Tuesday, April 25 th , 2017 Christopher M. Quinn, MACC, CPA, CFE, - - PowerPoint PPT Presentation

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director

Tuesday, April 25th, 2017

Helena Alves, CIA, MBA Chief Accountant Lina Williams Budget Coordinator

January - March First Quarter Review Annual Financial Audit Presentation of Annual Progress Report Survey Results to City Council Annual Update of the Strategic Action Plan April Revise 10 Year Infrastructure Plan Year to Date Budget Results Presentation Fund Accounting & Revenue Presentation Second Quarter Review Departments Begin FY 2018 Budget Preparation

May – June Long Term Financial Planning Presentation Property Tax Review Presentation July - August General Fund Budget Workshop Adopt Maximum Millage Rate (August 4th deadline) Third Quarter Review Proprietary, Special Revenue & Capital Funds Budget Workshop Final Proposed Budget Presentation

September Public Hearing to Tentatively Adopt Millage Rate & Budget Public Hearing to Adopt Final Millage Rate & Budget October – December FY 2017 Year End Close-out End of Year Review with Departments

Regulatory Authorities Classification of Funds Revenue Overview

• Restricted vs. Unrestricted

Governmental Accounting Standards Board (GASB)

Exposure Drafts Statements Technical Bulletins Accounting and Financial Reporting Guidance

Federal Government

(IRS, SEC, GAO) Payroll taxes Debt issuance Grant compliance 1099 reporting Yellow Book

State Government

(Statutes, Department of Revenue, Rules of the Auditor General)

Truth in Millage (TRIM) Grant compliance Annual reporting requirements

• A fund is a segregated accounting entity (checkbook)
• Tracks activities according to regulations, restrictions, or

limitations.

• Revenue, restricted for a specific purpose, cannot be used for

general operations

• Funds are divided into various types according to legal

restrictions or their uses.

DO NOT TOUCH Restricted Fund

• Must comply with legal and external requirements.
• Small County Surtax

Capital projects

• Utility Revenues

Operation and expansion of utility system

• Impact Fees

Infrastructure capacity improvements related to growth

• Grants

Specific programs/projects

Governmental

General fund Special revenue funds Capital projects funds Debt service funds Permanent funds

Proprietary

Enterprise funds Internal services funds

Fiduciary

Trust funds Agency funds

Governmental Funds

Primarily supported by taxes

Proprietary Funds

Primarily supported by user fees

Fiduciary Funds

Not the City’s money

Governmental Funds

General Fund Capital Projects Fund Special Revenue Funds

Proprietary Funds

Utility Fund Stormwater Fund Building Fund

Fiduciary Funds

VFF Pension Fund

Governmental Funds

Administration & Finance Public Safety (Fire & Police) Community Development (excluding Building) Streets & Parks Maintenance Parks & Recreation

Proprietary Funds

Utility Stormwater Building Information Technology Solid Waste Fleet Facilities

Definition

Accumulated revenues

• ver

expenditures

Use

For emergencies

• r one time

expenditures (capital project) Not meant to fund continuing

• perations

Policy

General Fund Utility Fund Stormwater Fund Solid Waste Fund Disaster Reserve Self Insured Fund Fleet Fund

Taxes Permits, Fees and Special Assessments

Inter- governmental Revenue

Charges for Services Judgments Fines and Forfeits

Miscellaneous Revenues & Other Sources

2017 Revenues by Source

Ad Valorem Tax

(Property Tax)

Based on taxable value of property Considered general revenue

Local Option Fuel Tax

Currently 6 cents per gallon on fuel purchased in Flagler County Distributed per Inter-local agreement based on road miles Restricted to transportation expenditures Currently allocated to the Streets Improvement Fund

Discretionary Sales Surtaxes

(Small County Surtax)

Replaced Local Government Infrastructure Surtax

.5 percent of the 7% sales tax collected in Flagler County Pursuant to an ordinance enacted by Flagler County Currently allocated to Capital Projects Fund

Communications Services Tax

Applies to telecommunications, video, satellite and related services

Rate of 5.22% Currently allocated to General Fund

Business Tax Receipt

Local

Considered general revenue

Public Service Taxes

(Not currently in use)

Electricity Water Natural Gas Propane

State Revenue Sharing

Portion of State sales and use tax collections & one-cent municipal fuel tax (a)76.20% Sales & Use Tax collections (b) 23.80% Fuel Tax and User Fees collections Currently allocated to General Fund (a) & Streets Improvement Fund (b)

Local Government Half-Cent Sales Tax

Distributes a portion of the state 6% sales tax Taxable sales within Flagler County Currently allocated to General Fund

Fire Insurance Premium Tax

Volunteer Firefighters’ Pension

Other

Grants County Business Tax Receipts Alcoholic Beverage License tax

Franchise Fees

Solid Waste Natural Gas Utility

(not in use)

Special Assessments

Old Kings Road Code Nuisance

Utility Fees

Water and Sewer Solid Waste Stormwater

Impact Fees

Water and Wastewater Transportation Parks Fire School

(remitted to Flagler County Schools)

Other Fees

Annual Fire Inspections State Road Maintenance Recreation Fees Planning Fees

Building Permits & Inspections

Citations & Violations Traffic Citations

Local Ordinance Violations

Parking Tickets Code Fines Animal Control

Inter-fund Transfers

Payment-In-Lieu-

• f-Taxes (PILOT)

Tax Increment for the CRA

Debt Proceeds

Loans Bonds

Internal Charges

Fleet Replacement & Maintenance Facilities Maintenance IT Allocation

Fire Insurance Premium Tax

Volunteer Firefighters pension

Fuel Tax Refund

Construction & maintenance

• f roads

Police Education

Law Enforcement

Building Permit & Inspection Fees

Applied solely to BPI costs

Local Option Fuel Tax

Transportation expenditures

State Revenue Sharing (b) 24.86% Transportation expenditures Tax Increment Revenue (CRA) Per CRA plan Impact Fees Capacity improvements Special Assessments Purpose of assessments

Water & Sewer Charges

Restricted by Bond Covenants & City Council Used to maintain system & debt service

Small County Surtax

Restricted by Flagler County Ordinance Used for construction & improvement of public facilities,

• perating

expenses etc…

Stormwater Fee

Restricted by loan covenants & City Council Used to maintain system & debt service

Disaster Reserve

Restricted by City Council Used for costs related to a disaster

In Use

Ad Valorem Tax Alcoholic Beverage License Business Tax Receipts Communication Services Tax Natural Gas Franchise Fee Half-Cent Sales Tax Solid Waste Franchise Fee State Revenue Sharing (a) 76.20%

Not Currently in Use

Utility Franchise Fee Public Service (Utility) Tax

May 15th Long Term Financial Planning Presentation June 13th Property Tax Presentation July 11th Budget Workshop - General Fund July 18th Adopt Maximum Millage Rate (August 4th deadline) August 8th Budget Workshop – Proprietary Special Revenue Funds & Capital Funds August 29th Final Proposed Budget Presentation September: Public Hearing to adopt tentative millage rate and Budget & Final Public Hearing to adopt final millage and budget