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Financial Sustainability and Ad Valorem Taxes presentation
Financial Sustainability & Ad Valorem Taxes August 25, 2010 The Problem 4/5/2013 Workshop 2 Fund Description Estimated FY 09-10 Proposed FY 10-11 Estimated FY 11-12 Estimated FY 12-13 Estimated FY 13-14 Estimated FY 14-15 General Fund Beginning Fund Balance $ 2,675,310 $ 3,316,014 $ 2,198,686 $ 2,016,518 $ 513,190 $ (1,137,738) Total Revenues 4,785,244 2,890,765 2,939,988 2,990,688 3,042,908 3,096,695 Total Transfers In 90,000 18,000 1,145,399 19,096 19,669 20,259 Total Expenditures (4,113,749) (3,990,335) (4,110,045) (4,233,346) (4,360,347) (4,491,157) Total Transfers Out (120,790) (35,758) (157,510) (279,765) (353,158) (81,258) Net Total 3,316,014 2,198,686 2,016,518 513,190 (1,137,738) (2,593,199) Total Restricted Funds 194,540 197,800 197,800 197,800 197,800 197,800 Ending Balance (projected) $ 3,121,474 $ 2,000,886 $ 1,818,718 $ 315,390 $ (1,335,538) $(2,790,999) Operating Days 277 183 162 27 (112) (227) Property Tax Reduction Beginning Fund Balance $ 1,068,034 $ 1,266,324 $ 1,553,247 $ 239,007 $ (101,199) $ (469,052) Total Revenues 875,800 818,300 625,000 625,000 625,000 625,000 Total Transfers Out (677,510) (531,377) (1,939,240) (965,206) (992,853) (765,075) Ending Balance (projected) $ 1,266,324 $ 1,553,247 $ 239,007 $ (101,199) $ (469,052) $ (609,127) Current Revenues •On-going revenues don’t cover General Fund expenses •One-time revenues are unpredictable 4/5/2013 Workshop 3 Expenditures 10% Across-the-board Cuts 20% Across-the-board Cuts •Still do not balance the General Fund •There is no money for infrastructure needs •Cutting expenses to balance the budget means reducing core services that our citizens say are highly valued •The FY 10-11 Proposed Operating Budget is 3% less than the FY 09-10 estimate 4/5/2013 Workshop 4 Follow-up from Friday’s Budget Workshop – ‘Securing the Vision’ •The road to financial sustainability •Tax rate scenarios: –.1437 per $100 for O&M –.?? Depends on CIP 4/5/2013 Workshop 5 Ad Valorem Tax Scenarios 4/5/2013 Workshop 6 TOTAL PROPERTY TAX RATE SCENARIOS Without Gas Wells MAINTENANCE INTEREST TOTAL ISSUED AMOUNT FISCAL YEAR & OPERATIONS & SINKING TAX RATE $2.5M 10/11 0.1437 0.0089 0.1526 $5.0M 10/11 0.1437 0.0179 0.1616 $8.0M 10/11 0.1437 0.0288 0.1725 $2.5M 11/12 0.1437 0.023 0.1667 $5.0M 11/12 0.1437 0.046 0.1897 $8.0M 11/12 0.1437 0.0687 0.2124 *The table above includes the following assumptions: • 20% Homestead Exemption (approximately $62M) • Over 65 exemption (approximately $24M)