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

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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

Agenda

Overview General Fund Budget Highlights Other Fund Highlights Summary

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Past financial challenges

 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  Capital projects and operating capital postponed or eliminated 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

Change in taxable property values

1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000 5,000,000,000 6,000,000,000 7,000,000,000 8,000,000,000 9,000,000,000

8,669,046,319 8,163,025,733 7,407,604,993 6,610,804,384 6,573,371,623 6,758,907,031 6,955,485,815 7,309,652,783 7,721,347,393 8,209,522,036 8,829,971,762

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Changes in ad valorem revenue

• 5,000,000

10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000

FY 2011 Actual FY 2012 Actual FY 2013 Actual FY 2014 Actual FY 2015 Actual FY 2016 Actual FY 2017 Amended FY 2018 Proposed

Ad Valorem Tax levy including millage rate (5.75) and voter approved debt millage (0.4880)

2017 Taxes including debt service & increase in property values Neighborhood SOH Prop value Est taxes at 5.7500 Debt service Total 2017 taxes Per month Laud West 86,150 208 18 226 18.83 Park East 137,490 503 43 546 45.50 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 Golf Estates 352,110 1,737 147 1,884 157.00 Fox Run 429,810 2,184 185 2,369 197.42 Plantation Acres 433,080 2,203 187 2,390 199.17

Impact to homeowners

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5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000

298,574 3,803,169 4,800,000 11,196,021 935,328 21,033,092 206,417 5,519,339 4,800,000 27,678,346 11,248,693 49,452,795 2012 2016

General fund reserve balances (Sept 2012

• vs. Sept 2016 CAFR)

Secures an Aa1/AA+ bond rating

Reserve fund balances Millage rate comparison

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

* Includes City debt service (voter approved bond)

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Millage rate comparison

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000

Plantation

Ad valorem based on home value less $50,000 exemption.

Typical tax bill

Broward County School Board $1,307.88 31.7% Broward County Commission $1,153.80 28.0% City of Plantation $1,150.00 27.9% North Broward Hospital District $249.66 6.1% Children's Services Council $97.64 2.4% City Debt (Bond) $97.60 2.4% SFWMD $62.00 1.5% Florida Inland Nav District $6.40 0.2% 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. 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)

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Proposed General Fund budget statement

FY 2018 Taxes, fees, revenue sharing, charges for services 89,085,666 Other miscellaneous revenue 15,906,810 Total revenue $104,992,476 Personal services 80,398,034 Operating expenditures 17,932,725 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

Revenue by funding source

46.4% 14.2% 12.5% 9.2% 7.3% 4.4% 3.1% 1.9% 0.9% 0.1%

Ad Valorem: 5.7500 Mills Charges for Services Permits, Fees & Special Assessments Intergovernmental Utility Service Taxes Other General Taxes Non Operating Transfer-In Misc Revenue

Taxpayers generate 46.4% of the total General Fund revenue necessary for daily operations.

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Expenditures by department

Police, 38.4% Fire/Rescue , 14.6% PW/Central Svcs, 13.4% Parks & Rec, 12.1% Admin/Office of the Mayor, 5.5% Information Technology, 3.7% Building, 2.6% Human Resources, 2.5% Intergovernmental Transfers, 1.6% Financial Services, 1.6% Planning Zoning & Econ Dev, 1.5% Library/Hist Mus, 1.0% Engineering, 0.9% City Clerk, 0.7%

Public Safety, Public Works, and Recreation Services make up three- quarters of the City’s General Fund budget.

Enterprise funds

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 Non-operating transfers, in

• 5,073,420
• Appropriated fund balance

929,709 20,657,893 150,569 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

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Special district funds

Plantation Midtown Plantation Gateway Ad Valorem operating revenue $1,326,662 $479,679 Misc revenue 11,100 3,685 Appropriated fund balance (775,523) (98,589) TOTAL REVENUE $562,239 $384,775 Operating expenditures $264,778 $384,775 Grants in aid 1,500

• Debt service

76,731

• Non-operating transfers – out

219,230

• TOTAL EXPENSES

$562,239 $384,775

Midtown: 0.9707 mils Gateway: 1.9160 mils

Thank you for your partnership in continuing to make Plantation’s grass even greener!