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FY2004/05 PROPOSED BUDGET & FY2005/06 BUDGET PLAN

FY2004/05 PROPOSED BUDGET & FY2005/06 BUDGET PLAN. Peer into the Future Cautious Optimism. ECONOMIC OUTLOOK. FY2004/05 and Beyond. National Economy. Gross Domestic Product up 4.2% Unemployment Rate is dropping - new jobs coming on line in 2004 Energy costs continue to climb

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FY2004/05 PROPOSED BUDGET & FY2005/06 BUDGET PLAN

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  1. FY2004/05 PROPOSED BUDGET & FY2005/06 BUDGET PLAN Peer into the Future Cautious Optimism

  2. ECONOMIC OUTLOOK FY2004/05 and Beyond

  3. National Economy • Gross Domestic Product up 4.2% • Unemployment Rate is dropping - new jobs coming on line in 2004 • Energy costs continue to climb • Inflation creeping up

  4. State Economy • Unemployment rate decreasing • Jobs being created • Consumer prices still stable • Overall tourism rates increasing • Energy prices rising

  5. State Uncertainties • Governor proposes to reduce State revenues to cities by $350million for the next two years. Santa Monica’s share: $3.5 – $3.8 million • Effects of revenue “triple flip” reduce financial flexibility • No long-term solution to the State budget deficit per State Legislative Analyst

  6. Local Economy • Retail Sales on the upswing • Sales Taxes for fourth quarter 2003 up 6.7% over prior year fourth quarter • Tourism Improving • Hotel Occupancy up 9.12% in the first quarter as compared to same quarter last year • Home Sales Strong • Assessed Property Valuation up 7.6% from FY2002/03

  7. Local Revenues *Sales tax does not include “Triple Flip” ** TOT includes a 2% increase in rate effective 1/1/05

  8. City of Santa MonicaProposed Budget • All Funds: • FY2004/05 – $376.9 million • FY2005/06 – $369.2 million

  9. PROPOSED BUDGET General Fund

  10. Revenues – $192.5 Million

  11. Local Taxes – $135.3 Million

  12. Revenue Measures • New Revenues: $1.4 million • Ambulance Service Fees: $0.9 m. • Recreation & Facility Use Fees: $0.4 m. • Valet & Preferential Parking Fees: $0.1 m. • Transient Occupancy Tax: $3.5 million • Increase from 12% to 14% effective 1/1/05 • FY2004/05: $1.6 m. FY2005/06: $3.5 m. (full year) • Reimbursements – $2.4 million

  13. Expenditures – $180.9 Million

  14. Expenditure Reductions • Programs • Landscape Maintenance Services • CCS – Program hours & Community Grant reductions • CIP Projects • $3.6 million • Personnel • Reorganizations & redeployment of personnel in EPWM, CCS and Library – Six full-time positions cut – No layoffs • Vacant civilian Police position eliminated (4) • Selective hiring controls in all departments for salary savings

  15. Major Budget Enhancements • Virginia Avenue Park: $200,000 • Skate Park: $51,074 • Additional Park Ranger Coverage: $18,382 • Virginia Avenue Park & Skate Park • Community Classes: $112,000 • Parking Operations: $104,912

  16. Fund Balance • Loans to Cemetery & Airport: $3.2 m. • As-Needed Employee Conversion: $0.3 m. • Permit, Plan Check, Inspection & Code Enforcement Improvements: $0.5 m. • Destination Promotion: $0.5 m. • Worker Compensation Contribution: $5.0 m. • State Funding Uncertainties: $4.2 m. • 10% Reserve: $18.1 m.

  17. Changes for FY2005/06 Plan • Virginia Avenue Park full year funding • Community & Cultural Services – Virginia Avenue Park Creative Partnership Programs • Additional Park Ranger coverage • Main Library opening (partial year)

  18. Questions?

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