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Village of Bradford Financial Report

Village of Bradford Financial Report . Meeting Objectives . Meeting Objectives . Understanding the financial short comings. Meeting Objectives . Understanding the financial short comings. Impact on Village finances. Meeting Objectives. Understanding the financial short comings.

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Village of Bradford Financial Report

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  1. Village of Bradford Financial Report

  2. Meeting Objectives
  3. Meeting Objectives Understanding the financial short comings.
  4. Meeting Objectives Understanding the financial short comings. Impact on Village finances.
  5. Meeting Objectives Understanding the financial short comings. Impact on Village finances. Options to assist in financial relief.
  6. Village Funds General
  7. Village Funds General Street
  8. Village Funds General Street State Highway
  9. Village Funds General Street State Highway Fire Levy
  10. Village Funds General Street State Highway Fire Levy Street Light
  11. Village Funds General Street State Highway Fire Levy Street Light Water
  12. Village Funds General Street State Highway Fire Levy Street Light Water Sewer
  13. Village Funds General Street State Highway Fire Levy Street Light Water Sewer Refuse
  14. Village Funds General Street State Highway Fire Levy Street Light Water Sewer Refuse Agency Bond
  15. Where does the money come from that supports the Funds?
  16. General Fund11 Revenue Sources Real Estate Taxes – 9.53% Tangible Intangible - .38% Local Government – 27.65% Cigarette Tax - .02% Liquor Permits - .7% Tax Zoning Permit - .1% State Income Taxes - .6% Reimbursable / Refunds - .16% Interest - .48% Other – 6.83% Local Income Tax – 53.55%
  17. Street Fund Street Levy – 61.2% License Fees – 5.8% Gasoline Taxes – 27.3% Sidewalk Assessments – 5.7%
  18. State Highway License Fees – 83% Gasoline Taxes – 17%
  19. Fire Levy Based on current Fire Levy in effect. Money received within this fund is transferred to Fire Department.
  20. Street Light Special assessment to the property taxes – 100%
  21. Water, Sewer and Refuse Water from utility billing – 100% Sewer from utility billing – 100% Refuse from utility billing – 100%

  22. General Fund

  23. Understanding the Major Components of General Fund

  24. Understanding the Major Components of General Fund(Revenue) Two largest contributors are Local Government funds and Village income taxes.
  25. Understanding the Major Components of General Fund(Revenue) Local Government Fund and Income Taxes Account for 82% of Revenue in General Fund.
  26. Information to Understand In 2011 The State reduced Local Government Revenue by 25% with an additional 50% expected for 2012 and beyond.
  27. Information to Understand In 2011 The State reduced Local Government Revenue by 25% with an additional 50% expected for 2012 and beyond. An income tax revenue decline is evident due to the struggling economy.
  28. Information to Understand In 2011 The State reduced Local Government Revenue by 25% with an additional 50% expected for 2012 and beyond. An income tax revenue decline is evident due to the struggling economy. We cannot transfer from other funds into the General Fund, unless a court order is granted.
  29. Local Income Taxes Past Five Years 2006 - $197,244.09
  30. Local Income Taxes Past Five Years 2006 - $197,244.09 2007 - $225,090.91
  31. Local Income Taxes Past Five Years 2006 - $197,244.09 2007 - $225,090.91 2008 - $261,383.36
  32. Local Income Taxes Past Five Years 2006 - $197,244.09 2007 - $225,090.91 2008 - $261,383.36 2009 - $212,498.86
  33. Local Income Taxes Past Five Years 2006 - $197,244.09 2007 - $225,090.91 2008 - $261,383.36 2009 - $212,498.86 2010 - $173,864.88
  34. Local Income Taxes Past Five Years 2006 - $197,244.09 2007 - $225,090.91 2008 - $261,383.36 2009 - $212,498.86 2010 - $173,864.88 2011 - $135,000.00 (Estimated)
  35. Local Income Taxes Average Received From 2006 to 2010 $214,016.42
  36. Local Income Taxes Average Received From 2006 to 2010 $214,016.42 Estimated Amount Received in 2011 $135,000.00
  37. Local Income Taxes Income taxes have decreased by $79,016 from the average amount over the past five years. A 37% Decrease
  38. Local Government Fund Past Five Years 2006 - $106,559.29
  39. Local Government Fund Past Five Years 2006 - $106,559.29 2007 - $106,405.63
  40. Local Government Fund Past Five Years 2006 - $106,559.29 2007 - $106,405.63 2008 - $106,228.95
  41. Local Government Fund Past Five Years 2006 - $106,559.29 2007 - $106,405.63 2008 - $106,228.95 2009 - $92,972.93
  42. Local Government Fund Past Five Years 2006 - $106,559.29 2007 - $106,405.63 2008 - $106,228.95 2009 - $92,972.93 2010 - $92,671.24
  43. Local Government Fund Past Five Years 2006 - $106,559.29 2007 - $106,405.63 2008 - $106,228.95 2009 - $92,972.93 2010 - $92,671.24 2011 - $85,000.00 (Estimated)
  44. Local Government Fund Average Received From 2006 to 2010 $100,967.61
  45. Local Government Fund Average Received From 2006 to 2010 $100,967.61 Estimated Amount Received in 2011 $85,000.00
  46. Local Government Fund Local Government Revenue has decreased by $15,967.61 from the average amount over the past five years. A 16% Decrease
  47. Total Revenue Past Five Years Revenue 2006 - $438,386.48
  48. Total Revenue Past Five Years Revenue Grants 2006 - $438,386.48 - $63,256.69 =
  49. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79
  50. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30
  51. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30
  52. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00
  53. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78
  54. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 =
  55. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58
  56. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25
  57. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 =
  58. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25
  59. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62
  60. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62 - $5,545.30 =
  61. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62 - $5,545.30 = $353,227.32
  62. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62 - $5,545.30 = $353,227.32 2011 - $276,950.00
  63. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62 - $5,545.30 = $353,227.32 2011 - $276,950.00 - $0
  64. Total Revenue Past Five Years Revenue Grants Total 2006 - $438,386.48 - $63,256.69 = $375,129.79 2007 - $542,699.30 -$145,771.30= $396,928.00 2008 - $451,518.78 -$27,824.20 = $423,694.58 2009 - $371,852.25 - $5,137.00 = $366,715.25 2010 - $358,772.62 - $5,545.30 = $353,227.32 2011 - $276,950.00 - $0 = $276,950.00
  65. General Fund Revenue From 2006 to 2010 Average amount Received from 2006 to 2010 Average - $383,138.99
  66. General Fund Revenue From 2006 to 2010 Average amount Received from 2006 to 2009 Average - $383,138.99 Amount Estimated to Receive 2011 Estimated - $276,950.00
  67. General Fund Revenue From 2006 to 2010 Average amount Received from 2006 to 2010 Average - $383,138.99 Amount Estimated to Receive 2011 Estimated - $276,950.00 Difference of $106,188.99 Or 28% Loss in Revenue
  68. Important Information Equipment fund was placed within the General Fund in 2010. This added $23,788.92 to the General Fund total. Total revenue projection was estimated at $353,227.32, however if you were to remove the amount added by equipment fund the General Fund balance would have been $329,438.40.
  69. What is spent from the General Fund?Expenditures Council Salaries Mayor Salaries Administrator (partial Salary) Clerk/Treasurer (partial Salary) Park maintenance salary Employee Benefits (partial), Workman Comp, Life/Health Insurance, PERs. Law Enforcement Contract Tax Collectors Contract Solicitor’s fees Park Expenses Public Defender and Prosecutor contracts State Examiners fees (auditor’s fees) City Tax Refunds Electric/Gas expenses for City Building and Maintenance Building Other operating. Equipment expenses
  70. Understanding the Major Expense in the General Fund The largest expense in the General Fund is Law Enforcement.
  71. Understanding the Major of General Fund(Expenses) The largest expense in the General Fund is Law Enforcement. Law Enforcement contract is 43% of the total General Fund Revenue.
  72. Law EnforcementPast Five Years 2006 - $174,788.49
  73. Law EnforcementPast Five Years 2006 - $174,788.49 2007 - $189,502.46
  74. Law EnforcementPast Five Years 2006 - $174,788.49 2007 - $189,502.46 2008 - $147,028.00
  75. Law EnforcementPast Five Years 2006 - $174,788.49 2007 - $189,502.46 2008 - $147,028.00 2009 - $150,179.52
  76. Law EnforcementPast Five Years 2006 - $174,788.49 2007 - $189,502.46 2008 - $147,028.00 2009 - $150,179.52 2010 - $150,179.52
  77. Law EnforcementPast Five Years 2006 - $174,788.49 2007 - $189,502.46 2008 - $147,028.00 2009 - $150,179.52 2010 - $150,179.52 2011 - $150,179.52
  78. Services Provided bySheriff Department Daily coverage 16 to 20 hours (exclusively)
  79. Services Provided bySheriff Department Daily coverage 16 to 20 hours (exclusively) Detective Services
  80. Services Provided bySheriff Department Daily coverage 16 to 20 hours (exclusively) Detective Services Canine Services
  81. Services Provided bySheriff Department Daily coverage 16 to 20 hours (exclusively) Detective Services Canine Services Any other services provided by County Sheriff Office.
  82. Important Information 2006 – We operated with only two full time patrol officers instead of three. We filled the shifts with auxiliary patrol personnel and part time employees. 2007 – We operated primary with one full time employee and in September Miami County Sheriff entered into contract with Bradford.
  83. Operating Cost Past Five Years 2006 - $356,008.36
  84. Operating Cost Past Five Years 2006 - $356,008.36 2007 - $375,999.93
  85. Operating Cost Past Five Years 2006 - $356,008.36 2007 - $375,999.93 2008 - $310,866.13
  86. Operating Cost Past Five Years 2006 - $356,008.36 2007 - $375,999.93 2008 - $310,866.13 2009 - $338,554.11
  87. Operating Cost Past Five Years 2006 - $356,008.36 2007 - $375,999.93 2008 - $310,866.13 2009 - $338,554.11 2010 - $309,070.27
  88. Operating Cost Past Five Years 2006 - $356,008.36 2007 - $375,999.93 2008 - $310,866.13 2009 - $338,554.11 2010 - $309,070.27 2011 - $298,718.52 (Estimated)
  89. Operating Cost Average cost to Operate from 2006 to 2010
  90. Operating Cost Average cost to Operate from 2006 to 2010 $345,356.00
  91. Operating Cost Average cost to Operate from 2006 to 2009 $345,356.00 Cost to Operate 2011 $298,718.52 Estimated
  92. Operating Cost Decrease of 14% in Operating Cost in 2011 compared to the average cost to operate the five previous years.
  93. Projects Funded within the General Fund 2006 - Land Purchase (High Walk), Grant Funded 2006 – Feed Elevator Demolition, Grant Funded 2006- Purchased Picnic Tables, Grant Funded
  94. Projects Funded within the General Fund 2007 - Playground Equipment, Grant Funded 2007 – Demo Building in Park, Village Funded 2007 – Tennis Court Repairs, Village Funded 2007 – Parking Lot in Park, Grant Funded 2007 – Replaced Council Bench Top, Village Funded
  95. Projects Funded within the General Fund 2008- Walking Trails in Park, Grant Funded 2008 – Signs in the Park, Village Funded 2008 – City Building Renovation, Village Funded 2008 – First payment railroad property, Village Funded
  96. Projects Funded within the General Fund 2009 – Renovation of Park Shelter, Grant Funded 2009 – City Building Renovation, Village Funded 2009 – Parking area city building area and Tower/Dumpster area project, Village Funded 2009 – 2nd payment for Railroad Property, Village Funded
  97. Projects Funded within the General Fund 2010 – Final payment tower/dumpster area project, Village Funded. 2010 – Third payment of four, railroad property, Village Funded.
  98. Ways to Increase General Fund/off set projected deficit. Increase Income Tax A ½ percent increase (1% to 1.5%)to local income tax was placed on ballet and failed twice. In November the same increase will be placed on ballet for voters approval.
  99. Ways to Increase General Fund/off set projected deficit. Increase Income Tax Eliminate or alter current income tax credit This option would create residents to pay both entities, the jurisdiction where they live and work. This would be only as a last resort. Can be achieved without voter approval.
  100. Ways to Increase General Fund/off set projected deficit. Increase Income Tax Eliminate or alter current income tax credit Decrease operating costs For the last few years we have significantly reduced operating costs.
  101. Ways to Increase General Fund/off set projected deficit. Increase Income Tax Eliminate or alter current income tax credit Decrease operating costs Decrease/alter current services provided Law Enforcement is the single largest expense to the General Fund. A reduction in coverage is imminent if income taxes are not increased. If income tax levy is passed we still will fall short and may need to reduce coverage. All other services are difficult to reduce
  102. Ways to Increase General Fund/off set projected deficit. Increase Income Tax Eliminate or alter current income tax credit Decrease operating costs Decrease/alter current services provided Increase Jobs

  103. Questions?

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