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City of Fillmore 2009/10 Midyear Budget Review March 9, 2010.

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Presentation on theme: "City of Fillmore 2009/10 Midyear Budget Review March 9, 2010."— Presentation transcript:

1 City of Fillmore 2009/10 Midyear Budget Review March 9, 2010

2 City of Fillmore 2009/10 Midyear Budget Adoption and Review Budget Adoption and Review August 25, 2009 – City of Fillmore Adopted its Budget for the 2009/10 fiscal year. August 25, 2009 – City of Fillmore Adopted its Budget for the 2009/10 fiscal year. March 9, 2010 – City of Fillmore performed its 2009/10 Midyear Budget Review March 9, 2010 – City of Fillmore performed its 2009/10 Midyear Budget Review June, 2010 – City of Fillmore adjusts 2009/10 and adopts 2010/11 Budget June, 2010 – City of Fillmore adjusts 2009/10 and adopts 2010/11 Budget

3 Two major fund groups in the report 1. Operating Funds A. General B. Special Revenue C. Enterprise D. Debt Service (except redevelopment) 2. Capital Improvements City of Fillmore 2009/10 Midyear

4 Report starts with balances derived from audited numbers Report starts with balances derived from audited numbers Converts balances into “available balances” by reviewing balance sheet accounts. Converts balances into “available balances” by reviewing balance sheet accounts. GENERAL FUND Amount Current Assets $ 6.7 million Current Liabilities and Restricted Reserves $ 3.7 million Available Balance $ 3.0 million

5 City of Fillmore 2009/10 Midyear July 1, 2009 beginning balances in the adopted budget are estimated. July 1, 2009 beginning balances in the adopted budget are estimated. July 1, 2009 beginning balances in the Midyear Report are audited numbers. July 1, 2009 beginning balances in the Midyear Report are audited numbers. Operating Funds Per Adopted 2009/10 Budget Using Audited Beg. Balance 7/1/09 Balance $ 33.0 million. $ 37.5 million. Net Change ($ 2.7 million) 6/30/10 Balance $ 30.3 million. $ 34.8 million.

6 General Fund Revenue Adjustments General Fund Revenue Adjustments City of Fillmore 2009/10 Midyear Secured Property Tax ($ Million)

7 Secured Property Tax ($ Million) General Fund Revenue Adjustments General Fund Revenue Adjustments City of Fillmore 2009/10 Midyear History Triple Flip Rec’d FY $ 1.3 million FY $ 1.5 million FY $.6 million FY $ 4.4 million

8 General Fund Revenue Adjustments City of Fillmore 2009/10 Midyear Secured Property Tax ($ Million) Revenue – Special Reserve ($ Million) Sales and Use Tax ($.100 Million) Interest – General Reserve ($.137 Million) All Other Adjustments ($.053 Million) Total Revenue Adjustments ($ Million)

9 General Fund Expenditure Adjustments City of Fillmore 2009/10 Midyear Sales Tax Agreement ($ Million) Insurance – Treatment Plant $.025 Million. All Other Expend Adjustments ($.009 Million) Total Expend. Adjustments ($ Million)

10 City of Fillmore 2009/10 Midyear General Fund Summary Revenue/ Transfers In Expend/ Transfers Out Net Income/ (Expense) Adopted Budget $ M. $ M. $.04 M. Recom. Changes ($ 4.09 M) ($ 2.77 M) ($ 1.32 M) Amended Budget $ 9.26 M. $ M. ($ 1.29 M)

11 General Fund Balance After Adjustments City of Fillmore 2009/10 Midyear Available Balance 7/1/09 $ 3.0 Million Revenue/Transfers In $ 9.3 Million Expenditures/Transfers Out $ 10.5 Million Ending Balance 6/30/10 $ 1.8 Million Loans to Other Funds $.6 Million Balance If Loans Are Booked $ 1.2 Million

12 City of Fillmore 2009/10 Midyear FundAmountReason General Fund ($ 4.09) M Discussed earlier DIFs $.30 M $.30 M Developers & Interest Inc. General Reserve $.50 M $.50 M Grant for closing WWTP CFDs $.22 M $.22 M Adjust Assmts & Int Inc. All other funds ($.76) M Various minor adjustments Total ($ 3.56) M REVENUE & TRANSFER IN ADJUSTMENTS

13 City of Fillmore 2009/10 Midyear FundAmountReason General Fund ($ 2.77) M Discussed earlier Sewer Fund $ M $ M Bond $$ Tsfr & Int Income Pub. Fin. Authority $.63 M $.63 M Debt Service All other funds $.12 M $.12 M Various minor adjustments Total $ M $ M EXPENDITURE & TRANSFER OUT ADJUSTMENTS

14 City of Fillmore 2009/10 Midyear AdoptedBudgetAmendedBudgetDifference Avail 7/1/09 $ M $ M $ 4.44 M Revenue & Tsfrs In $ M $ M ($ 3.56)M Expend & Tsfrs Out $ M $ M ($16.11)M Avail 6/30/10 $ M $ M ($15.23)M

15 City of Fillmore 2009/10 Midyear CAPITAL IMPROVEMENT PROJECTS

16 City of Fillmore 2009/10 Midyear Capital Projects Revenue & Transfer In Adjust.: Capital Projects Revenue & Transfer In Adjust.: AmountReason Prior Yr ($ 16.09)M Replace with sources Transfers In $ M $ M Inc. $15.1 bond proceeds Grants $.50 M $.50 MCaltrans,Prop1B,Parks Stimulus $$ $.40 M $.40 M Federal Program Total $.60 M $.60 M

17 City of Fillmore 2009/10 Midyear Capital Projects Expenditure & Transfer Out Adjust.: Capital Projects Expenditure & Transfer Out Adjust.: AmountReason WW Recycling ($ 2.600)M Will complete project 2 Rivers Park (464) ($.789)M Will complete project Misc. Cape Seal $.076 M $.076 M Prop1B Funding Mt. View/A St. O’lay $.400 M $.400 M New Project – Stimulus $ 2 Rivers Park (467) ($ 5.033)M Adequate funding in 464 Pump Station/House ($.396)M Delayed until 2010/2011 Other Adjustments $.022 M $.022 MMisc. Total ($ 8.320)M

18 City of Fillmore 2009/10 Midyear CAPITAL IMPROVEMENTS ADOPTED BUDGET CAPITAL IMPROVEMENTS ADOPTED BUDGET Adopted Balance 7/1/09 ($ 8.30) M Rev/Transfers In $ M $ M Exp/Transfer Out $ M $ M Balance 6/30/10 ($ 8.30) M

19 City of Fillmore 2009/10 Midyear CAPITAL IMPROVEMENTS REQUESTS CAPITAL IMPROVEMENTS REQUESTS AdoptedRequest Balance 7/1/09 ($ 8.30) M Rev/Transfers In $ M $ M $.31 M $.31 M Exp/Transfer Out $ M $ M ($ 8.72) M Balance 6/30/10 ($ 8.30) M

20 City of Fillmore 2009/10 Midyear CAPITAL IMPROVEMENTS AMENDED BUDGET CAPITAL IMPROVEMENTS AMENDED BUDGET AdoptedRequestAmended Balance 7/1/09 ($ 8.30) M Rev/Transfers In $ M $ M $.31 M $.31 M $ M $ M Exp/Transfer Out $ M $ M ($ 8.72) M $ M $ M Balance 6/30/10 ($ 8.30) M $.72 M $.72 M

21 City of Fillmore 2009/10 Midyear The budget will be further refined as we approach year end and begin to develop the Budget. The budget will be further refined as we approach year end and begin to develop the Budget. Major areas of concern are: Major areas of concern are: State of the Economy State of the Economy Possible Decline in Property Values Possible Decline in Property Values The State of California’s Budget Woes The State of California’s Budget Woes Resolution of Sales Tax Issue Resolution of Sales Tax Issue

22 Recommended Action: Recommended Action: Adopt Resolution amending 2009/2010 budget. Adopt Resolution amending 2009/2010 budget. Authorize the City Manager to make recommended budget adjustments. Authorize the City Manager to make recommended budget adjustments. Authorize the Executive Director to send a letter to Ventura County Auditor Controller reporting the source of the SERAF payment Authorize the Executive Director to send a letter to Ventura County Auditor Controller reporting the source of the SERAF payment City of Fillmore 2009/10 Midyear


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