Town of Lantana Budget Workshop June 22, :30 PM TOWN OF LANTANA 2009/10BUDGETWORKSHOP

Town of Lantana Budget Workshop June 22, :30 PM WHERE ARE WE? Still in beginning phase Still in beginning phase Compiled department requests and revenue projections Compiled department requests and revenue projections Reviewed budget at the fund level Reviewed budget at the fund level Formulating budget strategy Formulating budget strategy

Town of Lantana Budget Workshop June 22, :30 PM PRIMARY FACTORS AFFECTING BUDGET REVENUES – GENERAL FUND REVENUES – GENERAL FUND Property values drop 15% Property values drop 15% Building Permits Building Permits State revenue sharing State revenue sharing Sales tax Sales tax Sanitation Sanitation Interest Income Interest Income TOTAL REOCCURING REVENUE DECREASE TOTAL REOCCURING REVENUE DECREASE $1M $1M

Town of Lantana Budget Workshop June 22, :30 PM PRIMARY FACTORS AFFECTING BUDGET EXPENDITURES – UTILITY FUND EXPENDITURES – UTILITY FUND Well #12 Well #12 Lift station renovations Lift station renovations Other recommended capital projects per Town engineer’s 5-year plan adopted by Council within the Comprehensive Plan. Other recommended capital projects per Town engineer’s 5-year plan adopted by Council within the Comprehensive Plan.

Town of Lantana Budget Workshop June 22, :30 PM TAXABLE VALUES CURRENT FISCAL YEAR Taxable value for FY09 budget Revised FY09 value Reduced by Value Adjustment Board $1.015 billion $1.009 billion $5.95 million.58%

Town of Lantana Budget Workshop June 22, :30 PM TAXABLE VALUES NEXT FISCAL YEAR Taxable value for FY10 budget Decrease in value Percentage reduced $863 million $152 million 15%

Town of Lantana Budget Workshop June 22, :30 PM AD VALOREM PROCEEDS Current draft is calculated at Current draft is calculated at Estimated taxable value – FY10 $863M Estimated taxable value – FY10 $863M Ad Valorem taxes at current rate $2.65M Ad Valorem taxes at current rate $2.65M (at a 95% collection rate) Percentage DECREASE in revenue 15% Percentage DECREASE in revenue 15%

Town of Lantana Budget Workshop June 22, :30 PM GENERAL FUND Projected revenues Projected revenues Projected expenditures Projected expenditures Current deficit Current deficit 7,992,527 8,603,983 ($611,456)

Town of Lantana Budget Workshop June 22, :30 PM GENERAL FUND REVENUES Decrease in property values while using same millage rate reduces revenue by $470k. Decrease in property values while using same millage rate reduces revenue by $470k. Other decreases in revenue due to economy - $565k. Other decreases in revenue due to economy - $565k.

Town of Lantana Budget Workshop June 22, :30 PM GENERAL FUND AD VALOREM SCENARIOS

Town of Lantana Budget Workshop June 22, :30 PM GENERAL FUND EXPENDITURES Personnel (79.75 FTEs) Personnel (79.75 FTEs) Operating Operating Capital Capital Debt Debt Transfers out Transfers out Contingency Contingency 74% 21% 2% 1% 0% 1%6,344,3181,825,065212,100122, ,000

Town of Lantana Budget Workshop June 22, :30 PM GENERAL FUND Cost of Living (COLA) has not been included at this time. Cost of Living (COLA) has not been included at this time. Merit plan has not been included. Merit plan has not been included. Pension costs are projected at 19.23% for sworn officers and 9% for general employees. Pension costs are projected at 19.23% for sworn officers and 9% for general employees. Elimination of one general maintenance worker. Elimination of one general maintenance worker. No transfer to the Transportation Fund. No transfer to the Transportation Fund.

Town of Lantana Budget Workshop June 22, :30 PM UTILITY FUND Projected revenue Projected revenue Less: Less: Personnel (19 FTEs) Personnel (19 FTEs) Operating Operating Capital Capital Debt Debt Projected deficit Projected deficit 5,006,100 1,407,905 2,087,060 1,082,593 1,045,100 ($616,558)25%37%19%19%

Town of Lantana Budget Workshop June 22, :30 PM UTILITY FUND Revenue from operations relatively flat. (except for interest income). Revenue from operations relatively flat. (except for interest income). No merit or COLA included; pension reduced to 9%. No merit or COLA included; pension reduced to 9%. Includes debt payment of $1,045,100. Includes debt payment of $1,045,100. Includes capital requests of $1,082,593. Includes capital requests of $1,082,593.

Town of Lantana Budget Workshop June 22, :30 PM TRANSPORTATION FUND Projected revenue Projected revenue Less: Less: Operating Operating Capital Capital Debt Debt Projected deficit Projected deficit 250, , ,500 ($275,625)41%59%

Town of Lantana Budget Workshop June 22, :30 PM TRANSPORTATION FUND Revenue from gas tax receipts are flat. Revenue from gas tax receipts are flat. No transfer in from General Fund. No transfer in from General Fund. Includes debt payment of $308,500. Includes debt payment of $308,500. Includes $145,200 for street lighting. Includes $145,200 for street lighting.

Town of Lantana Budget Workshop June 22, :30 PM WHAT IS NEXT? Tonight’s Council Meeting – fee resolution Tonight’s Council Meeting – fee resolution July 1 st – receive Property Appraiser’s certified values July 1 st – receive Property Appraiser’s certified values Detailed review of each revenue and expenditure Detailed review of each revenue and expenditure Incorporate Council direction into budget Incorporate Council direction into budget Next budget workshop is July 27 th at 5:30 pm in the Council Chambers – Council to set proposed millage rate Next budget workshop is July 27 th at 5:30 pm in the Council Chambers – Council to set proposed millage rate

Town of Lantana Budget Workshop June 22, :30 PM THANK YOU