Fort Walton Beach Council agenda — 09-05-12 special budget-first ph — reading text

4,576,095 5, 034, 292 5, 149,445 5, 076,798 4, 863, 020 213, 778) 4. 21% Licenses & Permits 2,327,486 2, 413, 145 2,432,372 2,402, 989 2, 336,489 66, 500) 2. 77% Intergov't Revenue 2, 935, 179 3, 596, 353 3, 358, 615 3, 029,450 3, 146, 564 117, 114 3. 87% Charges for Services 13, 265, 761 13, 281, 128 14, 248,474 14, 473, 017 14, 995, 078 522,061 3. 61% Fines & Forfeitures 582, 999 389, 578 151, 616 149, 200 110, 700 38, 500) 25. 80% Interest & Other 2, 224, 014 2, 064,440 1, 288, 617 643, 803 548,482 95, 321) 14. 81% 4, 711, 650 3, 380, 369 3, 072, 991 4, 323, 140 2, 448, 155 1, 874, 985) 43. 37% Other Financing Sources Fund Balance / Net Assets 2, 884, 308 245, 126 2, 639, 182) 91. 50% Revenues 36, 206, 005 35, 491, 784 34, 991, 166 37, 935, 778 33, 497, 609 4,438, 169) 11. 70% Packet Pg. 46 30 Revenues FY 2012 -13 Budgeted Revenues 33,497, 609 Other Taxes, Ad Valorem Taxes, $ 4, 863, 020, 14% 4,803, 995, 14 %_ Reserves, $ 245, 126, Licenses & Permits, I% 2, 336,489, 7% Interfund Transfers, 2, 448, 155, 7% Interest & Misc, 548, 482, 2% ate Revenue Sharing Other Intergov' t, Fines, Forfeitures, &. 3, 146, 564, 9% Other, $ 110, 700, 0 % a Stormwater Fees, 574, 000, 2% Recreation, Cemetery, Other Fees, $ 915, 081 Golf Club Fees, 3% 1, 968, 497, 6% Garbage Fees, _ 3, 301, 100, 10 % Water & Sewer Fees, 8, 236,400, 25% Charges for Services ( User Fees) — The City levies user fees to fund the cost of regulating an activity or providing a service or facility. Charges for services are anticipated to generate Unlike approximately $ 15. 0 million and are the largest source of revenue for the City at 44. 8 %. taxes, these service charges are directly related to the service received. User fees include leisure services such as recreation programs, senior center, library, museum, and golf; water and sewer service; garbage collection; and stormwater management. Fees are set by City Council based on the cost of providing these services, reviewed and adjusted annually as part of the budget process, and published in the Comprehensive Fee Schedule. Revenues are budgeted based on historical usage and/ or number of customers adjusted for current rates. This revenue source averages a 3. 1% annual increase. $ 8 1----- .... - - -, Water and sewer rates, which generate $ 8. 2M, $' b will increase 3% on October 1 in accordance $ 5 with a multi -year rate plan adopted by City $ 4 Council in March 2010. The rate plan provides $ 1 annual increases for inflation each October 1 $ 2 through FY 2013 -14. $ 1 Garbage fees account for $ 3. 3M in revenues 0 and golf club fees account for $ 2. OM in Recreation Water /Sewer Garbage Other /Stormwater revenues. Other fees — recreation program 02008 -09 2009 -10 2010 -11 Budget Budget 2011 - 12 2012 -13 fees, park rentals, senior center, library, musuem, cemetery sales, stormwater fee — comprise $ 1. 5M in revenues. No fee increases are proposed for these services. Ad Valorem (Property) Taxes —Ad valorem taxes levied by the City comprise $ 4. 8M or 14. 3% of total revenues and contribute 24% or $ 4. OM of General Fund revenues and 57% or $ 760K of City of Fort Walton Beach, FL 31  2,b Revenues Community Redevelopment Agency ( CRA) Fund revenues. Funding from County property taxes comprises $ 551K or 42% Property tax revenues are allocated to of CRA Fund revenues. the CRA Fund based on the growth in assessed value from the base year ( i.e. year of CRA designation). The City' s 2012 gross taxable property value for operating purposes is $ 1. 114 billion, a decrease from the 2011 final gross taxable property value of $1. 152 billion. The of $37. 8 million or 3. 3% budget is predicated on maintaining a millage rate of 4.5383, which generates $ 149K less property tax revenue than the prior year due to decreases in property values. One mill equals $ 1 per $ 1000 of taxable property value. lslllllllllllllli Assessed Value( millions) ---*-- Ad Valorem Taxes ( millions) 1, 500 7 6 1, 200 r $900 600 2 300 1 0 2003 -04 2004 -05 2005 -06 2006 -07 2007 -08 2008 -09 2009 -10 2010 -11 2011 -12 2012 -13 Franchise Fees & Utility Taxes — The City' s franchise fee agreements provide a 6% rate on gross electric and gas sales of utility companies serving Fort Walton Beach. A $ 1. 75 per ton sanitation host fee on garbage collected outside the City limits and brought to the transfer station is also collected per contract. Franchise fees comprise $ 2. OM or 6. 1% of revenues and have decreased 1. 1% per year on average over the 2. 5 last five years. 2. 0 Utility taxes are contractually levied against 1. 5 electric, gas, and water revenues of local utility companies at the rate of 10% and have averaged 1. 0 a 2. 5% annual increase over the past five years, in large part due to