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Home My WebLink AboutBudget presentation “MOVING FORWARD TOGETHER” Town Council Budget Workshop - 08/09/13 2 This year’s theme… A Growing Community…A Growing School… FY12/13 Accomplishments page 2-3 FY13/14 Short Term Trends page 3-4 FY13/14 Long Term Trends page 5  VISION, VALUES, MISSION Town Council Budget Workshop - 08/09/13 3 Westlake is an oasis of tranquility and natural beauty amidst an ever expanding urban landscape. Vision Points A Sense of Place We are Leaders We are a Caring Community Exemplary Governance Service Excellence “On behalf of the citizens, the mission of the Town of Westlake is to be a one-of-a-kind community that blends our rural atmosphere with our vibrant culture and metropolitan location.” Mission Statement: Values Innovation Educational Leaders Family Friendly and Welcoming Engaged Citizens Preservation of Our Natural Beauty Strong Aesthetic Standards Transparent Government Fiscal Responsibility Vision Statement:  FINANCIAL POLICIES Town Council Budget Workshop - 08/09/13 4 No Changes for Fiscal Year 2013/2014 A copy has been uploaded to your drop box  5 FY 13/14 BUDGET OVERVIEW The FY 13-14 budgeted expenditures amount •totals $28,731,722 for all funds Fund Balance shows a reduction of $8.2M due primarily to •Capital Projects fund $7.4M •Enterprise Fund Projects $1.2M This represents a 33% fund balance decrease •Spending a portion of $9.5M bond money received in FY 12/13 Town Council Budget Workshop - 08/09/13 See page 6 chart Compared to FY12/13 Estimated Budget  6 Page Fund Name Change Amount 21 – 40 General Fund $464,157 Increased Revenues from Sales Tax, Permit Fees , Fines, etc... 41 – 47 Special Revenue Fund $-114,566 Increased Debt Service payment from the Visitor Fund 48 – 51 Debt Service Fund $0 52 – 55 Enterprise Funds $-1,218,107 Ground Storage Tank Project 56 – 61 Internal Service Funds $-5,851 Repair & Replacement Fund Projects 62 – 67 Capital Project Funds $-7,403,020 Westlake Academy Expansion Project 68 Westlake Academy $71,368 Total Change $-8,206,019 Town Council Budget Workshop - 08/09/13 FY 13/14 BUDGET OVERVIEW Fund Balance Changes See page 6 chart Compared to FY12/13 Estimated Budget  7 Town Council Budget Workshop - 08/09/13 FY 13/14 BUDGET OVERVIEW If only municipal operating expenses were taken into consideration (removal of all expenses related to Capital Projects, Westlake Academy and Transfers) the FY 13/14 proposed budget would show an increase of 11% ($1,008,253 ) compared to the FY 12/13 estimated budget Compared to FY12/13 Estimated Budget  8 $477K – increased debt service payments •Increased due to $9.5M bonds received in FY12/13 $354K - Increased payroll expenditures •$98K - add Fire Dept Lieutenant position •$55K - add Human Resources Generalist position •$8.4K - change part time UB clerk to a full time position •$115K - phase 2 market adjustments ($100K base + $15K taxes) •$71K - maintain cost of current staff at current salaries/benefits $41K - increased Keller Police contract services $56K - increased building inspection contract services •offset by increased planning and development revenues $58K - Comprehensive plan update Phase I of II See top of page 6 Town Council Budget Workshop - 08/09/13 FY 13/14 BUDGET OVERVIEW Compared to FY12/13 Estimated Budget Reasons for 11% Increase  9 See page 8-9 SUMMARY OF FY13/14 BUDGET Service Level Adjustments SERVICE LEVEL ADJUSTMENT TYPE TOTAL AMOUNT ONE-TIME COSTS ON-GOING COSTS Repair, Maintenance, Replacement 313,492 150,040 163,452 Operating Services 177,151 133,971 43,180 Operating Supplies 74,430 72,930 1,500 Payroll and Related 348,001 - 348,001 Total Operating SLA Costs $913,074 $356,941 $556,133 Capital Improvements & Debt 8,752,394 8,275,299 477,095 Increased Revenues (375,461) - (375,461) Total All SLA Costs $9,290,008 $8,632,240 $657,767 93% of total 7% of total $ 913,074 Investment in Service Delivery Sustainability & Core Service Delivery Quality $8,752,394 Investment in Infrastructure $ 375,461 Increased Revenues Town Council Budget Workshop - 08/09/13 Base Budget compared to Proposed Budget  10 See page 17 AD VALOREM TAX RATE Town Council Budget Workshop - 08/09/13 FY 10/11 Actual FY 11/12 Actual FY 12/13 Estimated FY 13/14 Proposed Total Appraised Value $1,025,535,296 $1,090,892,532 $1,213,602,021 $1,233,405,814 Net Taxable Value $880,169,946 $913,119,313 $864,452,946 $865,771,389 Property Tax Revenue $1,257,246 $1,442,069 $1,355,808 $1,357,875 Based on July 2013 tax roll Estimated Appraised Value to increase 1.63% Residential/commercial growth offset by homestead exemptions and abatements  11 See page 10 AD VALOREM TAX RATE Proposed FY 13/14 rate is 2.5% less than the “Effective Tax Rate” of $0.16070 FY 12-13 Adopted FY 13-14 Proposed Change Amount General Fund M&O $0.14197 $0.13907 ($0.00290) Debt Service I&S $0.01487 $0.01777 $0.00290 Total $0.15684 $0.15684 ($0.00000) Town Council Budget Workshop - 08/09/13  12 FUNDED CIP S UMMARY Section 10 page 7 PROJECT AMOUNT PROJECT DESCRIPTION $15,000 Trail Connection at Hwy 114/Solana $200,000 WA West Parking Improvements $99,000 Outdoor Warning System $5,708,601 Westlake Academy Expansion $1,241,879 FM1938 Streetscaping $390,940 SH114/Hwy170 Enhancements $7,655,420 TOTAL CAPITAL PROJECT FUNDS $82,967 TRA Assumption of N1 Sewer Line $1,449,113 Ground Storage Tank Project $1,532,079 TOTAL UTILITY FUND PROJECTS $9,187,499 TOTAL FUNDED PROJECTS Town Council Budget Workshop - 08/09/13 Fiscal Year 2013/2014  13 PROJECTED ENDING FUND BALANCES All Funds Shown in millions Town Council Budget Workshop - 08/09/13 Actual Estimated Proposed Projected Projected Projected Projected FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 General Fund $4.383 $4.870 $5.335 $5.194 $4.842 $4.321 $3.872 Special Revenue Funds $1.245 $1.229 $1.114 $1.134 $1.174 $1.184 $1.200 Debt Service Funds $0.023 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Enterprise Funds $5.148 $6.884 $5.666 $5.550 $5.422 $5.503 $5.568 Internal Service Funds $0.973 $1.239 $1.233 $1.637 $2.055 $2.404 $1.343 Capital Project Funds $3.581 $9.900 $2.497 $0.989 $0.995 $2.556 $1.007 Westlake Academy $0.814 $0.758 $0.829 $1.197 $1.500 $1.694 $1.628 Projected Ending Fund Balance $16.168 $24.880 $16.674 $15.701 $15.988 $17.663 $14.618  14 NEXT STEPS Town Council Budget Workshop - 08/09/13 08/26/13 Workshop Meeting 09/16/13 Regular meeting, public hearing and adoption  15