preliminary budget development - seminole county · 2015. 9. 3. · preliminary close budget:...
TRANSCRIPT
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Worksession
March 6, 2012
Preliminary Budget
Development
Fiscal Year 2012/2013
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AGENDA
March 6, 2012 (9am to Noon)
Introduction
Financial Overview: Presentation of financial status,
fund forecasts, and summary of future challenges. • Property Appraiser Update
• General Revenue
• Self Insurance Programs
• Transportation Funding / Sales Tax Program
Board Discussion / Direction
March 6, 2012 2
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AGENDA
March 20, 2012 (9am to Noon)
Financial Overview: Presentation of financial status,
fund forecasts, and summary of future challenges.
• Water & Sewer Fund
• Solid Waste Fund
• Fire Fund
FY2012/13 Budget Development Goals
Review Financial Challenges and Special Issues
Board Discussion / Direction
March 6, 2012 3
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Financial Overview
Seminole County Property Appraiser,
David Johnson
Presentation of Property Valuation
March 6, 2012 4
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Financial Overview
General Revenue
Major Revenue Sources
March 6, 2012 5
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March 6, 2012 6
Countywide Ad Valorem Taxes
Fiscal Year ValuationLegislative /
EconomicTax Rate Revenue
FY2006/07 +23.9% Market High 4.9989 $143.2M
FY2007/08 +12.8% HB1B 4.3578 $140.3M
FY2008/09 -5.6% Amendment 1 4.5153 $137.7M
FY2009/10 -11.3% Market Decline 4.9000 $132.4M
FY2010/11 -9.5% Market Decline 4.8751 $119.9M
FY2011/12 -5.3% Market Decline 4.8751 $112.3M
FY2012/13 -3.0% Market Decline 4.8751 $108.9M
Revenue Impact:
FY07 to FY12 = $30.9M Decline
FY13 Estimated $3.4M Decline
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Countywide Ad Valorem
$102
$115
$143 $140 $138$132
$120$112
$109
$60
$80
$100
$120
$140
$160
2004 2005 2006 2007 2008 2009 2010 2011 2012
Millio
ns
Tax Roll Year
March 6, 2012 7
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State Shared Sales Tax
FY2005/06 FY2006/07 FY2007/08 FY2008/09 FY2009/10 FY2010/11
$27.2M $24.9M $22.8M $19.5M $19.0M $19.2M
6% -8% -8% -15% -2.5% +1.0%
$9.2M $9.0M $8.4M $7.3M $7.2M $7.3M
• Half-cent Sales tax down $8.2M or -30%
• FY00 collections = $19.3M
• State Revenue Sharing down $2M
• Good News: Up 1% in FY11
March 6, 2012 8
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Gas Taxes
FY2005/06 FY2006/07 FY2007/08 FY2008/09 FY2009/10 FY2010/11
$15.7M $15.5M $15.2M $14.6M $14.5M $13.9M
• Gas Taxes down -11.5%
• Two State Shared Sources
• Two Local Levied Sources
1. Ninth Cent (Mass Transit)
2. 6 Cent Local Option Expires
• 4 Cents August 2013
• 2 Cents August 2015
March 6, 2012 9
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Gas Taxes
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011
Gas Taxes $15,667,475 $15,535,939 $15,156,706 $14,575,799 $14,477,637 $13,877,189
Gallons Sold 229.0 229.6 222.7 212.3 210.9 206.2
Annual Avg Pump Price $2.64 $2.59 $3.42 $2.27 $2.69 $3.35
200.0
205.0
210.0
215.0
220.0
225.0
230.0
235.0
$13,000,000
$13,500,000
$14,000,000
$14,500,000
$15,000,000
$15,500,000
$16,000,000
Cert
ifie
d T
axab
le G
allo
ns
Of
Mo
tor
an
d D
iese
l F
uel S
old
(Mllio
ns)
Co
un
ty R
even
ue
Revenue to Gallons Sold
March 6, 2012 10
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Utility Taxes
FiscalYearCommunication
Service Tax
Public Service
Tax
FY2005/06 $9.2M $5.3M
FY2006/07 $9.9M $5.5M
FY2007/08 $9.7M $5.4M
FY2008/09 $8.6M (1) $5.6M
FY2009/10 $8.2M $6.5M (3)
FY2010/11 $7.5M (2) $6.5M (3)
March 6, 2012 11
1) 3Year Audit Adjustment
2) Bundled Services Decision
3) Weather Patterns
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Special Revenue: Tourism Tax
FY2005/06 FY2006/07 FY2007/08 FY2008/09 FY2009/10 FY2010/11
$2.6M $2.4M $2.3M $2.7M $2.9M $3.2M
$876K $810K $772K $603M $587K $649K
11% -8% -5% -22% -0% +10.6%
• Value of 1 Cent was Down -33%
• Good News: FY11 up 10.6%
March 6, 2012 12
Note: Table reflects total annual collections and the value of
1 cent for the fiscal year. In February 2009, the County
increased the tourism tax levy by 2% to a total of 5%.
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Financial Overview
General Revenue Funds
FY2010/11 Results
March 6, 2012 13
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General Revenue Funds
What Makes up General Revenue Funds?
General Fund
• Sub-Funds of General Fund
Funds Dependant on General Revenue for
Ongoing Support and Therefore
Competing for Tax Revenue Funding
• Special Revenue Funds
March 6, 2012 14
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General Revenue Funds
Dependant Sub-Funds:
Stormwater Fund (Water Quality)
Economic Development Fund
Facilities Maintenance Fund
Fleet Renewal & Replacement
Technology Renewal & Replacement
Capital Projects
March 6, 2012 15
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General Revenue Funds
Dependant Special Revenue Funds:
Transportation Trust Fund
Ninth Cent Gas Tax Fund
Building Fund
Court Technology Fee Fund
March 6, 2012 16
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General Revenue Funds
FY2010/11
Year End Results:
+ Operating Balance
Revenue +$85,000
Lapsed Appropriations
$11Million
• $2M Personnel
• $6M Operating
• $3M Constitutionals
FY2010/11 (Unaudited)
Operating Revenue $199.3M
Operating Expenditures $198.3M
Operating Balance $1.1M
Beginning Fund Balance $98.2M
Ending Fund Balance $99.3M
March 6, 2012 17
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General Revenue Funds
Preliminary Close
Budget:
Balances Forward +
Projects Forward =
Budget = Actual
No Adjustment
Fund Balance Reconciliation
FY2011/12 Budget
Beginning Fund Balance$82.7M
Project Balances Forward $16.6M
Mid-Year Adjustment $ 0.0M
Actual 9/30/2011 Ending
Fund Balance$99.3M
March 6, 2012 18
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Financial Overview
General Revenue Funds
FY2011/12 Budget
March 6, 2012 19
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FY2011/12 Budget Development
March 6, 2012 20
Foundation for Preparation
• No new taxes or increases to tax rates
• Continued rightsizing of workforce, primarily
through natural attrition
• Continued suspension of pay adjustments and
pay for performance system
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FY2011/12 Budget Development
March 6, 2012 21
Foundation for Preparation
• Continued reduction of operating costs where
possible
• Utilize reserves in a responsible manner, while
maintaining appropriate balances
• Deferred capital projects to avoid additional
resulting operating costs
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General Revenue Funds
FY2011/12
Budget:
Revenues down $7M
Balanced using $15M
Reserves
Includes funding :
• $4.5M for Renewal &
Replacement
• $3M for Driver License
Facility – Tax Collector
FY2011/12 Budget
Appropriations for
Expenditure$205.9M
Sources:
Operating Revenues $190.8M
Reserves Used $15.1M
Balanced FY11 Budget $205.9M
March 6, 2012 22
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$170
$180
$190
$200
$210
$220
$230
$240
$250
Revenue Expenses
March 6, 2012 23
General Revenue Funds
In Millions
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General Revenue Funds
Reserves
Projects include $19M
that could be financed
Operating Deficit will
likely be $7M
10% Base Contingency
of $20M
Projected Reserves
$58.6M
FY2011/12 Budget
Reserve Reconciliation
Actual Ending FB 9/30/11 $99.3M
Project Balances -$32.2M
Budget Operating Deficit -$15.1M
Base Contingency 10% $20.0M
Economic Stabilization $32.0M
March 6, 2012 24
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General Revenue Funds
Total of Projects $32.2M including:
$ 6.3M Land Account
$ 900K Community Assistance
$ 500K Library Renovations
$ 3.7M Road/Stormwater Projects
$ 3.4M Communication Towers
$15.6M P25 Communications System
March 6, 2012 25
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General Revenue Funds
Reserves
Economic Stabilization
• Mitigate Losses
• 25% of Expenditures
• 3 months operations
• Financial Strategy / Policy
For Continued Use
Reserves
Economic Stabilization
Reserve 9/30/2012 Budget$32.0M
Towers/P25 System
Financing Option$19.0M
1992 Gas Tax Bond
Call 10/1/2012-$6.4M
Adj. Stabilization Reserve $44.6M
Base Contingency 10% $20.0M
March 6, 2012 26
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Financial Overview
General Revenue Funds
Five Year Forecast
March 6, 2012 27
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Forecast: General Revenue Funds
Revenues % FY12 FY13 FY14 FY15 FY16 FY17
Ad Valorem 60% $ 113.7M -3% 0% 2% 2% 2%
Sales Taxes 14% 26.6M 1% 2% 2% 2% 2%
Gas Taxes 7% 14.3M 1% 2% 2% 2% 2%
PST 3% 6.4M 2% 2% 2% 2% 2%
CST 4% 7.9M 2% 2% 2% 2% 2%
Other 12% 21.9M 1% 2% 2% 2% 2%
Total 100% $190.8M -1% <1% 2% 2% 2%
March 6, 2012 28
Forecast Assumptions
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Forecast: General Revenue Funds
Expenditures % FY12 FY13 FY14 FY15 FY16 FY17
Personnel 21% $ 42.2M <1% 3% 3% 3% 3%
Operating 17% 35.1M 0% 2% 2% 2% 2%
Constitutionals 53% 109.1M <1% 3% 4% 3% 3%
Grants & Aids 2% 4.4M 4.4M 4.4M 4.4M 1.6M 1.6M
Debt Service 4% 8.3M 8.8M 8.8M 8.8M 8.8M 8.8M
Op Transfers 1% 2.3M 2.5M 2.5M 2.6M 2.6M 2.6M
R&R 2% 4.5M 4.5M 4.5M 4.5M 4.5M 4.5M
Total 100% $205.9M<1%
-4%3% 3% 1% 3%
March 6, 2012 29
Forecast Assumptions
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$170
$180
$190
$200
$210
$220
$230
$240
$250
Revenue Expenses
March 6, 2012 30
General Revenue Funds
In Millions
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No Changes
Operational
Balancing
Reserve
Level
Fiscal Year 2011/12 (Assessments -3%) -$12.1M $53.4M
Fiscal Year 2012/13 (Assessments -0%) -$14.3M $40.5M
Fiscal Year 2013/14 (Assessments +2%) -$17.9M $23.8M
Fiscal Year 2014/15 (Assessments +2%) -$20.5M $4.7M
Fiscal Year 2015/16 (Assessments +2%) -$19.3M ---
Fiscal Year 2016/17 (Assessments +2%) -$21.1M ---
31March 6, 2012
Forecast: General Revenue Funds
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Bond Call and Issue 10/1/2012
Operational
Balancing
Reserve
Level
Fiscal Year 2011/12 (Assessments -3%) -$12.1M $66.0M
Fiscal Year 2012/13 (Assessments -0%) -$14.8M $52.5M
Fiscal Year 2013/14 (Assessments +2%) -$18.5M $35.3M
Fiscal Year 2014/15 (Assessments +2%) -$21.0M $15.7M
Fiscal Year 2015/16 (Assessments +2%) -$19.9M -$2.8M
Fiscal Year 2016/17 (Assessments +2%) -$21.6M ---
32March 6, 2012
Forecast: General Revenue Funds
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Forecast: General Revenue Funds
33
$0
$50
$100
$150
$200
$250
FY12 FY13 FY14 FY15 FY16 FY17
Millio
ns
Revenue
Expenditures
Reserves
Operating Balance / Reserve Levels
March 6, 2012
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Financial Overview
Self Insurance Funds
March 6, 2012 34
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Workers Compensation Fund
Performance / Reserves
• $1.5M Annual Claims paid (net of settlements)
• Actuarial Reserve (IBNR and Open Claims)
• Excess Reserve
Premium Methodology / Approach
• Rates Based on:
Workers Classification Code
Claims Experience
• Rate applied to Salary
March 6, 2012 35
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Workers’ Compensation Fund
$0
$1,000,000
$2,000,000
$3,000,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16
Revenue vs. Expenses
Revenue Expend
March 6, 2012 36
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Workers’ Compensation Fund
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16
Fund Reserve
Available Required
March 6, 2012 37
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Health Benefits Fund
County Became Self-Insured January 2010
• Transferred in $5.8M to start the fund
Two Year Performance
• $1.9M income over expenses
• $7.7M in Reserves (>50% of claims)
Premium Methodology / Approach
• Continued Analysis
• Indexing to avoid spikes
March 6, 2012 38
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Property / Liability Fund
Performance / Reserves
• $2M Insurance Policies / Claims
• $5.5M in Reserves
Premium Methodology / Approach
• Value of the Assets
• Claims Experience
March 6, 2012 39
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Financial Overview
Transportation Funding
March 6, 2012 40
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Program Collections = $360Million
• Voter Approved July 9,1991
• 100% Transportation
• $463M Generated (Tax + Interest + Funding Agreements)
• Combined with Transportation Impact Fees $160M
• Fronted Impact Fee Portion of Projects
Loan Balance 9/30/2011 = $70M
Estimated Uncollectable = $61M
• Wymore Road at $15.3M
1991 Infrastructure Sales Tax
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Program Collections = $590Million
• Voter Approved September 4, 2001
• 75% Transportation – 60.8% County / 14.2% Cities
• County Portion $358M
• $467M Generated (Tax + Interest + Funding Agreements)
• Funding Committed to:
Projects
Capital Maintenance Items through FY2013/14
• Forecast allows for $6M Contingency
2001 Infrastructure Sales Tax
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General Revenue Funds
O& M Base Costs
$25.5M
Roads/Stormwater
Traffic
Median Maintenance
LYNX / SunRail
General Revenue Funds
$9.0M Annually
Transportation
Unincorporated Roads
Millage$1.3M
Local Gas Taxes $9.0M
State Shared Gas Taxes $5.0M
Other Revenue $1.2M
Total Transportation
Revenue$16.5M
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Charter County and Regional
Transportation System Surtax
F.S. 212.055(1)
Up to 1% sales surtax
Ordinance of the Board
And Approved by Voters Countywide
Proceeds used for Planning, Development,
Construction, Operations, and Maintenance
Distribution to County or Interlocal with Cities
No Term Required
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General Revenue Funds
Charter County Sales Tax 2014
Operational
Balancing
Reserve
Level
Fiscal Year 2011/12 (Assessments -3%) -$12.1M $66.0M
Fiscal Year 2012/13 (Assessments -0%) -$14.8M $52.1M
Fiscal Year 2013/14 (Assessments +2%) -$9.8M $43.2M
Fiscal Year 2014/15 (Assessments +2%) -$12.1M $32.0M
Fiscal Year 2015/16 (Assessments +2%) -$10.6M $22.4M
Fiscal Year 2016/17 (Assessments +2%) -$12.1M $11.3M
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General Revenue Funds
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General Revenue Funds
Charter County Sales Tax 2015
Operational
Balancing
Reserve
Level
Fiscal Year 2011/12 (Assessments -3%) -$12.1M $66.0M
Fiscal Year 2012/13 (Assessments -0%) -$14.8M $52.5M
Fiscal Year 2013/14 (Assessments +2%) -$18.5M $35.0M
Fiscal Year 2014/15 (Assessments +2%) -$12.1M $23.8M
Fiscal Year 2015/16 (Assessments +2%) -$10.6M $14.1M
Fiscal Year 2016/17 (Assessments +2%) -$12.1M $3.0M
46March 6, 2012
General Revenue Funds
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Budget Development FY2012/13
Questions???
Board Discussion
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AGENDA
March 20, 2012 (9am to Noon)
Financial Overview: Presentation of financial status,
fund forecasts, and summary of future challenges.
• Water & Sewer Fund
• Solid Waste Fund
• Fire Fund
FY2012/13 Budget Development Goals
Review Financial Challenges and Special Issues
Board Discussion / Direction
March 6, 2012 48