2017- 2018 Fiscal Update June 7, 2018 2017 A Annua nnual Fi - - PowerPoint PPT Presentation

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2017- 2018 Fiscal Update June 7, 2018 2017 A Annua nnual Fi - - PowerPoint PPT Presentation

Jan 01, 2024 92 likes •241 views

2017- 2018 Fiscal Update June 7, 2018 2017 A Annua nnual Fi Financia ial Rep epor ort 2017 Adopted Budget Included the planned use or draw down of fund balance in the following funds: All Funds $10,150,000 Taxpayer protection fund

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SLIDE 1

June 7, 2018

Fiscal Update 2017- 2018

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SLIDE 2

2017 Adopted Budget Included the planned use or draw down of fund balance in the following funds: All Funds $10,150,000 Taxpayer protection fund 3,500,000 Total Appropriated Fund Balance: $13,650,000

2017 A Annua nnual Fi Financia ial Rep epor

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SLIDE 3
  • Actual revenue realized would be $13.65 million lower than expenses

ALL OTHER REVENUES AND EXPENSES EQUAL- ONE WOULD EXPECT:

2017 A Annua nnual Fi Financia ial Rep epor

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ACTUALLY- Revenue realized is only $4.1 million lower than expenses: 201 2017 Revenue $466.7M Expense $470.8M T

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al: ($4 $4.1M)

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SLIDE 4

2017 A Annua nnual Fi Financia ial Rep epor

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Impacts s

201 2016 201 2017 Revenue $465.5M $466.7M Expense $456.3M $470.8M T

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al: $9.3M $9.3M ($4.1M) M)

  • Sales T

ax was up $4.4M over last year

  • Federal Aid up $3.8M related to Title XX to offset mandates and a change in Medicaid refund processing
  • Decrease of $1.5M in State Legislative Aid
  • Decrease of $1.5M due to non-recurring casino revenue in 2016
  • Reduced inter-fund revenues primarily from the capital fund $1.5M
  • Shared services reserve established in 2016 including $2M non-recurring in 2017.

Revenue: Expense:

Mostly offset by:

  • Increase in Mental Health and Substance abuse programming $2.2M
  • Health Insurance Increased $3.7M
  • Dutchess Community College $1.4M
  • Pre-School Special Ed up $1.4M
  • Child Institution and foster care costs

up $3.1M

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SLIDE 5

Exp xpenses nses

Year Expense ($M) Change

2011 $409.0 2012 $408.9

  • .02%

2013 $404.0

  • 1.2%

2014 $409.2 1.3% 2015 $421.1 2.9% 2016 $423.5 0.6% 2017* $430.8 1.7%

Fina nancial S Statem ement Ex Expen enses in n the Gene he General F Fund und Average ge G General Fund d Spe pendi ding I g Incr crease P Per Year- Un Under 1% 1%

*Una Unaud udited P Per er t the he Annua nnual Fina inanc ncial R Rep eport

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SLIDE 6

Dutchess hess vs.

  • s. Statew

ewide Cou e Count nty A Aver erage

  • Dutches

hess Ex Expend penditures P Per C er Capi pita a are 26% e 26% Lower t tha han t n the he Statew ewide Count unty A Average

  • Dutches

hess T ax L Lev evy Per er Capi pita 21 21% L Lower t tha han t the S he Statewide de Count unty Average ge

  • Dutches

hess Out utstanding D g Debt ebt Per er Capi pita 7 71% Lower er t tha han t n the he Statew ewide Count unty A Average

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GFOA Recommended: 2 Months General Fund Operating Expense- $73M Fund balance management policy:

  • Maintain 1-2 months of general fund operating expense- fund balance $36-73M
  • Over 2 months use for:
  • Property tax relief by offsetting current year expense
  • Pay down debt or avoid indebtedness

Fu Fund nd B Balanc nce 2016 Fund Balance: $59.9M 2017 Fund Balance: $55.4M

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SLIDE 8

2018 Update

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SLIDE 9
  • State Budget includes reduction for DCC $241K
  • Charitable trusts and Employer Payroll T

ax- IRS to Provide Guidance

  • Shared Services- Determining what’s required in 2018
  • Raise the Age Legislation- new costs funded as long as county is under the property tax cap
  • Indigent legal services- OILS case load cap plan- $773K allocation for Dutchess
  • $475 Million available State Wide for State & Municipal Facilities Program- Legislative Aid

201 2018-201 2019 State State Bu Budg dget

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SLIDE 10

Sales T les T ax

201 2016 Ac 6 Actual 2017 Adopt pted d Budge get 201 2017 Ac Actual Yr Yr to to Yr Yr Actua ual vs.

  • s. Bu

Budget $179.8M $183.6M $184.2M $4.4M $0.6M 2.4% Actual $2.9M Prior Period Adjustments $0.5M $182.8M Actual without Prior Period $184.7M 1.1% Adjusted 2017 7 YTD TD 201 2018 Y 8 YTD YTD 201 2017 vs s 201 2018 As of June une 5t 5th $57.9 $62.4 7.8%

2018 the County needs to have actual growth of 3% in order to make budget of $190.2

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SLIDE 11
  • CPI- 2.2% - 1st Quarter Average
  • Unemployment- 4.8% - 1st Quarter Average
  • Lower Caseloads at DCFS - 31K compared to 35K Beginning of 2017
  • Housing Market – Average Days on the Market are 30% lower than this

time last year

  • YTD Average housing selling price is $323K vs. $289K last year up 12%

Econom

  • nomy
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SLIDE 12
  • CSEA Settlement
  • T

eamsters Settlement

  • DCSEA outstanding contract
  • DCC Asking for $1.75M more
  • State Sales T

ax Payments have been inconsistent

  • Casino revenue based on % of gross sales

Com Coming ing Im Impacts

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SLIDE 13

QUESTIONS?