Fiscal Year 2019 Recommended Operating Budget

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Presentation transcript:

Fiscal Year 2019 Recommended Operating Budget Item 10 May 7, 2018

Fiscal Year 2019 recommended operating budget

Appropriations by category – All funds (in millions)

Appropriations by category – General Fund (in millions)

Revenues by category – General Fund (in millions)

Appropriations by department – General Fund (in millions)

Key Challenges Maintain Essential Services Address aging infrastructure CIP appropriations of $83.45 million $745 million future funding needs Fire stations $100+m 911 emergency response communications $8m Street lighting $21m Sidewalks $12m Maintain Essential Services Eliminate structural deficit Preserve General Fund reserve levels Falling below 20% target Should be adding $1.6m for FY19 Additional costs for CSB and YWCA

Fiscal reality Significant underinvestment in infrastructure Recommended FY19 budget is balanced $2 million in reductions (14.8 FTEs) $1.2 million in new revenues $250,000 in fund shifts Significant underinvestment in infrastructure General Fund appropriations to capital only $1.16m Without additional revenues Reductions will be required each and every year FY 18 $4.1 million and 14 FTEs Essential City services will be at risk

Projected fiscal trends Department of Finance

General Fund Reserve

Proposed reductions to close the gap for FY19

Residents want to maintain services

Financial Stability Departmental budget reviews to begin May 13th Joint Finance Committee/City Council meetings 3 p.m. Schedule available on City website On July 16th staff to present resolutions placing a proposed revenue measure on the November 2018 ballot As directed by City Council on March 5th

Recommended FY19 Operating Budget Thank you

Year Approved by Voters LA County Tax Rates City Local Tax % Year Approved by Voters Commerce 0.5 2012 Compton 1.0 2016 Culver City Downey El Monte 2008, 2013, 2017 Inglewood 2006 La Mirada Long Beach Lynwood Pico Rivera 2008 San Fernando 2013 Santa Monica 2010, 2016 South El Monte 2010 Southgate

Current and projected fiscal trends

Projected fiscal trends Department of Finance