1 / 17

FY2014-2015 Budget April 24, 2014 Personnel and Debt

FY2014-2015 Budget April 24, 2014 Personnel and Debt. Prepared by: Dana P. Hlavac, Interim Budget Manager and David Felix, Finance Manager. Agenda. Personnel Impact of Salary Adjustments Impact of Compression “Fix” ASRS Impacts PSRS Impacts Debt Outlook. Salary History.

sanjiv
Download Presentation

FY2014-2015 Budget April 24, 2014 Personnel and Debt

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FY2014-2015 BudgetApril 24, 2014Personnel and Debt Prepared by: Dana P. Hlavac, Interim Budget Manager and David Felix, Finance Manager

  2. Agenda • Personnel • Impact of Salary Adjustments • Impact of Compression “Fix” • ASRS Impacts • PSRS Impacts • Debt Outlook

  3. Salary History • Last employee raise was in FY2009 • Annual adjustments have been made to negate the impacts of pension increases on employees.

  4. Current Salaries • Personnel budget for FY2014 is $26,741,763 • Represent approximately 36% of total budget expenditures • Breakdown: • Direct Salaries $18,449,987 • Burden & Benefits $ 8,291,776

  5. Current Personnel Recommendation • 2% across the board raise • Additional compression adjustment for certain targeted positions

  6. FinancialImpact • Impact to all funds combined is approximately $216,000 per 1% • Impact to General Fund is approximately $181,000 per 1%

  7. Compression • Compression occurs when a new hire is earning the same amount as an employee with more than one year of service • Penalizes years of service

  8. Example of Compression

  9. Compression Analysis • 148 positions were reviewed. • 122 were identified as within a classification and service range potentially impacted by compression. • Further review indicated 40 individuals in Fire and Police that are significantly impacted by compression. • Reviewing options to address compression. Goal is to keep impact below $75,000

  10. ASRS contribution • ASRS contribution rate is increasing by 0.04% • Estimated increase due to rate increase is $400

  11. PSPRS contribution • PSPRS contribution rate are increasing: • Police 31.25% to 31.96% • Fire 26.10% to 28.50% • Estimated contributions for FY15 (excluding any raises or adjustments): • Police $1,389,000 • Fire $ 800,600 • An increase of approximately $99,000 from FY14

  12. Personnel Expense Summary

  13. Debt • The City finances certain capital projects, depending on a variety of factors i.e. type of project, project cost, expected life • Financing term matches the expected life of the equipment, usually five years for equipment and 15-20 for land and buildings. • Two types of debt: • Bonds (long term) • Lease purchase (short term)

  14. Debt Service By Fund (P&I)

  15. Outstanding Debt

  16. Available Funds Summary

  17. Closing • Next presentation will be on proposed capital projects • Tentative budget book on track to be distributed by Friday, May 23, 2014

More Related