Propose d F Y 2018- 2020 T wo- Ye a r Budg e t F ina nc e De pa - PDF document

5/31/2018 Propose d F Y 2018- 2020 T wo- Ye a r Budg e t F ina nc e De pa rtme nt City Co unc il June 12, 2018 1 Rive rside CA.g ov Rive rside CA.g ov BACKGROUND 1. No ve mb e r 2017: de ve lo pme nt o f the City b udg e t b e g a n; 2. Ja nua ry 16 th: b a se line b udg e t a nd five -ye a r pla ns pre se nte d to City Co unc il; 3. Ja nua ry–April: Pub lic e ng a g e me nt; 4. Ma y 1 st : Pro po se d Budg e t pre se nte d to City Co unc il; 5. Ma y 8 th – 22 nd : De pa rtme nt Budg e t pre se nta tio ns to City Co unc il. 2 Rive rside CA.g ov 1

5/31/2018 BUDGE T T HE ME – PROMISE S MADE , PROMISE D KE PT 3 Rive rside CA.g ov F IVE - YE AR F INANCIAL PL ANS Ge ne ra l F und • Me a sure Z • E le c tric F und • Wa te r F und • Se we r F und • Re fuse F und • Pa rking F und • 4 Rive rside CA.g ov 2

5/31/2018 BOT T OM L INE 1. Pro po se d Budg e t: a ) F Y 2018-2019: $1,076 millio n b ) F Y 2019-2020: $1,117 millio n 2. Re vise d Pro po se d Budg e t: a ) F Y 2018-2019: $1,078 millio n b ) F Y 2019-2020: $1,114 millio n 3. Re c o mme nde d Budg e t Adjustme nts: a ) F Y 2018-2019: $1.5M inc re a se in e xpe nditure s; $2.2M de c re a se in re ve nue ; $3.7M inc re a se in use o f re se rve s b ) F Y 2019-2020: $-3.2M de c re a se in e xpe nditure s; $-2.7M de c re a se in re ve nue ; $500K inc re a se in a dditio n to re se rve s. 5 Rive rside CA.g ov RE COMME NDE D ADJUST ME NT S – GE NE RAL F UND 2- Ye a r Ge ne ra l F und F Y 2018/ 19 F Y 2019/ 20 Impa c t Re ve nue Pro pe rty T a x 50,000 125,000 175,000 Utility Use rs' T a x - E le c tric (253,475) (267,357) (520,832) Re ve nue fro m Othe r Ag e nc ie s 205,424 423,173 628,597 Ge ne ra l F und T ra nsfe r - E le c tric - (540,000) (540,000) Subtota l Re ve nue 1,949 (259,184) (257,235) (331,667) 331,667 - Use of/ (Addition to) F und Re se rve s E xpe nditure s No n-Pe rso nne l - Pro fe ssio na l Svc s 205,424 423,173 628,597 No n-pe rso nne l - Utilitie s (35,142) (28,880) (64,022) Spe c ia l Pro je c ts - F isc a l Mg mt (250,000) (119,310) (369,310) Spe c ia l Pro je c ts - CMO Audit Prg m (300,000) (327,500) (627,500) Spe c ia l Pro je c ts - Inno va tio n Distric t 50,000 125,000 175,000 Subtota l E xpe nditure s (329,718) 72,483 (257,235) 6 Rive rside CA.g ov 3

5/31/2018 RE COMME NDE D ADJUST ME NT S – ME ASURE Z 2- Ye a r Me a sure Z F Y 2018/ 19 F Y 2019/ 20 Impa c t Re ve nue Sa le s T a x 2,467,430 2,492,104 4,959,534 1,196,391 (1,372,607) (176,216) Use of/ (Addition to) F und Re se rve s E xpe nditure s F ire T ruc k Sta ffing 263,821 1,069,497 1,333,318 F ire E q uipme nt/ One -time Ope ra ting 250,000 - 250,000 Co nting e nc y - F ire Ra dio s 2,500,000 - 2,500,000 Re c re a tio n - Summe r Po o ls 50,000 50,000 100,000 Arling to n Yo uth Inno va tio n Ctr F F &E 600,000 - 600,000 Subtota l E xpe nditure s 3,663,821 1,119,497 4,783,318 7 Rive rside CA.g ov RE COMME NDE D ADJUST ME NT S – E L E CT RIC F UND 2- Ye a r E le c tric F und F Y 2018/ 19 F Y 2019/ 20 Impa c t Re ve nue Re ta il Re ve nue (4,709,000) (4,967,000) (9,676,000) 2,909,000 627,000 3,536,000 Use of/ (Addition to) F und Re se rve s E xpe nditure s Ca pita l Pro je c ts (1,800,000) (1,800,000) (3,600,000) De b t Se rvic e - (2,000,000) (2,000,000) Ge ne ra l F und T ra nsfe r - (540,000) (540,000) Subtota l E xpe nditure s (1,800,000) (4,340,000) (6,140,000) * An alte rnative o ptio n wo uld be to use E le c tric U tility re se rve s to fund c apital pro je c ts at le ve ls Pro po se d in the F Y 2018-2020 T wo -Ye ar Budge t. T his wo uld no t impac t Public U tilitie s’ ability to me e t the re quire me nts o f the e xisting fisc al po lic ie s o ve r the ne xt two ye ars; re duc tio ns to c apital pro je c ts may be ne e de d in F Y 2020-21 and be yo nd, de pe nding o n the financ ial impac ts o f the rate plan, de bt re financ ing, and ability to c o mple te pro je c ts. 8 Rive rside CA.g ov 4

5/31/2018 RE COMME NDE D ADJUST ME NT S – OT HE R F UNDS 2- Ye a r Othe r F unds – E le c tric Cost De c re a se s F Y 2018/ 19 F Y 2019/ 20 Impa c t (52,551) (81,047) (133,598) Use of/ (Addition to) F und Re se rve s E xpe nditure s 291 - Spe c ia l Distric ts (42) (28,880) (28,922) 510 - E le c tric / Utilitie s (1,905) (42) (1,947) 511 - E le c tric -Pub lic Be ne fit Pro g s (127) (1,905) (2,032) 520 - Wa te r (31,274) (127) (31,401) 530 - Airpo rt (1,368) (31,274) (32,642) 540 - Re fuse (99) (1,368) (1,467) 550 - Se we r (17,352) (99) (17,451) 570 - Pub lic Pa rking (384) (17,352) (17,736) Subtota l E xpe nditure s (52,551) (81,047) (133,598) 9 Rive rside CA.g ov F URT HE R DISCUSSION - CAL PE RS • Re po rt to F ina nc e Co mmitte e o n c o st pro je c tio ns; b e g in de ve lo pme nt o f pla n to a ddre ss rising c o sts. 10 Rive rside CA.g ov 5

5/31/2018 T RANSPARE NCY PORT AL Ne w T ra nspa re nc y Porta l “Ope nBook” will be a va ila ble to the public on July 1, 2019. 11 Rive rside CA.g ov RE COMME NDAT IONS 1. Co nduc t a pub lic he a ring o n the City o f Rive rside ’ s Pro po se d F isc a l Ye a r 2018-20 T wo -Ye a r Budg e t a nd F Y 2018-20 Ca pita l I mpro ve me nt Pro g ra m Budg e t; 2. Ado pt a re so lutio n a ppro ving the F isc a l Ye a r 2018-20 T wo - Ye a r Budg e t fo r the City o f Rive rside to ta ling $1,078,045,863 in F Y 2018/ 19 a nd $1,114,093,012 in F Y 2019/ 20 a c ro ss a ll funds a s a me nde d b y sta ff’ s re c o mme nde d b udg e t a djustme nts; 3. De le g a te inve stme nt re spo nsib ility to the City Chie f F ina nc ia l Offic e r/ T re a sure r b e g inning July 1, 2018 thro ug h June 30, 2019; 12 Rive rside CA.g ov 6

5/31/2018 RE COMME NDAT IONS (c ont.) 4. Ado pt a re so lutio n a ppro ving the re vise d Ma ste r F e e s a nd Cha rg e s Sc he dule a nd a utho rize the Chie f F ina nc ia l Offic e r/ T re a sure r to ma ke a ny mino r no n-sub sta ntive c ha ng e s to the sc he dule c a te g o rie s tha t do no t a ffe c t the fe e s; a nd 5. Dire c t sta ff to re po rt to the F ina nc e Co mmitte e o n the City Ca lPE RS c o st pro je c tio ns a nd to b e g in disc ussio ns o n the de ve lo pme nt o f a pla n to a ddre ss the City’ s rising Ca lPE RS c o sts. 13 Rive rside CA.g ov 7