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CITY OF COCOA BEACH. FISCAL YEAR 2009 BUDGET IMPACTS March 5, 2008. FY 2009 BUDGET IMPACTS. Presented by: Charles H. Holland Jr., CGFO Finance Director cholland@cityofcocoabeach.com. OVERVIEW OF TOPIC. Description of Impacts Methodology Overview of General Fund

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city of cocoa beach
CITY OF COCOA BEACH

FISCAL YEAR 2009 BUDGET IMPACTS

March 5, 2008

fy 2009 budget impacts
FY 2009 BUDGET IMPACTS
  • Presented by:

Charles H. Holland Jr., CGFO

Finance Director

cholland@cityofcocoabeach.com

overview of topic
OVERVIEW OF TOPIC
  • Description of Impacts
  • Methodology
  • Overview of General Fund
  • Review of Individual Items
  • Shortfall Analysis
  • Reserve Analysis
  • The Plan
description of impacts
DESCRIPTION OF IMPACTS
  • Amendment # 1
    • Adds $25,0000 homestead exclusion for property values between $50,000 - $75,000, except for school taxes
    • Makes up to $500,000 of Save Our Homes benefit portable.
    • Caps assessed value increases for non-homestead property @ ten (10%) percent per year.
    • $25,000 exemption for tangible personal property
  • Economic factors (i.e. less visitors)
    • State shared revenue
      • Local option gas tax
      • 8th cent gas tax
      • Sales tax
  • OPEB* liability
    • Show current year liability
    • Fund accrued actuarial liability

*Other post employment benefits

slide5

Portability – Rules somewhat complex; too soon even for preliminary estimate

10% valuation limitation – seems unlikely to have material effect

methodology
METHODOLOGY
  • Methodology
    • Amendment # 1
      • Very preliminary estimates from Property Appraiser’s office
      • probability projections
    • Shared revenues
      • probability projections
    • OPEB liability
      • Actuarial study
      • Guidance from GASB
    • Review of budget (General Fund – major focus)
      • Capital projects analysis (cancellation & deferral) (preliminary)
      • Manpower – frozen positions
      • Expenditures – will be reviewed in formal budget process
slide7

OVERVIEW – GENERAL FUND

HIGHLIGHTED ITEMS TO BE DISCUSSED IN DETAIL

without “roll forward”

slide8

REVENUES

$1,260,000*

(rounded)

$104,000**

Ad Valorem taxes as 40.3% 36.1%

percent of General Fund

*High end of estimate detailing effect of Amendment #1

**Reflects economic downturn on shared revenues i.e. gas tax & sales tax

slide9

EXPENDITURES

Contract increases

& OPEB*

Neutral (for now)**

Capital (next slide)

Bonds defeased

*Other post employment benefits

**Assumes price increases absorbed by savings

slide10

Personnel = nine “frozen” positions;

  • Capital = combination of cancelled & deferred projects
  • Metered Parking Fund
    • pays MHP revenue note
    • Maintenance. worker i.e. “beautification”
    • Public safety vehicles (an increased amount not shown because not known yet)

*Maritime Hammock Preserve

slide11

Preliminary Review:

Budgeting process not yet started.

shortfall analysis
Shortfall Analysis
  • Subject to:
    • Reviewing expenditures as a part of the established budget process, which has not yet started. (March –April)
    • No change in millage
    • Receiving more firm numbers from:
      • Appraiser (Notice of Estimate – June) (DR -420 July)
      • State (shared revenue – July)
reserve analysis
Reserve Analysis
  • Savings in FY 2008 will provide sufficient coverage of shortfall.
shortfall analysis1
Shortfall Analysis
  • Positives:
    • Proactive fiscal steps in FY 2008 provide cushion for projected shortfall.
    • Budget process not yet begun
  • Pitfalls & unknowns:
    • Capital deferrals cannot be sustained indefinitely
    • Gasoline prices/materials prices could be problem
    • Staffing reductions directly impact service capability
    • Economy
    • Further action by legislature
the plan
THE PLAN
  • Current plan;
    • Review budget in March/April/May
    • Move revenue enhancements forward
    • Fund FY 2009 shortfall with FY 2008 savings
the plan1
THE PLAN
  • Strategic (long range) plan
    • Reduce GF dependence on single revenue (i.e. property tax) source.
      • Add new revenue sources
      • Analyze origins of costs
      • Review fees at more frequent intervals
      • Increase user fees to properly reflect costs (CPI = lagging indicator)
    • Review parking program (and other funds)
      • Fines unchanged since 1996
      • Objective – Increase transfers to General Fund
recap of issues now you know
Recap of Issues -- Now You Know
  • Description of Impacts
  • Methodology
  • Overview of General Fund
  • Review of Individual Items
  • Shortfall Analysis
  • Reserve Analysis
  • The Plan