FINANCIAL UPDATE Financial Calendar Audit Results and Year-End - - PowerPoint PPT Presentation

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FINANCIAL UPDATE Financial Calendar Audit Results and Year-End - - PowerPoint PPT Presentation

Jun 01, 2023 425 likes •624 views

City of Pacific Grove FISCAL YEAR 17/18 ANNUAL AUDIT REPORT AND FINANCIAL UPDATE Financial Calendar Audit Results and Year-End Financial Update General Fund Internal Service and Enterprise Funds Capital Assets and Debt

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SLIDE 1

City of Pacific Grove

FISCAL YEAR 17/18 ANNUAL AUDIT REPORT AND FINANCIAL UPDATE

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SLIDE 2

Financial Calendar

  • Audit Results and Year-End Financial Update
  • General Fund
  • Internal Service and Enterprise Funds
  • Capital Assets and Debt
  • General Fund Unassigned Fund Balance
  • Financial Calendar

Month Topic February Mid-Year Budget Presentation Long-Term Forecast Other Post Employment Benefits Actuarial Report April Capital Improvement Plan May GANN Appropriation Limit Proposed Budget, First Reading of Ordinance June Budget Adoption, Second Reading of Ordinance

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SLIDE 3

General Fund –Financial Statement Purposes

  • Combines the following minor funds
  • Hyperbaric Chamber
  • Civic Center
  • Drug Awareness
  • Asset Seizure
  • Lovers Point Pool
  • Recreation Donation
  • Operating Donation
  • Koo Estate Donation
  • Annual Financial Activity – Combined Minor Funds
  • Revenues: $92,500
  • Expenses: $273,200
  • Includes transfers
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SLIDE 4

General Fund Overview

(In millions)

Fiscal Year 17/18 Adopted Amend. Actual Diff. Beginning Fund Bal. $11.63 $11.63 $11.63

  • Revenues

22.05 22.95 22.92 (0.03) Expenses

  • Depart. Expenses

19.46 19.35 19.06 (0.30) Capital Outlay 2.75 2.76 1.18 (1.58) Debt Service 1.97 1.95 1.97 0.01 Total Expenses 24.18 24.06 22.20 1.87 Excess/(Deficiency) (2.13) (1.12) 0.72 1.84 Net Transfers (.76) (.64) (.49) .15 Net Change. (2.89) (1.76) .23 1.99 Ending Fund Bal. $8.74 $9.87 $11.86 1.99

Page 89, 47

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SLIDE 5

General Fund Revenues: $22.9 Million

Taxes 86.2% Intergovt. 0.4% License, permits, impact fees 2.3% Fines and forfeitures 1.2% Charges for services 7.2% Interest, rents, concessions 1.1% Other revenues 1.6%

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SLIDE 6

Expenditures

General Fund Revenues

Source Amended Actual Difference

Positive (Negative)

Prior Year Property Taxes $6,893,000 $6,848,000 (45,000) $6,447,000 Sales & Use Tax 3,636,000 3,555,000 (81,000) 4,075,000 Franchise, Utility Tax 2,671,000 2,717,000 46,000 2,452,000 TOT Tax 5,774,000 6,161,000 387,000 5,351,000 Business licenses 344,000 353,000 9,000 355,000 Other Taxes 156,000 121,000 (35,000) 125,000 Intergovernmental 34,000 87,000 53,000 111,000 License,permits,imp fee 464,000 521,000 57,000 577,000 Fines, Forfeiture 131,000 283,000 152,000 111,000 Charges for Services 1,543,000 1,643,000 100,000 1,546,000 Interest, rents, conc. 258,000 260,000 2,000 266,000 Other revenues 1,044,000 370,000 (674,000) 562,000 Total $22,948,000 $22,919,000 ($29,000) $21,978,000

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SLIDE 7

Property Tax Trends

$5.6 $5.8 $6.1 $6.4 $6.8 $0 $1 $2 $3 $4 $5 $6 $7 $8 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18

Millions

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SLIDE 8

Sales and Use Tax Trends

$3.3 $3.5 $3.3 $4.1 $3.6 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18

Millions

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SLIDE 9

Transient Occupancy Tax Trends

$3.3 $3.7 $3.8 $3.8 $4.0 $0.5 $0.7 $1.0 $1.2 $1.8 $0 $1 $2 $3 $4 $5 $6 $7 FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17/18 Millions

(Excludes short-term rental licensing and application fees)

Commercial Residential

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SLIDE 10

General Fund Expenditures: $22.7 Million

Salaries and Non-Pension Benefits 36% PERS Contributions 10% Pension Bond 9% Services, Supplies, Other 37.9% Capital Outlay 5% Other Debt Service 0.1% Transfers 2%

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SLIDE 11

Expenditures

General Fund Expenditures Departments Amended Actual Diff.

Pos./(Neg.)

Prior Year

General Government $3,061,000 $2,961,000 100,000 $2,453,000 Police 5,991,000 5,953,000 38,000 5,651,000 Fire 3,387,000 3,343,000 44,000 2,992,000 Public Works 3,074,000 3,219,000 (145,000) 2,618,000 Recreation 609,000 650,000 (41,000) 521,000 Library 1,036,000 914,000 122,000 872,000 Museum 249,000 251,000 (2,000) 241,000 CEDD 1,947,000 1,764,000 183,000 1,707,000 Capital Outlay 2,757,000 1,175,000 1,582,000 680,000 Debt Service 1,954,000 1,969,000 (15,000) 2,003,000 Subtotal $24,065,000 $22,199,000 $1,866,000 19,738,000 Net Transfers 643,000 489,000 154,000 610,000 Total $24,708,000 $22,688,000 $2,020,000 $20,348,000

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SLIDE 12

Internal Service Funds

Fiscal Yr. 17/18 (1) Employee Benefit Workers Comp. Liability OPEB

  • Beg. Net Position

$149,000 $(234,000) $143,000 $323,000 Revenues 186,000 1,402,000 656,000 2,000 Expenses Services, Utilities 38,000 960,000 137,000

  • Personnel

204,000 16,000 29,000

  • Transfers
  • 101,000

Total Expenses 242,000 976,000 166,000 101,000 Net Change (56,000) 426,000 490,000 (99,000) End Net Position $93,000 $192,000 $632,000 $224,000

(1) Net investment of income of approx. $10,200 incorporated into revenue category

Page 155

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Enterprise Funds

FY 17/18 (1) Cemetery LW Project Sewer Golf

  • Beg. Net Position

$342,000

  • $16,607,000 $2,670,000

Revenues 453,000 2,547,000 3,304,000 434,000 Expenses Services, Utilities 172,000 155,000 969,000 50,000 Personnel 134,000 1,000 711,000 2,000 Supplies, Materials 35,000

  • 304,000

23,000 Depreciation, Other 30,000 35,000 739,000 296,000 Total Expenses 371,000 191,000 2,723,000 371,000 Net Change 82,000 2,356,000 581,000 63,000 End Net Position $424,000 $2,356,000 $17,188,000 $2,733,000

(1) Non-operating expenses incorporated into the Depreciation, Other category for presentation purposes

Page 50

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SLIDE 14

Outstanding Debt

$0.9 $2.6 $5.3

$0 $2 $4 $6 $8 $10 $12

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18

Millions

Business–Type Activities

Clean Water State Revolving Loan, Retires 2047 Golf Course Site Lease, Retires 2030 Golf Course Certificates of Particpation, Refunded Wastewater Revenue Bonds, Retires 2031

Page 72

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Outstanding Debt

$14.7 $0 $4 $8 $12 $16 $20 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18

Millions

Governmental Funds

2003 Butterfly Habitat Note PNC Equipment Lease Pension Obligation Bonds

Pension Obligation Bonds Retire in Fiscal Year 2029

Butterfly Habitat Note and PNC Equipment Lease were retired in Fiscal Year 17/18

Page 72

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Capital Assets

$0 $10 $20 $30 FY 16/17 FY 17/18 Business-Type FY 16/17 FY 17/18 Governmental

Millions

Land Construction in Progress Buildings and Improvement Infrastructure Machinery & Equipment Fiscal Year 17/18 Total: $52.4 Million Fiscal Year 16/17 Total: $49.1 Million Page 36, 71, 72

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SLIDE 17

Components of General Fund Balance

$11.4 $0.3 $0.2 $11.4 $0.3 $- $0 $4 $8 $12 Unassigned Assigned Nonspendable Millions FY 16/17 FY 17/18 Page 35, 45

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Planning Considerations

  • Challenges
  • Rising PERS employer contribution rates
  • Pending loss of short-term rentals
  • Deferred maintenance and capital improvements
  • Streets, shorelines, forests
  • Meeting maintenance of effort requirement
  • Technology projects
  • Economic uncertainty
  • Opportunities
  • Evaluate multi-year projections
  • Fee schedule implementation
  • New information
  • Consider allocating or reserving FY 17/18 residual fund balance
  • Evaluate any additional revenues sources