HomeMy WebLinkAbout2007 10 22 Regular 603 General Fund Budget Determinations
Date: October 22, 2007
Due to time constraints, Regular Agenda Item
"603" was not discussed during the October 22,
2007 City Commission Regular Meeting.
COMMISSION AGENDA
ITEM 603
Consent
Information
Public Hearinl!;
Rel!;ular X
October 22,2007
Meeting
MGR yr/IDEPT.
Authorization
REQUEST: The City Manager is requesting that the City Commission make budget
determinations regarding the General Fund's $330,495 budgeted appropriation to fund
balance for the fiscal year 2007-2008 as well as the $3,271,605 General Fund designation
for non-recurring special capital projects for Fiscal Year 2007-2008.
PURPOSE: The purpose of this agenda item is to have the Commission make budget
determinations regarding the General Fund's $330,495 budgeted appropriation to fund balance
for the fiscal year 2007-2008. Also up for discussion, is the $3,271,605 that has been earmarked
for non-recurring special capital projects.
CONSIDERATIONS:
The 2007-2008 final budget that was adopted by Resolution 2007-44 on September 24, 2007
(Public Hearing 501) included a General Fund appropriation TO fund balance of $330,495.
Furthermore, the adopted General Fund budget designated $3,271,605 of fund balance for non-
recurring special capital projects. Attachment A reflects these and other key fiscal indicators
relative to the General Fund.
Attachment B represents a list of considerations for both the $330,495 General Fund
appropriation and the unspecified capital project designation of $3,271 ,605.
RECOMMENDATION:
· Because further tax reform legislation is an unknown variable, it is recommended that any
decisions to increase the City's recurring operating costs be done so with fiscal conservatism.
· It is my recommendation that the Planner for the Community Development department be the
highest priority item for recurring expenses.
. It is recommended that the $3,271,605 capital projects reserve be reserved for projects that
we would not want to take to referendum.
102207_ COMM _Regular _603 _2007 -2008_ Budget_ Considerations.doc
IMPLEMENTATION SCHEDULE:
Upon approval, the Fiscal Year 2007-2008 budget would be revised to reflect the Commission's
directives.
ATTACHMENTS:
· A - General Fund Fiscal Policy Test - Fiscal Year 2007-2008
· B - Budget Considerations
COMMISSION ACTION:
102207_ COMM _Regular _603 _2007 -2008 _ Budget_ Considerations. doc
Regular 603; October 22, 2007
Attachment A. General Fund Fiscal Policy Test. FY 2007.2008 Budget
OPERATING COVERAGE
RecurrinQ Revenue
$21,391,890
Total Expenditures
LESS:
Capital Expenditures
$21,652,406
RecurrinQ Personal and OperatinQ Expenditures
($735,055)
$20,917,351
($20,917,351 )
$474,539
Effect on Fund Balance - OPERATING COVERAGE
CAPITAL COVERAGE
Non-recurring Revenue
$591,011
LESS:
Capital Expenditures
Effect on Fund Balance - CAPITAL COVERAGE
($735,055)
($144,044)
TOTAL EFFECT ON FUND BALANCE
$330,495
FUND BALANCE
Proiected BeQinninQ Fund Balance
$8,170,448
FY 08 Appropriation TO (FROM) Fund Balance
$330,495
Proiected EndinQ Fund Balance
$8,500,943
Ending Fund Balance Designations:
90-day / 25% Operating Reserve
Non-recurring Special Capital Projects
$5,229,338
$3.271.605
$8,500,943
Minimum fund balance target
(25% of recurring personal and operating expenditures): $5,229,338
102207 _ Comm _Regular _603 _Attach me nt_ A
Regular 603; October 22, 2007
Attachment B . Budget Considerations
John Deere turf surround mower
Economic Development Seed Money
Televised Commission Meetings -
minumum capital outlay based on Option 1 from
Regular 600, May 29, 2007; other options up to
$207,000
$8,00
$25,00
$140,00
Compression
Pay plan ranges - 5% increase
Fully man Station 28 - (8) Firemen
Community Development Planner $65K
less $15K consulting, plus misc start-up
Budget f Assessment Administrator
TBD
TBD
* does not include effect of Compression and Pay Plan Range issues
Available to Appropriate for Non-Recurring Capital $3,271,605
$ 2,000,00
Street Resurfacing (5 yrs behind) $1,200,00 nfa
Housing Redevelopment $2,000,00 nfa
Town Center Trail $1,200,00 nfa
City Hall Expansion $1,000,00 nfa
Community Center $2,000,00
Community Pool $3,500,00
Athletic Center $9,300,00
$400,00
102207 _ Comm_Regular _603_ Attachment_ B