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
ATTACHMENT 1
General Fund Sources - FY 2012 to FY 2013
FY 2012 1-year FY 2013
Original Delta Proposed
Sources Budget 2012 to 2013 Budget
Revenues:
Property Taxes (@ 2.4700 mills - oper) $3,753,305 ($148,705) $3,604,600
Licenses & Permits $177,000 $0 $177,000
Half Cent/Municipal Rev Sharing $2,845,000 ($25,000) $2,820,000
Utility Taxes $2,563,000 ($102,000) $2,461,000
CS Taxes $1,605,000 ($128,000) $1,477,000
Franchise Fees $1,910,000 ($71,000) $1,839,000
Charges for Services $434,810 $0 $434,810
Fines & Forfeitures $275,600 $0 $275,600
Investment Income $85,000 $0 $85,000
Miscellaneous $202,002 $0 $202,002
Recurring Transfers $2,193,577 $0 $2,193,577
Total Recuring Sources $16044,294 ($474,705) $15,569,589
Transfers:
Non-Recurring $369,750 ($369,750) $0
Total Sources $16414,044 ($844,455) $15,569,589