City of West Palm Beach Florida. Budget In Brief Fiscal Year 2015

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1 City of West Palm Beach Florida Budget In Brief Fiscal Year 2015 September 11, 2014

2 Mayor Geraldine Muoio City Commission Sylvia Moffett President District 1 Isaac Robinson, Jr. District 2 Kimberly Mitchell District 3 Keith James District 4 Shanon Materio District 5 City Administrator Jeff Green Deputy City Administrator Dorritt Miller Assistant City Administrator Scott Kelly 2

3 About the Budget The City of West Palm Beach s Fiscal Year 2015 Budget In Brief is provided to serve as an overview of the City s budget. This document provides a summary of the highlights to the budget, revenues the City expects to receive and the planned areas where the money will be spent. In order to address budget issues and to identify ways to balance the budget, a series of Budget Workshops were held over the past four months. In these workshops the operating and capital funding needs for the upcoming fiscal year were identified and prioritized. The City also held five Community Budget Meetings to further engage our citizens in the budget process. The proposed budget is a deliberate balance of revenues and expenditures prepared in accordance with Florida s statutory Truth in Millage process and best serves the City s prioritization for provision of core services and Commission initiatives. State law requires that the City adopt a balanced budget prior to the beginning of its fiscal year on October 1st. The Fiscal Year 2015 budget was developed to assure that fundamental services are appropriately delivered while attempting to maintain rates, fees, and programs at current levels. The budget is a responsible allocation of scarce public resources that maintains the City of West Palm Beach as a safe, attractive and vibrant community for the satisfaction of its residents and visitors. 3

4 Operating Budget Highlights The City s certified taxable property values increased $533 million or 6.39%. New construction projects added to the tax roll amounted to $30.6 million. Maintained millage rate at mills levied on every $1,000 in taxable property value. Provided general employee raises for the first time since fiscal year Balanced budget without the use of Reserves. 4

5 Operating Budget Highlights A net of eleven (11) new positions were added to the General Fund. Redesigned the employee health care plans to minimize the proposed insurance increase. Higher costs of workers compensation, general liability, and automobile claims increased operating expenses. Building permit revenues are expected to exceed the FY 2014 budget of $4.7 million by over $3.5 million. Over $1.3 billion of new construction projects are projected to be completed within the City over the next 5 years. 5

6 General Fund Budget at a Glance FY 2015 FY 2014 Change $ Change % Revenue Property Taxes $ 57.5 $ 52.8 $ % Licenses & Permits (0.3) -1.9% Intergovernmental % Charges for Services % Transfers (3.1) -55.4% Fire Assessment Fee (0.6) -37.5% Misc., Interest, Fines & Forfeitures % Other Taxes % Cash Carryforward (7.5) % Appropriated Carryforward (2.4) % Total Revenue $ $ $ (2.5) -1.6% 1 FY 15 removed budgeted Carryforward. See offset in Expenditure section, below. 2 FY 15 did not require the use of Reserves to balance the budget. Expenditures General Government $ 21.1 $ 20.0 $ % Police % Fire % Engineering / Public Works % Parks & Recreation % Library % Debt Service (debt transfers) (2.8) -36.8% Other Transfers % Cash Carryover (7.5) Total Expenditures $ $ $ (2.5) -1.6% 6

7 Components of General Fund Revenue Transfers 1.60% Other Taxes 12.44% Intergov % Licenses and Permits 9.69% Property Taxes 36.88% Misc., Int., Fines and Forfeitures 3.27% Fire Assessment Fee 0.64% Charges for Services 21.74% Components of General Fund Expenditures Library 2.69% Parks & Recreation 9.69% General Gov't 13.53% Other Transfers 4.75% Police Dept % Eng / PW 9.94% Debt 3.08% Fire Dept % 7

8 The Budget Process This was another challenging budget year. The effects of the economy improved, but the City continued to experience the impact the City s taxable values, revenue streams and the cost of operations. The following chart illustrates the General Fund budget shortfall at the first budget presentation on July 7, 2014, and the actions implemented to achieve a balanced budget Balance Additions Reductions Ending Balance Revenue $153.6 $2.5 $(0.2) $155.9 Expenditures ($156.8) ($4.2) $5.1 ($155.9) Difference $(3.2) ($1.7) $4.9 $0.0 Adjustments to General Fund Revenue Transfers between Funds $ 1.6 Administrative fees 0.3 Improved revenue assumptions 0.5 CST revenue reduction (0.1) $ 2.3 Adjustments to General Fund Expenditures Fleet replacement $ 1.0 Reduce debt (1.2) Cuts to various Departmental budgets (0.7) $ (0.9) 8

9 8-Year Citywide Personnel Trend Full-time Equivalents (FTE) ,696 1,635 1,550 1,471 1,422 1,434 1,470 1,486 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 $14 City of West Palm Beach Taxable Values and Millage Rates Fiscal Years $ Valuation (Billions) $10 $8 $6 $4 ` Millage Rate $ $ Taxable Value Millage Rate 9

10 Property Taxes The City s taxable property value is $8.9 billion, a 6.39% increase from the prior year. The Fiscal Year 2015 budget was developed using the proposed millage rate of The proposed millage rate is higher than the rolled-back rate of , which is the rate that would achieve the same amount of Ad Valorem or Property Tax revenue, based on the new taxable property values as in the prior year. New construction added $30.6 million to the tax rolls. The millage rate generates property tax revenue of $57.5 million to the General Fund and represents 36.9% of the total General Fund revenue budget. This contributes towards paying for the public safety budget of $87.7 million, or 56.3% of total General Fund expenditures. 7-Year Property Tax Trend Fiscal Year Taxable Value Growth in Value Millage Rate General Fund Tax Revenue* 2008/09 $11,791,806, % $68,897, /10 $10,017,236, % $61,254, /11 $8,789,746, % $54,142, /12 $8,412,599, % $51,556, /13 $8,147,594, % $51,222, /14 $8,344,187, % $52,820, /15 $8,877,357, % $57,481,593 * Excludes CRA Tax Revenue 10

11 General Fund Reserves The Fiscal Year 2015 budget results in an estimated General Fund ending reserve balance of $35.3 million or 22.6% of total Net General Fund expenditures. Of the available reserves, $12.5 million are restricted by the City for use in emergency situations. Another $14.6 million is restricted for other purposes. The remaining $8.2 million is undesignated and unrestricted. Amounts are reported in millions Restricted Committed Unrestricted F 2015 B 11

12 Citywide Budget at a Glance By Fund Type (Amounts are reported in Millions) FY 2015 FY 2014 Change $ Change % General Fund $ $ $ (2.5) -1.6% Utility Fund % ECR Fund (107.1) -69.3% Stormwater Fund (2.7) -14.1% All Other Enterprise Funds % Debt Service Funds % Capital Improvement Funds % Internal Service Funds % CRA (0.2) -0.5% Special Revenue Funds % Total Citywide Budget $ $ $ (82.2) -14.2% In addition to the typical governmental activities such as public safety, planning and development, recreation, and public works, the City of West Palm Beach also maintains several other activities as part of its Citywide Budget. These activities include Utility and Stormwater Funds which provide water, sewer, and stormwater services to the residents of our community; a sewage and treatment facility joint venture ( ECR ) with other governmental organizations; two Community Redevelopment Agency (CRA) funds, as well as several funds dedicated to capital improvements and the payment of debt services. Additionally, the City operates a municipal golf course and several parking garages which are accounted for as business-type activities under the classification of enterprise funds. The City also maintains several internal service funds providing services such as information technology, fleet management, and insurance to the various departments and funds within the City. 12

13 In Millions Citywide Debt at a Glance $600 $500 $400 $300 $200 $100 $0 Citywide Long Term Debt P 2015 F Governmental CRA Utility The City s downtown and Northwood Community Redevelopment Agencies have borrowed approximately $130 million to fund various community redevelopment projects such as CityPlace, Northwood Village, and the City Center Library complex. These bonds are backed by the incremental tax revenues generated within these districts. These bonds are repayable thru The CRA s debt carries a rating of A from Standard and Poor s. The City s General Fund has borrowed approximately $100 million to fund various public projects including the City Center Government complex, the Waterfront, and other recreation venues. Various revenue sources including public service taxes, guaranteed entitlement obligations, and general tax obligations have been pledged to various bonds issued. These bonds are repayable through The City s bond rating is Aa2/AA-/AA. The City s Utility Fund has borrowed approximately $260 million to fund various water, sewer, and stormwater capital projects. Revenues from the Utility Fund has been pledged to support these bonds. The City s utility debt carries a rating of AA from Standard and Poor s and an Aa2 rating from Moody s. These bonds are repayable thru

14 14 Notes

15 Notes 15

16 Prepared by the City of West Palm Beach Finance Department 401 Clematis Street West Palm Beach, FL (561)

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