%) Application of 18% Franchise Fees 11/7/2006 2:59 PM 23

24 2006 Solid Waste Rate Comparison $400 $350 $ $ Annualized $300 $250 $200 $ $ $ $ $ $150 $100 $50 $0 Hollywood Ft Lauderdale Margate Sunrise Tamarac Miramar Coral Springs 11/7/2006 2:59 PM 24

25 Capital Funding Sources General Obligation Bond Equity Financing Water and Sewer Revenue Bond Operating Grant Funding AHP UASI - Grant Funding Public Art Fund Impact Fees Tree Preservation Trust Fund Tax Increment Financing (TIF) Total $13,500,000 6,898,525 5,653,850 3,802, , , , , ,500 75,000 $31,911,459 11/7/2006 2:59 PM 25

26 Major Capital Projects All Hazards Prep Generator for Mullins Gymnasium $270,000 Portable Traffic Control Signals $220,000 Additional Diesel Fueling Stations $192,000 Police Replacement of Underground Fuel Tanks $400,000 Development Services Public Safety Imp/Mullins Master Plan $13,500,000 New City Hall $400,000 Street Indexing Signage $158,000 Fire Fund Training Simulator Tower $500,000 Fire Station Renovation 71 $227,725 11/7/2006 2:59 PM 26

27 Major Capital Projects (cont.) Parks & Recreation BMX Track Relocation $250,000 Entranceway Beautification $150,000 Linear Parks $175,000 Transportation Road Resurfacing Program $835,400 Water Dist./Wastewater Collection Rehab of Lift Stations 20A and 20B $1,577,000 Water Treatment Replacement of Water Plant Generator $1,500,000 Existing Well Capacity and Rehab Program $298,000 11/7/2006 2:59 PM 27

28 Spare Slides 11/7/2006 2:59 PM 28

29 General Fund Key Drivers Personal Services Hurricane Wilma Reserves Gasoline & Electricity Health care Interest Rates Retirement Property & Casualty Insurance New Positions Gov t & Nonprofit Fire Assess. Total $ increase over 2006 $2.0M $1.6M $1.0M $720K $708K $500K $440K $300K $233K $7.5M % increase over % n/a 30% 12% 47% 8% 58% 0.7% 41% 11/7/2006 2:59 PM 29

30 Your Taxes at Work South Florida Water Management District 9% City of Coral Springs 18% School Board of Broward County 34% Broward County 28% Other 2% Hospital District 9% 11/7/2006 2:59 PM 30

31 Mission Statement We want to be the premier community in which to live, work and raise a family. We want to be the nation's premier community in which to raise a family, grow a business and live a lifetime. We want to be the nation s premier community in which to work and play, raise a family and live a lifetime. 11/7/2006 2:59 PM 31

32 % Change of Total Taxable Value From Preceding Year 14% 14.6% 12% 10% 8% 6% 4% 2% 0% 9.2% 7.2% 7.1% 6.0% 5.6% 3.5% 4.3% 3.3% 4.1% 3.2% 2.7% 3.1% 2.4% 1.7% 1.2% 1.9% 0.0% 5.1% 3.5% 3.1% 4.7% 3.5% 3.3% 4.1% 3.0% 10.9% 9.1% 8.5% 7.3% 5.5% 3.5% 2.9% 2.8% 1.6% 1.4% 1.3% -2% -4% -4.1% Existing % New % -6% /7/2006 2:59 PM 32

33 About the Rolled-back Rate The tax rate that would provide the same amount of ad valorem revenue (excluding new construction) as last year 11/7/2006 2:59 PM 33

34 Your Tax Value Already low tax rate = already lean budget A decrease of $67.48 for the average homeowner (plus debt millage decrease) from 2006 Pays for more resources & improved services 11/7/2006 2:59 PM 34

35 Wilma: Rebuilding Reserves 2006 Surplus 2007 Appropriation 2007 Surplus 2008 Appropriation Total $1.0 Million $1.7 Million $1.0 Million $0.5 Million $4.2 Million within 2 years 11/7/2006 2:59 PM 35

36 11/7/2006 2:59 PM 36