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Fiscal Year 2013 Budget Amendment May 20, 2013 PowerPoint Presentation
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Fiscal Year 2013 Budget Amendment May 20, 2013

Fiscal Year 2013 Budget Amendment May 20, 2013

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Fiscal Year 2013 Budget Amendment May 20, 2013

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  1. Fiscal Year 2013 Budget AmendmentMay 20, 2013

  2. 2013 Budget Amendment • Amendments provide further disclosure on the expenditures authorized by the City Council each year. • Amendments do not always mean the expenditure of more tax dollars. • This Amendment includes: • Additional Capital Improvement Projects. • Additional Community/Economic Development Activities. • Interfund Expenses that result from the above changes. • This Amendment does not include: • New Staff • Increased Operating Expenses (such as wages) • Total Amendment for All Funds is $6,575,379 increasing from $247,359,877 to $253,935,256.

  3. 2013 Amendment

  4. 2013 Amendment - Capital

  5. 2013 Amendment - Capital

  6. 2013 Amendment – Davis St. • Davis Street Adopted Budget • Davis Street Proposed Amendment

  7. 2013 Amendment - Debt • Original Adopted Budget included $5,872,000 in projects funded through unabated General Obligation (G.O.) Debt. • The Amended Budget is proposed to include $8,339,988 in the Amended Capital Improvements Plan. • The Unabated G.O. Debt to be paid on 12/1/13 this year will be $8,175,536 • The Adopted Budget included $4.0 million in G.O. Debt to refinance Sewer IEPA Loans, and this amount is planned to be reduced by $2.0 million for the 2013 bond issue due to adequate fund balances in the Sewer Fund. • The Adopted G.O. Bond Issue was planned at $9,872,000 and the Proposed Amended Bond issue would be at $10,400,000

  8. 2013 Amendment – Other Funds • Emergency Telephone (E911) Fund – The proposed FY 2013 Budget Amendment would increase expenditures in the E911 Fund by $50,000due to higher than anticipated bids for the Emergency Alert System project. • Community Development Block Grant (CDBG) Fund – • Carryover of $35,000 of unspent FY 2012 CDBG Funds for the Firemen’s Park Renovations project. • Carryover of $90,000 of unspent FY 2012 CDBG Funds for the Alley Paving project • Carryover of $30,000 of unspent FY 2012 CDBG funds and carryover of $4,000 of unspent FY 2011 CDBG funds for the SNAP Lighting project. • Washington National TIF Fund –As part of the FY 2013 Budget Amendment, staff proposes reducing the Washington National TIF Fund budget by $50,000 due to favorable bids received for the Davis Street Sewer project.

  9. 2013 Amendment – Other Funds • Special Assessment Fund – The proposed FY 2013 Budget Amendment would reduce capital expenditures for the Special Assessment Fund by a total of $139,000 due to less than budgeted 50/50 Alley activity.. • Parking Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Parking Fund by a total of $2,796,000. The proposed increase would account for two items: • Noyes Cultural Arts Center – The proposed budget amendment includes a loan to the Piven Theatre Group for the build out of the Noyes Cultural Arts Center for $2.2 million to be repaid to the City over a thirty year period at an annual interest rate of 2%. • New World Financial System – The proposed amendment also includes a Parking Fund loan of $596,000 to the Capital Improvement Fund for licensing and implementation costs associated with the New World financial software system Maintenance costs for the current financial system (JD Edwards) will be used to repay the Parking Fund loan at an annual interest rate of 2%.

  10. 2013 Amendment – Other Funds • Water Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Water Fund by a total of $630,700. The proposed amendment includes the issuance of Water Fund general obligation debt for the water main portion of the Davis Street Water Main and Sewer Replacement Project. • Sewer Fund – The proposed FY 2013 Budget Amendment would increase expenses in the Sewer Fund by a total of $822,500. The proposed amendment includes grant funds from the Metropolitan Water Reclamation District (MWRD) for Sewer Replacement related to the Davis Street Water Main and Sewer Replacement Project.

  11. Questions?