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

5,5, 279,279, 922922 $ $ 5,5, 415,415, 597597 $ $ 8,8, 105,105, 314314 $ $ 6,6, 740,740, 055055 $ $ 6,6, 087,087, 879879 Similarly,Similarly, thethe EnterpriseEnterprise fundsfunds havehave restricted restricted ( ( e.e. g.g. debtdebt service,service, impactimpact fees)fees) andand unrestrictedunrestricted ( ( purposepurpose unidentified;unidentified; availableavailable forfor use)use) netnet assets.assets. TheThe measuremeasure ofof financialfinancial healthhealth forfor thethe enterprise enterprise fundsfunds isis netnet assets.assets. SoSo longlong asas netnet assetsassets areare notnot negative,negative, thesethese fundsfunds areare self-self- supporting.supporting. IncreasesIncreases inin thethe UtilitiesUtilities Fund'Fund' ss netnet assetsassets areare attributableattributable toto thethe 20052005 bondbond issuanceissuance andand 20072007 reimbursementreimbursement forfor thethe HurlburtHurlburt reusereuse line.line. TheThe SanitationSanitation FundFund hashas beenbeen experiencingexperiencing aa steadysteady declinedecline inin netnet assetsassets afterafter yearsyears ofof expensesexpenses outpacingoutpacing revenues.revenues. GarbageGarbage ratesrates increasedincreased 3%3% effectiveeffective OctoberOctober 1,1, 20072007 forfor thethe firstfirst timetime inin overover tenten yearsyears andand thethe recyclingrecycling programprogram hashas beenbeen scaledscaled back.back. AnnualAnnual raterate adjustments,adjustments, similarsimilar toto thethe multimulti - - yearyear raterate planplan inin thethe UtilitiesUtilities Fund,Fund, willwill bebe necessarynecessary toto ensure ensure revenuesrevenues continuecontinue toto covercover expensesexpenses andand netnet assetsassets remainremain healthy.healthy. TheThe GolfGolf FundFund hashas notnot yetyet achievedachieved thethe minimumminimum reservereserve levellevel forfor aa varietyvariety ofof reasonsreasons includingincluding coursecourse renovations,renovations, clubhouseclubhouse construction,construction, thethe recessionaryrecessionary economy,economy, andand hurricanehurricane damage.damage. InIn orderorder toto rebuildrebuild thethe netnet assetsassets ofof thethe GolfGolf Fund,Fund, - - yearyear raterate plan,plan, forgaveforgave CityCity CouncilCouncil implementedimplemented aa multimulti advancesadvances inin thethe amountamount ofof$ $ 272,272, 810810 fromfrom thethe GeneralGeneral andand SanitationSanitation Funds,Funds, andand eliminatedeliminated thethe transfertransfer toto thethe GeneralGeneral FundFund basedbased onon thethe CostCost AllocationAllocation Plan.Plan. AA separateseparate workshopworkshop isis scheduledscheduled forfor JuneJune 1010 toto discussdiscuss thethe statusstatus ofof thethe GolfGolf Fund.Fund. CIXzCIXz FundFund Balance_- Balance_- GeneralGeneral FundFund NetNet AssetsAssets - - UtilitiesUtilities FundFund 1212 2525 2020 99 cc c0 1515 66 1010 33 55 00 00 20032003 - - 0404 20042004 - - 0505 20052005 - - 0606 20062006 - - 0707 20072007 - - 0808 est.est. 20032003 - - 0404 20042004 - - 0505 20052005 - - 0606 20062006 - - 0707 20072007 - - 0808 est.est. ReservedReserved DesignatedDesignated OO UndesignatedUndesignated Capital,Capital, netnet ofof debtdebt RestrictedRestricted OUnrestrictedOUnrestricted NetNet AssetsAssets - - Sanitation Sanitation FundFund NetNet AssetsAssets - - GolfGolf FundFund 55 22 44 11 33 OO NCNCO 2$2$ 22 00 11 00 11 20032003 - - 0404 20042004 - - 0505 20052005 - - 0606 20062006 - - 0707 20072007 - - 0808 est.est. 20032003 - - 0404 20042004 - - 0505 20052005