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City Budget and Finances

City Budget and Finances. City Council Meeting August 2, 2011. Schedule. Part I – Regulations and Terminology May 17, 2011 Part II – Revenues June 7, 2011 Part III – Fund Descriptions June 21, 2011 Part IV – Prior Year Budget Reductions July 5, 2011

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City Budget and Finances

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  1. City Budget and Finances City Council Meeting August 2, 2011

  2. Schedule Part I – Regulations and Terminology May 17, 2011 Part II – Revenues June 7, 2011 Part III – Fund Descriptions June 21, 2011 Part IV – Prior Year Budget Reductions July 5, 2011 Part V – General Fund Workshop July 12, 2011 Part VI – General Fund, Capital Projects, Stormwater Workshop July 26, 2011

  3. Property Tax Impacts

  4. Property Tax Bill

  5. Millage Rates • Current Rate 3.5000 • Revenue Policy Operating Rate 3.9013 • Flat Property Tax Revenue Rate 4.0137 • Proposed Budget Rate 4.0552 • Rollback Rate 4.0552 • Majority Vote Rate 5.7636

  6. Property Taxes - Perception Taxes are hurting a lot of people and they will no longer be able to live here especially the retired. I have been in Palm Coast for nearly 10 years and have to maintain my home by myself and if everything keeps going up pretty soon you will have more people moving out of this city because we can't afford to live here anymore.

  7. Property Taxes - Reality

  8. Property Comparisons

  9. Millage Rate History

  10. Impact on Existing Taxpayers • 2007-08 - $1,430,107 • 2008-09 - $3,423,342 • 2009-10 - $ 122,686 • 2010-11 - $2,969,115 • 4-Year Decrease - $7,945,250

  11. Revenues vs. Expenditures TAX REVENUES Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc. City Receives $460 a year per resident

  12. Revenues vs. Expenditures Each Resident Pays $39 a month in taxes WHAT THEY PAY FOR Code enforcement, Fire & Rescue services, additional Law Enforcement, Streets (including maintenance and resurfacing), Parks, Sidewalks & Bikepaths (including maintenance and construction), indirect costs, and others.

  13. General Fund

  14. Revenues

  15. Expenditures

  16. General FundOptions

  17. Recurring Revenue Options • Increase property tax revenue (maximum revenue available with a simple majority vote = $21,596,700) • Move State Revenue Sharing from the Streets Improvement Fund (up to $1,307,800) • Move Local Option Fuel Tax from the Streets Improvement Fund (up to $1,612,500) • Establish a Utility Tax on electricity (up to $2,500,000)(309 cities) • Establish a Franchise Fee on electricity (up to $2,500,000)(319 cities)

  18. FUTURE • Sustainable operating budget if revenue levels out, but capital infrastructure will have to be addressed in the future • Future cuts, if any, must come from “boots on the streets”

  19. Expenditure Reduction Options – Non Big 4 • Flagler Volunteer Services, $25,000 • Florida Agricultural Museum, $25,000 • Palm Coast Historical Society, $3,000 • Cultural Arts, $20,000 • Enterprise Flagler, $93,500 • Economic Development Programs, $100,000 • Close the pool from late November to early April, $57,400

  20. Expenditure Reduction Options – Big 4 • Reduce Code Enforcement staffing by one team (2 officers and 1 administrative support staff), $144,000 • Reduce the number of law enforcement officers funded from the City of Palm Coast budget, $103,000 per deputy • Reduction of 11 out of 44 employees and a reduction in contractual services in Streets and Drainage, $938,000 • Additional reduction in force in Fire, $116,200 • Discontinue Emergency Medical Services, $402,600 • Close one fire station, $1,000,000

  21. Additional Considerations • Capital funding allocation • Reestablish millage for capital projects • Stormwater maintenance support • Increase in stormwater fee • Establish millage for stormwater capital • Use ½ cent sales tax for pipe replacement

  22. Tentative Budget Schedule • August 9 – Proprietary, special revenue, and capital project funds • August 23 – Special budget workshop on final proposed budget • September 14 – First public hearing and tentative adoption of the 2012 millage rate and budget • September 27 – Final public hearing and final adoption of the 2012 millage rate and budget

  23. Tonight • Establish the Proposed Maximum Millage Rate at 4.0552 Mills • Set the First Public Hearing for Wednesday, September 14, 2011 at the Palm Coast Community Center

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