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Home My WebLink AboutFinancial Sustainability Ad Valorem taxes presentationFinancial Sustainability & Ad Valorem Taxes (1 st Public Hearing) September 8, 2010 The Problem Public Hearing Meeting 2 9/8/2010 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 $ 3,400,014 $ 2,282,686 $ 2,184,518 $ 681,190 $ (969,738) Total Revenues 4,869,244 2,890,765 2,939,988 2,990,688 3,042,908 3,096,695 Total Transfers In 90,000 18,000 1,229,399 19,096 19,669 20,259 Total Expenditurese (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 3,400,014 2,282,686 2,184,518 681,190 (969,738) (2,425,199) Total Restricted Funds 194,540 197,800 197,800 197,800 197,800 197,800 Ending Balance (projected) $ 3,205,474 $ 2,084,886 $ 1,986,718 $ 483,390 $ (1,167,538) $(2,622,999) Operating Days 284 191 176 42 (98) (213) Property Tax Reduction Beginning Fund Balance $ 1,068,034 $ 1,350,324 $ 1,637,247 $ 239,007 $ (101,199) $ (469,052) Total Revenues 917,800 818,300 625,000 625,000 625,000 625,000 Total Transfers Out (635,510) (531,377) (2,023,240) (965,206) (992,853) (765,075) Ending Balance (projected) $ 1,350,324 $ 1,637,247 $ 239,007 $ (101,199) $ (469,052) $ (609,127) Current Revenues •On-going revenues don’t cover General Fund expenditures •One-time revenues are unpredictable Public Hearing Meeting 3 9/8/2010 Town of Westlake Sales Tax Analysis 9/8/2010 Public Hearing Meeting 4 $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 Mi l l i o n s Base Sales Tax Economic Development Agreements Audit Payments Presumed One-Time Payments Town of Westlake Permits & Fees Analysis 9/8/2010 Public Hearing Meeting 5 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 FY 04/05 Actual FY 05/06 Actual FY 06/07 Actual FY 07/08 Actual FY 08/09 Actual FY 09/10 Estimated FY 10/11 Proposed $7 4 0 , 0 2 7 $6 4 9 , 5 3 7 $6 7 0 , 7 0 1 $5 6 3 , 4 8 6 $5 1 2 , 4 6 5 $4 4 7 , 7 6 5 $3 6 7 , 4 5 5 $9 8 , 4 8 0 $2 2 9 , 4 2 0 $5 4 4 , 5 9 7 $3 4 8 , 2 3 3 $1 , 4 2 9 , 4 0 0 $0 Remaining Permits & Fees Lg Remodel/Construction Expenditures 10% Across-the-board Cuts 20% Across-the-board Cuts •Still does 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 •Outsourcing Fire/EMS Services – increased response times •The FY 10-11 Proposed Operating Budget is 3% less than the FY 09-10 estimate Public Hearing Meeting 6 9/8/2010 Response Time Comparison 9/8/2010 Public Hearing Meeting 7 General Fund Net of one-time Sales Tax and Large Remodel/Construction Permits/Fees and Economic Development Payments 9/8/2010 Public Hearing Meeting 8 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 FY 04/05 Actual FY 05/06 Actual FY 06/07 Actual FY 07/08 Actual FY 08/09 Actual FY 09/10 Budget Estimated FY 10/11 Budget ProposedRevenuesExpenditures Total Westlake Staff by Fiscal Year (FTEs) 1999 - 2010 Public Hearing Meeting 9 9/8/2010 0 5 10 15 20 25 30 35 40 45 50 55 60 65 5 14 14 14 14 15 15 14 13 12.75 1.5 3 6 6 7 10 10 9 11 11 12 12.25 20 24.5 32.4 36.4 42.2 49.1 56.6 60.6 Public Safety/Court Municipal Academy Town of Westlake Administrative Staff 2000 - 2010 Public Hearing Meeting 10 9/8/2010 0 2 4 6 8 10 12 14 1.5 3 6 6 7 10 10 9 11 11 12 12.25 Nu m b e r o f T o w n e m p l o y e e s (n o n -pu b l i c s a f e t y / c o u r t ) Town of Westlake Administrative Staff Town/Academy Duties, 2000-2010 Public Hearing Meeting 11 9/8/2010 0 2 4 6 8 10 12 14 1.25 2 4 4 4.7 6.9 7.3 7.2 6.9 7.6 8.4 8.6 0.25 1 2 2 2.3 3.1 2.7 1.8 4.1 3.4 3.6 3.7 Town Academy Westlake Academy On-Site Administrative Staff (per 100 students) Public Hearing Meeting 12 9/8/2010 0.00 0.50 1.00 1.50 2.00 2.50 3.00 1.54 1.52 1.23 1.45 1.74 2.06 2.42 2.23 Em p l o y e e s ( s h o w n a s F T E s ) Town Staff Levels for non-public safety operations (Employees per thousand, peak daily population) Public Hearing Meeting 13 9/8/2010 0 1 2 3 4 5 0.69 0.75 0.82 0.73 0.74 3.21 4.28 Westlake Trophy Club Roanoke Follow-up from previous meetings – ‘Securing the Vision’ •The road to financial sustainability •Tax rate scenarios: –.1562 per $100 for O&M –.?? Depends on CIP Public Hearing Meeting 14 9/8/2010 Ad Valorem Tax Scenarios Public Hearing Meeting 15 *The table above are based on September 1st certified values and include the following assumptions: • 20% Homestead Exemption (approximately $66M) • Over 65 exemption (approximately $24M) 9/8/2010 TOTAL PROPERTY TAX RATE SCENARIOS Without Gas Wells MAINTENANCE INTEREST TOTAL ISSUED AMOUNT FISCAL YEAR & OPERATIONS & SINKING TAX RATE $6.21M 10/11 0.1562 0.0152 0.1714 $6.21M 11/12 0.1562 0.0589 0.2151 $6.21M 12/13 0.1562 0.0586 0.2148 $8.75M 13/14 0.1562 0.081 0.2372 $8.75M 14/15 0.1562 0.0792 0.2354 9/8/2010 Public Hearing Meeting 16 Neighboring Municipalities Proposed Tax Rates for FY 2010-2011 and Current Collection Rates Municipality Proposed Tax Rates FY 2010-2011 M&O I &S Collection Rate Fort Worth ** 0.855 0.7109 0.1441 Not released Burleson 0.71 0.5478 0.1622 98% Hurst 0.578 0.4452843 0.1327157 97% Trophy Club 0.535 0.41533 0.11967 100% Bedford 0.491609 0.309075 0.182534 97% Euless 0.47 0.343905 0.126095 Not released Southlake 0.462 0.332 0.13 97% Flower Mound 0.4497 0.3227 0.127 Not released Keller 0.44219 0.31219 0.13 99.10% Roanoake 0.37521 Not released Not released 99% Colleyville 0.3559 0.29758 0.05832 98% Grapevine 0.35 0.13643 0.21357 99% Haslet 0.286284 0.229525 0.056759 Not released Westlake (FY 10-11) 0.1714 0.1562 0.0152 98% Westlake (FY 11-12 Est.) 0.2151 0.1562 0.0589 98% Median 0.462 0.32735 0.13 98% Mean 0.4893 0.366893275 0.131913642 98% Min 0.2863 0.13643 0.056759 97% Max 0.855 0.7109 0.21357 100% Impact by Home Value 9/8/2010 Public Hearing Meeting 17 Total Appraised Value With 20% Exemption Tax Amount per $.1714 Tax Rate (FY 10-11) Tax Amount per $.2151 Tax Rate (FY 11-12) $200,000 $160,000 $274 $344 $500,000 $400,000 $686 $860 $1,000,000 $800,000 $1,371 $1,721 $1,500,000 $1,200,000 $2,057 $2,581 $3,000,000 $2,400,000 $4,114 $5,162 $4,000,000 $3,200,000 $5,485 $6,883 $5,000,000 $4,000,000 $6,856 $8,604 $6,000,000 $4,800,000 $8,227 $10,325 $7,000,000 $5,600,000 $9,598 $12,046 Solvent Forecast (Includes $0.1562 per $100 for O&M) Public Hearing Meeting 18 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 $ 3,199,112 $ 3,042,007 $ 2,741,838 $ 2,318,132 Total Revenues 4,785,244 3,891,191 4,091,911 4,193,846 4,270,130 4,348,462 Total Transfers In 90,000 18,000 18,540 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 3,199,112 3,042,007 2,741,838 2,318,132 2,114,438 Total Restricted Funds 194,540 197,800 197,800 197,800 197,800 197,800 Ending Balance (projected) $ 3,121,474 $ 3,001,312 $ 2,844,207 $ 2,544,038 $ 2,120,332 $ 1,916,638 Operating Days 277 275 253 219 177 156 Property Tax Reduction Beginning Fund Balance $ 1,068,034 $ 1,266,324 $ 1,553,247 $ 1,365,866 $ 1,025,660 $ 657,807 Total Revenues 875,800 818,300 625,000 625,000 625,000 625,000 Total Transfers Out (677,510) (531,377) (812,381) (965,206) (992,853) (765,075) Ending Balance (projected) $ 1,266,324 $ 1,553,247 $ 1,365,866 $ 1,025,660 $ 657,807 $ 517,732 9/8/2010