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TOWN OF LANTANA

TOWN OF LANTANA. 2010/11 BUDGET WORKSHOP. WHERE ARE WE?. Still in beginning phase – Final adoption not until end of September (3 months) Compiled department requests and revenue projections Reviewed budget at the fund level Formulating budget strategy. PRIMARY FACTORS AFFECTING BUDGET.

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TOWN OF LANTANA

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  1. TOWN OF LANTANA 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  2. WHERE ARE WE? • Still in beginning phase – Final adoption not until end of September (3 months) • Compiled department requests and revenue projections • Reviewed budget at the fund level • Formulating budget strategy Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  3. PRIMARY FACTORS AFFECTING BUDGET • REVENUES – GENERAL FUND • Property values drop 18.5% • Interest Income • TOTAL REOCCURRING REVENUE DECREASE • $540,000 Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  4. PRIMARY FACTORS AFFECTING BUDGET • REVENUES – UTILITY FUND • Reoccurring revenues decrease $116k Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  5. TAXABLE VALUES Taxable value for FY10 budget Taxable value for FY11-Estimated Decrease in value Percentage decrease $870.9 Million $712.1 million 158.7 million > 18% Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  6. AD VALOREM PROCEEDS • Current draft is calculated at 3.2395 • Estimated taxable value – FY11$712.1M • Ad Valorem taxes at current rate $2.19M (at a 95% collection rate) • Percentage DECREASE in revenue 18.5% Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  7. GENERAL FUND REVENUES • Decrease in property values while using same millage rate reduces revenue by $495k. • Other decreases in revenue due to economy - $44k. Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  8. GENERAL FUNDEXPENDITURES • Personnel (72.73 FTEs) • Operating • Capital • Debt • Transfers out • Contingency 76% 20% 1% 3% 0% 0% 5,862,945 1,574,879 54,500 193,250 0 0 Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  9. GENERAL FUND • Cost of Living (COLA) has not been included at this time. • Merit plan has not been included. • Pension costs are projected at 22.62% for sworn officers and 7% for general employees. • Elimination of four positions. • Currently, no transfer to the Transportation Fund. Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  10. UTILITY FUND • Projected revenue • Less: • Personnel (18.9 FTEs) • Operating • Capital • Debt • Projected deficit 4,923,500 1,382,710 2,083,235 472,500 1,047,200 ($62,145) 28% 42% 9% 21% Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  11. UTILITY FUND • Revenue from operations are down by 2.3%. • No merit or COLA included; pension unchanged at 7%. • Includes debt payment of $1,047,200. • Includes capital requests of $472,500. Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  12. TRANSPORTATION FUND • Projected revenue • Less: • Operating • Capital • Debt • Projected deficit 255,000 155,050 -0- 308,500 ($208,550) 33% 67% Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  13. TRANSPORTATION FUND • Revenue from gas tax receipts are flat. • Currently, no transfer in from General Fund. • Includes debt payment of $308,500. • Includes $120,000 for street lighting. Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  14. WHAT IS NEXT? • July 1st – receive Property Appraiser’s certified values • Detailed review of each revenue and expenditure • Incorporate Council direction into budget • Next budget workshop is July 26that 5:30 pm in the Council Chambers – Council to set proposed millage rate and date of public budget hearing • Work diligently for remaining 3 months to close deficit gap until final adoption in September Town of Lantana Budget Workshop June 28, 2010 5:30 PM

  15. THANK YOU Town of Lantana Budget Workshop June 28, 2010 5:30 PM

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