FISCAL YEAR 2015 RECOMMENDED BUDGET Joint Finance Committee/City Council June 16, 2014 1.

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Presentation transcript:

FISCAL YEAR 2015 RECOMMENDED BUDGET Joint Finance Committee/City Council June 16,

Fiscal Drivers 2 Drivers that impacted FY2015 budget recommendation  On-going & future increased costs for personnel and pensions  Slow revenue growth  Aging infrastructure & maintenance costs  Pending and future litigation  Elimination of redevelopment tools by the State  Fallout related to the federal government’s budget reductions  Replenishing the City’s fiscal reserves

FY 2015 Recommended Budget Summary 3 By The Numbers FY 2013 ActualFY 2014 AdoptedFY 2015 Recommended All Funds$784.0 million$677.5 million$675.2 million General Fund$206.1million$202.7 million$209.5 million FY 2013 AdoptedFY 2014 AdoptedFY 2015 Recommended All Funds2,2252,1452,170 General Fund Full-Time Equivalent (FTEs) Positions

FY 2015 Recommended Budget Summary 4 Revenue by Category – All Funds

FY 2015 Recommended Budget Summary 5 Appropriations by Fund Type - All Funds

FY 2015 Recommended Budget Summary 6 Revenue by Category – General Fund

FY 2015 Recommended Budget Summary 7 Appropriations by Department – General Fund

Additional Non-recommended Budget Request Total additional budget request not recommended totaled approximately $5 million due to lack of funding (approximately $3.5 million in the General Fund) 8

5 year General Fund Financial Plan 9 PWP transfer at 10% for FY 2015 then 9% through FY 2019 for power and reduction of $1.8 million in water transfer per year Nothing specifically identified to rebuild GF and other reserves or other unfunded liabilities Approximately $1.2M transfer to Housing through FY2016 then $1.1M through FY2019 New Debt service beginning in FY2016 at approximately $15 million for total GF (including FPRS restructuring) Net property tax revenue bump due to sunset of SB481 in 2015 and 2016 Anticipates conservative revenue growth

5 year General Fund Financial Plan 10

Recommendations Adopt FY 2015 Budget and related resolutions  Budget  Power Fund General Fund Transfer  Schedule of Taxes, Fees, and Charges  General Fee Schedule 11