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City of Fillmore 2011/12 Midyear Report March 27, 2012.

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Presentation on theme: "City of Fillmore 2011/12 Midyear Report March 27, 2012."— Presentation transcript:

1 City of Fillmore 2011/12 Midyear Report March 27, 2012

2 City of Fillmore 2011/12 Midyear Report General Fund Comparison of Sources and Uses FY 2009 through 2012

3  Budget Adoption and Review June 28, 2011 – City of Fillmore/Fillmore RDA Adopted Budgets FY11/12 January 31, 2012 – Fillmore RDA eliminated and City became Successor Agency March 27, 2012 – 2011/12 Midyear Budget Review June, 2012 – City of Fillmore will Adjust 2011/12 and Adopt 2012/13 Budget City of Fillmore 2011/12 Midyear Report

4 Two major fund groups in the report 1.City Operating Funds A.General B.Special Revenue C.Enterprise D.Debt Service 2.Capital Improvements City of Fillmore 2011/12 Midyear Report

5  Includes estimates for 2012/13 for all funds (See Attachment 7)  Certain assumptions are made to derive the projections  The 2012/13 Recommended Budget will refine the numbers City of Fillmore 2011/12 Midyear Report

6 GENERAL FUNDAmount Start with Current Assets$ 3.3 million Subtract Current Liabilities and Restricted Reserves $ 2.8 million Results in Available Balance$.5 million  Report starts with balances derived from audited numbers (Attachment 1)  Converts balances into “available balances” by reviewing balance sheet accounts  Balance does NOT reflect General Purpose Reserve of $899,784 City of Fillmore 2011/12 Midyear Report

7 Property Tax $32k Property Tax in Lieu ($37k) Sales/Use Tax in Lieu ($140k) Sales Tax ($670k) TOT $17k Franchise-Solid Waste $14k Encroachment Permits ($25k) Fireworks Enforcement ($2.5k) Interest Earnings ($18k) EMPG Grant (Fire) $11k Homeowners Property Tax Relief ($5.4k) Fire Filming ($10k) Other Planning ($10k) Special Police ($10k)Bldg/Const Permit ($16k) Bldg/Plan Check ($70k) Engineering ($25k) Legal $30kJAG Grant $5kCity Clerk ($1k) Filming Fees ($20k) Other Bldg Fees $2kAdmin Fee Successor Agency $7k Transfers in RDA ($180k) General Fund Revenue Adjustments Attachment 2 Net decrease ($1,122,047)

8 General Fund Expenditure Adjustments (Attachment 3) Net decrease ($221,773) City Council – Travel ($3,000) City Clerk – Salaries & Benefits ($15,000) Police Services SRO $658 County Basic Contract ($54,224) Other Program Costs ($2,450) Special Events ($10,500) Fire Protection: Paramedic Stipend ($5,503) Uniforms ($1,200) Ventura Co Fire Dispatch ($1,656) Planning - Salaries & Benefits ($17,350) Continued City of Fillmore 2011/12 Midyear Report

9 General Fund Expenditure Adjustments Continued Cable TV/Com Promotion – Salaries & Benefits ($9,312) Economic Development Salaries & Benefits - $9,798 Contract Services - $1,500 Anti-graffiti - $3,400 Film Commission - $4,000 Bldg/Safety Salaries & Benefits ($13,578) Plans Review Consultant ($45,000) Bldg Permit Program ($6,000) Parks Maintenance – Building Maint and Utility Savings ($23,000)  Total General Fund Expend. Adjust. ($221,773) City of Fillmore 2011/12 Midyear Report

10 Revenue/ Transfers In Expend/ Transfers Out Net Income/ (Expense) Amended Budget $6,129,058$6,183,053($ 53,995) Recom. Changes(1,122,047)(221,773)(900,274) Amended Budget$5,007,001$5,961,280($954,269) General Fund Summary The Amended Budget showed a Revenue over Expenditure loss of $53,995. With the recommended amendments, the net loss is at ($954,269). This table only describes the difference between Revenue and Expenditures; it does not reflect the cumulative effect when considering beginning balance. City of Fillmore 2011/12 Midyear Report

11  General Fund 2011/12 Revenue/Expenditure Gap $954,269, includes transfers of $1.8 M  In 2012/13, no transfers from RDA, $288,000 Sales Tax, and State repayment of $439,000 (one time money)  Expenditures include transfer of $96,864 - Fire Engine Lease & Sheriff’s Contract expected to increase 2%, leaving a gap of $1.5 M  Bottom Line – The General Fund does not have sufficient revenue to support basic public safety services City of Fillmore 2011/12 Midyear Report

12  The simple math of it: General Fund2011/122012/13 Revenue Transfers In Total Rev/T-I’s $ 3.2 M $ 1.8 M $ 5.0 M $ 3.7 M $ 1.0 M $ 4.7 M Expend Sheriff Contract Other Police Svcs Fire Services Total Public Safety $ 2.9 M $.2 M $.8 M $ 3.9 M $ 3.0 M $.2 M $.8 M $ 4.0 M Other GF Expend/T-O’s Total Exp $ 2.1 M $ 6.0 M $ 2.2 M $ 6.2 M GAP$ 1.0 M$ 1.5 M City of Fillmore 2011/12 Midyear Report

13 City of Fillmore 2011/12 Midyear Report City of Fillmore 2011/12 Midyear Report 2011/12 General Fund Revenue + Transfers In = $5.0 Million

14 City of Fillmore 2011/12 Midyear Report 2011/12 General Fund Expenditures + Transfers In = $6.0 Million

15 Fund Balance 6/30/ /13 Change Balance 6/30/2013 General $ 0. ($ 1,534,741) Recreation($ 75,376) ($ 25,721) ($ 101,097) Swimming Pool($ 232,263) ($ 77,657) ($ 309,920) TOTAL($ 307,639)($ 1,638,119)($ 1,945,758) ADD OTHER FUNDS THAT RELY ON GENERAL FUND City of Fillmore 2011/12 Midyear Report

16 Operating FundsAmountReason General($1,122,047)Discussed earlier Local Transportation50Interest Earnings County CBDG$100,983Reallocated Revenue Housing$102,000New Fund, replaces RDA Sewer($305,000)Service charges Water$250,000Service charges, transfer in Rec & Pool (20,250)Rental & Fee Income DIFs34,722Developers & Interest Inc. Reserves48,115FEMA Reimburse, transfers, reduced interest Total Net Adj.($911,427)Net Rev. Adj. All City Op Fds City of Fillmore 2011/12 Midyear Report CITY OPERATING FUNDS REVENUE & TRANSFER IN ADJUSTMENTS

17 Operating FundAmountReason General (221,773)Discussed earlier Local Transportation50Street Maintenance CDBG$100,983Two Rivers & Tot Lot transfers Housing$135,228New Fund Sewer($80,846)Sal/Ben, reduce Maint, transfer Water($47,000)Salary & Benefits Rec & Pool$15,947Decrease exp, add Sr. Nutrition DIFs$21,400Admin charges, transfers out Reserves$19,616Transfer NPDES($8,924)Salary & Benefits Total Net Adj.($65,319)Net Exp. Adj. All City Op Fds City of Fillmore 2011/12 Midyear Report CITY OPERATING FUNDS EXPENDITURE & TRANSFER OUT ADJUSTMENTS

18 City of Fillmore 2011/12 Midyear Report Utility Billing Collections – As of 3/1/2012 – Total Outstanding$743k – Inactive Accounts (241k) – 32% – Active over 90 days (84k) – 11%

19  Changes Adopted 2011/12 Budget compared to Midyear  General Fund Beginning Balance included Theatre negative balance. The Theatre is a RDA asset and not a General Fund obligation  A prior period adjustment for a liability amount that was not due increased the beginning balance  Beginning Balance is $518,436 City of Fillmore 2011/12 Midyear Report

20 City Operating Funds Adopted Budget Amended Budget Difference Available 7/1/2011$ 8.5 M$ 9.7 M $1.2 M Revenue & Tsfrs In$18.4 M$17.7 M ($.7 M) Expend & Tsfrs Out $19.3 M$19.2 M ($.1 M) Balance 6/30/2011$ 7.6 M$ 8.2 M $.6 M City of Fillmore 2011/12 Midyear Report

21 CAPITAL IMPROVEMENT PROJECTS Funds 443 through 490 City of Fillmore 2011/12 Midyear Report

22 FundAmountReason Sewer Project Fund 463$ 9,154Transfer in from Sewer Fund Park Fund 464 $250,261Delete transfer fm RDA, increase transfer for Tot Lot Total Net Adj. $250,261  Capital Projects Revenue & Transfer In Adjust.: City of Fillmore 2011/12 Midyear Report

23 Fund/ProjectAmountReason Parking Lot Fund 460 ($ 5,000)Decrease to balance available Misc Capital Fund 464 Ball Field Project Two Rivers Tot Lot $185,225 $250,261 $435,486 Budget carried fwd fm 2011 CDBG transfer, no RDA transfer Business Park Infrastructure Fund 475 $ 1,000 Legal services “A” Street Waterline Fund 480 $49,098Transfer to Water Fund Total Net Adj.$480,584  Capital Projects Expenditure & Transfer Out Adjust: City of Fillmore 2011/12 Midyear Report

24 All CIP FundsAdoptedRequestAmended Balance 7/1/11 $.6 M$ 1.7 M$ 2.3 M Rev/Transfers In $.4 M$.3 M$.7 M Exp/Transfer Out $ 1.0 M$.5 M$ 1.5 M Balance 6/30/12 $.0 M$ 1.5 M CAPITAL IMPROVEMENTS AMENDED BUDGET (see Attachment 4) Funds 443 through 490 City of Fillmore 2011/12 Midyear Report

25  The RDA eliminated January 31, 2012  All assets and liabilities transferred to the Successor Agency February 1, 2012  The information provided for the Agency is for information only, no formal action can be taken regarding the Agency’s budget, assets or liabilities  The Redevelopment Agency Low/Mod Housing function eliminated and City became Successor Agency for Housing  Estimated balance RDA Housing Fund - $2.3 M Fillmore Redevelopment Agency City of Fillmore 2011/12 Midyear Report

26 Fillmore Redevelopment Agency – Information Only FundBeginning Balance Revenue/ Transfers In Expend/ Transfers Out Ending Balance Low/Mod Housing $2.5 M$.1 M$.3 M$2.3 M Central City ($1.3) M$.0 M$.4 M($1.7) M Debt Service $1.7 M$3.2 M$1.9 M$3.0 M Total$2.9 M$3.3 M$2.6 M$3.6 M City of Fillmore 2011/12 Midyear Report

27 SUCCESSOR AGENCY TO THE FILLMORE REDEVELOPMENT AGENCY  The City of Fillmore became Successor Agency February 1,  The Successor Agency provides staff support to the seven member Oversight Board  The Oversight Board decides the disposition of assets & payment of obligations City of Fillmore 2011/12 Midyear Report

28  County of Ventura payments June and January based on the Recognized Obligation Payment Schedule (ROPS)  Minimum Administrative costs allowed is $250,000 City of Fillmore 2011/12 Midyear Report SUCCESSOR AGENCY TO THE FILLMORE REDEVELOPMENT AGENCY

29 What to expect in the future  2013 Successor Agency balloon payment of $885,000 final principal payment 2006 Tax Allocation Bond Anticipation Notes  Town Theatre estimated deficit - $391,251 for 2012  $2.4 M is due Housing Fund for the SERAF payment  Legislation is pending regarding this repayment City of Fillmore 2011/12 Midyear Report SUCCESSOR AGENCY TO THE FILLMORE REDEVELOPMENT AGENCY

30 There are many bills being sponsored in the legislature to clear up some of the unresolved issues regarding the elimination of the Redevelopment Agencies It will probably be 2015 before the City realizes any gain in property tax revenue due to the elimination of the RDA City of Fillmore 2011/12 Midyear Report SUCCESSOR AGENCY TO THE FILLMORE REDEVELOPMENT AGENCY

31 Successor Agency Fund /122012/13 Beginning Balance (Feb 1, 2012)$ 0$1.2 M Revenue/Transfers In3.7 M4.8 M Expenditures/Transfers Out2.5 M 4.8 M Ending Balance$1.2 M RDA Retirement Obligation Fund /122012/13 Revenue and Transfers Out$2.4 M$4.8 M Town Theatre Fund /122012/13 Beginning Balance($391k)($398k) Revenue/Transfers In 6k Expenditures/Transfers Out$12k Ending Balance($397k)($404k) Successor Agency to the Fillmore RDA City of Fillmore 2011/12 Midyear Report

32 CONCLUSIONS  Budget refined as develop Budget  Major areas of concern are: The Economy The State of California’s Budget Woes Resolution of Sales Tax Issues  Decisions need to be made to balance 2012 budget  Actions needed midyear to balance 2013 budget City of Fillmore 2011/12 Midyear Report

33  Recommended Action: Council perform review and provide direction to balance midyear budget and 2013 budget. Adopt Resolution and Authorize the City Manager to make recommended budget adjustments City of Fillmore 2011/12 Midyear Report


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