TOWN OF LANTANA 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop June 28, :30 PM

WHERE ARE WE?  Still in beginning phase – Final adoption not until end of September (3 months)  Compiled department requests and revenue projections  Reviewed budget at the fund level  Formulating budget strategy Town of Lantana Budget Workshop June 28, :30 PM

PRIMARY FACTORS AFFECTING BUDGET  REVENUES – GENERAL FUND Property values drop 18.5% Interest Income  TOTAL REOCCURRING REVENUE DECREASE $540,000 Town of Lantana Budget Workshop June 28, :30 PM

PRIMARY FACTORS AFFECTING BUDGET  REVENUES – UTILITY FUND Reoccurring revenues decrease $116k Town of Lantana Budget Workshop June 28, :30 PM

TAXABLE VALUES Taxable value for FY10 budget Taxable value for FY11-Estimated Decrease in value Percentage decrease $870.9 Million $712.1 million million > 18% Town of Lantana Budget Workshop June 28, :30 PM

AD VALOREM PROCEEDS  Current draft is calculated at  Estimated taxable value – FY11 $712.1M  Ad Valorem taxes at current rate $2.19M (at a 95% collection rate)  Percentage DECREASE in revenue 18.5% Town of Lantana Budget Workshop June 28, :30 PM

GENERAL FUND REVENUES  Decrease in property values while using same millage rate reduces revenue by $495k.  Other decreases in revenue due to economy - $44k. Town of Lantana Budget Workshop June 28, :30 PM

GENERAL FUND EXPENDITURES  Personnel (72.73 FTEs)  Operating  Capital  Debt  Transfers out  Contingency 76% 20% 1% 3% 0% Town of Lantana Budget Workshop June 28, :30 PM 5,862,9451,574,87954,500193,25000

GENERAL FUND  Cost of Living (COLA) has not been included at this time.  Merit plan has not been included.  Pension costs are projected at 22.62% for sworn officers and 7% for general employees.  Elimination of four positions.  Currently, no transfer to the Transportation Fund. Town of Lantana Budget Workshop June 28, :30 PM

UTILITY FUND  Projected revenue  Less: Personnel (18.9 FTEs) Operating Capital Debt  Projected deficit 4,923,500 1,382,710 2,083, ,500 1,047,200 ($62,145) Town of Lantana Budget Workshop June 28, :30 PM 28%42%9%21%

UTILITY FUND  Revenue from operations are down by 2.3%.  No merit or COLA included; pension unchanged at 7%.  Includes debt payment of $1,047,200.  Includes capital requests of $472,500. Town of Lantana Budget Workshop June 28, :30 PM

TRANSPORTATION FUND  Projected revenue  Less: Operating Capital Debt  Projected deficit 255, , ,500 ($208,550) Town of Lantana Budget Workshop June 28, :30 PM 33%67%

TRANSPORTATION FUND  Revenue from gas tax receipts are flat.  Currently, no transfer in from General Fund.  Includes debt payment of $308,500.  Includes $120,000 for street lighting. Town of Lantana Budget Workshop June 28, :30 PM

WHAT IS NEXT?  July 1 st – receive Property Appraiser’s certified values  Detailed review of each revenue and expenditure  Incorporate Council direction into budget  Next budget workshop is July 26 th at 5:30 pm in the Council Chambers – Council to set proposed millage rate and date of public budget hearing  Work diligently for remaining 3 months to close deficit gap until final adoption in September Town of Lantana Budget Workshop June 28, :30 PM

THANK YOU