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Home My WebLink AboutItem 3.OF Ill 4 �Ir 111 113 � =�, 82 DATE: TO: FROM: SUBJECT STAFF REPORT CITY COUNCIL March 19, 2014 Honorable Mayor and City Councilmembers CITY CLERK File #330 - 20/330 -40 Christopher L. Foss, Acting City Manager J Preliminary FY 2014 -2015 and FY 2015 -16 Budget, and Updated Five -Year General Fund Forecast Prepared by Colleen Tribby, Administrative Services Director and Lisa Hisatomi, Assistant Administrative Services Director /Budget EXECUTIVE SUMMARY: The purpose of the report is to provide the City Council with an overview of the preliminary FY 2014 -15 and FY 2015 -16 budget proposal and an update of the City's five -year General Fund forecast, and to seek the City Council's direction in preparing FY 2014 -15 and FY 2015 -16 budget. FINANCIAL IMPACT: The financial impact will be determined following the direction provided by the City Council on the preparation of FY 2014 -15 and FY 2015 -16 budget. Any additional initiatives that the City Council directs to be included in the FY 2014 -15 and FY 2015 -16 budget will receive final consideration for adoption at the Budget Hearing on May 20, 2014. RECOMMENDATION: Staff recommends that the City Council receive the report and, by motion, provide Staff with direction in preparing the FY 2014 -15 and FY 2015 -16 budget. Submitted By Administrative Services Director DESCRIPTION: Reviewed By Acting Assistant City Manager The City utilizes a two -year budget process to appropriate funding for City operations. In the third quarter of the first budget year, Staff will provide a second year budget update, which will be brief in form, and will incorporate the most updated information and any new City Council directives. Page 1 of 12 ITEM NO. 3. In December 2010, the City Council determined that the Strategic Plan would be the primary driver for the budget and that funding allocations should be aligned with the City Council's Strategic Initiatives. In April 2013, the City reviewed and updated the 10 -Year Strategic Plan, which continues the City Council's efforts to align key strategic initiatives with the budget process, and provides a long -term approach to the City's financial planning. The adopted 10- Year Strategic Plan, FY 2013 -14 Updated Strategies are included below for reference: • Pursue economic development initiatives that attract new businesses while strengthening and supporting existing businesses. • Continue to strengthen the identity and aesthetic appeal of the downtown. • Create a community that supports environmental sustainability and provides an open space network that ensures environmental protection and provides public access where appropriate. • Develop dynamic and unique community recreational and cultural opportunities in the region. • Identify new and /or enhanced opportunities for community promotion, marketing, engagement and outreach. Table 1 below provides a status update on the FY 2013 -14 initiatives with budget appropriations approved by City Council: Table 1: Status of FY 2013 -14 Funded Initiatives Initiative Status Staff is preparing a report for the standing Economic Development Explore the creation of an Committee, to provide an overview of the functions of an EDC and its economic development prospective applicability to Dublin. Staff will also provide a corporation (EDC). recommendation on whether or not to form a Corporation. This will likely occur by June 2014. Create a comprehensive The City has retained the services of Northstar Destination Strategies to marketing and branding plan develop the City's marketing and branding effort. Northstar is currently for the City conducting research and will be prepared to present brand creative to the City Council in the summer of 2014 Explore feasibility of The City Council authorized establishment of a Human Services establishing a Human Services Commission. The Commission's first meeting was conducted on Commission focusing on Tri- November 4, 2013. Valley social service issues All tobacco retailers have been issued a license. Staff has formed an Implement Tobacco Retailer interdepartmental team to develop incorporate the licenses into the License System EDEN system. The addition of the license to the EDEN system is expected before the end of the fiscal year. The following initiatives have been identified for FY 2014 -15 and FY 2015 -16: FY 2014 -15: • Identify aesthetic improvements consistent with comprehensive marketing and branding plan for the City. Page 2 of 12 • Begin construction of Phase I and fabrication of Public Art for Emerald Glen. FY 2015 -16: • Complete construction of Phase I and installation of Public Art for Emerald Glen Recreation and Aquatic Complex. Staff has determined that the costs associated with the above initiatives can be covered with existing resources, or have been included in the proposed Capital Improvement Program. Preliminary Budget Overview The General Fund operating budget is balanced when ongoing revenues cover ongoing expenditures, before any transfers out to capital improvement projects. Such transfers are typically funded through the planned use of committed reserves, with one -time revenue sources such as Community Benefit Payments, or through the special designation of surplus resources, as approved by the City Council. Though the major General Fund revenue sources have continued an upward trend through the current fiscal year, the rising costs of contracted services, personnel, and the operations of new facilities has compelled the City to utilize a "hold- the -line" strategy in the next budget cycle. This essentially means that the majority of departmental expenditure budgets will remain flat, with few exceptions. The City is also maintaining a conservative view of continued revenue growth and the measured use of contingency budgets where appropriate. The result is a balanced budget in FY 2014 -15 and FY 2015 -16 (see Attachment 1 to this report, and Chart 1 below), with the special designation of reserves in the current year to be used on large capital improvement projects in the next two years. After transfers out to capital improvement projects, total General Fund reserves are expected to increase by $2.4 million in FY 2014 -15, and decrease by $8.8 million in FY 2015 -16 (see Table 2). The following sections discuss the assumptions used in preparing the operating budget. Page 3 of 12 Chart 1: General Fund Revenues vs Expenditures, FY 2012 -13 to FY 2015 -16 80,000 70,000 60,000 N 50,000 N 40,000 Y C V! 30,000 20,000 12 -13 13 -14 13 -14 14 -15 15 -16 Actual Adopted Projected Proposed Projected All Other Comm Benefit / One -Time Rev Charges for Services � Building Permits � Other Taxes � Sales Tax 111111M Property Taxes ^Total Expenditures Table 2: Summary of Proposed General Fund Reserves General Fund Revenues Property Taxes and Sales Tax are the two largest ongoing revenue sources in the General Fund, accounting for 70% of total revenues, and are key indicators of the condition of the local economy. While it can be difficult to predict future trends in these areas, it is clear that the fiscal health of the City is improving. Economists at local and national levels believe that the economy as a whole is stabilized and has started to recover. There are positive trends of employment, household spending, and home sales, with pricing demonstrating steady yet modest growth. For the City of Dublin, tax revenues are expected to trend with that growth, but Building Permit and other development - related revenues are expected to decline sharply and taper off over the Page 4 of 12 13 -14 14 -15 15 -16 Reserve Balances Projected Proposed Proposed Non - Spendable 2,186,130 1,536,130 886,130 Restricted 500,000 500,000 500,000 Committed 28,144,095 30,164,036 22,359,762 Assigned 22,649,575 23,148,876 23,229,429 Unassigned /Unreal Gains - - - Unassigned /Cash Flow 11,844,619 12,356,249 11,886,691 TOTAL RESERVES $ 65,324,419 1 $ 67,705,291 1 $ 58,862,013 Change from prior year L,380,872 (8,843,278) General Fund Revenues Property Taxes and Sales Tax are the two largest ongoing revenue sources in the General Fund, accounting for 70% of total revenues, and are key indicators of the condition of the local economy. While it can be difficult to predict future trends in these areas, it is clear that the fiscal health of the City is improving. Economists at local and national levels believe that the economy as a whole is stabilized and has started to recover. There are positive trends of employment, household spending, and home sales, with pricing demonstrating steady yet modest growth. For the City of Dublin, tax revenues are expected to trend with that growth, but Building Permit and other development - related revenues are expected to decline sharply and taper off over the Page 4 of 12 long term as the City builds out. The proposed two -year budget reflects some of that tapering off in the second year, with the forecast reflecting the need to implement budget balancing solutions, such as the addition of a new revenue source or cost containment measure, in the near future. The following are the key assumptions used to construct the General Fund operating budget in FY 2014 -15 and FY 2015 -16 (see Chart 2): • Property Tax: Increase of 1.7% over the current year projection in FY 2014 -15, and 4.5% in FY 2015 -16 due to an increase in the tax roll with rising home values and new construction for the past two years, in addition to the anticipated recapturing of assessed values that were adjusted down during the recession. • Sales Tax: The current year revenue increase reflects growth in nearly all business groups, with the highest growth in the sectors of Autos and Transportation, General Consumer Goods, Restaurants and Hotels, and Building and Construction. The Fuel and Service Stations group showed an unsurprising decrease with the change in gas prices. The FY 2014 -15 budget assumes growth of 2.2% over expected revenue in FY 2013 -14, with 4.5% in the second year, due to the expected returns from new businesses and continued growth overall. • Other Taxes: The proposed two -year budget incorporates slight growth in garbage and cable franchise taxes to account for rate increases. Transient Occupancy Tax has also been adjusted up to bring the budget in line with current returns: the combined increase in Other Taxes in the first year is $405,800 (9.4 %) over the adopted FY 2013 -14 budget, with the second year held flat. • Building Permits: The FY 2014 -15 budget proposal continues the growth the City is seeing in the current year, particularly in revenue from residential fees as the housing market rebounds, reflecting an increase of $1.2 million over the FY 2013 -14 adopted budget. The FY 2015 -16 projection incorporates a steep decline, taking revenues back to levels last seen in FY 2007 -08. Moving forward, as this revenue stream tapers off, the City will see decreased expenditures, which will occur approximately 18 months to two years after revenues are received. The $2.4 million service continuity reserve has been maintained to cover these future obligations. • Other Licenses and Permits: The FY 2014 -15 budget proposes an increase of $210,000 due primarily to increases in other minor development - related permit fees, as well as to annual fire permits. Consistent with building permits, these also decline in the FY 2015- 16 projection and flatten out in the five -year picture. • Interest Income: The proposed two -year budget carries forward the $300,000 reduction to interest income that the City is experiencing in the current year, but builds in some recovery as market conditions improve. • Rentals and Leases: The net increase of roughly $369,000 is primarily due to the anticipation of lease revenue from the Public Safety Complex, beginning in FY 2014 -15. • Charges for Services: The proposed two -year budget is essentially flat, which is the net result of a 4% increase in recreation program revenues (FY 2014 -15), and a $250,000 decrease in Santa Rita Services fees, due to the decrease in the number of non - emergency calls. Recreation program revenue is increased 1% for FY 2015 -16, while revenue generated by the Emerald Glen Aquatic Center is unknown and therefore not factored into the projection. • Community Benefit Payments: These revenues are not counted on in advance for ongoing purposes, but are included in the budget when they are known. Large payments anticipated for specific projects are called out separately in the General Fund summary, Page 5 of 12 and are segregated into Committed Reserves. In FY 2014 -15 the City expects a $1.8 million payment for the Fallon Sports Park project; in FY 2015 -16 $750,000 is expected for the Cemetery Expansion project. Chart 2: General Fund Revenues by Category, FY 2014 -15 and FY 2015 -16 30,000 25,000 20,000 N V) 15,000 0 v� 10,000 5,000 VW_.t_ Property Sales Tax Other Building Charges Comm All Other Taxes Taxes Permits for Benefit Services one -Time Rev General Fund Expenditures ■ 14 -15 Proposed 15 -16 Projected The City's ongoing operating expenditures and long -term financial liabilities also continue to grow, and will eventually outpace the City's ongoing revenue growth. The proposed two -year budget reflects an increase in total operating expenditures of $2.1 million and $1.6 million for FY 2014 -15 and FY 2015 -16, respectively. Chart 3 below presents the composition of proposed operating expenditures by category for FY 2014 -15, and is followed by a discussion of the assumptions used in preparing the budget. Page 6 of 12 Chart 3: General Fund Operating Expenditures by Category, FY 2014 -15 1% 62% 10/0 ■ Salaries & Wages ■ Benefits 0 Services & Supplies ■ Internal Service Fund Charges % ■ Utilities x+70 Contracted Services Capital Outlay Note: Category percentages remain relatively similar in FY 2015 -16. Personnel Costs Rising personnel costs are a major area of concern for all public agencies. In recent years, the City has implemented employee cost sharing measures (healthcare and retirement costs) to relieve a portion of the burden to the City. Currently, employees are paying 100% of the employee portion of the retirement costs, and are also contributing to the employer portion of the retirement costs. Beginning in FY 2012 -13, 50% of any annual salary increase is applied to the City's share of retirement costs, up to a cap of 4.072 %, as provided in City Resolution 171- 12 and pursuant to California Public Employee Retirement Law. The two -year proposed budget includes an employee contribution of 4% of the City's share in the first year, with the cap reached in FY 2015 -16. Last month, the CalPERS board approved a measure to speed up rate increases that were recommended to fully fund public employees' retirement obligations. The new policies modify the amortization periods and smoothing methods for retirement trust funds, and are expected to result in a significant increase to employers' retirement rates. CalPERS will phase in the rate increase over five years, with implementation scheduled for FY 2016 -17. Finance Staff has been monitoring these issues and has included a proactive increase in the five -year forecast. The proposed two -year budget also includes the following position allocation plan changes: • Conversion of a contract (Public Service Employee) position in Economic Development/Public Information to an Administrative Analyst I. This new position will continue to provide similar services as the contract position, including but not limited to day to day oversight of the City's website, programming and implementation of the Dublin Farmers' Market, the Shop Local - Discover Dublin for the Holiday Campaign, assistance Page 7 of 12 with communication and initiatives within Parks and Community Services, such as Live Healthy Dublin, as well as other duties as assigned (FY 2014 -15). • Addition of one Senior Office Assistant and one Recreation Supervisor to staff Emerald Glen Recreation & Aquatic Center (FY 2015 -16). • Increase Human Resources Department Administrative Analyst from 0.75 FTE to 1.0 FTE (FY 2015 -16). Table 3: Proposed Position Allocation Plan FY 2013 -14 FY 2014 -15 FY 2015 -16 91.50 92.50 94.75 Contracts The cost of contracted services makes up over 60% of the General Fund operating budget. Public Safety costs equate to roughly 44% of General Fund expenditures, and have increased significantly over the past five years. The FY 2014 -15 and FY 2015 -16 budget includes an increase of $1.7 million in total over the two fiscal years. Staff will continue working with the Alameda County Fire Department and Alameda County Sheriff's Office to negotiate and implement cost containment measures to ensure long -term sustainability of providing public protection services. Public Works maintenance services are another major contract service for the City. On June 19, 2012, the City Council approved a new five -year agreement with MCE Corporation, with cost containment and the maintenance of the existing level of quality service the primary focus during contract negotiation. It is estimated the General Fund portion of the MCE contract cost will increase by $430,000 in total for FY 2014 -15 and FY 2015 -16, due to the incorporation of a CPI adjustment, the addition of new facilities to the service agreement, and the inclusion of additional services above baseline scope of work. Utilities The City has experienced double -digit utility cost increases over the past several years for the operation of City facilities and infrastructure. The savings from the recently implemented energy upgrades allows for a budget increase of only 8% per year in FY 2014 -15 and FY 2015 -16. Furthermore, the $7.4 million energy project is expected to generate savings that will exceed the project costs over a 15 -year period. Capital Improvement Projects (Preliminary) General Fund Contribution The FY 2014 -15 and FY 2015 -16 budget proposal includes new funding requests for both new and existing capital improvement projects. Table 4 below lists the projects requesting the use of General Fund dollars in the next budget cycle, with an estimate of General Fund contributions in the following three years. As was discussed during the mid -year budget review, funding the Cemetery Expansion and the Emerald Glen Aquatics Center will require the setting aside of reserves in both the current year and in FY 2014 -15. The upcoming phase of the Fallon Sports Park project will be almost entirely funded using a large one -time payment expected in FY 2014- 15, so there will be little effect on General Fund reserves. Page 8 of 12 Table 4: Proposed CIP Projects Using General Fund Dollars Project FY 14 -15 Proposed FY 15 -16 Projected Total, 2 -yr Budget FY 16 -17 Projected FY 17 -18 FY 18 -19 Projected Projected Total, Five Year Network System Upgrade $ 30,000 $ 30,000 $ 30,000 GIS Upgrades $ 19,000 $ 19,000 $ 38,000 $ 60,000 $ 98,000 ADA Improvements $ 21,177 $ 21,265 $ 42,442 $ 21,358 $ 21,436 $ 21,517 $ 106,753 Annual Sidewalk Program $ 86,972 $ 87,499 $ 174,471 $ 88,054 $ 88,525 $ 89,007 $ 440,057 Storm Drain Assessment $ 160,042 $ 80,325 $ 240,367 $ 240,574 $ 480,941 Emerald Glen Aquatics $2,897,650 $ 2,897,650 $ 2,897,650 Cemetery Expansion and Renovation* $ 816,960 $4,462,178 $ 5,279,138 $ 5,279,138 Fallon Sports Park* $2,000,000 $ 2,000,000 $ 2,000,000 San Ramon Rd Landscape* $ 239,065 $ 239,065 $ 239,065 Total $ 1,343,216 $9,597,917 $10,941,133 $ 349,986 $ 109,961 $ 170,524 $11,571,604 * denotes a new project In addition to the one -time project construction costs, a number of planned Parks and Streets capital improvement projects will have a significant impact on the General Fund ongoing operating budget due to maintenance and staffing costs. Table 5 below is a list of those projects and the related General Fund operating costs. These have been built into the two -year budget proposal and the five -year forecast. Furthermore, it should be noted that these expenditures are related to CIP projects only. This fiscal impact is not reflective of other infrastructure improvements such as additional street, street landscape, and street light maintenance that is necessary because of new developments. Table 5: Ongoing Impact of CIP Projects on General Fund Project FY 14 -15 FY 15 -16 FY 16 -17 FY 17 -18 FY 18 -19 Proposed Proiected Proiected Proiected Proiected Emerald Glen Recreation & Aquatic Complex - Phase I Fallon Sports Park - Phase II Jordan Ranch Neighborhood Park Sean Diamond Park Dublin Crossing Community Park Cemetery Expansion and Renovation (1) Library Expansion - Youth $ 37,500 $ 378,980 $ 33,775 $ 82,575 $ 811,200 $ 788,700 $ 786,700 $ 346,710 $ 346,710 $ 346,710 $ 82,575 $ 82,575 $ 82,575 $ 37,170 $ 90,855 $ 76,665 $ 187,410 $ (487,000) $ (487,000) $ (487,000) Phase 5 25,000 5 50,0001 5 50,000 5 50,000 5 50,000 Total $ 96,275 $ 511,555 1 $ 802,985 $ 892,320 $1,056,750 1) Estimate of net revenue generated from sales of grave sites and niches (straight line over 10 years); pending completion of financial study. Page 9 of 12 Proposed CIP Project Appropriations (All Funding Sources) Table 6 is a list of all project categories with proposed new appropriations in the FY 2014 -19 Capital Improvement Program. Table 7 is a list of new projects and budgets proposed for the CIP (projects that have never appeared in the adopted FY 2012 -17 Capital Improvement Plan). A comprehensive list of all existing and proposed CIP projects and budgets, and total funding sources, is provided in Attachments 2 and 3 to this report. Table 6: CIP Funding Source Appropriations Table 7: New CIP Projects, All Funding Sources Funding ect Source FY 14-15 FY 15 -16 FY 16 -17 FY 17 -18 FY 18-19 Cemetery Expansion and 14 -15 15 -16 16 -17 17 -18 Renovation 18 -19 Estimate Project Category Proposed Projected Public Art- Emerald Glen Projected Projected Projected Future Yrs Community Improvements $ 326,037 $ 87,499 $ 88,054 $ 88,525 $ 89,007 $ General Improvements $ 62,177 $ 113,265 $ 39,358 $ 71,436 $ 81,517 Parks $ 22,177,633 $ 20,566,057 $ 2,081,250 $ 7,921,959 $ 2,655,521 $ 10,355,958 Streets $ 8,392,636 $ 2,386,604 $ 1,556,367 $ 1,316,794 $ 1,317,821 $ 101,603 Total $ 30,958,484 $ 23,153,425 $ 3,765,029 $ 9,398,714 $ 4,143,866 $ 10,457,561 Table 7: New CIP Projects, All Funding Sources Funding ect Source FY 14-15 FY 15 -16 FY 16 -17 FY 17 -18 FY 18-19 Cemetery Expansion and General Renovation Fund $ 816,960 $ 4,462,178 Public Art- Emerald Glen Recreation and Aquatics PublicArt Complex Fund $ 154,904 $ 53,096 Public Art- Fallon Sports PublicArt Park Fund $ 113,750 $ 136,250 Public Art- PublicArt Monego Court Fund $ 135,240 $ 164,760 Public Art - Dublin Crossing Public Art Community Park Fund $ 175,000 $ 250,000 $ 325,000 Public Art- Public Art Heritage Park Fund $ 250,000 $ 250,000 Dublin Crossing Public Community Park Facility Fee $ 167,448 $1,164,863 $4,360,259 $ 718,021 Library Expansion - Youth Public Phase Facility Fee $ 129,756 Transit Center Parkland Public Acquisition Facility Fee $1,362,500 $1,362,500 Traffic Signal Inventory and Traffic Safety Review Safety $ 65,434 $ 65,608 Total $ 1,448,252 $ 4,852,372 1 $1,504,623 $6,222,759 $2,655,521 Page 10 of 12 Five -Year Forecast The General Fund operating expenditure increases proposed in the two -year budget are projected to continue into the five -year forecast, and revenue growth assumptions are also consistent with the two -year budget. New appropriations for capital projects are also proposed in the FY 2014 -19 CIP that will use a large portion of Committed Reserves over the five years, and will require ongoing operational funding. It should be noted that the current projections do not include any potential one -time Community Benefit Payments generated by the Dublin Crossings Project. Attachment 4 presents the General Fund outlook over the five years, which shows an operating deficit of $1.7 million by FY 2016 -17, before transfers out to capital improvement projects. As that deficit prows to $1.9 million in FY 2018 -19 thereafter, and absent any significant shift in ongoing revenues or expenditures, the City will need to dip into the Economic Contingency Reserve (current balance $5.9 million) to balance the budget and provide for the minimum cash flow reserve of two months of the operating budget. Table 8 below presents a high -level look at the five -year forecast. Table 8: General Fund Five -Year Forecast Change from prior year $ 2,380,872 $ (8,843,278) $ (2,067,257) $ (1,962,152) $ (2,103,902) City Council Direction Staff is seeking City Council direction on the preliminary proposed FY 2014 -15 and FY 2015 -16 Budget, specifically in response to the following questions: Should the City set aside the following amounts in reserves over the next three years? a. $1.6 million in the current year, and $2.1 million in FY 2014 -15 for the Cemetery Expansion. This, together with $750,000 in one -time revenue in FY 2015 -16, would fund the project beginning in FY 2015 -16. b. $1.5 million in the current year for the Emerald Glen Aquatic Center beginning in FY 2015 -16. c. $775,000 in current year reserves to repair and improve the Shannon Center parking lot — this project is not proposed as part of the preliminary budget document, but the set aside would assure funding of it in the near future. Page 11 of 12 13 -14 14 -15 15 -16 16 -17 17 -18 18 -19 Projected Proposed Proposed Forecast Forecast Forecast Total Revenues 66,191,670 61,234,087 60,945,310 60,070,362 61,143,356 62,411,917 Total Expenditures (59,496,959) (59,310,000) (60,940,672) (61,787,633) (62,995,547) (64,345,295) One -Time Contribution 1,800,000 750,000 NET BUDGET IMPACT $ 6,694,712 $ 3,724,088 $ 754,639 $ (1,717,271) $ (1,852,191) $ (1,933,378) Reserve Balances Non - Spendable 2,186,130 1,536,130 886,130 193,362 94,756 94,756 Restricted 500,000 500,000 500,000 500,000 500,000 500,000 Committed 28,144,095 30,164,036 22,359,762 22,802,530 22,802,530 22,802,530 Assigned 22,649,575 23,148,876 23,229,429 23,229,429 23,229,429 23,229,429 Unassigned/ Unreal Gains Unassigned/ Cash Flov 11,844,619 12,356,249 11,886,691 10,069,434 8,205,889 6,101,987 TOTAL RESERVES $ 65,324,419 $ 67,705,291 $ 58,862,013 $56,794,755 $ 54,832,604 $ 52,728,702 Change from prior year $ 2,380,872 $ (8,843,278) $ (2,067,257) $ (1,962,152) $ (2,103,902) City Council Direction Staff is seeking City Council direction on the preliminary proposed FY 2014 -15 and FY 2015 -16 Budget, specifically in response to the following questions: Should the City set aside the following amounts in reserves over the next three years? a. $1.6 million in the current year, and $2.1 million in FY 2014 -15 for the Cemetery Expansion. This, together with $750,000 in one -time revenue in FY 2015 -16, would fund the project beginning in FY 2015 -16. b. $1.5 million in the current year for the Emerald Glen Aquatic Center beginning in FY 2015 -16. c. $775,000 in current year reserves to repair and improve the Shannon Center parking lot — this project is not proposed as part of the preliminary budget document, but the set aside would assure funding of it in the near future. Page 11 of 12 2. Are there any items the City Council would like Staff to change, remove, or add to the current FY 2014 -15 and FY 2015 -16? 3. Given the five -year forecast, should Staff research possible new revenue streams and report back to the City Council? 4. Is there any other information City Council desire to see during the Budget Hearing in May? Conclusion The information presented here, in conjunction with the attached budget documents, will be presented again, along with possible minor refinements, and any additional items requested by the City Council, at the Budget Hearing on May 20, 2014. In its current form, the FY 2014 -15 and FY 2015 -16 General Fund operating budget is balanced. All other funds are balanced, including the proposals for capital improvement project budgets. NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. General Fund Summary: Operating Budget and Reserves, FY 2014- 15 and FY 2015 -16 2. FY 2014 -19 Capital Improvement Program Summary 3. FY 2014 -19 Capital Improvement Program Funding Source Summary 4. General Fund Five -Year Forecast, Operating and Reserves Page 12 of 12 GENERAL FUND SUMMARY FY 2014 -15 and FY 2015 -16 Proposed Budget (Preliminary) ATTACHMENT 1 pgIof2 Change from 13 -14 13 -14 14 -15 Change from % 15 -16 Prior % Adopted Projected Proposed Prior Adopted Change Projected Proposed Change Revenues Property Taxes 24,153,050 25,169,054 25,608,280 1,455,230 6% 26,749,770 1,141,490 4% Sales Tax 16,271,400 16,771,400 17,132,739 861,339 5% 17,908,048 775,310 5% Other Taxes 4,333,000 4,333,000 4,738,800 405,800 9% 4,669,550 (69,250) -1% Building Permits 2,255,020 3,455,020 3,421,473 1,166,453 52% 1,733,925 (1,687,548) -49% Other Licenses & Permits 535,750 605,750 745,559 209,809 39% 531,371 (214,188) -29% Fines & Penalties 138,260 138,260 138,260 - 0% 138,260 - 0% Interest 652,160 352,160 350,000 (302,160) -46% 425,000 75,000 21% Rentals & Leases 581,270 581,270 950,737 369,467 64% 959,180 8,444 1% Intergovernmental 183,620 183,620 200,000 16,380 9% 208,800 8,800 4% Charges for Services 7,093,630 6,843,630 7,065,852 (27,778) 0% 6,987,667 (78,185) -1% Other Revenue 327,510 339,010 356,214 28,704 9% 356,423 210 0% Community Benefit Payment 1,461,210 1,461,210 526,174 (935,036) -64% 277,315 (248,859) -47% Subtotal Revenues $ 57,985,880 $ 60,233,384 $ 61,234,087 3,248,207 6% $ 60,945,310 (288,777) 0% Carryover funds from Prior Yr 5,958,286 Total Revenues $ 57,985,880 $ 66,191,670 $ 61,234,087 $ 3,248,207 $ 60,945,310 $ (288,777) $ (0) Expenditures Salaries & Wages 9,279,340 9,193,220 9,655,015 375,675 4% 10,115,920 460,905 5% Benefits 4,628,830 4,607,664 4,891,213 262,383 6% 5,337,514 446,302 9% New Parks Operational Costs (net of revenue) - - Services & Supplies 2,308,520 2,349,067 2,558,551 250,031 11% 2,747,370 188,819 7% Internal Service Fund Charges 1,770,280 1,770,280 1,832,404 62,124 4% 1,595,690 (236,714) -13% Utilities 1,944,310 1,949,675 2,097,206 152,896 8% 2,267,204 169,998 8% Contracted Services 35,891,550 37,424,857 36,869,620 978,070 3% 37,638,627 769,007 2% Capital Outlay 236,420 251,577 736,710 500,290 212% 549,080 (187,630) -25% Contingency & Other 1,172,930 1,950,620 669,282 (503,648) -43% 689,266 19,985 3% Total Expenditures $ 57,232,180 $ 59,496,959 $ 59,310,000 $ 2,077,820 $ 0 $ 60,940,672 $ 1,630,672 $ 0 OPERATING BUDGET IMPACT $ 753,700 $ 6,694,712 $ 1,924,088 " $ 4,639, One -Time Contribution 1,800,000 750,000 NET BUDGET IMPACT $ 753,700 $ 6,694,712 $ 3,724,088 $ 754,639 Transfers Out to CIP (8,422,370) $ (12,729,139) $ (1,343,216) $ (9,597,917) IMPACT ON RESERVES $ (7,668,670) $ (6,034,427) $ 2,380,872 $ (8,843,278) Reserve Balances Non - Spendable 2,836,130 2,186,130 1,536,130 886,130 Restricted 500,000 500,000 500,000 500,000 Committed 36,020,171 28,144,095 30,164,036 22,359,762 Assigned 23,912,896 22,649,575 23,148,876 23,229,429 Unassigned / Cash Flow 14,311,562 11,844,619 12,356,249 11,886,691 TOTAL RESERVES $ 77,317,596 $ 65,324,419 1 $ 67,705,291 $ 58,862,013 GENERAL FUND RESERVES: ATTACHMENT 1 FY 2014 -15 and FY 2015 -16 Proposed Budget (Preliminary) pg 2 of 2 12 -13 TOTAL 13 -14 YE TOTAL 1445-YE TOTAL 15 -16 YE Actual CHANGE Projected CHANGE Proposed CHANGE Forecast TOTAL CHANGE TO RESERVES 12,553,385 (11,992,713) 2,380,872 (8,843,278) Reserve Balances Non- Spendable 2,836,130 (650,000) 2,186,130 (650,000) 1,536,130 (650,000) 886,130 Prepaid Expenses 34,756 34,756 34,756 34,756 Cemetery Endowment 60,000 60,000 60,000 60,000 Advance to Fire Impact Fee 1,098,606 (250,000) 848,606 (250,000) 598,606 (250,000) 348,606 Advance to PERS Side Fund 1,642,768 (400,000) 1,242,768 (400,000) 842,768 (400,000) 442,768 Restricted 500,000 - 500,000 - 500,000 500,000 Heritage Park Maintenance 500,000 500,000 - 500,000 500,000 Committed 36,020,171 (7,876,076) 28,144,095 2,019,941 30,164,036 (7,804,274) 22,359,762 Economic Stability 5,868,847 5,868,847 - 5,868,847 5,868,847 Downtown Public Impr 1,000,000 1,000,000 1,000,000 1,000,000 Open Space Funding 2,000,000 (2,000,000) - - - Affordable Housing 1,000,000 - 1,000,000 1,000,000 - 1,000,000 Emerald Glen Aquatic Ctr 1,500,000 1,397,650 2,897,650 2,897,650 (2,897,650) - Emergency Communications 741,000 - 741,000 - 741,000 - 741,000 Fire Svcs OPEB 7,610,058 400,000 8,010,058 400,000 8,410,058 400,000 8,810,058 Innovations & New Opport 1,372,785 - 1,372,785 - 1,372,785 - 1,372,785 Maintenance Facility 6,027,950 (6,027,950) 0 - 0 0 Cemetery Expansion 750,000 1,641,538 2,391,538 1,320,640 3,712,178 (3,712,178) - Fallon Sports Park - - _ Civic Ctr Expansion 391,568 (391,568) 0 - 0 0 Emergency Generator - Public Safety Complex 3,070,746 (3,070,746) (0) - (0) (0) Jt City/ School Projects 600,000 (600,000) - - - - Non- Streets CIP Commitments 2,745,809 - 2,745,809 (1,700,699) 1,045,110 405,554 1,450,663 Shannon Center Parking Lot 775,000 One -Time Initiative 1,341,408 - 1,341,408 - 1,341,408 - 1,341,408 Assigned 23,912,896 (1,263,321) 22,649,575 499,301 23,148,876 80,554 23,229,429 Accrued Leave 896,658 896,658 - 896,658 - 896,658 Operating Carryovers 986,326 (986,326) 0 0 - 0 CIP Carryovers 265,845 (265,845) (0) (0) - (0) Catastophic Loss 10,537,271 - 10,537,271 10,537,271 - 10,537,271 Service Continuity 2,410,000 2,410,000 - 2,410,000 - 2,410,000 Pension & OPEB 8,480,646 8,480,646 499,301 8,979,947 405,554 9,385,500 Fiscally Responsible Adj 336,150 (11,150) 325,000 - 325,000 (325,000) - Unassigned 14,047,935 (2,203,316) 11,844,619 511,631 12,356,249 (469,558) 11,886,691 Unassigned - Unrealized Gains (263,162) 263,162 - - Unassigned (Available) 14,311,098 - 11,844,619 12,356,249 11,886,691 TOTAL RESERVES 77,317,133 (11,992,713) 65,324,420 2,380,872 67,705,292 (8,843,278) 58,862,013 N F- Z w W � N Ui UO Ui ¢ p as = Q CL W D LL W (h �g N Ln W O N W OCI h � e= N P W O N G Q ® C gy C ® to L 1- ri W N G W O G c N t Ln 'n W rl O N Ln r 0 r ® Ln O c LLJ 1L C11 U 0 C, 0 ® N N L O =) N ih = CO O CL N O U H N O W c-I C 0 N ih O co U V-1 m O N N O ) Ln O C� O CO Ln IN o N rl O C) r-1 �q r- O Ln IA Ol o ri 1 w LD N O C•1 Ln i/)• L/} v} O D W O m M o h Ln r. r N Cl) N P® O Ln M LD N O r• Ln m M lD r %h iJ} 0 00 rl O Ln Ln N O rl M lD co r 0) l0 ci N M r• Ln Ln- -La ih co Ln al 0 m d" L/} C) N o 0 0 06 Lfl c1 N M m O LO o N O O O lD Ln m N tl} M O O I'D O LO CO O r` ZT Lfi d ko r• LD c c -1 L1) i m O O Ln LA LD r- L.D O O CO Ol O O w W Cl Cl C•1 Ln d' r• C' O O N N rr ol O N N .-! h Ln r. ri M -i r, M tD Ln N i 0 Ln M N N O r• Ln m M lD r %h 't1} t/'F V), ri LD ci if? -1 1-1 1:T Ln- -La ill} LO N ri LO W V} N a+ G d E GJ O CL E A r+ C O E c E O O a o E u f>D W p O in v o Q G2 N CL u � c + u lu m Lu J � N L CL � LY m 0 E _m m c a) c ar c V ci ro O a --I m c • o o c a u u ¢ O O r 0 0 rr 0 0 1-1 N (31 .-1 N e-1 N V'4 Vl if)- 0 0 0 Ln N Lr Ln vl} 0 0 0 0 0 Ln co rl�' LO LD N m t!} O O 0 0 O Ln O N Ln l0 N m Ln O r-i Lo m m N CO N O Cr' 1-1 Ln co W N d• O O Ln Ln C}' N N m Ln r• Ln O m Ln m rl �r w O Ln Cl to r` M lz: M l0 cl ll LO LO N lD ct Ln W r, M r, N O m N LO N -1 m N O O rl O l0 It r, CO N M rl d' 't N M Ln r1 0 N n il} W W m N Gn O i/} O r-I -1 M c-1 �t VF M m r\ O M w rl N 6 {/} c-I i/} il} i/} lfl 6 L/ F L/ to il} ill• L/} N V" Ln- ilY VF e+ C E N X > N ® CL CL O _ U > `o O G R a to c O L s u Q1 a a + m u c — O L ®) x o c o CD l7 v L Gs c o E a > o tv u o U o -GS c ra c c CJ N c •U O � co ru + N E x O CL p E E Lttl �. ro O N m O T •vr vii E ems+ Q Y— -6 ¢' O d. u Y U O L C > r6 4 >^ N In N a. 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Ln ill IJI, w 00 1- iD Ln Pli 0 LU w Ili co 0 p p p - 1 lo o > 14 1.- 0 0 Ln 0 0 0) 0 -P 0 0 1p 0 CD 1- co tD C3, 1- -4 00 0 LO 0 Ul 0 CD lo F- m j LA 4j)- i/1- 4f)- 0 Ln ILn i/)- LU 00 i-� 90 00 li w LU DO p p co QM IUm 0 Ln m cn 0 rl) CD 0 0 tD m 0 CD 0 0 p -n C -j m ia} ill C CA Fa I 4-r, X M W w -< > Ln CD m --I > rn Ln l0 Ol (n Ln 0 (A 00 w r) m w GENERAL FUND SUMMARY Five -Year Projection: 14 -15 through 18 -19 ATTACHMENT 4 pglof2 13 -14 14 -15 ] 16 -17 17 -18 18 -19 Projected Proposed Proposed �- Forecast Forecast Forecast Revenues Property Taxes 25,169,054 25,608,280 26,749,770 27,329,587 27,947,845 28,580,619 Sales Tax 16,771,400 17,132,739 17,908,048 18,445,290 18,998,648 19,568,608 Other Taxes 4,333,000 4,738,800 4,669,550 4,669,550 4,669,550 4,669,550 Building Permits 3,455,020 3,421,473 1,733,925 1,339,140 1,300,000 1,300,000 Other Licenses & Permits 605,750 745,559 531,371 497,389 497,389 497,389 Fines & Penalties 138,260 138,260 138,260 138,260 138,260 138,260 Interest 352,160 350,000 425,000 425,000 450,000 500,000 Rentals & Leases 581,270 950,737 959,180 980,937 992,502 1,004,297 Intergovernmental 183,620 200,000 208,800 212,676 216,630 220,662 Charges for Services 6,843,630 7,065,852 6,987,667 5,606,982 5,606,982 5,606,982 Other Revenue 339,010 356,214 356,423 325,550 325,550 325,550 Community Benefit Payment 1,461,210 526,174 277,315 100,000 - - Subtotal Revenues $ 60,233,384 $ 61,234,087 $ 60,945,310 $ 60,070,362 $ 61,143,356 $ 62,411,917 Carryover funds from Prior Yr 5,958,286 Total Revenues $ 66,191,670 $ 61,234,087 $ 60,945,310 $ 60,070,362 $ 61,143,356 $ 62,411,917 Expenditures Salaries & Wages 9,193,220 9,655,015 10,115,920 10,465,763 10,793,218 11,130,498 Benefits 4,607,664 4,891,213 5,337,514 5,667,939 6,107,037 6,577,797 New Parks Operational Costs (net of revenue) 291,430 380,765 545,195 Services & Supplies 2,349,067 2,558,551 2,747,370 2,488,644 2,488,644 2,488,644 Internal Service Fund Charges 1,770,280 1,832,404 1,595,690 1,559,110 1,559,110 1,559,110 Utilities 1,949,675 2,097,206 2,267,204 2,453,211 2,656,997 2,881,162 Contracted Services 37,424,857 36,869,620 37,638,627 38,322,275 38,470,515 38,623,629 Capital Outlay 251,577 736,710 549,080 389,260 389,260 389,260 Contingency & Other 1,950,620 669,282 689,266 150,000 150,000 150,000 Total Expenditures $ 59,496,959 $ 59,310,000 $ 60,940,672 $ 61,787,633 $ 62,995,547 $ 64,345,295 OPERATING BUDGET IMPACT $ 6,694,712 $ 1,924,088 $ 4,639 $ (1,717,271) $ (1,852,191) $ (1,933,378) One -Time Contribution 1,800,000 750,000 - - NET BUDGET IMPACT $ 6,694,712 $ 3,724,088 $ 754,639 $ (1,717,271) $ (1,852,191) $ (1,933,378) Transfers Out to CIP (12,729,139) (1,343,216) (9,597,917) (349,986) (109,961) (170,524) IMPACT ON RESERVES $ (6,034,427) $ 2,380,872 $ (8,843,278) $ (2,067,257) $ (1,962,152) $ (2,103,902) Reserve Balances Non - Spendable 2,186,130 1,536,130 886,130 193,362 94,756 94,756 Restricted 500,000 500,000 500,000 500,000 500,000 500,000 Committed 28,144,095 30,164,036 22,359,762 22,802,530 22,802,530 22,802,530 Assigned 22,649,575 23,148,876 23,229,429 23,229,429 23,229,429 23,229,429 Unassigned / Cash Flow 11,844,619 12,356,249 11,886,691 10,069,434 8,205,889 6,101,987 TOTAL RESERVES $ 65,324,419 $ 67,705,291 $ 58,862,013 $ 56,794,755 $ 54,832,604 $ 52,728,702 GENERAL FUND RESERVES: Five -Year Projection: 14-15 through 18 -19 ATTACHMENT 4 pg2of2 12 -13 13 -14 YE 14 -15 YE 15 -16 YE 16 -11 YE 17 -18 YE - 18 -19 YIE Actual Projected Proposed Forecast Forecast Forecast Forecast TOTAL CHANGE TO RESERVES 12,553,385 (11,992,713) 2,380,872 (8,843,278) (2,067,257) (1,962,152) (2,103,902) Reserve Balances Non - Spendable 2,836,130 2,186,130 1,536,130 886,130 193,362 94,756 94,756 Prepaid Expenses 34,756 34,756 34,756 34,756 34,756 34,756 34,756 Cemetery Endowment 60,000 60,000 60,000 60,000 60,000 60,000 60,000 Advance to Fire Impact Fee 1,098,606 848,606 598,606 348,606 98,606 - - Advance to PERS Side Fund 1,642,768 1,242,768 842,768 442,768 (0) (0) (0) Restricted 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Heritage Park Maintenance 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Committed 36,020,171 28,144,095 30,164,036 22,359,762 22,802,530 22,802,530 22,802,530 Economic Stability 5,868,847 5,868,847 5,868,847 5,868,847 5,868,847 5,868,847 5,868,847 Downtown Public Impr 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Open Space Funding 2,000,000 - - - - _ _ Affordable Housing 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Emerald Glen Aquatic Ctr 1,500,000 2,897,650 2,897,650 - - - - Emergency Communications 741,000 741,000 741,000 741,000 741,000 741,000 741,000 Fire Svcs OPEB 7,610,058 8,010,058 8,410,058 8,810,058 9,252,826 9,252,826 9,252,826 Innovations & New Opport 1,372,785 1,372,785 1,372,785 1,372,785 1,372,785 1,372,785 1,372,785 Maintenance Facility 6,027,950 - - - - _ _ Cemetery Expansion 750,000 2,391,538 3,712,178 Fallon Sports Park - _ Civic Ctr Expansion 391,568 Emergency Generator - _ Public Safety Complex 3,070,746 Jt City / School Projects 600,000 - - - - _ _ Non - Streets CIP Commitments 2,745,809 2,745,809 1,045,110 1,450,663 1,450,663 1,450,663 1,450,663 Shannon Center Parking Lot One -Time Initiative 1,341,408 1,341,408 1,341,408 1,341,408 1,341,408 1,341,408 1,341,408 Assigned 23,912,896 22,649,575 23,148,876 23,229,429 23,229,429 23,229,429 23,229,429 Accrued Leave 896,658 896,658 896,658 896,658 896,658 896,658 896,658 Operating Carryovers 986,326 - - - - _ _ CIP Carryovers 265,845 - - - - - _ Catastophic Loss 10,537,271 10,537,271 10,537,271 10,537,271 10,537,271 10,537,271 10,537,271 Service Continuity 2,410,000 2,410,000 2,410,000 2,410,000 2,410,000 2,410,000 2,410,000 Pension & OPEB 8,480,646 8,480,646 8,979,947 9,385,500 9,385,500 9,385,500 9,385,500 Fiscally Responsible Adj 336,150 325,000 325,000 - - - - Unassigned 14,047,935 11,844,619 12,356,249 11,886,691 10,069,434 8,205,889 6,101,987 Unassigned - Unrealized Gains (263,162) - _ _ _ Unassigned (Available) 14,311,098 11,844,619 12,356,249 11,886,691 10,069,434 8,205,889 6,101,987 TOTAL RESERVES 77,317,133 65,324,420_ 67,705,292 59,862,01 -3 56,794,756 54,832,605' - 52,72003-