City budget and finances
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City Budget and Finances. City Council Meeting Presentations. Schedule. Part I – Regulations and Terminology May 17, 2011 Part II – Revenues June 7, 2011 Part III – Fund Descriptions June 21, 2011 [email protected] Part I – Regulations and Terminology. City Council Meeting

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City Budget and Finances

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City budget and finances

City Budget and Finances

City Council Meeting Presentations


Schedule

Schedule

  • Part I – Regulations and Terminology

    May 17, 2011

  • Part II – Revenues

    June 7, 2011

  • Part III – Fund Descriptions

    June 21, 2011

    [email protected]


Part i regulations and terminology

Part I – Regulations and Terminology

City Council Meeting

May 17, 2011


Regulatory authorities

Regulatory Authorities

  • Governmental Accounting Standards Board – GASB

    • Exposure Drafts

    • Statements

    • Technical Bulletins


Regulatory authorities1

Regulatory Authorities

  • Federal Government

    • Payroll taxes

    • Debt issuance

    • Grant compliance

    • 1099 reporting

    • 3% withholding


Regulatory authorities2

Regulatory Authorities

  • State Government (Statutes, Department of Revenue, Rules of the Auditor General)

    • Truth in Millage (TRIM)

    • Grant compliance

    • Annual reporting requirements

      • 5401-533-90-90-00-00-00-000-063000-81001


Fund accounting what is it

Fund Accounting – What is it?

Fund accounting is a system for segregating financial resources to ensure and demonstrate legal compliance with restrictions or other special purposes.


Fund accounting what is a fund

Fund Accounting – What is a Fund?

A fund is a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of conducting specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Funds are divided into various types according to the legal restrictions imposed upon them or by their uses.


Fund accounting funds

Fund Accounting - Funds

  • Governmental

    • General fund

    • Special revenue funds

    • Capital project funds

    • Debt service funds

    • Permanent funds

  • Proprietary

    • Enterprise funds

    • Internal service funds

  • Fiduciary funds

    • Trust funds

    • Agency funds

      Pooled Cash and Investments


Fund accounting fund balance

Fund Accounting – Fund Balance

  • Governmental

    • Non-spendable

    • Restricted

    • Committed

    • Assigned

    • Unassigned

  • Enterprise

    • Restricted

    • Unrestricted


In the news

In the News

  • Debt coverage ratios

  • Rate

  • Utility Less: Stabilization Net

  • Fiscal Service Operating Transfers Available Debt Service

  • Year Charges Expenses To/(From) Revenue Principal Interest Coverage

  • 2007 26,674,110 14,789,497 1,000,000 10,884,613 1,880,000 4,368,273 1.74

  • 2008 24,925,712 16,496,688 - 8,429,024 1,920,000 4,329,873 1.35

  • 2009 28,044,523 16,743,299 - 11,301,224 1,955,000 6,445,164 1.35

  • 2010 28,132,136 17,170,763 (1,500,000) 12,461,373 2,970,000 6,352,364 1.34

  • Defined benefit vs. Defined contribution pension plans

  • Other Post Employment Benefits - OPEB


City budget and finances1

City Budget and Finances

City Council Meeting Presentations


Schedule1

Schedule

  • Part I – Regulations and Terminology

    May 17, 2011

  • Part II – Revenues

    June 7, 2011

  • Part III – Fund Descriptions

    June 21, 2011

    [email protected]


Part ii revenues

Part II – Revenues

City Council Meeting

June 7, 2011


Revenue classifications

Revenue Classifications

  • Taxes

  • Permits, Fees and Special Assessments

  • Intergovernmental Revenue

  • Charges for Services

  • Judgments, Fines, and Forfeits

  • Miscellaneous Revenues

  • Other Sources


Revenue other sources

Revenue – Other Sources

  • Interfund Transfers

    • Payment-In-Lieu-Of-Taxes (PILOT)

    • Interfund loans

    • Tax increment for the CRA

  • Debt Proceeds


Revenue miscellaneous revenues

Revenue – Miscellaneous Revenues

  • Interest and Other Earnings

  • Disposal of Fixed Assets

  • Contributions and Donations

  • Other Miscellaneous Revenue


Revenue judgments fines and forfeits

Revenue – Judgments, Fines, and Forfeits

  • Traffic Citations

  • Local Ordinance Violations

    • Parking tickets

    • Fire mitigation

    • Code fines


Revenue charges for services

Revenue – Charges for Services

  • Utility Fees

    • Water and sewer

    • Solid Waste

    • Stormwater

  • Annual Fire Inspections

  • Road Damage Charges

  • State Road Maintenance

  • Recreation Fees

  • Planning Fees

  • General Fund Administrative Charges

  • Internal Service Fund Charges


Revenue intergovernmental revenue

Revenue – Intergovernmental Revenue

  • Grants

  • State Revenue Sharing

  • Local Government Half-Cent Sales Tax Program

  • County Business Tax Receipts

  • Alcoholic Beverage License Tax


Revenue permits fees and special assessments

Revenue – Permits, Fees and Special Assessments

  • Building Permits

  • Solid Waste Franchise Fees

  • Engineering Permits

  • Impact Fees

    • Water and wastewater

    • Transportation

    • Parks

    • Fire

    • School (remitted to Flagler County Schools)

  • Special Assessments

    • Old Kings Road


Revenue taxes

Revenue – Taxes

  • Ad Valorem (Property) Taxes

  • Local Option Fuel Tax

    • 1 to 6 cents

    • 1 to 5 cents

    • 9th cent

  • Insurance Premium Tax

    • Volunteer Firefighters’ Pension

  • Discretionary Sales Surtaxes

    • Local Government Infrastructure Surtax

    • Small County Surtax


Revenue taxes1

Revenue – Taxes

  • Utility Service Taxes

    • Electricity

    • Water

    • Gas

    • Propane

  • Communications Services Tax

    • 5.22%

  • Local Business Tax


Property tax terminology

Property Tax Terminology

  • Just (Market) Value

  • Assessed Value

  • Exempt Value

  • Taxable Value

  • Amendment 10 (Save Our Homes) Differential


Property tax bill

Property Tax Bill


Property taxes perception

Property Taxes - Perception

Taxes are hurting a lot of people and they will no longer be able to live here especially the retired. I have been in Palm Coast for nearly 10 years and have to maintain my home by myself and if everything keeps going up pretty soon you will have more people moving out of this city because we can't afford to live here anymore.


Property taxes reality

Property Taxes - Reality


Revenues vs expenditures

Revenues vs. Expenditures

TAX REVENUES

Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc.

City Receives

$460

a year per resident


Revenues vs expenditures1

Revenues vs. Expenditures

Each Resident Pays

$39

a month in taxes

WHAT THEY PAY FOR

Code enforcement, Fire & Rescue services, additional Law Enforcement, Streets (including maintenance and resurfacing), Parks, Sidewalks & Bikepaths (including maintenance and construction), indirect costs, and others.


Part iii fund descriptions

Part III – Fund Descriptions

City Council Meeting

June 21, 2011


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