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HomeMy WebLinkAboutM-98-0811110Q- i j-0ti i Hu I l; l i T !jr i I fill I bLjb,sz i r H4 :�lJ, ')U � i' �1i8' r, 02 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Honorable Mayor and Members DATE August 13, 1998 of the City Commission SI,BJECT Structural Deficit Solution FNOM: `� REFERENCES: nald H. Warshaw City Manager ENCLOSURES: FILE Pursuant to our discussion earlier this week I am enclosing two analyses, with three (3) revenue options, which satisfy the structural deficit of the City . It should be noted that the following revenue options noted below can be revised with the matrix provided to you earlier: 1) Property Taxes 2) Fire Fee 3) Solid Waste D HW/DMP/afa 98- 81 City of Miami Five Year Plan Summary A_ Revised - Without Off -Street Parking FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Description Budget Budget Budget Budget Budget Budget Revenues $ 308,504,940 $ 269,947,668 $ 279,028,877 $ 278,835,133 $ 280,446,688 $ 285,404,572 Expenditures 308,504,940 285,849,832 296,700,417 302,328,811 307,809,999 314,691,078 Difference - (15,902,164) (17,671,540) (23,493,678) (27,363-73-1 1—)— (29,286,506 Restatement Forecast of Property Taxes $ $ 2,512,669 $ 3,588,727 $ 4,739,903 $ 5,967,073 $ 7,277,291 Lease Revenues: Knight Center - - (4,000,000) (4,000,000) (4,000,000) (4,000,000) Lease Revenues: Off -Street Parking Center - - (2,000,000) (2,000,000) (2,000,000) (2,000,000) Sub -Total - 2,512,669 (2,411,273) (1,260,097) (32,927) 1,277,291 Revised Structural Problem Revenues $ 308,504,940 $ 272,460,337 $ 276,617,604 $ 277,575,036 $ 280,413,761 $ 286,681,863 Expenditures 308,504,940 285,849,832 296,700,417 302,328,811 307,809,999 314,691,078 Difference - (13,389,496) (20,082,813) (24,753,775) (27,396,238) (28,009,215 Revisions / Initiatives: Police - Grants / Attrition $ - $ - $ 4,385,226 $ 5,925,532 $ 6,107,366 $ 6,328,300 Professional Services - 200,000 200,000 200,000 200,000 200,000 Mayor's Budget Reduction - 28,175 28,175 28,175 28,175 28,175 Commissioner's Budget Reduction - 108,470 108,470 108,470 108,470 108,470 Construction Debris Fee - (530,925 (530,925) (530,925) (530,925) (530,925) Supplemental Waste Fees - (108,924) (108,924) (108,924 (108,924) (108,924) Sub -Total - $ (303,204) 4,082,022 5,622,328 5,804,162 6,025,096 General Fund Summary Revenues Expenditures Difference 1 % Budget Reserve / Contingency Revised Structural Deficit $ 308,504,940 $ 271,820,488 $ 275,977,755 $ 276,935,187 $ 279,773,912 $ 286,042,014 308,504,940 285,513,187 291,978,546 296,066,634 301,365,988 308,026,133 132) (2,919,785) 01 I on Qv 8/13/98 8:06 AM City of Miami Five Year Plan Summary 00 Revised - Without Off -Street Parking Option 1 00 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budget Budget Budaet Budget Budget Budaet Millage at 10 mills - 4,770,084 4,943,114 5,122,976 5,309,944 5,504,300 Staged Hiring - 2,000,000 - - - - Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 784,692 2,092,512 4,708,152 6,996,837 7,323,792 Fire Fee - 9,967,297 12,920,570 13,289,729 13,289,729 13,289,729 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592) (1,682,592) - 16,589,481 19,023,604 22,188,265 24,663,918 25,185,229 Difference - 41,650 103,027 96,152 58,182 120,849 Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually $ 29.00 $ 29.58 $ 30.17 $ 30.78 $ 31.39 Solid Waste Fees ' 12.00 32.00 72.00 107.00 112.00 Fire Fees 54.00 70.00 72.00 72.00 72.00 $ 95.00 $ 131.58 $ 174.17 $ 209.78 $ 215.39 Overall Rates Solid Waste Fees 200.00 220.00 260.00 296.00 300.00 Fire Fees 78.00 94.00 96.00 96.00 96.00 8/13/98 8:06 AM City of Miami Five Year Plan Summary Revised - Without Off -Street Parking Option 2 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budget Budget Budget Budget Bud et Bud et Millage at 10 mills 4,770,084 4,943,114 5,122,976 5,309,944 5,504,300 Staged Hiring - 2,000,000 - - - - Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 9,285,522 12,293,508 12,293,508 12,293,508 12,293,508 Fire Fee - 1,476,637 2,953,273 5,906,546 8,121,501 8,490,660 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592) (1,682,692) - 16,599,651 19,257,303 22,390,438 24,792,361 25,355,876 Difference - 51,820 336,727 298,325 186,625 291,496 Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually $ 29.00 $ 29.58 $ 30.17 $ 30.78 $ 31.39 Solid Waste Fees 142.00 188.00 188.00 188.00 188.00 Fire Fees 8.00 16.00 32.00 44.00 46.00 $ 179.00 $ 233.58 $ 250.17 $ 262.78 $ 265.39 Overall Rates Solid Waste Fees 330.00 376.00 376.00 376.00 376.00 Fire Fees 32.00 40.00 56.00 68.00 70.00 8/13/98 8:06 AM City of Miami Five Year Plan Summary OO Revised - Without Off -Street Parking Option 3 OQ FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budget Budget Budge Budaet Budg Budget Millage at 10 mills Staged Hiring - 2,000,000 - - - - Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 7,781,529 9,939,432 11,639,598 12,751,245 13,012,809 Fire Fee - 7,752,342 9,967,297 11,628,513 12,920,570 13,105,149 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592) (1,682,592) - 16,601,279 18,974,137 22,335,519 24,739,223 25,185,366 Difference - 53,448 53,560 243,405 133,487 120,986 Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually $ - $ _ $ - $ - $ - Solid Waste Fees 119.00 152.00 178.00 195.00 199.00 Fire Fees 42.00 54.00 63.00 70.00 71.00 $ 161.00 $ 206.00 $ 241.00 $ 265.00 $ 270.00 Overall Rates Solid Waste Fees 307.00 340.00 366.00 383.00 387.00 Fire Fees 66.00 78.00 87.00 94.00 95.00 8/13/98 8:06 AM Description Revenues Expenditures City of Miami Five Year Plan Summary Ifl Revised - With Off -Street Parking FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budget Buda et Budaet Buda et Budget Budget $308,504,940 $ 269,947,668 $ 279,028,877 $ 278,835,133 $ 280,446,688 $ 285,404,572 308,504,940 285,849,832 296,700,417 302,328,811 307,809,999 314,691,078 Difference - (15,902,164) (17,671,540) (23,493,678) (27,363,311) (29,286,506 Restatement Forecast of Property Taxes $ $ 2,512,669 $ 3,588,727 $ 4,739,903 $ 5,967,073 $ 7,277,291 Lease Revenues: Knight Center - - (4,000,000) (4,000,000) (4,000,000) (4,000,000) Lease Revenues: Off -Street Parking Ce - - (2,000,000) (2,000,000) (2,000,000) (2,000,000) Sub -Total 2,512,669 (2,411,273) (1,260,097) (32,927) 1,277,291 Revised Structural Problem Revenues $308,504,940 $ 272,460,337 $ 276,617,604 $ 277,575,036 $ 280,413,761 $ 286,681,863 Expenditures 308,504,940 285,849,832 296,700,417 302,328,811 307,809,999 314,691,078 Difference - (13,389,495) (20,082,813) (24,753,776) (27,396,238) (28,009,215) Revisions / Initiatives: Police - Grants / Attrition $ - $ - $ 4,385,226 $ 5,925,532 $ 6,107,366 $ 6,328,300 Professional Services - 200,000 200,000 200,000 200,000 206,000 Mayor's Budget Reduction - 28,175 28,175 28,175 28,175 28,175 Commissioner's Budget Reduction 108,470 108,470 108,470 108,470 108,470 Construction Debris Fee (530,925 (530,925) (530,925) (530,925) (530,925) Supplemental Waste Fees - (108,924) (108,924) (108,924) (108,924) (108,924) Off- Street Parking 2,275,000 2,317,000 2,410,000 2,294,000 2,213,000 Sub -Total - 1,971,796 6,399,022 8,032,328 8,098,162 87 019,0 66 General Fund Summary Revenues Expenditures Difference 1 % Budget Reserve / Contingency Revised Structural Deficit $308,504,940 $ 274,095,488 $ 278,294,755 $ 279,345,187 $ 282,067,912 $ 288,255,014 308,504,940 285,513,187 291,978,546 296,066,634 301,365,988 308.026,133 132) (2,91 •s 0 8/13/98 8:05 AM City of Miami Five Year Plan Summary �r-I 00 Revised - With Off -Street Parking Option 1 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budge Budget Budget Buda Budget Budget Millage at 10 mills - 4,770,084 4,943,114 5,122,976 5,309,944 5,504,300 Staged Hiring - 2,000,000 - - _ _ Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 1,700,166 1,830,948 3,138,768 4,708,152 5,100,498 Fire Fee - 6,829,444 10,890,194 12,551,411 13,289,729 13,289,729 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592 (1,682,592) - 14,367,102 16,731,664 19,880,563 22,375,233 22,961,935 Difference _ Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually Solid Waste Fees Fire Fees Overall Impact on a Single Family Home Solid Waste Fees Fire Fees 94,271 128,088 198,449 63,497 110,555 $ 29.00 $ 29.58 $ 30.17 $ 30.78 $ 31.39 26.00 28.00 48.00 72.00 78.00 37.00 59.00 68.00 72.00 72.00 $ 92.00 $ 116.58 $ 146.17 $ 174.78 $ 181.39 214.00 216.00 236.00 260.00 266.00 61.00 83.00 92.00 96.00 96.00 8/13/98 8:05 AM City of Miami Five Year Plan Summary Revised - With Off -Street Parking Option 2 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budget Budget Budget Budget Budget Budget Millage at 10 mills - 4,770,084 4,943,114 5,122,976 5,309,944 5,504,300 Staged Hiring - 2,000,000 - - - - Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 7,062,228 9,808,650 11,116,470 12,293,508 12,293,508 Fire Fee - 1,476,637 2,953,273 4,429,910 5,906,546 6,275,705 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592) (1,682,592) - 14,376,357 16,772,445 19,736,764 22,577,406 23,140,921 Difference 103,526 168,869 54,650 265,670 289,541 Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually $ 29.00 $ 29.58 $ 30.17 $ 30.78 $ 31.39 Solid Waste Fees 108.00 150.00 170.00 188.00 188.00 Fire Fees 8.00 16.00 24.00 32.00 34.00 $ 145.00 $ 195.58 $ 224.17 $ 250.78 $ 253.39 Overall Rates Solid Waste Fees 296.00 338.00 358.00 376.00 376.00 Fire Fees 32.00 40.00 48.00 56.00 58.00 8/13/98 8:05 AM City of Miami Five Year Plan Summary Revised - With Off -Street Parking Option 3 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revised Estimated Estimated Estimated Estimated Estimated Budge Budget Budget Budget Budget Bud et Millage at 10 mills _ Staged Hiring - 2,000,000 - - _ _ Unclassified Savings - 750,000 750,000 750,000 750,000 750,000 Solid Waste Fee - 6,604,491 8,762,394 10,331,778 11,574,207 11,835,771 Fire Fee - 6,644,864 8,859,819 10,336,456 11,813,092 11,997,672 Solid Waste Capital Needs - (1,682,592) (1,682,592) (1,682,592) (1,682,592 (1,682,592) - 14,316,763 16,689,621 19,735,642 22,454,707 22,900,851 Difference - 43,933 86,045 53,528 142,971 49,471 Impact Statement on a Single Family Home Millage at 10 mills - Increased by 2% annually $ - $ _ $ _ $ _ $ _ Solid Waste Fees 101.00 134.00 158.00 177.00 181.00 Fire Fees 36.00 48.00 56.00 64.00 65.00 $ 137.00 $ 182.00 $ 214.00 $ 241.00 $ 246.00 Overall Rates Solid Waste Fees 289.00 322.00 346.00 365.00 369.00 Fire Fees 60.00 72.00 80.00 88.00 89.00 8/13/98 8:05 AM