CITY OF FOUNTAIN INN SOUTH CAROLINA. Budget for Fiscal Year July 1, 2015 June 30, 2016

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1 CITY OF FOUNTAIN INN SOUTH CAROLINA Budget for Fiscal Year July 1, 2015 June 30, 2016

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7 CITY OPERATING FUND PROPOSED REVENUES 2016 Budget 2015 Amended Budget Difference CITY REVENUES $ 3,438,024 $ 3,280,431 $ 157,593 TAN PROCEEDS $ 1,000,000 $ 545,000 $ 455,000 GRANT REVENUES $ 376,155 $ 267,231 $ 108,924 FIRE DISTRICT REVENUES $ 986,495 $ 890,418 $ 96,077 ADMINISTRATION FEES $ 760,000 $ 760,000 $ - OTHER REVENUES $ 1,177,182 $ 1,117,271 $ 59,911 TRANSFERS FROM GO BOND $ - $ 18,871 $ (18,871) TRANSFER IN FROM HOSPITALITY TAX $ 52,500 $ 134,400 $ (81,900) TRANSFER IN FROM GAS FUND $ 467,500 $ 342,333 $ 125,167 $ 8,257,856 $ 7,355,955 $ 901,901 TAX REVENUE TO INCREASE FUND BALANCE $ (51,000) $ - $ (51,000) GRANT REVENUES RESTRICTED FOR FUTURE YEAR'S USE $ (100,000) $ 100,000 $ 8,206,856 $ 7,255,955 $ 950,901 PROPOSED EXPENSES COMPENSATION/BENEFITS $ 4,430,060 $ 4,196,846 $ 233,214 BOND AND MASTER LEASE PAYMENTS $ 285,010 $ 304,754 $ (19,744) TAN PAYMENTS, INTEREST AND ISSUE COSTS $ 1,022,000 $ 553,854 $ 468,146 RESERVE $ - $ 12,855 $ (12,855) CAPITAL OUTLAY $ 4,500 $ - $ 4,500 CITY SPECIAL PROJECTS $ - $ 145,341 $ (145,341) GRANT EXPENSES $ 469,194 $ 20,600 $ 448,594 OPERATING COSTS $ 2,096,092 $ 2,066,705 $ 29,387 $ 8,306,856 $ 7,300,955 $ 1,005,901 EXPENSES FUNDED FROM RESTRICTED FUND BAL $ (100,000) $ (45,000) $ (55,000) $ 8,206,856 $ 7,255,955 $ 950,901 REVENUES/TRANSFERS LESS EXPENSES $ - $ - $ - CAPITAL IMPROVEMENTS PLAN AND 2015 GENERAL OBLIGATION BOND 2015 Amended PROPROSED REVENUES 2016 Budget Budget Difference 2015 GO BOND PROCEEDS $ - $ 1,575,500 $ (1,575,500) INSURANCE PROCEEDS AND OTHER SOURCES $ - $ 109,370 $ (109,370) $ - $ 1,684,870 $ (1,684,870) PROPOSED EXPENSES COST OF ISSUANCE $ 9,668 $ 21,082 $ (11,414) TRANSFERS OUT TO GENERAL FUND $ - $ 18,871 $ (18,871) CITY/ADMINISTRATION $ 69,651 $ 16,049 $ 53,602 JUDICIAL $ 24,630 $ 22,794 $ 1,837 MAYOR COUNCIL $ 2,000 $ - $ 2,000 ECONOMIC DEVELOPMENT $ 3,483 $ 26,517 $ (23,034) POLICE $ 125,771 $ 243,767 $ (117,996) FIRE $ 84,421 $ 563,079 $ (478,659) PUBLIC WORKS $ 222,200 $ 30,300 $ 191,900 RECREATION $ 77,759 $ 129,241 $ (51,482) YOUNTS CENTER $ 30,000 $ - $ 30,000 $ 649,583 $ 1,071,700 $ (422,118) EXPENSES FUNDED FROM GO BOND 2014 PROCEEDS $ (8,830) $ (27,583) $ 18,753 $ 640,753 $ 1,044,117 $ (403,365) BOND PROCEEDS/REVENUES LESS EXPENSES $ (640,753) $ 640,753 $ (1,281,505)

8 GAS OPERATING FUND PROPROSED REVENUES 2016 Budget 2015 Amended Budget Difference GAS RECEIPTS $ 6,854,325 $ 6,849,748 $ 4,577 OTHER CHARGES FOR SERVICES $ 164,500 $ 159,500 $ 5,000 $ 7,018,825 $ 7,009,248 $ 9,577 PROPOSED EXPENSES COMPENSATION/BENEFITS $ 1,097,760 $ 991,660 $ 106,100 BOND PAYMENTS $ 242,543 $ 244,722 $ (2,179) TRANSFERS OUT $ 467,500 $ 342,333 $ 125,167 ADMINISTRATIVE FEES $ 760,000 $ 760,000 $ - OPERATING COSTS $ 4,451,022 $ 4,670,533 $ (219,511) $ 7,018,825 $ 7,009,248 $ 9,577 REVENUES LESS EXPENSE $ - $ - $ - SEWER OPERATING FUND PROPROSED REVENUES 2016 Budget 2015 Amended Budget Difference SEWER FEES $ 713,259 $ 727,094 $ (13,835) OTHER CHARGES FOR SERVICE $ 800 $ 800 $ - $ 714,059 $ 727,894 $ (13,835) PROPOSED EXPENSES COMPENSATION/BENEFITS $ 209,700 $ 164,173 $ 45,527 BOND PAYMENTS $ 283,004 $ 257,539 $ 25,465 OPERATING COSTS $ 95,286 $ 93,165 $ 2,121 RESERVE $ 126,069 $ 213,017 $ (86,948) $ 714,059 $ 727,894 $ (13,835) REVENUES LESS EXPENSE $ - $ - $ - SEWER REVENUE BOND 2016 Budget 2015 Amended Budget Difference PROPOSED EXPENDITURES CONSULTING FEES $ 10,000 $ 7,500 $ 2,500 ENGINEERING FEE - IN HOUSE $ 10,000 $ 140,000 $ (130,000) REPAIR/REHABILITATION $ 1,055,000 $ 1,055,000 $ - SEWER DEPARTMENT BUILDING $ 300,000 $ (300,000) EQUIPMENT $ 48,997 $ 46,000 $ 2,997 OUTSIDE GIS FEES $ 9,500 $ 9,500 $ - EXPENSES TO BE FUNDED FROM RESTRICTED FUND BALANCE $ 1,133,497 $ 1,558,000 $ (424,503)

9 HOSPITALITY TAX FUND PROPOSED REVENUES 2016 Budget 2015 Amended Budget Difference HOSPITALITY TAX $ 235,000 $ 222,000 $ 13,000 INTEREST EARNED $ 500 $ 500 $ - EXPENSES TO BE FUNDED FROM RESTRICTED FUND BALANCE $ - $ 73,259 $ 235,500 $ 295,759 $ (60,259) PROPOSED EXPENDITURES BOND PAYMENTS $ 133,770 $ 135,538 $ (1,768) TOURISM RELATED PROJECTS $ 43,300 $ 53,221 $ (9,921) TRANSFERS OUT TO GENERAL FUND $ 52,000 $ 107,000 $ 229,070 $ 295,759 $ (66,689) REVENUES LESS EXPENSE $ 6,430 $ - $ 6,430 HOSPITALITY BOND FUND 2016 Budget 2015 Amended Budget Difference PROPOSED EXPENDITURES WOODSIDE STREETSCAPE PROJECT $ 545,725 $ 47,185 $ 498,540

10 2015/2016 City of Fountain Inn General Fund Budget City: Revenues: FY 2013/2014 Actual Amended Budget for FY 2015 (1) Adopted Budget for FY 2016 (1) Difference % Difference Transfer In: Hosp 0 29,400 0 (29,400) -100% Transfer In: GO Bonds 0 18,871 0 (18,871) -100% Transfer In: Laurens Electric Transfer In: Gas Department , ,000 TAN Proceeds 545, ,000 1,000, ,000 83% GC Taxes (All) 1,467,196 1,467,565 1,564,507 96,942 7% LC Taxes (All) 338, , ,174 46,353 13% MASC Collections Tax 590, , , % FILOT Utilities (All) 545, , ,000 20,831 4% LC Local Option 152, , , % SC Local Govt Fund 210, , ,258 (2,742) -2% Admin Fees 760, , , % Other 48,865 27,556 29,085 1,529 Woodside Street Scape (DOT Grant and HTax) 23,245 40,600 0 (40,600) -100% Rotary Park 5,328 (5,328) Total City 4,681,015 4,674,302 5,343, ,722 14% Administration Mayor and Council Judicial 172, , ,000 38,000 36% Economic Development 2,374, , ,000 (177,945) -36% Police ,480 10, % Fire 922, ,701 1,005,495 87,794 10% Public Works 284, , ,000 20,833 7% Sanitation 82,399 79,517 86,152 6,635 8% Recreation 258, , , ,130 39% Performing Arts 402, , , ,250 28% Farmers Market 16,748 20,253 17,200 (3,053) -15% Total Revenues 9,196,312 7,355,955 8,257, ,901 12%

11 FY 2013/2014 Actual Amended Budget for FY 2015 (1) Adopted Budget for FY 2016 (1) Difference % Difference Expenses: City: TAN Payoff 545, ,001 1,016, ,999 86% Bonds Payoffs 2, ,581 2,061 (196,521) -99% Costs of Issuance 9,332 8,852 6,000 (2,852) -32% Reserves 0 12,857 0 (12,857) -100% Insur., Workers Comp 116, ,898 7,000 (150,898) -96% Operating Expenses All Other 216, , ,275 (25,446) -13% Main Street 1,690,531 50,460 0 (50,460) -100% Woodside Street Scape (DOT Grant and HTax) 62,085 71,207 0 (71,207) -100% Woodside Subdivision 28,699 23,674 0 (23,674) -100% Master Plan Total City 2,671,546 1,265,252 1,202,336 (62,916) -5% Administration: Insur., Workers Comp 278, , ,417 46,085 16% Bond Payments 17, ,833 11,833 Capital Outlay 0 Grant Expenses 0 Operating Costs 72,896 38,389 43,650 5,261 14% Administration Total Expenses 368, , ,900 63,180 20% Mayor and Council: Insur., Workers Comp 78,396 73,481 79,097 5,616 8% Bond Payments 0 Capital Outlay 0 Grant Expenses 0 Operating Costs 24,422 7,217 8,605 1,388 19% Mayor and Counsel Total Expenses 102,818 80,698 87,702 7,004 9% Judicial: Insur., Workers Comp 97,529 97, ,098 8,362 9% Bond Payments 0 0 2,132 2,132 Capital Outlay 0 Grants 0 Operating Costs 169, , ,881 23,057 19% Judicial Total Expenses 266, , ,111 33,550 15%

12 FY 2013/2014 Actual Amended Budget for FY 2015 (1) Adopted Budget for FY 2016 (1) Difference % Difference Economic Development/Tourism: Insur., Workers Comp 142, ,254 94,020 (36,234) -28% Bond Payments 0 0 4,048 4,048 Capital Outlay 0 Grants 0 Operating Costs 245, , ,872 (55,223) -26% Econ. Develop./Tourism Total Expenses 387, , ,940 (87,409) -26% Police: Insur., Workers Comp 1,432,233 1,420,294 1,534, ,787 8% Bond Payments 85,943 17,666 70,432 52, % Capital Outlay 0 0 Grants 0 0 2,000 2,000 Operating Costs 248, , ,677 (3,049) -2% Police Total Expenses 1,766,740 1,638,685 1,804, ,504 10% Fire: Insur., Workers Comp 1,122,607 1,080,103 1,235, ,725 14% Bond Payments ,365 87,365 Capital Outlay 0 Grants 0 2,000 2, Operating Costs 204, , ,640 18,639 9% Fire Total Expenses 1,327,307 1,282,105 1,543, ,729 20% Public Works: Compensation, Payroll Taxes, Retirement. Health Insur., Workers Comp 226, , ,630 (36,857) -18% Bond Payments 65,014 21,390 56,676 35, % Capital Outlay 0 Grants Operating Costs 40,283 45,160 43,162 (1,998) -4% Public Works Total Expenses 332, , ,468 (3,569) -1% Streets: Insur., Workers Comp 286, , ,116 38,500 14% Bond Payments 0 Capital Outlay 0 Grants 0 Operating Costs 291, , ,339 22,615 9% Streets Total Expenses 578, , ,455 61,115 12%

13 FY 2013/2014 Actual Amended Budget for FY 2015 (1) Adopted Budget for FY 2016 (1) Difference % Difference Sanitation: Insur., Workers Comp 57,001 52,740 60,647 7,907 15% Bond Payments 51,646 13,304 0 (13,304) -100% Capital Outlay 0 Grants 0 Operating Costs 117, , ,933 4,190 4% Sanitation Total Expenses 225, , ,580 (1,207) -1% Recycle (250) -100% Recreation: Insur., Workers Comp 273, , ,212 22,288 8% Bond Payments 58,658 20,960 46,415 25, % Capital Outlay 4,500 4,500 Grants (Includes $100,000 Funded from FY 2015 Restricted Fund Balance) 143,358 18, , , % Operating Costs 219, , ,065 (9,392) -5% Recreation Total Expenses 695, ,940 1,000, ,447 96% Performing Arts: Insur., Workers Comp 117, , ,781 55,797 37% Bond Payments 50,602 32,854 4,048 (28,806) -88% Capital Outlay 0 Grants 0 Operating Costs 503, , ,643 53,383 11% Performing Arts Total Expenses 672, , ,472 80,374 12% Farmers Market: Insur., Workers Comp ,133 3, % Bond Payments 0 Capital Outlay 0 Grants 0 Operating Costs 19,787 18,136 14,350 (3,786) -21% Farmers Market Total Expenses 20,783 19,133 18,483 (650) -3% Total Expenditures 9,416,034 7,300,955 8,306,856 1,005,901 14% Revenues Less Expenditures (219,722) 55,000 (49,000) (104,000)

14 Recap of Total Expenses: FY 2013/2014 Actual Amended Budget for FY 2015 (1) Adopted Budget for FY 2016 (1) Difference % Difference Insur., Workers Comp 4,231,277 4,196,846 4,430, ,214 6% Bond Payments 340, , ,010 (19,744) -6% TAN Payments 545, ,853 1,022, ,147 85% Reserve 0 12,857 0 (12,857) -100% Capital Outlay 0 0 4,500 4,500 City Special Projects 1,782, ,341 0 (145,341) Grants 143,358 20, , , % Operating Costs 2,373,250 2,066,705 2,096,092 29,388 1% Total Expenses 9,416,034 7,300,955 8,306,856 1,005,901 14% (1) Excludes Budget Items related to CIP and GO Bond

15 APPENDIX TO BUDGET FOR FISCAL YEAR JULY 1, 2015 JUNE 30, 2016

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18 June 5, 2015 To: Fountain Inn City Council, RE: 2015/2016 Budget In May we presented the first draft of certain of the City s budgets, which were approved by City Council upon first reading. This letter is to summarize any significant changes to the Budgets approved on first reading, and to request a second reading. GENERAL FUND OPERATING BUDGET The cover letter issued to the City Council on May 11, 2015 (a copy of which is enclosed for your convenience) outlined assumptions regarding increases in millage, merit pay percentage, impact of open positions and other matters for the General Fund. No changes have been made to those assumptions in this final proposed General Fund Operating Budget. Since May we have revised the Proposed General Fund Operating Budget as follows: 1. Increased TAN Proceeds from $545,000 to $1,000,000 based on a detailed monthly cash flow projection. We also revised budgeted TAN interest expense from $3,000 to $16,000. Budgeted issuance costs remain at $6, Increased Main Street landscaping in the Streets department by $4, Decreased Reserve from $17,000 to zero to offset the increases above. A summary of the revised Proposed General Fund Operating Budget for fiscal year 2016, compared to the Amended Budget for fiscal year 2015, is as follows (see attachment): FY 2016 FY 2015 Revenues: TAN Proceeds $1,000,000 $ 545,000 Transfers In 520, ,604 Administrative Fees from Gas Dept. 760, ,000 Grant Revenues 376, ,231 Other Revenues 5,601,701 5,288,120 Total Revenues 8,257,856 7,355,955 Expenses: TAN Payments, Issuance Costs and Interest $1,022, ,854 Compensation, Taxes and Insurance 4,430,060 4,196,856 Bond and Master Lease Payments 285, ,754 Grant Expenses 469,194 20,600 Other Expenses 2,100,592 2,224,901 Total Expenses 8,306,856 7,300,955 Revenues Greater (Less) Than Expenses ($49,000) $ 55,000 1

19 The General Fund Operating Budget is balanced except for the following components: FY 2016 FY 2015 Tax Revenues to Increase Fund Balance $51,000 $ - Restricted Grant Revenues - 100,000 Expenses Paid from Restricted Fund Balance (100,000) ($45,000) ($49,000) $ 55,000 CAPITAL IMPROVEMENT PLAN AND 2015 GO BOND BUDGET AMENDMENT In February 2015 City Council approved a Budget for issuance of 2015 GO Bonds and related Capital Improvement Plan (CIP) expenditures. A CIP Budget for fiscal year 2016 had not yet been prepared in May Management has since developed a proposed fiscal year 2016 CIP Budget as well as a proposed Amendment to the fiscal year 2015 CIP Budget. In essence, certain CIP expenditures to be funded by GO Bond Proceeds will not be completed in fiscal year 2015 and will carry over to fiscal year Therefore, City Council is requested to approve the following (see attachment): Amendment to the fiscal year 2015 CIP budget to reduce expenditures by $649,583. Proposed CIP Budget for fiscal year 2016 of $649,583, of which $640,753 will be funded by proceeds of GO Bonds Series 2015 and $8,830 will be funded by proceeds of GO Bonds Series HOSPITALITY BOND FUND City Council is requested to approve the following (see attachment): Amendment to the fiscal year 2015 Hospitality Revenue Bond budget to reflect total expenditures of $47,185 towards Woodside Streetscape. Proposed Hospitality Revenue Bond budget for fiscal year 2016 of $545,725, towards Woodside Streetscape. OTHER BUDGETS No changes have been made to the following proposed budgets which were approved on first reading in May 2015: Gas Dept., Sewer Dept., and Hospitality Operating Fund. See attached Summary Budgets. 2

20 Please let us know if you have any questions or concerns. Respectfully, Mayor Long Eddie Case Sandra Woods Jill Vales Enclosures 3

21 May 11, 2015 To: Fountain Inn City Council, RE: 2015/2016 Budget It is our goal to continue providing the high level of service the city has traditionally provided while maintaining a strong financial position. CITY As of today, we have not received the millage cap letter from the state. We have confirmed the CPI is 1.62% and we are estimating population growth the same as last year at 1.16%. We did not increase millage last year. Our millage bank balance is 1.64 mils plus the estimated millage for this year of 1.70 equates to 3 mils. Proposed: 3 mil increase for operations. Equates to $75,000. The impact to the homeowner of a $100,000 home is $12 per year. Proposed: 2 mil increase to increase unassigned fund balance. Equates to $51,000. The impact to the homeowner of a $100,000 home is $8 per year. Greenville County Council has approved a 4 mil increase on first reading equating to $83,000 for the Fountain Inn Fire Service Area. This will fund 2 new firefighters and uniforms. These positions will be filled January We have requested a 5% increase for the Laurens County Fire Contract. We have not received a response. Salaries and Benefits: Normally, there are 26 pay periods in a year. This year there are 27 pay periods which is increasing the salary and benefit expense $145,000. We are proposing a one-time transfer from the gas department to fund the 27 th payroll. Due to funding we were unable to replace open positions within the city. Administration Office 1 part-time accounting assistant Public Works 1 full time Public Works Clerk. We moved an Administration Department employee over to help out in the Public Works office. We also moved a Public Works Maintenance employee over to the Gas department to work 50% in the gas department and 50% at the Younts Center to do part-time cleaning. Police 1 full time Police Officer Younts Center requested a full-time maintenance employee. We have budgeted for a part-time person. We do not have the funding to implement the salary study. 1

22 A 2% Merit Increase in the amount of $31,000 has been budgeted. Employee evaluations are completed on their anniversary dates. A merit increase, up to 2%, is implemented at that time. SC Retirement and Police Retirement rates increased again this year. SCRS Employer Rates increased from 10.75% to 10.91% PORS Employer Rates increased from 13.01% to 13.34% SCRS Employee Rate increased from 8% to 8.16% PORS Employee Rate increased from 8.41% to 8.74% We have budgeted a 12% increase in employee health insurance to be implemented December GAS DEPT Balanced budget $7,018,825 (Budget attached) SEWER Revenue $714,059 Operations Expense $587,990 (Budget attached) HOSPITALITY BUDGET (Attached) 2

23 DEBT SERVICE PAYMENTS FOR 2015/2016: Payment Payoff CITY: Tax Anticipation Note 545, /15/2016 GO Bond Series , /01/2016 GO Bond - Series , /01/2021 Total 830, GAS: Refunding Bond - Series , /1/2023 SEWER: Refunding Bond 283, /01/2029 HOSPITALITY: Revenue Bond 2013A 69, /01/2029 Revenue Bond 2013B 63, /01/2028 Total 133,

24 Millage: As part of the compromise reached on Point of Sale legislation in the 2011 legislative session, local governments and schools districts now have the opportunity to look back or "bank" millage increases for future use if needed. Before this change in the law, millage increases were limited to the prior calendar year s average Consumer Price Index increase year plus the percentage increase in the city s previous year population as determined by the state Budget and Control Board. Officials now have the flexibility to raise millage in one year by up to the previous three years total increases allowed by law but not previously imposed by council plus the current millage cap. This will discourage the "use it or lose it" millage increase Act 388 encouraged. Current Operational Millage: Greenville County assessed value $19,198,110 x.061 mills = $1,171,085 in revenue. Laurens County assessed value $6,257,301 x.061 mills = $381,695 in revenue (-118K Local Option Sales Tax) Total operational revenue $1,434,780 Value of a mill = $25,455 Current Debt Millage: Greenville County assessed value $19,198,110 x.0116 mills = $222,698 in revenue. Laurens County assessed value $6,257,301 x.0116 mills = $72,585 in revenue. Total debt revenue $295,283 Please let us know if you have any questions or concerns. Respectfully, Mayor Long Eddie Case Sandra Woods Jill Vales 4

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