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Home My WebLink AboutSubmittal-Office of Management and Budget-Back-up documentsSubmitted into the put record fir it: s) ,1 on z. City Clerk CITY OF MIAM - FY 2024-25 December 2024 Projections nbSb 5o\\ - UF��e,e of W.geAeA 044 b1A (VA - bQkC\i\ \19 QowMneAs Submitted into the public record •r it-m(s) on City Clerk GENERAL FUND - REVENUES Property Taxes FY 2024-25 Adopted Budget FY 2024-25 Year -to -Date Actual FY 2024-25 Year -End Projection $ 570,883,000 FY 2024-25 Year - End Projection to Budget $ 18 370 000, $ 589,253,000 $ 445,397,522 Franchise Fees/Other Taxes 156,298,000 17,715,926 149 835 001 6 463 000, Interest 17,363,000 6,526,323 27 956 001 10 593 001 Transfer- In 7,457,000 1,902,497 42 839 001 35 382 001 Fines & Forfeitures 7,379,000 984,692 6 934 000 445 000, Intergovernmental Revenues 107,933,000 24,280,593 106 221 001 1 712 000, Licenses and Permits 101,281,000 37,730,533 102 805 001 1 524 001 Other Revenues (Inflows) 38,695,000 1,520,852 6 474 000 32 221 000, Charges for Services 141 142 000 55 988 072 149 1 001 8 575 001 Total $ 1,166,801,000 $ 592,047,010 $ 1,163,664,000 $ (3,137,000) Submitted into the public record fpr it tn(s) , on 2 Pj3 �L . City Clert GENERAL FUND - EXPENDITURES Personnel FY 2024-25 Adopted Budget FY 2024-25 Year -to -Date Actual $ 386,566,107 FY 2024-25 Year -End Projection $ 849,455,000 FY 2024-25 Year - End Projection to Budget $ (4,997,000) $ 844,458,000 Operating Expense 225,123,000 112,399,064 227,665,000 (2,542,000) Capital Outlay 1,767,000 (1,515) 1,727,000 40,000 Non -Operating Expenses 18,623,000 1,774,989 5,954,000 12,669,000 Transfers - Out 76,830,000 76,639,175 76,857,000 (27,000) Total $ 1,166,801,000 $ 577,377,820 $ 1,161,658,000 $ 5,143,000 Submitted into the pu§lic record f9r ite `s) ju, i on L 1 J', ,5 , City Clerk INTERNAL SERVICE FUND FY 2024-25 FY 2024-25 FY 2024-25 FY 2024-25 Year - Adopted Budget Year -to -Date Year -End End Projection Actual Projection to Budget Revenues: Other Revenues (Inflows) 139,807,000 131,411,792 139,802,000 (5,000 Charges for Services 82,000 16,056 69,000 (13,000 Total $ 139,889,000 $ 131,427,848 $ 139,871,000 $ 18,000 Expenditures: Innovation Technology 18,745,000 7,737,353 17,711,000 1,034,000 Risk Management 121,144,000 27,139,325 121,231,000 (87,000) Total $ 139,889,000 $ 34,876,678 $ 138,942,000 $ 947,000 Revenues Over/(Under) Expenditures $ - $ 96,551,170 $ 929,000 SUMMARY *Includes $5 million of Contingency Reserve. Submitted into the pi tic record r it m(s) on City Clerk Projected Revenues $1,163,664,000 Projected Expenditures 1,161,658,000 Revenues Over/(Under) Expenditures 2,006.000 Internal Service Fund (ISF) Net Year -End Surplus/(Deficit) 929,000 Net Year -End All Funds Surplus/(Deficit) 2,.935,000 Net Year -End Building Fund (Reserve) (12,135,000) Transportation Trust Fund 10,000,000 Net Year -End General Fund* S5,070,000 Submitted into the public record f r it s)�- on City Clerk December 2024 Projections THANK YOU Submitted into the public record or it nn(s) on 7 J t City Clerk FY 2024-25 Year -to -Date Budget -to -Actual Performance and Preliminary Projections - December 2024 This is the first projection for the new fiscal year based on the city's revenues and expenditures at the closing of the books for December 2024. The projection will be presented at the City Commission meeting on January 23, 2025. This projection is preliminary and expected to change as more data is collected and analyzed through the remainder of the fiscal year. The books for December were closed on January 10, 2025. This marks the end of the third month of the fiscal year and the end of the first quarter of the current fiscal year; therefore, if revenues and expenditures were evenly spread throughout the year (they normally are not), we would expect to see about 25 percent of the budget spent and 25 percent of budgeted revenues achieved. Please refer to the attached revenue, expenditure, and internal service fund reports for additional details. Currently, overall projected revenues minus projected expenditures are trending toward a surplus of $5.1 million in the General Fund. This includes a projected surplus of $929,000 from the Internal Service Fund, a deficit of $12.1 million in the Building Fund, and $10.0 million in the Transportation Trust Fund. It's important to highlight that the insurance line item within the Internal Service Fund is subject to unpredictability and fluctuations. Considering the potential volatility of claims is crucial when projecting, given its impact on the overall estimation. The projected surplus also includes $5.0 million for the "contingency reserve" that the city must set aside according to the Financial Integrity Principles. General Fund Revenues Overall actual revenues received year-to-date in the General Fund through December 2024 ($592.0 million) were $72.3 million higher than the revenues received during the same period last fiscal year ($519.7 million). This represents approximately 51 percent of general fund budgeted revenues already collected this year. As of the end of December 2024, the city's overall projected revenues in the General Fund are expected to be lower than budgeted by $3.1 million. General Fund Expenditures Overall actual expenditures year-to-date in the General Fund through December 2024 ($577.4 million) were $139.5 million higher than the expenditures incurred during the same period last year ($437.9 million). This represents approximately 49 percent of the general fund budget spent this fiscal year. As of the end of December 2024, the city's overall projected expenditures are expected to be lower than budgeted by $5.1 million. Submitted into the publip record fpr items) on % 1l 1_5 . City Clerk Departments Projected to Go Over Budget • The Department of Human Services is expected to exceed its adopted budget by $668,000. This is mainly due to the Professional Services line item. • The Department of Resilience and Public Works is expected to exceed its adopted budget by $495,000. This is mainly due to Overtime. • The Department of Capital Improvements is expected to exceed its adopted budget by $180,000. This is mainly due to Regular Salaries and Wages • The Fire -Rescue Department is expected to exceed its adopted budget by $9.0 million. This is mainly due to Regular Salaries & Wages exceeding its budget by an estimated $4.5 million, Overtime by $1.9 million, FICA Taxes by $259,000, Insurance Trust Fund by $1.6 million, and Advances State Share by $797,000. • The Police Department is expected to exceed its adopted budget by $6.3 million. This is mainly due to Overtime exceeding its budget by an estimated $5.8 million. Variables It is to be noted that the FY 2024-25 Adopted Budget for the General Fund is $1.167 billion, and the target projection variance is to stay within one to two percent. Below are some variables that will have an impact on future end -of -year projections: The adoption of the Mid -Year Budget Amendment, Floor Amendments, currently unbudgeted items, City Commission directives, and/or any increases to current city services. Any changes in the Internal Service Fund (ISF) particularly related to health care, workers' compensation costs, and insurance liability. Any changes with one-time reimbursements, reclassifications, third -party insurance refunds, and settlements. These items will remain volatile through the end of the fiscal year, and any significant changes will impact revenues and expenditures and change the current projection. Should you have questions about the attached reports, please contact OMB at 305-416-1585 or email Mgouin@miamigov.com.