Values, Vision and Mission Driven FY2021 Commission Planning Workshop - PDF document

11/18/2019 FY2021 Commission Planning Workshop November 18, 2019 Values, Vision and Mission Driven FY2021 Commission Planning Workshop 2 1

11/18/2019 Agenda Items • Reflecting on the success of the last year • FY2019 Financial Performance and FY2020 Budget Forecast • FY2021 Prioritization discussion • FY2020 Progress • FY2021 Horizon topics • Key Dashboard Metric Recommendations FY2021 Commission Planning Workshop 3 FY2020 Performance Management & FY2021 Budget Schedule Monday, Nov. 18* FY2021 Planning Workshop (noon – 4:30 pm) Tuesday, Feb. 25* FY2020 Performance Management Midyear Update (1 – 4pm) (tentative) Tuesday, Apr. 28 FY2021 Preliminary Fiscal Plan presentation Tuesday, May 5* Budget Review Workshop (9 am – noon) Tuesday, May 12* Budget Review Workshop (1 – 4pm) Tuesday, May 19 Committee of the Whole Discussion (9:30 am) Public Hearing at City Commission (7 pm) Thursday, May 21* Deliberation and City Commission Adoption (9 – 11 am ) * Special meetings to be scheduled FY2021 Commission Planning Workshop 4 2

11/18/2019 FY2019 Financial Results and FY2020 Economic Outlook General Fund Results: FY2019 Variance From Estimate – Category Amended Budget Budget Estimate Actual Favorable (Unfavorable) Revenues $143,248,084 $144,781,794 $149,539,443 $4,757,649 Expenditures $143,653,738 $143,224,941 $142,378,762 $846,179 FY19 Revenue Over/(Under) ($405,654) $1,556,853 $7,160,681 $5,603,828 Expenditures FY2021 Commission Planning Workshop 6 3

11/18/2019 FY2020 General Fund Projections (Including FY2019 Carry-Forwards & Re-Appropriations) Change in FY2020 Re- Unassigned FY2020 Revised FY2020 Category FY2019 Actual appropriations & Fund Balance Budget Estimate Carry-forwards from FY2020 Fiscal Plan Revenues $149,539,443 -0- $150,796,232 $150,796,232 N/A Expenditures $142,378,762 $284,516 $147,831,777 $148,116,293 N/A Change in Fund $7,160,681 ($284,516) $2,964,455 $2,679,939 N/A Balance Beginning Fund $30,434,665 N/A $31,991,518 $38,134,167 N/A Balance Net Change to Receivables / $538,821 N/A N/A N/A N/A Payables Ending Fund $38,134,167 N/A $34,955,973 $40,814,106 $5,858,133 Balance FY2021 Commission Planning Workshop 7 Unassigned Fund Balance Comparison: June 30, 2019 Target $ Actual % % of (based on FY2019 of Fund Target Goal Target FY2019 Actual Operating Achieved Actuals) Expenses General 15% of Fund Operating $21,356,814 $38,134,167 26.8% 178.56% Expenses Budget 10% of Stabilization Operating $14,237,876 $14,298,835 10.0% 100.43% Fund Expenses FY2021 Commission Planning Workshop 8 4

11/18/2019 Budget Stabilization Fund: June 30, 2019 Potential Potential Fund Target Goal Transfer to Transfer to Achieve 11%* Achieve 12%* Budget 10% of Stabilization Operating $2,000,000 $3,500,000 Fund Expenses *Based on Revised FY2020 Projections FY2021 Commission Planning Workshop 9 Fund Balance History: % GOF Expenditures General Fund Unassigned FB% Budget Stabilization FB% Target Goals: GOF- 15% BSF- 10% 30.00% 26.80% 25.00% 22.50% 20.50% 20.00% 16.90% 15.00% 12.20% 12.50% 11.70% 11.60% 10.60% 10.00% 10.70% 7.20% 10.10% 10.00% 9.70% 7.20% 5.00% 5.00% 3.10% 0.00% FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY2021 Commission Planning Workshop 10 5

11/18/2019 Fund Balance History Unassigned GOF Fund Balance Budget Stabilization Fund Balance $45.00 $40.00 $38.13 $35.00 $30.43 $30.00 $27.29 Millions $25.00 $22.39 $20.00 $15.10 $14.30 $13.86 $13.84 $14.30 $15.00 $12.75 $12.68 $12.95 $12.95 $8.70 $8.95 $10.00 $5.94 $3.68 $5.00 $0.00 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Fiscal Year Ending June 30 FY2021 Commission Planning Workshop 11 General Fund Taxes: FY2019 Difference from Category FY2019 Estimate FY2019 Actuals Estimate Income Taxes $85,229,144 $86,933,201 $1,704,057 Property Taxes $11,904,349 $12,177,333 $272,984 Property Tax Admin. $1,955,365 $2,116,151 $160,786 Fee Total Taxes $99,088,858 $101,226,685 $2,137,827 FY2019 Estimated FY2019 Actual Income Tax Income Tax Growth Growth % Growth In Income Taxes 4.50% 6.62% (Citywide) FY2021 Commission Planning Workshop 12 6

11/18/2019 Revenue Variances: Charges for Services FY2019 Estimate FY2019 Actuals $8,000,000 $7,000,000 $6,713,466 $6,000,000 $5,000,000 $4,564,650 $4,412,661 $4,000,000 $3,645,493 $2,699,407 $3,000,000 $2,388,240 $2,163,363 $2,000,000 $1,266,467 $1,066,822 $1,000,000 $- $- Misc. Service Fees Code Enforcement Fees Electric Power Distribution Central Service Charges (A- Other 87) FY2021 Commission Planning Workshop 13 Revenue Variances $25,000,000 FY2019 Estimate FY2019 Actuals $20,277,262 $19,608,332 $20,000,000 $15,000,000 $9,362,552 $10,000,000 $5,000,000 $2,740,906 $- Intergovernmental Other Financing Sources FY2021 Commission Planning Workshop 14 7

11/18/2019 Revenue Variances $3,000,000 FY2019 Estimate FY 2019 Actuals $2,689,597 $2,550,097 $2,500,000 $2,100,000 $2,027,865 $1,853,968 $2,000,000 $1,500,000 $1,000,000 $864,886 $509,221 $500,439 $500,000 $- Licenses & Permits Fines & Forfeitures Interest & Rents Other Revenue FY2021 Commission Planning Workshop 15 Expenditure Variances Admin Svcs, $(36,041) Human Resources, $(184,856) Info Tech, $3,934 Clerk, $(61,311) Code Compliance, $(120,335) Planning, $(69,617) Treasury, $(34,487) Attorney's Office, $(341,593) Executive Office, $(1,541,730) Community Dev, $5,571 Fire, $(494,689) Police, $325,482 Enterprise Services, $(318,406) Comptrollers, $(335,776) Assessor, $(183,445) Income Tax, $(299,632) Purchasing, $(9,093) Budget Office, $4,936 General Admin, $(1,539,371) Fiscal Admin, $(44,516) $(2,000,000) $(1,500,000) $(1,000,000) $(500,000) $- $500,000 FY2021 Commission Planning Workshop 16 8

11/18/2019 Expenditure Variances Appropriation Lapse History Summary Fiscal Assumed Lapse % of Recognized Lapse % Year Adopted Budget Assumed Lapse Adopted Budget Recognized Lapse of Adopted Budget FY2020 $ 147,831,777 $ 4,000,000 2.71% N/A N/A FY2019 $ 142,683,745 $ 4,000,000 2.80% $ 5,274,976.00 3.70% FY2018 $ 137,112,916 $ 3,500,000 2.55% $ 6,441,791.00 4.70% FY2017 $ 132,858,741 $ 3,500,000 2.63% $ 4,721,399.00 3.55% FY2016 $ 125,374,235 $ 3,500,000 2.79% $ 3,874,283.00 3.09% FY2015 $ 122,003,869 $ 3,000,000 2.46% $ 4,350,648.00 3.57% Most Recent 5 Year Average Recognized Lapse: $ 4,932,619.40 3.72% FY2021 Commission Planning Workshop 17 Financial Highlights: Vital Streets GOAL of Vital Streets: 70% Good and Fair by July 2029 • FY2019 was the fourth year where income from the 15 year temporary income tax increase was collected • Amounted to just over $14M (up from approximately $13.1M in FY2018) • FY2015 - FY2019 Vital Street Projects • 57% good and fair (end of 2018 construction season – FY2019) • 1,540 projects • 365 miles road • $92 million in Vital Streets dollars FY2021 Commission Planning Workshop 18 9

11/18/2019 Financial Highlights: Vital Streets • Vital Streets expenditures including street capital outlays, sidewalk repairs and debt service: • Approximately $21.4 million in FY2019 • Approximately $35 million in FY2018 (including $17M principal payment) • Following investment guidelines and aligning investments to revenues • Continued GOF investment on track to meet guideline • Reserving income tax receipts for anticipated bond payments FY2019-20 Supplemental State Funding • Passage of the 2015 road funding package increased state funding for local roads and bridges • Nearly $3.5 million in State supplemental funding received in FY2019 • The State Legislature appropriated $400 million for road and specific bridges funding in FY2020. • The Governor vetoed $375 million of this appropriation and shifted the remaining $25 million into transit programs. FY2021 Commission Planning Workshop 19 Financial Highlights: Vital Streets Bond Series Amount Issued Retirement Date 2014 $17 million October 2017 2015 $15 million August 2020 2016 $15.245 million April 2026 FY2020: 61 projects • 31 miles of road • $13 million in Vital Streets • dollars FY2021 Commission Planning Workshop 20 10