Fort Walton Beach Council agenda — 09-19-12 special budget-second ph — reading text

$ 1. 5M is budgeted ( 4. 5% of total revenues). This revenue stream has been declining as more consumers eliminate land lines and service providers bundle taxable services with non- taxable services, thereby eliminating payment of the tax. City of Fort Walton Beach, FL 32 Revenues Half -Cent Sales Tax — This state -shared $ 2.00 revenue distribution, anticipated to generate $ 1. 75 approximately $ 1. 6M or 4. 7% of total revenues, $ 1. 50 is derived from net 6% state sales tax revenue $ 1. 25 and is the largest source of revenue sharing for $ 100 local governments. The revenue estimate, also $ 0. 75 published by the Office of Economic and $ 0.50 Demographic Research ( EDR), is rebounding as $ 0.25 the economy improves. 0.00 Communication Half -Cent Sales Tax Municipal Revenue Local Option Fuel Municipal Revenue Sharing — This is funded services Tax Sharing Tax 2008 -09 • 2009 -10 * 2010 -11 Budget Budget by 1. 3409% of sales and use tax collections, 2011 - 12 2012 -13 12. 5% of state alternative fuel user decal collections, and the net collections from the one -cent municipal fuel tax. This revenue estimate is also published by the Office of Economic and Demographic Research ( EDR), and is budgeted at $ 720K, or 2. 1% of total revenues. This revenue source is anticipated to remain flat in FY 2013. Although fuel prices are up, this revenue is predicated on consumption and remains suppressed along with consumer confidence. Interest Income —Interest earnings are budgeted at $ 87K or 0. 3% of total revenues and fluctuate based on the interest rate environment, the City' s types of investments, and funds available for investment. Currently, $ 19. 5M in operating reserves ( excludes checking accounts, bond proceeds, and pension funds) is invested. Although staff' s conservative investment approach has consistently outperformed benchmark money funds governed by SEC Rule 2a -7, the City has retained a professional portfolio manager with the goal of achieving a return that at least ensures the principal balance keeps pace with inflation and provides modest growth for long -term funds. 5. 5% 5. 0% as% a. D% 3. 5% 3. 0% 8 2. 5% ias 2.0% 1. 5X 1. 0% 0. 5% D.0%J. Mvn1 Mint Mev -1t Jun tt Jul -11 Aua -11 S. o- 1t W -11 Nw-11 D- 1 J. 12 F- 12 W, 12 - 12 NaY- 12 J., F WB — F d -- ---- -- SBA — FMIVT — FLSAFE — S& P GIP — 5 kTB — FL -FIT -- PFM ftN i r— Morgan S N. y - - - - - -- Whfi n WAR F. ds Daily Appropriation from Reserves — Use of fund balance ( governmental funds) or net assets enterprise funds) — accounts for $245K or 0. 7% of total revenues: a. General Fund — $9, 500 from restricted fund balance ( Harvey Trust - funding bequeathed to the City for library purposes) will be used for new shelving and painting the interior walls and exterior rails; $ 55, 148 from unassigned fund balance for the performance incentive program ( only a portion funded from reserves). b. Law Enforcement Trust Fund — $14, 700 from unassigned fund balance for crime prevention and safe neighborhood activities ( required per Florida Statute to spend 15% of prior year forfeitures on these types of activities). c. Utilities Fund - $ 37, 500 from restricted net assets ( 2005 Utility Bond proceeds) for water line replacements; $ 128, 278 from restricted net assets ( renewal & replacement) for equipment replacements. City of Fort Walton Beach, FL Packet Pg. 491 33  3. 2. b CITY OF FORT WALTON BEACH, FL Expenditure Trends - All Funds Expenditures by Fund 40 35 30 25 20 15 10 5 0 Actual Actual ActualActual BudgetBudget Budget 2008 -09 2009 -10 2010 -11 2011 -12 2012 -13 n General Fund Law Ent Trust Fund Law Enf. Training Fund FL Bldg Code Fund CDBG Fund CRA Fund a Debt Service Fund Utilities Fund n Sanitation Fund Golf Fund Stormwater Fund Beal Memorial Fund Actual Actual Actual Budget Budget 2008 -09 2009 -10 2010 -11 2011 -12 2012 -13 Variance Variance General Fund 19, 015, 139 19, 630, 808 17, 457, 956 17, 399, 021 16, 801, 950 597, 071) 3.43% Law Enf. Trust Fund 71, 522 233, 922 52,289 13, 275 16, 500 3, 225 24. 29% 1 33,406 24,289 7, 282 10, 000 7, 000 3, 000) 30. 00% Law Enf. Training Fund 263, 444 263, 444 100. 00% FL Bldg Code Fund CDBG Fund 266, 132 166, 408 156, 935 126,575 124,541 2,034) 1. 61% CRA Fund 2, 302, 897 1, 522, 533 890, 665 1, 416, 522 1, 326, 101 90,421) 0.38% Debt Service Fund 415, 723 415, 723 434,967 455, 644 476,277 20,633 4.53% Utilities Fund 10, 286, 251 7, 823, 386 10, 122,481 12, 360,728 8, 489,269 3, 871, 459) 31. 32% Sanitation Fund 3,461, 817 3, 214, 884 3, 269, 274 3, 340, 600 3, 315, 600 25,000) 0. 75% Golf Fund 2, 529, 420 2, 228,934 2, 199, 552 2, 076,641 2, 065, 927 10,714) 0. 52% Stormwater Fund 495, 323 389, 951 354,565 694, 172 575,400 118,772) 17. 11% Beal Memorial Fund 67,650 15, 555 13, 149 42,600 35, 600 ( 7,000) - 16.43% Expenditures 38, 945, 278 35, 666, 392 34, 959, 115 37, 935,778 33, 497,609 ( 4,438, 169) - 11. 70% Expenditures by Category 40 35 30 25 0 20 15 10 5 0 Actual Actual Actual Budget Budget