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City of Longview

City of Longview. 2009 General Fund Financial Review 2 nd quarter ending June 30, 2009 City Council Meeting August 13, 2009. General Fund Financial Review. History of Assessed Property Values (in the 000’s).

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City of Longview

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  1. City of Longview 2009 General Fund Financial Review 2nd quarter ending June 30, 2009 City Council Meeting August 13, 2009

  2. General Fund Financial Review

  3. History of Assessed Property Values(in the 000’s) 2009 assessed value in the amount of $2.9 billion is up 11.8% over 2008 assessed value of $2.6 billion. The increase in assessed value resulted in a 16 cent/$1,000 reduction in Longview’s levy rate from $2.88 to $2.72 for the current year.

  4. History of Property Taxes(in 000’s) Comment: “2009 property taxes in the amount of $7.8 million represents a 5.4% increase over 2008 property taxes of $7.4 million.” Note: $7.3 m of the $7.8 total is dedicated to the General Fund.

  5. History of Sales Taxes(in 000’s) 2009 Budgeted Sales Tax = $7,343,310 Comment: “Projected 2009 sales tax of $5.7 million is $1.6 m less than budget and represents a 16.2% decrease from 2008 sales tax revenue of $6.9 million.”

  6. Sales Tax by Month

  7. Sales Tax by Month

  8. History of B&O Taxes(in 000’s) 2009 Budgeted B&O Tax = $8,491,340 Comment: “Projected 2009 B&O taxes of $8.3 m represent a 5.7% increase over 2008 B&O taxes of $7.8 m. Increase in B&O tax is the direct result of the increase in utility B&O on City services which sunsets 12/31/2010.”

  9. 2009 General Fund Taxes TaxAmount Property $7,330,940 Sales 5,757,624 B&O 8,271,969 Other 1,156,394 Total $22,516,927 2009 Budgeted Taxes = $24,549,300 Comment: “2009 projected taxesin the amount of $22.5 million represent a 2.0% decrease from 2008 taxes of $23.0 million.”

  10. General Fund Revenue(in 000’s) 2009 Budgeted Revenue = $30,610,280 Comment: “Projected 2009 revenue of $28.6 m is $2.0 million less than budget and $248,000 less than 2008 revenue of $28.85 m.”

  11. 2009 General Fund Revenues Comment: “Projected 2009 revenue shortfall is the result of declining sales tax revenue and a significant drop in interest earnings.”

  12. General Fund Expenditures(in 000’s) 2009 Budgeted Expenditures = $31,038,680 Comment: “2009 projected expenditures of $29.4 million are $1.63 million under budget and 4.5% less than 2008 expenditures of $30.8 million .

  13. 2009 General Fund Expenditures Comment: “2009 projected expenditure savings in the amount of $1.63 million are the result of salary freezes, furloughs, retirements, vacant positions, a reduction in employer pension contributions, fuel savings and suspending vehicle depreciation.”

  14. 2009 General Fund Expenditures Comment: “As of June 30, 2009 projected year-end expenditures of $29.4 million are 5.3% less than budgeted expenditures.”

  15. 2009 General Fund Expenditures 2009 General Fund Expenditure Projection = $29,407,557

  16. 2009 General Fund Summary

  17. 2009 General FundBudget Model Prioritization Stage As of June 30, 2009, the 2009 General Fund balance is projected to result in Budget Prioritization - Stage 2 whereby expenditures exceed revenues and ending fund balance is projected to be greater than 12%. At this stage a basic status quo budget where all core services and non-mandated programs are maintained through existing revenues and the use of reserves.

  18. Cost Cutting Measures • Freeze vacant positions • Salary freeze • Early retirements • No new merit (M&S) step increases • Furloughs • Reduced employer paid pension contributions • Reductions in labor force • Suspend vehicle depreciation

  19. Reducing the budget gap Bargaining units assisting in narrowing the budget gap: • EBA (Employees Bargaining Unit) • AFSCME (Police Civilian Staff) • IAFF 828 (International Association of Firefighters) • Fire Chief Officers Association IAFF 3375 • Non-represented Employees

  20. 2009-10 General Fund Overview

  21. Recommended Next Steps • Make final budget adjustments for calendar year 2009 and adopt formal budget amendment for 2009 at the August 27, 2009 Council meeting. • Continue on-going monitoring and reporting of General Fund’s financial condition and provide 3rd quarter report at the October 22, 2009 Council meeting. • Present 2010 budget adjustments at the December 17, 2009 Council workshop.

  22. 2009 Mid-year Financial Review The end.

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