HomeMy WebLinkAbout2008 03 03 Distributed During Discussion of Informational 100Date: March 3, 2008
This was distributed to the City Commission at
the March 3, 2008 City Commission Workshop
during the discussion of Informational Agenda
Item "100".
Budget Workshop
March 3, 2008
Budget Impacts
FY 2008
FY 2009
FY 2010
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City of Winter Springs, FL
Incorporated
1959
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Statutory Property Tax Fv zoos
Reform Requirements
^ Millage Rate reduced back to Roll
Back.
^ 9% further reduction.
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FY 2008
City Strategy "A"
^ Removed items from budget
consideration
^ Reduced health insurance
^ Total Reduction
$4.340M
0.207M
$4.547M
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FY 2008
City Strategy °B"
^ Reduced Property Taxes Z4%
^ Operating millage reduced from 4.2919 to
3.2496 mills.
Action Millage
Reduction Percent
Reduction
Back to Roll Back 0.3616 8.4%
9% Further Reduction 0.3537 8.2%
Further City Reduction 0.3270 7.6%
Total Reduction 1.0423 24.3%
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FY 2008
City Strategy ~~C"
^ Implement Fire Assessment*
^ $223 per month residential rate
FY 2008 Revenue $2.375 M 75% Collections
FY 2009 Revenue $3.167 M 100% Collections
FY 2009 Increase $0.792 M 100% Collections
^ $194 per month residential rate
FY 2008 Revenue $2.050 M 75% Collections
FY 2009 Revenue $2.733 M 100% Collections
FY 2009 Increase $0.683 M 100% Collections
* Failure to Adopt Fire Fee will cause a $1.98M FY 08 Shortfall. 6
FY 2008
Revenue Shortfalls
^ If Fire Assessment Adopted:
Description Reduction Balance
Original Budget Surplus $330,495
State Reduction # 1 $140,000 $190,495
State Reduction #2 $40,000 $150,495
Reduced Interest Earnings $80,000 $70,495
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Revenue Shortfalls
^ If Fire Assessment NOT Adopted:
Description Reduction Balanc
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Original Budget Surplus $330,495
State Reduction #1 $140,000 $190,495
State Reduction #2 $40,000 $150,495
Reduced Interest Earnings $80,000 $70,495
Fire Fee Not Adopted $2,050,000 $(1,979,505)
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FY 2009
Amendment 1 Impacts
^ Estimated FY 09 Revenue Reductions
^ Add'I Homestead Exempt. $730,000
^ Portability
^ Tangible Personal Property
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3 000
$933,000
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Amendment 1 Impacts FY 2009
(If Fire Assessment Adopted)
^ If Roll Forward Remains
^ +New Construction $117,000
^ +Per Capita Income Growth (2.5%) $180 000
^ +Fire Assessment Increased Collect. 683000
^ =Subtotal Simple Majority $980,000
^ +Supermajority Override (10%) 700 000
^ =Est. Total Revenue Increase $1,680,000
^ +Unanimous Override up to 10 mills ??
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Amendment 1 Impacts FY 2009
(If Fire Assessment Adopted)
^ If Roll Forward is Eliminated
^ -All the Rollforward
^ +New Construction
^ +Per Capita Income Growth (2.5%)
^ +Fire Assessment Increased Collect.
^ =Subtotal Simple Majority
^ +Supermajority Override (10%)
^ =Est. Total Revenue Increase
^ +Unanimous Override up to 10 mills
$(933,000)
$117,000
$180,000
X683,000
$47,000
700 000
$747,000
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Amendment 1 Impacts FY 2009
(If Fire Assessment Not Adopted)
^ If Roll Forward Remains
^ +New Construction
^ +Per Capita Income Growth (2.5%)
^ =Subtotal Simple Majority
^ +Supermajority Override (10%)
^ =Est. Total Revenue Increase
^ +Unanimous Override up to 10 mills
$117,000
180 000
$297,000
700 000
$997,000
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Amendment 1 Impacts FY 2009
(If Fire Assessment Not Adopted)
^ If Roll Forward is Eliminated
^ -All the Rollforward $(933,000)
^ +New Construction $117,000
^ +Per Capita Income Growth (Z.5%) 180 000
^ =Subtotal Simple Majority $(636,000)
^ +Supermajority Override (10%) 700 000
^ =Est. Total Revenue Increase $64,000
^ +Unanimous Override up to 10 mills ??
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FY 2009
Other Legislative Reductions
^ Legislative Session begins tomorrow.
^ SB 2432 (Proposed).
^ Prohibits counties or municipalities from
charging a fee for costs incurred for
responding to a motor vehicle accident,
fire, or other emergency.
^ Effective July 1, 2008 (if passed).
^ Other Legislation.
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Taxation & Budget Fv zoio
Reform Commission
^ Taxpayer Bill of Rights (TABOR)
^ Cap on all Revenues and Spending above
population growth and inflation.
^ Modeled on Colorado's TABOR.
^ Base Year = FY 2006.
^ Inflation based on State & Local Gov't
CPI index.
^ Override - 4 year moratorium may be
voted in by municipality's electors.
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FY 2010
TABOR Exemptions
^ Revenues or Spending from:
^ Florida Hurricane Catastrophe Fund.
^ Gifts, Donations, Grants, or revenues
from another unit of government.
^ The sale of property or legal damages
awards.
^ Bond Proceeds.
^ Florida Lottery Operations.
^ Impact Fees.
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FY 2010
TABOR Exemptions (con't.)
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^
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avenues or Spending from:
Pension contributions by employees,
fund earnings, or payment of pensions.
Electric, Water, Wastewater, Gas, or
Other Utility Services.
^ The Issuance of Licenses & Permits.
^ Emergency Expenditures (Governor-
declared state of emergency).
^ Refund of Excess Tax Revenues.
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FY 2010
TABOR Penalties
^ Consequences for Excess Revenue
Collection or Spending:
^ Attributable to Property Taxes: Must
refund excess or reduce ad valorem taxes
on each applicable property in the next
fi sca I year.
^ Not Attributable to Property Taxes:
Temporarily reduce sales tax rate, taxes
on motor and diesel fuel, or other tax or
fee.
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FY 2010
New or Increased Taxes or Fees
^ TABOR Requires Voter Approval for
new or increased taxes or fees.
^ Taxes
^ Majority vote of local electorate required.
^ User fees
^ 2/3 vote of local electorate required.
^ Duration of new tax or fee shall not
exceed 4 years.
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New or Increased Taxes or Fees
^ Assessments
^ ~~The Legislature shall provide a process
by law to permit the electors to approve
assessments for neighborhood
improvements that may be amortized
over a period not to exceed 10 years."
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