HomeMy WebLinkAboutSubmittal-FY'09 Proposed Budget'-r
Budget Focus
• To prepare a structurally balanced general
operating budget.
• To provide a budget, which conforms to Generally
Accepted Accounting Principles (GAAP).
• To present a budget using current financial
resources as reported in the City of Miami CAFR.
• To receive citizen feedback to ensure the
upcoming budget is consistent with the needs of
our citizens.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
2
Budget Issues
• Continuation of HB-1B
• Amendment 1
• SB 1588 —Glitch Bill
• Fuel Costs
• Utility Costs
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
3
House Bill 1B
• Limits the increase in the City's rolled back
millage rate from year-to-year.
• City removed from list of municipalities under
special financial concern in 2007.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
4
Amendment 1
• Approved by the voters on January 29, 2008.
• Provided an additional $25k exemption up to
the 3rd $25k of assessed value on homestead
properties.
• Provided a $25k exemption on tangible
personal property on businesses.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
5
Amendment 1
• Provided portability of Save Our Homes up to
$500k.
• Reduced Current Year Gross Taxable Values by
$1.2 billion in Tax Year 2008.
• City's Current Year Gross Taxable Values
increased by 1.6% in Tax Year 2008 compared
to 14.5% in Tax Year 2007.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
6
SB 1588 —Glitch Bill
• Changed the calculation of the maximum
millage rate with a majority vote.
• Takes out the effects of Amendment 1.
• Does not effect the calculation of the
maximum millage rate with a 4/5th vote.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
7
Fuel Prices
• Gasoline prices are projected to average $3.82
per gallon compared to $2.81 per gallon at the
start of FY'08.
• Diesel prices are projected to average $4.27 per
gallon compared to $2.88 per gallon at the start
of FY'08.
• Overall, fuel expenses are forecasted to increase
over 40% from $5 million to $8 million in FY'09.
Source: Department of Energy, August 2008 Short -Term Energy Outlook
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
8
•
Utility Costs
• On July 1, 2008 the PSC approved an adjustment
to FPLs pass -through fuel surcharge.
• On average, electricity prices are anticipated to
increase from $8.6 cents per kilowatt hour in
FY'O8 to $10.1 in FY'09.
• Utility costs are forecasted to increase 20% in
FY'O9.
Source: fpl.com/news and Department of Energy, Energy Information Administration, Short -Term Energy Outlook —August 2008
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
9
:
General Fund
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
10
Other
$21,146,514
4%
Charges for Services
$84,207,624_
16%
Licenses and Permits_
$30,784,757
6%
Intergovernmental
Revenues
$39,909,539
8%
Transfers -IN
$44,789,572
8%
................
...........
....... .... •
``
...... .,'+`•ice
Property Taxes
$267,217,693
51%
Franchise Fees and
Other Taxes
$37,053,231
7°a
O.
t
0
C
E
11
, ' 4
9.86%
14.08—5.30%
Y6
_
3.65%
10
Snvnr:[.tyofm1iami[onopnhensiveAnnua|Finanda|Reports
39 Transfers -IN
I.
Revenues (Inflows) —General Fund
• Represents a $1.4 million or 0.3% increase over
the FY'08 Adopted Budget.
• $6 million in additional property tax revenue
based on proposed millage rate.
• Includes $3 million in additional Solid Waste Fee
revenues.
• Includes $2 million in Mural Revenues.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
13
General Government
Other $46,879,375_‘
$17,264,560_ 9%
3%
Transfers -OUT
$33,754,201
6 %
Parks and Recreation--
$23,808,813
5%
Pension
$66,814,932_
13 %
Risk Management
$47,246,138
9%
Public Works
$60,955,648
12%
— -_ Public Safety
$228,385,263
43%
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
14
FY 2008 FY 2009
Adopted Proposed
5523.7 $525.1
Source' City of Miami Comprehensive Annual Financial Reports
Tra nsfe rs-O UT
Expenditures (Outflows) —General Fund
• Overall, total proposed expenditures will increase
$1.4 million over the FY'08 Adopted Budget.
• Reduced $16.9 million in City-wide departmental
spending.
• Provides $12.7 million more for Public Safety.
• Eliminated 31 vacant full-time positions at a total
cost savings of $2 million.
• Provides $2.8 million for the repayment of the Street
Bonds approved in FY'08.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
16
Expenditures (Outflows) —General Fund
• Provides 25 additional Police Officer positions
effective April 1, 2009.
• Supports across the board increases provided to all
union employees on October 1, 2008.
• $1 million towards the Pension Stabilization Fund.
• $300,000 for the Elderly Feeding Program.
• $200,000 for the Action Community Center.
• Reduces the number of general fleet replacement
from 91 vehicles to 58.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
17
Expenditures (Outflows) —General Fund
• $1 million from mural revenues to be used for new
park land acquisition, green space and public realm
enhancements.
• Additional $2 million to Parks and Recreation.
• 14 new positions to the Finance Department.
• $3 million for additional fuel increases and $2 million
for additional utility costs.
• $1.3 million for PC hardware and software
replacement.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
18
b
Expenditures (Outflows) —General Fund
• Limit the use of fund balance to only $5 million for
contingency purposes.
• Dedicates $3 million in additional Solid Waste Fee
revenues for the purchase of new Solid Waste
vehicles.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
19
Key Changes
• Uses more storm -water utility fund distribution in
support of eligible General Fund storm -water
projects and street cleaning operations.
• Reserves outstanding litigated claims at September
30, 2008 in the General Fund Balance.
• Modifies Solid Waste service delivery plan.
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
20
Questions
Submitted into the public
record in connection with
item BH.3 on 09-11-08
Priscilla A. Thompson
City Clerk
21