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HomeMy WebLinkAbout2012 04 23 Regular 602 Budget Update COMMISSION AGENDA     Informational Consent ITEM602 Public Hearings Regular X       April 23, 2012KSSB Regular MeetingCity ManagerDepartment         REQUEST: Requesting that the City Commission receive a preliminary budget overview from staff on the Fiscal Year (FY) 2013 Budget    SYNOPSIS: The City Manager and staff will present a preliminary budget overview on the FY 2013 Budget. CONSIDERATIONS: Attached herein is a preliminary projection of our FY 2013 General Fund Revenue stream.  This "revenue picture" is not too different than that we have faced in recent years.  FY 2013 Estimates from the Seminole County Property Appraiser's Office project an additional 3%- 5% reduction in our ad valorem tax base.  (Note: Ad valorem tax base reductions as of FY 2013 projections total approximately 31% over the past five years).  Additionally, recent Legislative changes to the Communication Services Tax are projected to have a negative impact on that revenue stream.  Growth in other major General Fund revenue sources also continues to lag.   As a result, preliminary estimates indicate an approximate $475,000 reduction in Recurring General Fund Revenues for FY 2013.  (Note: Recurring General Fund Revenue reductions as of FY 2013 projections total approximately $2.6M over the past five years).   These factors continue to present us with limited funding available to balance our annual budget.  However, implementation of and adherence to our budget and fiscal plan has served to assist us thus far in addressing and overcoming the associated challenges related Regular 602 PAGE 1 OF 2 - April 23, 2012 to these events.   The City Manager and staff will present a more detailed overview of this information and the FY 2013 budget during this agenda item. FISCAL IMPACT: No funding is requested at this time. This report is the foundation for building the FY 2013 Budget.     COMMUNICATION EFFORTS: This Agenda Item has been electronically forwarded to the Mayor and City Commission, City Manager, City Attorney/Staff, and is available on the City’s Website, LaserFiche, and the City’s Server. Additionally, portions of this Agenda Item are typed verbatim on the respective Meeting Agenda which has also been electronically forwarded to the individuals noted above, and which is also available on the City’s Website, LaserFiche, and the City’s Server; has been sent to applicable City Staff, Media/Press Representatives who have requested Agendas/Agenda Item information, Homeowner’s Associations/Representatives on file with the City, and all individuals who have requested such information. This information has also been posted outside City Hall, posted inside City Hall with additional copies available for the General Public, and posted at five (5) different locations around the City. Furthermore, this information is also available to any individual requestors. City Staff is always willing to discuss this Agenda Item or any Agenda Item with any interested individuals.   RECOMMENDATION: The City Manager is recommending the City Commission receive a preliminary budget overview presentation from staff on the FY 2013 Budget. ATTACHMENTS: 1. Preliminary FY 2013 Budget Overview - General Fund Regular 602 PAGE 2 OF 2 - April 23, 2012