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CITY OF COTTONWOOD FY 2014 Proposed Budget Overview City Council Chambers June 17, 6:00 P.M.

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Presentation on theme: "CITY OF COTTONWOOD FY 2014 Proposed Budget Overview City Council Chambers June 17, 6:00 P.M."— Presentation transcript:

1 CITY OF COTTONWOOD FY 2014 Proposed Budget Overview City Council Chambers June 17, 2013 @ 6:00 P.M.

2 2 Topics of discussion Glossary of Acronyms FY 2014 Budget Summary Personnel Programs <$35K Capital Major Revenues Update Funding Outside Agencies Water & Wastewater Rates Financing Needs Reserve Funds Status Future Meetings & Questions

3 3 Glossary of Acronyms

4 4 ADOT – Arizona Department of Transportation ADEQ – Arizona Department of Environmental Quality ASRS – Arizona State Retirement System ADWR – Arizona Department of Water Resources AZ - Arizona CAF – Capital Accumulation Fund CATS – Cottonwood Area Transit System CDBG – Community Development Block Grant CIP – Capital Improvements Plan/Program COLA – Cost Of Living Adjustment DOJ – Department of Justice DPS – Department of Public Safety DS – Debt Service DUI – Driving Under the Influence

5 5 Glossary of Acronyms E-MOD – Experience Modifier EMS – Emergency Medical Services FAA – Federal Aviation Administration FmHA – Farmers Home Administration FY – Fiscal Year GADA – Greater Arizona Development Authority GF - General Fund GOHS – Governor’s Office of Highway Safety HURF – Highway User Revenue Fund IGA – Inter-Governmental Agreement IT – Information Technology LP – Lease Purchase LTAF – Local Transportation Assistance Fund MPC – Municipal Property Corporation

6 6 Glossary of Acronyms MP Room – Multi Purpose Room O&M – Operation & Maintenance P&Z – Planning & Zoning PANT – Prescott Area Narcotics Taskforce PSPRS – Public Safety Personnel Retirement System SAFER – Staffing for Adequate Fire and Emergency Response SCBA – Self Contained Breathing Apparatus Sp Ops – Special Operations SRO – School Resource Officer VLT – Vehicle License Tax WIFA – Water Infrastructure Finance Authority WWTP – Wastewater Treatment Plant YC – Yavapai County

7 7 FY 2014 Budget Summary

8 8 2014 Budget Summary Personnel Currently no additional staffing is in the budget

9 9 2014 Budget Summary Personnel Items currently included: Cost Of Living Adjustment (COLA) – 1.7% Longevity - $45,000 Merit program fully funded this fiscal year

10 10 2014 Budget Summary Personnel Health insurance premiums increased by 6.5% City continues to fund a portion of dependent coverage No health insurance cost shift to employees Reserve the right to adjust during the year

11 11 2014 Budget Summary Personnel

12 12 2014 Budget Summary Personnel Arizona State Retirement – 0.40% increase FY 2014 – 11.14% to 11.54% PSPRS Fire – 2.18% increase FY 2014 – 14.63% to 16.81% PSPRS Police – 4.98% increase FY 2014 – 24.90% to 29.88%

13 13 2014 Budget Summary Programs New Programs for FY 2014 Shared Safety Consultant

14 14 2014 Budget Summary <$35K Capital Outlay FY 2013 Lease Purchase Funding

15 15 2014 Budget Summary <$35K Capital Outlay

16 16 2014 Budget Summary <$35K Capital Outlay There is $147,340 reserved for capital, programs, and operations. Concern that departments cut too deep

17 17 Major revenues update

18 18 2014 Budget Summary

19 19 2014 Budget Summary The Good Current GF reserve policies are being maintained Local economy showing signs of improvement Local sales tax is budgeted for small increase 3.7% The Bad Fund Balance Policy not being followed in other funds Costs growing faster than revenues Too many demands on the City for support Outside agencies Schools County State still holding HURF hostage LTAF has not returned Loss of current Dispatch partners

20 20 Funding Outside Agencies

21 21 Funding Outside Agencies Core Services – organizations providing a core or mandatory service on behalf of the City, that the City would otherwise have to provide. Value Added Benefit Service – organizations providing an ongoing service that provides a value added benefit to the community, though not mandatory, would probably be provided by the City in some manner. Program Funding – organizations, not considered providing the services described above, seeking funding for a specific program, or event. Building Better Community Grants - $15,000 is budgeted

22 22 Funding Outside Agencies OrganizationFY 2013FY 2014 Old Town Association$13,000$10,000 Senior Center$45,000 Veterans Van$2,500$2,000 Humane Society$40,000$41,200 Catholic Charities$10,000 - $15,000 Chamber of CommerceEstimate $108,000Proposed $110,000 New Requests Old Town Center for Arts$0$20,000 request Boys & Girls ClubReceived $10,000$25,000 request These organizations will be presenting on Thursday prior to wrap-up.

23 23 Water & Wastewater Rates

24 24 Water & Wastewater Rates There is a strong need for rate adjustments Water - Lack of Debt Service Coverage – Should be 1.35X Continue to look for efficiencies in both systems Moody’s & S&P statements are on-line Moody’s downgraded Cottonwood May 11, 2011 S&P downgraded Cottonwood June 12, 2013 Syncora issued a Notice of Noncompliance to our Water Bonds Trustee - Bank of New York Trust Co. Rate Study presentation was on June 11 th Notice of Intent to Increase Water & Sewer Rates will be presented tomorrow Any implementation is anticipated by October 1 st

25 25 Financing Needs

26 26 Financing Needs HURF$4,700,000possible MPC bond12 th Street and Mingus Street Improvements Currently this is the only anticipated borrowing Refunding of the Water Bonds are not in the budget since the decision was made to wait until the City got closer to the call dates of the bonds, and improved bond coverage. That being November 2014 and January 2016 We are contemplating bonding for: Communication Center City Hall Complex

27 27 Reserve Funds Status

28 28 GF Reserve Funds Status 60 Days Coverage$2,268,830 Capital Accumulation Fund$1,000,000 Undesignated Reserves $100,000 1% Sales Tax GF Capital $324,750 0.2% Sales Tax PS Capital Fund $0 Reserve for Capital / Programs $147,340 Longevity Plan $45,000

29 29 Future Meetings Wednesday, June 19 th at 6 p.m. Thursday, June 20 th at 4:00 p.m. Questions????


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