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City of Miami

City of Miami. BUDGET. PROPOSED. Fiscal Year 2009. Budget Focus. To prepare a structurally balanced general operating budget. To provide a budget, which conforms to Generally Accepted Accounting Principles (GAAP).

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City of Miami

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  1. City of Miami BUDGET PROPOSED Fiscal Year 2009

  2. Budget Focus • To prepare a structurally balanced general operating budget. • To provide a budget, which conforms to Generally Accepted Accounting Principles (GAAP). • To present a budget using current financial resources as reported in the City of Miami CAFR. • To receive citizen feedback to ensure the upcoming budget is consistent with the needs of our citizens.

  3. Budget Issues • Continuation of HB-1B • Amendment 1 • SB 1588 –Glitch Bill • Fuel Costs • Utility Costs

  4. House Bill 1B • Limits the increase in the City’s rolled back millage rate from year-to-year. • City removed from list of municipalities under special financial concern in 2007.

  5. Amendment 1 • Approved by the voters on January 29, 2008. • Provided an additional $25k exemption up to the 3rd $25k of assessed value on homestead properties. • Provided a $25k exemption on tangible personal property on businesses.

  6. Amendment 1 • Provided portability of Save Our Homes up to $500k. • Reduced Current Year Gross Taxable Values by $1.2 billion in Tax Year 2008. • City’s Current Year Gross Taxable Values increased by 1.6% in Tax Year 2008 compared to 14.5% in Tax Year 2007.

  7. SB 1588 –Glitch Bill • Changed the calculation of the maximum millage rate with a majority vote. • Takes out the effects of Amendment 1. • Does not effect the calculation of the maximum millage rate with a 4/5th vote.

  8. Fuel Prices • Gasoline prices are projected to average $3.82 per gallon compared to $2.81 per gallon at the start of FY’08. • Diesel prices are projected to average $4.27 per gallon compared to $2.88 per gallon at the start of FY’08. • Overall, fuel expenses are forecasted to increase over 40% from $5 million to $8 million in FY’09. Source: Department of Energy, August 2008 Short-Term Energy Outlook

  9. Utility Costs • On July 1, 2008 the PSC approved an adjustment to FPLs pass-through fuel surcharge. • On average, electricity prices are anticipated to increase from $8.6 cents per kilowatt hour in FY’08 to $10.1 in FY’09. • Utility costs are forecasted to increase 20% in FY’09. Source: fpl.com/news and Department of Energy, Energy Information Administration, Short-Term Energy Outlook –August 2008

  10. General Fund

  11. Revenues and Other Sources by Source of FundsProposed Budget 2009General Fund -$525,108,930

  12. Total Revenues and Other Financing SourcesFiscal Years 2003 to Proposed Budget 2009General Fund 9.86% -5.30% 0.27% 14.08% 3.65% 8.60% Source: City of Miami Comprehensive Annual Financial Reports

  13. Revenues (Inflows) –General Fund • Represents a $1.4 million or 0.3% increase over the FY’08 Adopted Budget. • $6 million in additional property tax revenue based on proposed millage rate. • Includes $3 million in additional Solid Waste Fee revenues. • Includes $2 million in Mural Revenues.

  14. Expenditures and Other Uses by FunctionProposed Budget 2009General Fund -$525,108,930

  15. Total Expenditures and Other Financing UsesFiscal Years 2003 to Proposed Budget 2009General Fund 17.12% 0.27% -9.52% 7.21% 7.02% 9.97% Source: City of Miami Comprehensive Annual Financial Reports

  16. Expenditures (Outflows) –General Fund • Overall, total proposed expenditures will increase $1.4 million over the FY’08 Adopted Budget. • Reduced $16.9 million in City-wide departmental spending. • Provides $12.7 million more for Public Safety. • Eliminated 31 vacant full-time positions at a total cost savings of $2 million. • Provides $2.8 million for the repayment of the Street Bonds approved in FY’08.

  17. Expenditures (Outflows) –General Fund • Provides 25 additional Police Officer positions effective April 1, 2009. • Supports across the board increases provided to all union employees on October 1, 2008. • $1 million towards the Pension Stabilization Fund. • $300,000 for the Elderly Feeding Program. • $200,000 for the Action Community Center. • Reduces the number of general fleet replacement from 91 vehicles to 58.

  18. Expenditures (Outflows) –General Fund • $1 million from mural revenues to be used for new park land acquisition, green space and public realm enhancements. • Additional $2 million to Parks and Recreation. • 14 new positions to the Finance Department. • $3 million for additional fuel increases and $2 million for additional utility costs. • $1.3 million for PC hardware and software replacement.

  19. Expenditures (Outflows) –General Fund • Limit the use of fund balance to only $5 million for contingency purposes. • Dedicates $3 million in additional Solid Waste Fee revenues for the purchase of new Solid Waste vehicles.

  20. Key Changes • Uses more storm-water utility fund distribution in support of eligible General Fund storm-water projects and street cleaning operations. • Reserves outstanding litigated claims at September 30, 2008 in the General Fund Balance. • Modifies Solid Waste service delivery plan.

  21. Questions

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