City of Plantation Budget Presentation September 6, 2017 Diane - PDF document

12/28/2017 City of Plantation Budget Presentation September 6, 2017 Diane Veltri Bendekovic, Mayor Horace McHugh, Chief Administrative Officer Anna Otiniano, Financial Services Director Nancy Romanello, Budget Manager Overview Agenda General Fund Budget Highlights Other Fund Highlights Summary 1

12/28/2017  In 2011, the City faced a deficit of $12.9 million  No unassigned reserves (“rainy day funds”)  Lowest in the County  Property values dropped 25.6% from 2008 values, reducing ad valorem revenue significantly – major single revenue source Past financial  Capital projects and operating capital postponed or eliminated challenges altogether  Since 2011, Administration does not balance the budget using reserves, one-time revenues, or on speculation  Despite the economic situation, the City continued to provide the level of service our citizens deserved 8,669,046,319 8,163,025,733 7,407,604,993 6,610,804,384 6,758,907,031 6,955,485,815 7,309,652,783 7,721,347,393 8,209,522,036 8,829,971,762 6,573,371,623 9,000,000,000 8,000,000,000 7,000,000,000 6,000,000,000 Change in 5,000,000,000 4,000,000,000 taxable 3,000,000,000 property 2,000,000,000 values 1,000,000,000 0 2

12/28/2017 50,000,000 45,000,000 40,000,000 35,000,000 30,000,000 Changes in 25,000,000 ad valorem 20,000,000 revenue 15,000,000 10,000,000 5,000,000 - FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Actual Actual Actual Actual Actual Actual Amended Proposed 2017 Taxes including debt service & increase in property values SOH Prop Est taxes Debt Total Neighborhood value at 5.7500 service 2017 taxes Per month Laud West 86,150 208 18 226 18.83 Impact to Park East 137,490 503 43 546 45.50 homeowners CC Estates 151,110 581 49 630 52.50 Historic Plant. 174,970 719 61 780 65.00 Jacaranda 204,060 886 75 961 80.08 Royal Palm 211,920 931 79 1,010 84.17 Jacaranda Lakes 240,390 1,095 93 1,188 99.00 Ad Valorem Tax levy Golf Estates 352,110 1,737 147 1,884 157.00 including millage rate (5.75) Fox Run 429,810 2,184 185 2,369 197.42 and voter approved Plantation Acres 433,080 2,203 187 2,390 199.17 debt millage (0.4880) 3

12/28/2017 Secures an 49,452,795 Aa1/AA+ 50,000,000 bond rating 27,678,346 45,000,000 21,033,092 40,000,000 Reserve fund 35,000,000 11,196,021 11,248,693 30,000,000 balances 25,000,000 5,519,339 4,800,000 4,800,000 3,803,169 20,000,000 935,328 15,000,000 298,574 206,417 10,000,000 5,000,000 0 General fund reserve balances (Sept 2012 vs. Sept 2016 CAFR) 2012 2016 10.0 9.0 8.0 7.0 6.0 Millage rate 5.0 comparison 4.0 3.0 2.0 1.0 0.0 * Includes City debt service (voter approved bond) 4

12/28/2017 $7,000 $6,000 Millage rate $5,000 $4,000 comparison Plantation $3,000 $2,000 $1,000 $0 Ad valorem based on home value less $50,000 exemption. Taxpayer Obligation – $4,124.98 Examples show a property value of $250,000 with a $25,000 Homestead Exemption and the additional $25,000 Homestead. Broward County City of Plantation Commission North Broward $1,150.00 $1,153.80 Hospital District 27.9% Typical 28.0% $249.66 6.1% Children's tax bill Broward County Services Council School Board $97.64 $1,307.88 2.4% 31.7% City Debt (Bond) $97.60 2.4% SFWMD Florida Inland $62.00 Nav District 1.5% $6.40 0.2% Additional drainage districts that serve the City: • Plantation Acres Improvement District, tax rate = $567.17/acre (pro-rated for portions of an acre) • Old Plantation Water Control District, tax rate = $146.75/acre (pro-rated for portions of an acre) 5

12/28/2017 FY 2018 Taxes, fees, revenue sharing, charges for services 89,085,666 Proposed Other miscellaneous revenue 15,906,810 Total revenue $104,992,476 General Fund budget Personal services 80,398,034 Operating expenditures 17,932,725 statement Capital 3,100,840 Non operating transfers-out 1,716,898 Debt service 1,082,040 Grants and aid 761,939 Total expenditures $104,992,476 Taxpayers generate 46.4% of the total General Fund revenue necessary for daily operations. Ad Valorem: 5.7500 Mills 14.2% Charges for Services 12.5% Revenue by Permits, Fees & Special Assessments 9.2% funding Intergovernmental 46.4% source 7.3% Utility Service Taxes Other General Taxes 4.4% Non Operating Transfer-In 3.1% Misc Revenue 1.9% 0.1% 0.9% 6

12/28/2017 PW/Central Svcs, Parks & Rec, 12.1% 13.4% Fire/Rescue , Admin/Office of the 14.6% Mayor, 5.5% Information Expenditures Technology, 3.7% by Police, 38.4% Building, 2.6% Human Resources, department 2.5% Intergovernmental Transfers, 1.6% Financial Services, City Clerk, 0.7% Planning Zoning & 1.6% Public Safety, Public Econ Dev, 1.5% Works, and Recreation Engineering, 0.9% Services make up three- Library/Hist Mus, quarters of the City’s 1.0% General Fund budget. Golf Course Utilities Stormwater Permits, fees & special assessments -- 22,430 1,306,980 Charges for services 3,921,285 34,126,005 5,034 Impact fees -- 462,500 -- Misc. Revenue/Other revenue sources 12,500 984,500 4,200 Enterprise Non-operating transfers, in -- 5,073,420 -- Appropriated fund balance 929,709 20,657,893 150,569 funds TOTAL REVENUE 4,863,494 61,326,748 1,466,783 Personnel services -- 10,217,908 1,052,661 Operating expenditures 3,968,245 17,840,594 214,122 Debt service 139,750 22,939,940 200,000 Capital 755,499 2,555,420 -- Non-operating expenses -- 44,000 -- Non-operating transfers – out -- 7,728,886 -- TOTAL EXPENSES 4,863,494 61,326,748 1,466,783 7

12/28/2017 Plantation Plantation Midtown Gateway Ad Valorem operating revenue $1,326,662 $479,679 Misc revenue 11,100 3,685 Special Appropriated fund balance (775,523) (98,589) TOTAL REVENUE $562,239 $384,775 district funds Operating expenditures $264,778 $384,775 Grants in aid 1,500 -- Debt service 76,731 -- Midtown: 0.9707 mils Non-operating transfers – out 219,230 -- Gateway: 1.9160 mils TOTAL EXPENSES $562,239 $384,775 Thank you for your partnership in continuing to make Plantation’s grass even greener! 8