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City of Ketchum Fiscal Year 2011/12 Preliminary Budget Overview

City of Ketchum Fiscal Year 2011/12 Preliminary Budget Overview. Fiscal Year 2011/12 Preliminary Budget Overview. Section 1: Service Capacity: Population vs. Staffing. Section 2: General Fund Overview. Section 3: Local Option Tax Overview.

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City of Ketchum Fiscal Year 2011/12 Preliminary Budget Overview

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  1. City of Ketchum Fiscal Year 2011/12 Preliminary Budget Overview

  2. Fiscal Year 2011/12 Preliminary Budget Overview • Section 1: Service Capacity: Population vs. Staffing. • Section 2: General Fund Overview. • Section 3: Local Option Tax Overview. • Section 4: Proposed FY2011/12 Budget Objectives. • Section 5: Projected FY2011/12 Budget Framework.

  3. Section 1: Service Capacity: Population vs. Staffing

  4. Section 2: General Fund Overview

  5. General Fund Revenue Categories • General Property Tax. • Planning & Development Revenues. • Miscellaneous Revenues.

  6. General Fund Expenditure Categories • Personal Services. • Materials & Services. • Capital Outlay. • Transfers to Other Funds. • Contingency.

  7. General Fund Overall Financial Condition • Revenue and Expenditure Trends. • Fund Balance Trend.

  8. A Word on General Fund Balances… • No Legal Requirements or Universally-Accepted Standards. • Do not confuse with contingency. • The General Fund balance is use primarily (a) to provide cash during months without significant income, and (b) to provide a safety-net against unexpected revenue decline. • The goal should be to maintain a fund balance that assures adequate funds to prudently meet financial needs (as stated above) while avoiding excessive “stockpiling” of the public’s money.

  9. A Word on General Fund Balances… • Governmental Finance Officers Association (GFOA) recommends: “The adequacy of unreserved fund balance in the general fund should be assessed based upon a government’s own specific circumstances.”(GFOA Policy Statement, 2/15/2002).

  10. A Word on General Fund Balances… • “Nevertheless, GFOA recommends, at a minimum, that general-purpose governments, regardless of size, maintain unreserved fund balance in their general fund of no less than five to 15 percent of regular general fund operating revenue, or of no less than one to two months of regular general fund operating expenditures.” (GFOA Policy Statement, 2/15/2002).

  11. Section 3: Local Option Tax Overview

  12. Section 4: Proposed FY2011/2012 Budget Objectives

  13. Proposed Budget Objectives • Maintain overall spending levels at or near FY2010/11 levels. • Maintain General Fund balance at or above 17% of operating revenues. • Create segregated capital improvement funds for Streets, Parks, Fire and Law Enforcement to facilitate impact fee projects in accordance with the updated Capital Improvement Plan. • Review and refine cost allocations for General Fund Materials and Services expenses. • Develop a transition plan relative to Steve Hansen’s retirement and reflect budget implications beginning July 1, 2012.

  14. Questions?

  15. Section 5: Proposed FY2011/2012 Budget Framework

  16. The End.

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