town of lantana 2010/11 budget workshop town of lantana budget workshop june 28, 2010 5:30 pm
TRANSCRIPT
TOWN OF LANTANA
2010/11
BUDGET
WORKSHOP
Town of Lantana Budget Workshop June 28, 2010 5:30 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, 2010 5:30 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, 2010 5:30 PM
PRIMARY FACTORS AFFECTING BUDGET REVENUES – UTILITY FUND
Reoccurring revenues decrease $116k
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
TAXABLE VALUES
Taxable value for FY10 budget
Taxable value for FY11-Estimated
Decrease in value
Percentage decrease
$870.9 Million
$712.1 million
158.7 million
> 18%
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
AD VALOREM PROCEEDS Current draft is calculated at 3.2395
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, 2010 5:30 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, 2010 5:30 PM
GENERAL FUNDEXPENDITURES
Personnel (72.73 FTEs)
Operating Capital Debt Transfers out Contingency
76%
20%
1%
3%
0%
0%
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
5,862,9455,862,945
1,574,8791,574,879
54,50054,500
193,250193,250
00
00
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, 2010 5:30 PM
UTILITY FUND Projected revenue Less:
Personnel (18.9 FTEs)
OperatingCapitalDebt
Projected deficit
4,923,500
1,382,710
2,083,235
472,500
1,047,200
($62,145)
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
28%28%
42%42%
9%9%
21%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, 2010 5:30 PM
TRANSPORTATION FUND
Projected revenue Less:
OperatingCapitalDebt
Projected deficit
255,000
155,050
-0-
308,500
($208,550)
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
33%33%
67%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, 2010 5:30 PM
WHAT IS NEXT? July 1st – receive Property Appraiser’s certified
values Detailed review of each revenue and
expenditure Incorporate Council direction into budget Next budget workshop is July 26th 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, 2010 5:30 PM
Town of Lantana Budget Workshop June 28, 2010 5:30 PM
THANK YOU