HomeMy WebLinkAbout2013 04 22 Regular 600 Preliminary Budget Review FY 2014 COMMISSION AGENDA
Informational
Consent
ITEM 600 public Hearings
g
Regular X
Apri122, 2013 KS
Regular Meeting City Manager Department
REQUEST:
The City Manager is requesting the Commission receive a preliminary overview of the
Fiscal Year 2014 Budget.
SYNOPSIS:
The City Manager and staff will present a preliminary overview of the FY 2014 Budget.
CONSIDERATIONS:
A preliminary projection of our FY 2014 General Fund revenue stream is attached herein.
As in recent years, overall General Fund revenue sources continue to be relatively anemic.
The majority of General Fund revenues are derived from five sources: Property Taxes, Half
Cent Sales Tax/Municipal Revenue Share, Utility Taxes, Franchise Fees, and
Communication Service Taxes. With the exception of Property Taxes and Communication
Services Taxes, these revenue sources are projected to be flat or declining in FY 2014.
However, after declining approximately 29% over the past five years, our FY 2014 ad
valorem tax base estimates from the Seminole County Property Appraiser's (SCPA) Office
project an increase of 4%-5% over the prior year. Note that these estimates are
preliminary. Updated information will be received from the SCPA in late May/early June
of this year. SCPA cites "slow but steady improvement of the 2012 real estate market" and
increases in new construction as reasons for the increase.
Collectively, preliminary estimates indicate an approximate $100K increase in recurring
General Fund revenues for FY 2014. This "stabilization" is noteworthy in that total
budgeted General Fund revenues have been in a declining state (approximately $2.5M) over
Regular 600 PAGE 1 OF 2-April 22,2013
the past five years. However, upward pressure on expenditures will continue to be a
challenge for FY 2014, specifically in the wage and benefit arena.
In summary, relatively flat revenues in conjunction with expanding costs will require
strenuous and informed decision making in order to effectively balance the FY 2014
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
to these events.
The City Manager and staff will present a more detailed overview of this information and
the FY 2014 budget during the presentation of this agenda item.
FISCAL IMPACT:
No funding is requested at this time. This report lays the necessary framework for
discussions relative to the FY 2014 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 recommends that the Commission receive a preliminary budget overview
from staff on the FY 2014 Budget.
ATTACHMENTS:
1. General Fund Sources -FY 2013 to FY 2014
Regular 600 PAGE 2 OF 2-April 22,2013
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