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Home My WebLink AboutDocument Submitted into the Public RecordPurpose Present the 2005 Fiscal Year Budget Outlook, and the underlining assumptions and estimates. Address some of the fiscal challenges for the upcoming year Solicit feedback from the Commission on fiscal priorities and goals for the 2005 budget. July 29, 2004 2 1 STRATEGIC PLANNING PROCESS Internal Data Analysis (Financial Results an Measures Review) Strategic Plan Multi -Year Budget / CIP Annual Budget External Data Analysis (Customer Feedback) Strategic Plan Methodology Balanced Scorecard Methodology Four Perspectives Customer Financial Internal Process Employee Learning and Growth July 29, 2004 4 2 What does the Balanced Scorecard do? The Balanced Scorecard is a framework that helps organizations translate strategy into measurable operational objectives that drive both behavior and performance. July 29, 2004 5 CITY OF MIAMI BALANCED SCORECARD STRATEGY MAP VISION: TO BE AN INTERNATIONAL CITY WHICH EMBODIES DIVERSITY, ECONOMIC OPPORTUNITY, EFFECTIVE CUSTOMER SERVICE AND A HIGHLY -RATED QUALITY OF LIFE. IMPROVE ECONOMIC HEALTH AND DEVELOPMENT SUPERIOR CUSTOMER SERVICE — MANAGER—MANAG CProvide \ / Poverty Sustainable Tax \\ Reduce Relief FINANCIALLY STRONG AND FISCAL LINDA H. LINDA Enhance Broaden Existing Revenue Revenue / OppANunitles EFFICIENT, EFFECTIVE, liND QUALITY CITY GOVERNMENT INVEST IN NEIGHBORHOOD AND ENVIRONMENTAL QUALITY TIMONEY/ ALICIA C.S. - ALICIA C.S. ALICIA C.S. BRYSQN Fosbr ae Ercallen estora. Maintain Provide Transportation rea w au L Systems for Educational. ey Excellent Pudic afore Grovt nanl oucWeen ( Safety MANAGER MANAGER Maxim. IunGrant Management terr. Row, Perlin.. „ALIGNED WORKFORCE LARRY S. ACM1leve Opengonal1 Savings JJ OPERATE AS A SERVICE - FOCUSED ORGANIZATION LARRY S./LINDA H./PETER K. OSALJE II-ROS Align Employee Goals %IM CM Goals Improve Business and Service Delivery Processes still Customs Focused, High - Performance ,__Culture -, LIE M. BRYSQN Provide Provide a Employees v,iM Quality Ws. Key lnlomwEon Environment MANAGER MAN GER M1iaveipaCol EMec Mun cpgl Servi PETER K. MANAGER Faalitate Service Access or Customers 3 Revenue vs. Expenses FY'O4 Adopted FY 05 Difference Btw Category Budget Projection FY04 and FY'05 TAXES 9181 ,142,662 $203,840,224 $22,697,562 LICENSES AND PERMITS $9,566,645 $9,564,452 ($2,193) INTERGOVERNMENTAL REVENUE $31 ,685,129 $32,706,278 $1 ,021 ,149 CHARGES FOR SERVICES $94,135,591 $91 ,483,354 ($2,652,237) FINES AND FORFEITS $4,100,000 $4,410,000 $310,000 MISCELLANEOUS REVENUE $14,917,042 $15,132,070 $215,028 NON -REVENUES $33,992,449 $45,199,425 $11 ,206,976 INTERNAL SERVICE FUNDS 647,786,792 $41 ,663,167 ($5,923,605) REVENUE TOTAL $417,326,310 $444,198,989 $26,872,679 SALARIES & WAGES - FIXED $202,314,740 $207,785,175 $5,470,435 FRINGE BENEFITS - FIXED $21,115,577 $23,511,941 $2,396,364 OPERATING EXPENSES - FIXED 569,767,330 $96,626,672 $26,859,342 OPERATING EXPENSES - VARIABLE $81,385,244 $82,840,741 $1 ,455,497 CAPITAL OUTLAY - VARIABLE $416,087 $932,196 $516,109 TRANSFERS TO OTHER FUNDS $42,327,332 $32,502,264 ($9,825,068) EXPENSE TOTAL $417,326,370 $444,198,989 $26,872,679 REVENUE/EXPENSE TOTAL: $0 $0 $0 July 29, 2004 7 Revenue Detail FY 2001 FY 2005 Adopted Forecast Variances Budget Budget horn 2001 'a Change Recurring Revenues Major General Fund Revenues Contribution from Utilities $ 47,417,828 $ 41 ,713,187 $ (5,704,641) -12.03% Solid Waste Fee - Res. 20,975,546 20,975,546 - 0.00% Half Cent Sales Tax 21,191,422 20,500,000 (691,422) -3.26% FP&L Franchise 14,630,727 15,500,000 869,273 5.94% Parking Surcharge 12,631,398 9,450,000 (3181,398)-25.19% Special lnspections 9,579,420 9,837,265 257,845 2.69% Interest on Investment 8,000,000 8,060,0013 - 0.00% Stormwater Utility Fee 8,962,242 8,962,242 - 0.00% State of FL Revenue 8,983,707 10,647,155 1,663,448 18.52% Local Option Gas Tax 7,700,000 6,700,615 (999,385) -12.98% Subtotal 160072,230 152,286,010 (7,786,280) -4.86% Ad Valorem Taxes Real Current $ 141,630,606 $ 165,347,866 $ 23,717,260 16.75% Taxes Personal Current 14,181,330 13,937,242 (244,088) -1.72% Subtotal 155,811,936 179,285,108 23,473,172 15.07% Other Recurring Revenue Various 74,448,497 72,627,870 (1,820,627) -2.45% Subtot117 74,448,497 72,627,870 (1820,627) -2.45% Total Recuniug Revenues $ 390.332,723 $ 401.198.988 $ 13.866.266 3.55', July 29, 2004 8 4 Facts about Ad Valorem Tax Total taxable value grew by $3,040,868,999 to $22,468,477,573 or 15.66% New Construction $574,822,959 Existing Property appreciation $2,466,046,040 July 29, 2004 9 Facts about Ad Valorem Tax • Overall revenue is projected at $179.2 million • Millage rate of 8.7625 Current year rollback rate is 7.5624 mills The proposed millage rate is 15.87% higher than the rollback rate • Translates to additional revenue of $26,964,420 July 29, 2004 10 5 Parking Surcharge Fee reduced by 25% Requires 20% contribution to Downtown infrastructure improvements • Impact $3.0 million reduction in the fee to $9,450,000, and $1,890,000 toward capital contribution. July 29, 2004 11 08 Other Notable Revenues • Residential Solid Waste Fee will remain flat at $325 per household - $20.9 million • Residential fire fee will remain flat at $61 per single family unit - $9.8 million general fund - $4.2 million to Capital July 29, 2004 12 6 Salaries & Wages — Assumptions The FY 05 projected amount for Salaries and Wages includes a 5% anniversary increase for all permanent positions July 29, 2004 14 7 Effect of Temp. to Perm. Conversion 027 positions that were converted from temporary positions to permanent The FY 05 implications are as follows: Police's TO increased by 2 positions with a total impact of $11,859 et Park's TO increased by 25 positions with a total impact of $195,493 July 29, 2004 15 Pension Pension at a Glance Adopted Proposed Pension FY 04 FY 05 Difference % Change GESE 13,779,217 22,100,134 8,320,917 60.39% FIPO 34,522,203 51,278,440 16,756,237 48.54% Total 48,301,420 73,378,574 25,077,154 51.92% • $69 million represents the City's contribution to the pension assets • Increase of over $22 million from 2004 • $4.0 Million administrative cost July 29, 2004 16 8 Outside Agencies with General Fund Impact Oustide Agencies Agency Virginia Key Beach Trust Bayfront Park Trust Off Street Parking/Gusman Olympia Model City Community Revitalization District T Community Redevelopment Agency Civilian Investigation Panel GESE FIPO Total Outside Agencies rust Adopted Proposed FY04 FY05 Budget Budget Difference % Change 715,000 1,066,083 351,083 49.10% 1,085,000 1,085,000 0.00% 256,400 332.956 76,556 29.86% 621,777 641.263 19,486 3.13% 659,388 659,388 - 0.00% 674,073 1,148,644 474,571 70.40% 13,779,217 22,100,134 8,320,917 60.39% 34,522,203 51,278,440 16,756,237 48.54% 52,313,058 78,311,908 25,998,850 49.70 %I July 29, 2004 17 Other General Fund Impacts • LETF funding reduced Fixed and Variable Operating Cost remain essentially flat Vacancy analysis July29, 2004 18 9 Question & Answers See you in September 10