New Castle County FY 2014 Revenue As of June 30, 2014 Submitted by the Office of Finance September 23, 2014
FY 2014 Property Tax FY 2013 Actual FY 2014 Budget FY 2014 Actual 109.0 Million 109.7 Million 109.4 Million Property Tax Revenues represent 63% of the FY 2014 GF Revenue. 2
3,500,000 3,000,000 2,500,000 2,000,000 Pike Creek Apts., Pencader Corp, RTT Revenue (Budget Estimate - $18.0 million) (Actual- $25.3 million) Greentree Vlg Apts Little Falls Centre Morgan Crossing Apts Rollins Building Stoneybrooke Apts Limestone Shop Ctr Christiana Retail Center Doubletree Hotel Meridian Crossing Pencader Corp Commons Bellevue Corp Ctr Fisker, Fedex Astra Zeneca South Campus 1,500,000 1,000,000 500,000 0 actual budget revised est 3
FY 2014 RTT Summary FY 2013 FY 2014 Difference Overall Transactions 5,092 5,459 367 7.21% Exemptions - Half RTT 1,663 1,722 59 3.55% Transactions under $500,000 Full RTT Transactions between $500-$1M Full RTT Transactions between $1M-$5M Full RTT Transactions over $5M Full RTT 3,144 3,395 251 7.98% 206 255 49 23.79% 66 63-3 -4.55% 13 24 11 84.62% 4
Top Five Transactions RTT Received by NCC Christiana Fashion Center $1.1 Million Bellevue Office Park $0.9 Million Astra Zeneca South Campus $0.7 Million Morgan Crossing Apartments $0.5 Million Doubletree Hotel $0.3 Million Subtotal $3.5 Million All Over $5 Million $6.2 Million 5
New Castle County Real Estate Transfer Tax 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Exemptions 3.5 2.7 3.5 1.8 2.3 2.8 2.8 Under $1 million 17.6 10.7 10.8 10.6 10.5 12.6 14.3 Over $1 million 10.9 3.4 3.6 4.2 3.0 4.3 8.2 Total RTT 32.0 16.8 17.9 16.6 15.8 19.7 25.3 6
FY 2014 Service Charges and Fees Budget Actual Variance Sheriff Commissions $4.2 $4.2 0.0 Sheriff Fees $0.8 $0.8 0.0 Deeds & Instruments $5.7 $4.7 ($1.0) Deeds Corp. Filing Fee $1.1 $1.1 0.0 Subdivision Review $1.0 $0.8 ($0.2) 911 Reporting Fees $1.1 $1.1 $0.0 7
Recorder of Deeds Revenue No Corporation Fees 1,000,000 900,000 800,000 700,000 FY 2013 Actual 6.1 Million FY 2014 Budget 5.8 Million FY 2014 Actual 4.8 Million 600,000 500,000 400,000 300,000 200,000 100,000 0 actual budget revised est. 8
Sheriff Revenue Average 1,000,000 900,000 800,000 FY 2013 Actual $4.1 Million FY 2014 Budget $5.0 Million FY 2014 Actual $5.0 Million 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 budget average revised est. 9
Sheriff Sales (Non Stays and Stays) 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 Stays 892 981 1,116 1,088 1,063 969 1,161 1,500 1,721 2,318 2,005 799 901 Non Stays 512 589 551 541 529 425 612 741 947 1,185 1,206 820 930 Total 1,404 1,570 1,667 1,629 1,592 1,394 1,773 2,241 2,668 3,503 3,211 1,619 1,831 10
Subdivision & Zoning Review Revenue 1,000,000 900,000 800,000 700,000 FY 2013 Actual FY 2014 Budget FY 2014 Actual $1.3 Million $1.4 Million $1.2 Million 600,000 500,000 400,000 300,000 200,000 100,000 0 actual budget revised est. 11
Building Permit Revenue 1,000,000 900,000 800,000 FY 2013 Actual $3.2 Million FY 2014 Budget $2.8 Million FY 2014 Actual $2.9 Million 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 actual budget revised est. 12
Number of Building Permits New Construction Only 1400 1200 1000 800 600 400 200 0 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Commercial Residential 13
New Construction Permits FY 2013 and FY 2014 Commercial Residential FY 2013 FY 2014 Multi Residential Single Family Townhouse Commercial Residential Multi Residential Single Family # # # # # # Townhouse July 17 67 0 46 21 5 94 0 58 36 August 9 63 2 40 21 13 56 2 34 20 Sept 5 46 0 39 7 4 71 0 51 20 October 8 38 0 27 11 8 70 0 45 25 November 7 64 1 52 11 5 45 0 23 22 December 9 50 2 25 23 4 50 0 36 14 January 2 58 2 29 27 5 54 0 39 15 February 11 54 5 36 13 2 70 0 53 17 March 6 41 1 40 0 0 70 0 45 25 April 7 106 0 69 37 6 71 0 48 23 May 11 90 1 68 21 15 102 0 68 34 June 5 73 0 57 16 5 95 0 62 33 Totals 97 750 14 528 208 72 848 2 562 284 FY 13 97 750 14 528 208 14
Other Major Revenue Categories Budget Actual Recreation 1.2 Million 1.1 Million 1 Use Of Money & Property 4.0 Million 4.4 Million 2 Intergovernmental Revenue 7.0 Million 7.1 Million Miscellaneous 1.8 Million 1.8 Million 1. Use of Money and Property excludes RTT Debt Service 2. Intergovernmental Revenue includes State Contribution to Police Pension 15
70,000,000 FY 2014 Current Sewer Charges Budget vs. Actual Total = 60.4 Million Total = 56.8 Million 60,000,000 4,669,732 50,000,000 7,519,919 4,801,566 6,983,687 40,000,000 11,337,042 10,897,868 Contract Apartment 30,000,000 8,878,396 8,530,276 Commercial Industrial Residential 20,000,000 10,000,000 27,962,779 25,541,568 0 Budget Actual 16
General Fund FY 2014 (Unaudited) Budget Actual Variance Expenditures $172.0 $169.9 $2.1 99% Exp/Enc Revenues $170.2 $175.3 $5.1 RTT Activity Subtotal $5.4 Transfers Out ($3.5) Net Change $1.9 Available Cash Balance 7/1/13 $54.2 FY 2014 Net Change $1.9 RTT Excess Transfer ($7.3) Available Cash Balance 7/1/14 $48.8 * * Excludes Rainy Day Reserve ($33.6 million) 17
Sewer Fund FY 2014 (Unaudited) Budget Actual Variance Expenditures $72.6 $71.6 $1.0 98% Exp/Enc Revenues $73.4 $68.8 ($4.6) Current Year Sewer Net Activity ($2.8) Transfers Out ($0.6) Net Change ($3.4) Available Cash Balance 7/1/13 $14.1 FY 2014 Net Change ($3.4) Available Cash Balance 7/1/14 $10.7 * * Excludes Rainy Day Reserve ($14.2 million) 18
Reserve Designations and Status FYE 6/30/2014 General Fund Designations Amount Rainy Day Reserve (20% Annual Estimated Revenues) $33.6 Tax Stabilization Reserve (Annual Audit) $48.8 (A) RTT Reserve $9.0 Allocated in FY 2015 Budget -$4.5 $4.5 Sewer Fund Designations Rainy Day Reserve (20% Annual Estimated Revenues) $14.2 Sewer Rate Stabilization Reserve (Annual Audit) $10.7 Allocated in FY 2015 Budget -$1.3 $9.4 (A) $3.2 million used during FY 2014. 19
Checkbook General Fund Cash Flow Projections June - FY 2014 Estimated Fiscal Year 2015-2019 (Unaudited) General Fund (in millions) 2014 2015 2016 2017 2018 2019 Comments Available Financial Reserves, 54.2 48.8 48.8 45.1 35.7 24.4 beginning of period Revenues Property Tax Revenue 109.4 110.5 111.3 112.2 113.0 113.9 minimum growth Transfer Tax Revenue 25.3 24.2 25.4 26.7 28.0 29.4 90% budget estimate 15-19 RTT-Reserves 2.6 4.5 4.5 0.0 0.0 0.0 Other Revenues 38.0 38.8 38.8 39.6 40.4 41.2 2.0% Growth in 15-19 Available Cash Balances - - 3.7 9.4 11.3 13.9 Total Revenue 175.3 178.0 183.7 187.8 192.7 198.3 Expenditures Personnel Costs 131.1 132.9 137.6 142.4 147.3 152.5 3.5% Annual Growth Non-Personnel Costs 18.5 20.9 21.3 21.7 22.2 22.6 2.0% Annual Growth Debt Service 20.3 20.5 21.2 20.0 19.5 19.5 2016($25.0) Bond Issue Total Expenditures 169.9 174.3 180.1 184.1 189.0 194.6 Revenue over Expenditures 5.4 3.7 3.7 3.7 3.7 3.7 Transfers (3.5) (3.7) (3.7) (3.7) (3.7) (3.7) Net Change 1.9 0.0 0.0 0.0 0.0 0.0 RTT Excess Designated (7.3) Available Financial Reserves * 48.8 48.8 45.1 35.7 24.4 10.5 * Excludes Rainy Day Reserve 20
Checkbook Sewer Fund Cash Flow Projections June - FY 2014 Estimated Fiscal Year 2015-2019 (Unaudited) Sewer Fund (in millions) 2014 2015 2016 2017 2018 2019 Comments Available Financial Reserves, 14.1 10.7 9.4 3.4 (3.2) (10.5) beginning of period Revenues Sewer Charges Collection 59.6 62.7 63.2 63.6 64.1 64.6 minimum growth Other Revenues 9.2 9.6 9.7 9.7 9.8 9.9 minimum growth Available Cash Balances 0.0 1.3 6.0 6.6 7.3 8.1 Total Revenue 68.8 73.6 78.8 80.0 81.2 82.6 Expenditures Total Personnel Costs 17.5 17.6 18.2 18.9 19.5 20.2 3.5% annual growth Total Non-Personnel Costs 35.2 35.7 36.4 37.1 37.9 38.6 2.0% annual growth Debt Service 18.9 19.0 22.9 22.7 22.5 22.5 2016 ($60) Bond Issue Total Expenditures 71.6 72.3 77.5 78.7 79.9 81.3 Revenue over Expenditures -2.8 1.3 1.3 1.3 1.3 1.3 Transfers to capital -0.6-1.3-1.3-1.3-1.3-1.3 Net Change (3.4) 0.0 0.0 0.0 0.0 0.0 Available Financial Reserves * 10.7 9.4 3.4 (3.2) (10.5) (18.6) *Excludes Rainy Day Reserve 21