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Home My WebLink AboutPresentation_Workshop_8/14/2023Village of Tequesta24 Budget Workshop-FY23Village Council Budget Review 21, 2023.Final Budget Hearing September 14, 2023.Budget Hearing September Budget Workshop August 21, 2023 (if necessary).:Future MeetingsAugust 14, 2023.Budget Workshop 31, 2023.Budget Workshop July 20, 2023.Budget Workshop June To Date Workshops:March.Budget Process Begins in February.Strategic Initiatives in Dates:Key Fiscal Year 2023 3 Revenues24 Proposed Budget - Special GeneralCapital ProjectsEnterpriseTotals Revenues Revenue Ad Valorem Taxes$ 11,524,090 $ - $ - $ - $ 11,524,090 Sales & Use Taxes 1,350,252 - 757,055 - 2,107,307 Franchise Fees 530,938 - - - 530,938 Licenses & Permits 9,000 608,708 - - 617,708 Rents & Royalties 188,839 - - - 188,839 Intergovernmental 1,101,043 - 200,000 252,500 1,553,543 Charges for Services 1,498,500 - - 9,372,553 10,871,053 Misc Revenues 58,547 25,000 - 42,272 125,819 Indirect Costs 902,991 - - - 902,991 Investment Earnings 280,000 16,500 - 1,000 297,500 Other Financing Sources - - - 8,615,000 8,615,000 Transfers - - 1,899,895 - 1,899,895 Use of Reserves - 705,718 481,909 2,056,466 3,244,093 Totals $ 17,444,200 $ 1,355,926 $ 3,338,859 $ 20,339,791 $ 42,478,776 Fiscal Year 2023 4 Expenditures/Expenses24 Proposed Budget - Special GeneralCapital ProjectsEnterpriseTotals Revenues Revenue General Government$ 3,699,179$ - $ 373,000$ - $ 4,072,179 Public Safety 8,597,872 1,355,926 157,000 - 10,110,798 Physical Environment - - - 19,845,691 19,845,691 Transportation 1,622,912 - 754,000 - 2,376,912 Leisure Servcies 1,171,979 - 1,730,077 - 2,902,056 Debt Service 542,250 - - 494,100 1,036,350 Other Financing Uses - - - - - Transfers 1,700,008 - 199,887 - 1,899,895 Addition to Reserves 110,000 - 124,895 - 234,895 Totals $ 17,444,200 $ 1,355,926 $ 3,338,859 $ 20,339,791 $ 42,478,776 Budget Changes from 2(Continued)).Reduced Tree Assessment and Cypress Beautification in Comprehensive Planning ($30,000•16,580.Added Parking Study in Comprehensive Planning $•Reduced Legal fees for arbitration ($40,000).•Reduced computer software costs in Finance ($7,000) ClearGov fees.•time wages in Village Clerk's Office $714.-Increase part•($250,292):Net Decrease -Expenditures in General Fund Decrease 2023.26, Interest Revenue by $50,000 based upon the Federal Reserve's latest rate hike of 0.25% on July Increase •($300,292).–This reduces Ad Valorem Tax Revenue •from 6.6290 to 6.4595Decrease in millage rate •Net Decrease ($250,292):–in General Fund Revenues Decrease General Fund Proposed Budget $17,444,200.24-FY 2023Workshop nd Budget Changes from 2($645,191).-Reduced Allocate to Fund Balance •$450,113.-Park Increased Transfer to Capital Projects Fund for Remembrance•$7,500.-Increased Landscape Maintenance (Tequesta Park) in Leisure Services •($10,000).-Reduced Dog Park Improvements in Leisure Services •).($50,000-Reduced Tequesta Fest and rebranding for Tequesta Residents in Leisure Services •$7,500.-Increased Cypress Maintenance (Bollards or Hedges along Tequesta Dr.) in Public Works •($15,000).-Reduced Grants LMS/HMGP in Public Works •($31,508).-Reduced Overtime in Fire •Year).. (Second proposed Firefighter/Paramedic for Next Fiscal $96,000-Added Firefighter/Paramedic in Fire •) (continued):($250,292Net Decrease -Decrease 24-FY 2023Workshop nd Budget Changes from 2(Continued)$20,000.-Increase in Building Repairs & Maintenance for necessary Building Department air conditioner repairs •Increase $20,000:-Expenditures Fund Building in Increase $20,000.-Increase in Appropriate Fund Balance •$20,000:–Fund Revenues Building in Increase Building Fund Proposed Budget $1,191,265 24-FY 2023Workshop nd Budget Changes from 2(Continued)$199,887.-Increase in Transfer to Capital Projects Fund for Remembrance Park •Increase $199,887:-Expenditures Fund in Capital ImprovementIncrease $199,887.-Increase in Appropriate Fund Balance •$199,887:–Fund Revenues Capital Improvement in Increase Capital Improvement Fund Proposed Budget $1,253,964:24-FY 2023Workshop nd Budget Changes from 2(Continued)$650,000.-Increase Improvements Other Than Buildings for Construction of Remembrance Park •Increase $650,000:-Expenditures Fund Projects in Capital Increase $450,113.-for Remembrance Park General Fund Increase in Transfer from •.$199,887-Fund for Remembrance Park Improvement Capital from Increase in Transfer •$650,000:–Fund Revenues Capital Projects in Increase Capital Projects Fund Proposed Budget $2,084,895:24-FY 2023Workshop nd Budget Changes from 2(Continued)No Change.-StormwaterNo Change.-Refuse & Recycling Fund Proposed Budget $612,600 No Change.-Utility Fund Proposed Budget $18,900,073 Water No Change.-Special Law Enforcement Fund Proposed Budget $164,661 24-FY 2023Workshop nd Budget 11–Summary FY2023 FY2023 FY2024 $ Change Fund % Change (Adopted)(Amended)(Proposed)(Adopted) General Fund $ 16,143,248$ 18,311,146$ 17,444,200$ 1,300,9528.06% Building Fund 845,560 874,959 1,191,265 345,70540.88% Captial Improvement Fund 1,218,122 1,329,152 1,253,964 35,8422.94% Capital Projects Fund 294,895 302,895 2,084,895 1,790,000 607.00% Water Utility Fund 17,927,661 18,688,520 18,900,073 972,4125.42% Refuse & Recycling Fund 601,972 601,972 612,600 10,6281.77% Stormwater Utility Fund 916,099 1,259,976 827,118 (88,981)-9.71% Special Law Enforcement 99,707 143,893 164,661 64,95465.14% Totals $ 38,047,264 $ 41,512,513 $ 42,478,776 $ 4,431,512 11.65% General Fund Estimated.–E ARPA Funds removed from calculations ($1.5 million in FY 2021m $938K in FY 2022, and $491K in FY 2023).-@ During FY 2022 Village Council moved to increase our Target Fund Balance to three months operating expenditures.-* Budget $17,444,200– Description FY 2019FY 2020FY 2021FY 2022*FY 2023* Expenditures less Capital Expenditures$ 13,479,010$ 13,286,337$ 13,357,547$ 14,599,085$ 16,134,248 Three Months Expenditures (Target)* 2,246,502 2,214,396 2,270,783 3,649,877 4,033,562 Unassigned Fund Balance at Year-End@ 1,479,005 1,884,304 2,819,744 3,437,925 3,884,973 Amount Over/(Under) Fund $ (767,497) $ (330,092) $ 548,961 $ (211,952) $ (148,589) Balance Target Building Fund Estimated.–E Fund established in FY 2020.-* Budget $1,191,265– Description FY 2020*FY 2021FY 2022FY 2023E Expenditures less Capital Expenditures$ 688,103 $ 622,816 $ 766,390 $ 845,890 Six Months Expenditures (Target) 344,052 311,408 383,195 406,280 Unassigned Fund Balance at Year-End 625,877 864,932 832,828 957,869 Amount Over/(Under) Fund Balance $ 281,825 $ 553,524 $ 449,633 $ 551,589 Target 301 Fund 5 Year Capital Improvement Plan– Estimated Beginning Balance 10/01/23$ 794,424 Capital Improvement Fund (301) •$199,887 Transfer to 303•$15,000 Tequesta Park Ballfield Rake•$81,000 Tasers•$63,000 PW Equipment•$76,000 Cardiac Monitors•$75,000 Tree Canopy/Streetscape•$250,000 State Matching Funds Tequesta Park•$44,000 Bridge Maintenance•$175,077 Skate Park Renovation•Court SidewalkPickleball$40,000 Tennis/•$170,000 Capital Improvement Plan•$65,000 Old Dixie Planning and Design•Budget $1,253,964 Estimated Cash Inflows: Budgeted Revenues 1,253,964 Less: Appropriated Fund Balance (481,909) Estimated Net Inflows 772,055 Estimated Cash Outflows: Budgeted Expenditures 1,253,964 Less: Allocate to Fund Balance - Estimated Net Outflows 1,253,964 Estimated Change in Fund Balance (481,909) Estimated Reserve Ending Balance 9/30/24$ 312,515 Estimated Beginning Balance 10/01/23$ 144,534 Capital Projects Fund (303) $124,895 50% PBC Fire Vehicles •Year Roadway CIP-$710,000 5•$1,250,000 Remembrance Park•Budget $2,084,895 Estimated Cash Inflows: Budgeted Revenues 2,084,895 Less: Appropriated Fund Balance - Estimated Net Inflows 2,084,895 Estimated Cash Outflows: Budgeted Expenditures 2,084,895 Less: Allocate to Fund Balance (124,895) Estimated Net Outflows 1,960,000 Estimated Change in Fund Balance 124,895 Estimated Reserve Ending Balance 9/30/24$ 269,429 Estimated Beginning Balance 10/01/23$ 283,522 Special Law Enforcement Fund Budget $164,661 Estimated Cash Inflows: Budgeted Revenues 26,500 Less: Appropriated Fund Balance (138,161) Estimated Net Inflows (111,661) Estimated Cash Outflows: Budgeted Expenditures 164,661 Less: Allocate to Fund Balance - Estimated Net Outflows 164,661 Estimated Change in Fund Balance (276,322) Estimated Reserve Ending Balance 9/30/24$ 7,200 Estimated Beginning Balance 10/01/23$ 6,110,472 Water Utility Fund Budget $18,900,073- Estimated Cash Inflows: Budgeted Revenues 8,291,872 Budgeted Non-Operating Revenues 57,272 Estimated Net Inflows 8,349,144 Estimated Cash Outflows: Budgeted Expenses 6,533,435 Budgeted Non-Operating Expenses 2,031,281 Estimated Net Outflows 8,564,716 Estimated Change in Fund Balance (215,572) Estimated Reserve Ending Balance 9/30/24$ 5,894,900 Estimated Beginning Balance 10/01/23$ 44,843 Refuse & Recycling Fund Budget $612,600- Estimated Cash Inflows: Budgeted Revenues 612,600 Less: Appropriated Fund Balance (19,697) Estimated Net Inflows 592,903 Estimated Cash Outflows: Budgeted Expenditures 612,600 Less: Allocate to Fund Balance - Estimated Net Outflows 612,600 Estimated Change in Fund Balance (19,697) Estimated Reserve Ending Balance 9/30/24$ 25,146 Estimated Beginning Balance 10/01/23$ 86,423 StormwaterBudget $827,118-Fund Estimated Cash Inflows: Budgeted Operating Revenues 545,550 Budgeted Non-Operating Revenues 281,568 Estimated Net Inflows 827,118 Estimated Cash Outflows: Budgeted Operating Expenses 575,118 Budgeted Non-Operating Expenses 218,614 Estimated Net Outflows 793,732 Estimated Change in Fund Balance 33,386 Estimated Reserve Ending Balance 9/30/24$ 119,809 Estimated Increase to Average Home ot include all other taxing authorities or feesnDoes •24 =$566,000-YoY): FY 23of Homesteaded Property (3% increase Based on value •21 Annually$243.01Total Increase with PBC Millage RateAnnually($34.00)Millage RatePBC ProposedAnnually$277.01ResidentTotal Increase/Avg.Annually$120.00Water Capital Improvement ChargeAnnually$37.08Water Utility Rate IncreaseAnnually$4.09IncreaseUtilityStormwaterAnnually$6.46Solid Waste IncreaseAnnually$109.386.6290–SameVOT Ad Valorem Tax Millage Remains Owner in Village of Tequesta Estimated Increase to Average Home ot include all other taxing authorities or feesnDoes •24 =$566,000-YoY): FY 23of Homesteaded Property (3% increase Based on value •22 Annually$155.46Total Increase with PBC Millage RateAnnually($34.00)Millage Rate PBC ProposedAnnually$189.46ResidentTotal Increase/Avg.Annually$120.00Water Capital Improvement ChargeAnnually$37.08Water Utility Rate IncreaseAnnually$4.09IncreaseUtilityStormwaterAnnually$6.46Solid Waste IncreaseAnnually21.836.4595–VOT Ad Valorem Tax Increase Owner in Village of Tequesta Budget Decision Point 23 Referendum vote of the residents.–Millage Rate over 6.6290 •Unanimous vote of the governing body.–Millage Rate up to 6.6290 •1).-thirds vote of the governing body rounding up (4-Two–Millage Rate up to 6.5115 •1)-body rounding up (4thirds vote of the government -Two–24 Recommended Budget) -Millage Rate 6.290 (FY 23•Simple majority vote of the governing body will suffice.–Millage Rate up to 5.9195 •the following legal requirements.Village Council will need to approve a fixed Millage Rate for the Budget Hearing based upon Rate constant until all unknown costs were verified. During the July 13, 2023 Village Council Meeting the Village Council voted to keep the Millage Budget FY 2023(Continued)21, 2023.September HearingAdopt the Final Millage Rate and Budget at the second Budget •.Tentatively adopt Staff's Proposed Budget or recommend changes•.14, 2023September adopt the Millage Rate for the Budget Hearing Tentatively •Next Steps24-