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TOWN OF LANTANA

TOWN OF LANTANA. FY 2010/11 BUDGET WORKSHOP. WHERE ARE WE?. Working through budget Compiled department requests and revenue projections Reviewed budget at the account level Following through on budget strategy Two months until final adoption of budget. PRIMARY FACTORS AFFECTING BUDGET.

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TOWN OF LANTANA

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  1. TOWN OF LANTANA FY 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  2. WHERE ARE WE? • Working through budget • Compiled department requests and revenue projections • Reviewed budget at the account level • Following through on budget strategy • Two months until final adoption of budget Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  3. PRIMARY FACTORS AFFECTING BUDGET • REVENUES – GENERAL FUND • Property values drop 16.6% • Utility and Franchise taxes • Interest Income • TOTAL REOCCURRING REVENUE DECREASE • $523,000 Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  4. PRIMARY FACTORS AFFECTING BUDGET • REVENUES – UTILITY FUND • Reoccurring revenues still projected to decrease $116k Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  5. TAXABLE VALUES Taxable value for FY10 budget Final taxable value for FY10 – VAB Taxable value for FY11-Certified Decrease in value Percentage decrease $870.9 million $867.8 million $723.7 million $144 million 16.6% Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  6. AD VALOREM PROCEEDS • Current draft is calculated at 3.2395 • Certified taxable value – FY11 $723.7M • Ad Valorem taxes at current rate $2.22M (at a 95% collection rate) • Percentage DECREASE in revenue 16.9% Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  7. GENERAL FUND REVENUES • Decrease in property values while using same millage rate reduces revenue by $453k. • Other decreases in revenue due to economy - $50k. Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  8. GENERAL FUND • Projected revenue • Less: • Personnel (72.73 FTEs) • Operating • Capital • Debt • Transfers out • Projected deficit 7,696,356 5,817,170 1,514,577 46,500 193,250 212,600 ($87,741) 75% 19% 1% 2% 3% Town of Lantana Budget Workshop July 26, 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 (2 vacant). • Boat trailer decal parking program included. • Transfer to the Transportation Fund. Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  10. UTILITY FUND • Projected revenue • Less: • Personnel (18.9 FTEs) • Operating • Capital • Debt • Contingency • Projected deficit 4,923,000 1,391,850 1,954,056 510,000 1,047,200 $75,000 ($55,106) 28% 39.5% 10% 21% 1.5% Town of Lantana Budget Workshop July 26, 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 $510,000 Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  12. TRANSPORTATION FUND • Projected operational revenue • Less: • Operating • Capital • Debt • Projected operational deficit • Transfer in from General Fund 261,000 160,100 5,000 308,500 ($212,600) $212,600 34% 1% 65% Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  13. TRANSPORTATION FUND • Revenue from gas tax receipts have slightly increased. • Current projected transfer from the General Fund is $212,600. • Includes debt payment of $308,500. • Includes $121,000 for street lighting. Town of Lantana Budget Workshop July 26, 2010 5:30 PM

  14. WHAT IS NEXT? • Tonight’s Council Meeting – tentative millage rate & date/time of 1st Public Budget Hearing • August – finalize draft budget for Council’s consideration • Incorporate Council direction into budget • 1st Public Budget Hearing is September 13that 6:00 pm in the Council Chambers – Council to set proposed millage rate • 2nd and Final Public Budget Hearing is September 27that 6:00 pm – Council to adopt final millage rate & budget for fiscal year 2010/11 Town of Lantana Budget Workshop July 27, 2009 5:30 PM

  15. THANK YOU Town of Lantana Budget Workshop July 26, 2010 5:30 PM

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