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FY 2011- 2012 BUDGET September 14, 2011 6:30pm 1.

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Presentation on theme: "FY 2011- 2012 BUDGET September 14, 2011 6:30pm 1."— Presentation transcript:

1 FY BUDGET September 14, :30pm 1

2 FY 2012 BUDGET Revenue Analysis 2

3 Total Revenues & Other Sources 3 RevenuesBudget Prior FY 2010 – 2011 Budget FY 2011 – 2012 Change CRB TIF3,347,6313,368,832 PBC TIF1,765,5721,778,390 Total TIF Revenues5,113,2035,147,22234,019 Loan CRB2,066,0910 Loan BB&T25,570,0000 Total Loan Proceeds27,636,0910 Carry Forward General Fund4,969,9974,605,095 Project Fund24,852,127 Other Income137,53588,000 Total Sources37,856,82634,692,444(3,164,382)

4 Revenue & Fund Balances: $34,692,444 4 FY 2012 TIF Revenue $5,147,222 General Fund4,605,095 Project Fund 24,852,127 Other Revenue 88,000 Total Revenue $34,692,444 A 0.50 mill change in City’s Millage, reduces CRA revenues by $187,200 or 4%

5  TIF revenues flat  TIF revenues spiked in FY  Expected to remain flat through FY 2015  Future TIF Revenues: o Ocean Mall – Leasehold Improvements o Publix Store o Florida Power & Light o Rybovich Riviera Beach, LLC o International Harbor at Riviera Beach o Ocean Mall – Hotel Sources of Revenues & Trends 5

6 6

7 FY 2012 BUDGET Expense Analysis 7

8 Total Expenses 8 Expenses Budget Prior FY 2010 – 2011 Budget FY 2011 – 2012 Change Personnel604,601610,4625,861 Operating1,775,4791,422,692(352,788) Debt Service1,488,5043,629,7812,141,277 Total POD Expenses3,868,5845,662,9351,794,351 Programs1,941,527582,500(1,359,027) Projects2,589,4934,626,6772,037,184 Total P&P Expenses4,531,0205,209,177678,157 Total Expenses8,399,60410,872,1122,472,508

9 Total Expenses: $10.8 million 9 Personnel$ 610,462 Operating 1,422,692 Programs 582,500 Projects 4,626,677 Debt Service3,629,781 Total Expenses$10,872,112

10 Personnel: $610,  One new FTE – Community Development Officer (neighborhood development)  Overall expense is flat  3% merit subject to employee performance and organizational assessment Board of Commissioners Executive Director Tony T. Brown Planning Director Scott Evans Planner Toccarra Thomas Administrative Director Darlene Hatcher Staff Accountant Elia Pasarell Community Development Officer

11 Operating: $1.4 million 11 Professional Svcs 1,192,329 Travel 30,000 Rents & Leases 86,625 Repairs & Other 103,738 Capital Outlays10,000 Total Operating1,422,692

12 Professional Services: $1.2 million 12 VendorAmountCategory City Services Fee$ 823,633 Operations J. Michael Haygood$ 142,000 Administration and Marina Redevelopment Treasure Coast R.P.C.$ 80,000 Planning & Project Development BRIC$ 97,500 Business Services The Palm Beach Consulting Group $ 65,000 Marina Redevelopment and Administration Catalyst$ 50,000 Business Services Paul Skyers$ 24,900 Business Services TCBA Watson Rice (CPAs)$10,000Administration Harvey, Covington, Thomas (CPAs)$10,000Administration Shirl Kinney$10,000 Administration Ten Largest Professional Services Vendors FY Budgeted Amounts

13 Redevelopment Programs: $5.2 million 13 Projects4,626,677 Business Prgs150,000 Community Prgs292,500 Maintenance140,000 Total P&P Budget5,209,177

14 Redevelopment Projects 14 PriorityProjectProject BudgetFY 2012 Allocation A Avenue E – Bike Path$1,758,630 A Newcomb Hall5,068,4001,013,680 ARiviera Beach Heights2,700,000405,000 B Broadway – Underground Utilities1,931,100131,100 B Municipal Marina – Plaza2,114,000211,400 B Parking Garage – Marina Plaza7,500,000750,000 B Marina North / Blue Heron South150,000 C Municipal Marina – South Docks1,000, C Project Administration1,218,901364,544 D Contingency2,036,998206,867 Total$25,478,029$4,991,221* * Includes $364,544 for Professional Services reimbursements

15 Business Programs: $150, Marketing100,000 Spanish Courts50,000 Total Business Prgs150,000

16 Community Programs: $292, Clean & Safe250,000 Community Boating40,500 Digital Divide2,000 Total Business Prgs292,500

17 Debt Service: $3.6 Million 17 BB&T Loan2,815,831 CRB – Wachovia605,950 CRB – OMRD208,000 Total Debt Service3,629,781

18 FY 2012 BUDGET Cash Flow Analysis 18

19 Cash Flow Analysis Revenues / Expenses Budget FY 2012 CRB TIF3,368,832 PBC TIF1,778,390 Total TIF Revenues5,147,222 Personnel610,462 Operating1,422,692 Debt Service3,629,781 Programs582,500 Total PayGo6,245,435 Net Assets (Loss)(1,098,213) Operating Reserves4,605,095 Ending Cash3,506,882 19


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