Fort Walton Beach Council agenda — 05-20-08 special agenda - budget policy issues — reading text

-2009 Budget online at www.fwb. orq, or as a hard copy at the Fort Walton Beach Library, 285 Miracle Strip Parkway SE. The total proposed City Budget is $ 36,316,985 and has decreased $ 293, 683 or about 1 percent from Fiscal Year 2007 -2008. City staff is recomending the millage rate for Fiscal Year 2008 -2009 stay at the current rate of 4. 1986. Highlights from the proposed Fiscal Year 2008 -09 Budget include a 6% decrease in the assessed value of real property to $ 1. 383 billion, with ad valorem revenues anticipated to decrease by 6.9% or $ 409,509. The General Fund is budgeted to decrease 6% or $ 1. 019M ( exclusive of transfers out and a new requirement to budget state pension contributions for police and fire retirement). The proposed Budget also includes the elimination of 25 positions, reduced hours for 8 positions and a proposed reorganization of City departments from 13 to 10, including the combining of the Purchasing Department with the Finance Department. Information Technology, Public Information, Risk Management and Human Resources were collectively combined to create an Administrative Services Department; and Community Development and Public Works have been combined to create Public Services. The Fort Walton Beach City Council will set the tentative millage rate at a special 11th meeting on Monday, August at 5: 30 p. m. Budget review meetings will be 18th 22nd ( held August and will continue through the if needed) at 5: 30 p. m. in the City Council Chambers, 107 Miracle Strip Parkway SW. The schedule and times for individual department budget reviews will be released as soon as available. All budget meetings will be broadcast live on the City's television channel, FWBTV, Cox Digital Cable Channel 98. Cam Johnson, Public Information Officer, 850 -833 -9505 City of Fort Walton Beach • 107 Miracle Strip Parkway SW • P. O. Box 4009 • Fort Walton Beach, FL 32549 Phone - ( 850) 833 -9505 • Fax — (850) 833 -9640 TDD — (850) 833 -9925 0 www.fwb.org  Page 1 of 1 Helen Spencer From: Brandy Wunker Sent: Monday, September 22, 2008 3:22 PM To: Virgil Miller Cc: Mike Anderson; Mike Minich; Mike Holmes; Wayne Pullen - aapullen; Bill Garvie - wgarvie @aol. com; Jim Hartwell; Dennis Reeves; Helen Spencer; Joyce Shanahan; ' Toni Craig' Subject: General Fund Reserves Good Afternoon Councilman Miller. This morning you asked what the balance of the City's reserves is and what establishes how much the City keeps in reserves. The chart below has 3 columns. The first column provides the Actual FY 2007 information and shows the unreserved /undesignated fund balance of $6,740,055. The next 2 columns provide estimates for FY 2008 and FY 2009. The estimated unreserved /undesignated fund balance for FY 08 and FY 09, respectively are $ 7, 000,091 and 6, 819,431. This information is located in the budget document on page 29. Actual Estimate Estimate Benchmark Reserve Levels: FY 2007 FY 2008 FY 2009 GFOA - 15% of operating revenues min.; 35.4% 47.2% 43. 1% should be higher if coastal community GFOA - 17% operating expenses min.; 35.4% 36.8% 36.6% should be higher if coastal community FLOC revenue expert - 25 % 3 - 0% of 34. 1% 35.9% 35.4% total expenses for coastal community Auditors - 33% of operating expenses 35.4% 36.8% 36.6% Unreserved/ Undesignated Fund Balance 6, 740, 055 7,000,091 6,819,431 AtAt thethe MayMay 20082008 BudgetBudget PolicyPolicy Meeting,Meeting, CityCity Council Council endorsedendorsed maintainingmaintaining aa minimumminimum GeneralGeneral FundFund unreservedunreserved / / undesignated undesignated fundfund balancebalance ofof 30%30% ofof totaltotal annualannual expenditures.expenditures. AsAs perper youryour request,request, I havehave copiedcopied thisthis toto thethe MayorMayor andand membersmembers ofof Council.Council. PleasePlease letlet meme knowknow ifif youyou havehave questionsquestions oror requirerequire anyany additionaladditional information.information. ThankThank you,you, BrandyBrandy L.L. WunkerWunker FinanceFinance DirectorDirector CityCity ofof FortFort WaltonWalton BeachBeach 850)850) 833833 - - 95129512 850)850) 685685 - - 54955495 CellCell 850)850) 833833 - - 96409640 FaxFax 9/9/ 22/22/ 20082008  vv V!V! fl% fl% KK. . 00- - 00 1 r ee nn HH CD m ro s n a'' p- ro ro v, o• ro rn ID , ° o- IrIr 00 aa 33 G• p ro ro ! v NN CD rT7 WW yUQ O CD ID Aa O NN CD o OO D CD tD ° PCI roa. C=D jgm, OO CCDk4" W coco C 1 n Z iF iF N N r • Y+ V i ro a y ~ O cr Go O z 9 V H r-* ". aZ A• N ca sv act qQ ro o o 0 CC CD CD aro CL CD nn ID c lio° Er C' O O^ S L= Oho ro ' P ro A ca CDCD cc CD