HomeMy WebLinkAboutAgenda_Miscellaneous_02/08/1991_Finance & Administration Committee V
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VILLAGE OF TEQUESTA
Post Office Box 3273 357 Tequesta Drive
Tequesta, Florida 33469 -0273 • (407) 575 -6200
° FAX: (407) 575 -6203
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E'.=NANCE AND A1[3M=W=2
CCUMM='I'TEE MEET=NG
AG ENDA
E'R.=DAY E'ESRIJARY 8 , 19+31
5:301 P_M_
I. CALL TO ORDER AND ROLL CALL
II. APPROVAL OF AGENDA
III. REVIEW OF FINANCIAL PROJECTIONS FOR THE VILLAGE OF TEQUESTA
GENERAL FUND.
IV. ADJOURNMENT
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Recycled Paper
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VILLAGE OF TEQUESTA
Post Office Box 3273 357 Tequesta Drive
Tequesta, Florida 33469 -0273 • (407) 575 -6200
° FAX: (407) 575 -6203
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MEMURANDi.7M
TO: Village Council
FROM: Thomas G. Bradford, Village Manager
DATE: February 5, 1991
SUBJECT: Finance and Administration Committee Meeting on
February 8, 1991
Attached hereto, please find information that you will
find useful relative to the purpose of the Finance and
Administration Committee Meeting which has been called for
Friday, February 8. I requested the Financial Analysis to be
done for three reasons:
o Since we are in a recession, what -is the financial impact,
particularly to revenues, for the fiscal year we are
currently in (FY 91)?
o In addition to recessionary impacts on this current fiscal
year, what is the short term impact of expenditure and
revenue trends on the forthcoming fiscal year (FY 92)
millage rate?
o Based on historical revenue and expenditure trends, what
is the long -term future on millage rates if trends
continue?
The Analysis reveals that the recession is taking a toll
on Village revenues to the estimated tune of $114,500 this
fiscal year. This is no cause for panic, as expenditure
adjustments can be made to eliminate or reduce the impact from
this revenue shortfall.
Options that I r.commend for consideration would be:
o Eliminate employment contracts in Departments where
shortfalls are being experienced.
o Freeze all non- er:sential hiring.
o Place a ban :s-, all out of town travel to seminars and
conventions.
o Review all depL.rtmental operating budgets and scale back
where appropriate.
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MEMO: Village Council
February 5, 1991
Page 2-
o Review all departmental capital purchases for postponement
or elimination.
o -Revise the Capital Improvement Program to delay certain
projects and, thus, the amount of funding necessary from
the General Fund.
This review could be accomplished in approximately one
week and the findings and recommendations reported back to this
Committee or the full Council at the earliest possible date.
9
As for the short term future, FY ,9�, the goal should be to
not increase the current millage rate. Many options are
available to the Village to make this happen and I would
recommend that we have the benefit of more information relative
to the impact of this recession before we make.any radical
decisions. The recessionary impacts will be much clearer this
summer as we go into budget hearings where we can deal with
impediments, if any, to the goal of maintaining the same
millage rate.
As for the long term projections, I would recommend that
they be seen for what they are, this being estimates based upon
historical extrapolation. Relatively minor policy adjustments
made in the near future can cause these numbers and resultant
tax rates to change significantly.
TGBjkrb
Attachment
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VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta, Florida 33469 -0273 • (407) 575 -6200
f 4 ° FAX: (407) 575 -6203
P�CN Coo I
Memorandum
To: Thomas G. Bradford, Village Manager
From: Wendy K. Harrison, Assistant to the Village Manager
Date: February 4, 1991
Subject: Financial Projections- Tequesta General Fund
As you requested, I have undertaken an analysis of potential future
millage rates. Please find attached the following items:
1. Explanation of Assumptions and Methodology (3 pages).
2. A projection of future revenues and expenditures, beginning from updated
information from the Finance Department on anticipated revenues for Fiscal
Year 90/91.
3. Historical data on revenues and expenditures, showing the individual and
average percent changes for each source of revenue and area of expenditure
for the Fiscal Years '84 through '91.
4. Historical data on taxable property values in the Village of Tequesta from
Fiscal Year '79 through FY91 and inflation rates. This page shows total
property value and, for the years since FY85, indicates the value after
deletion of annexations and new construction. Annual inflation data is
shown for the United States and the Atlanta district.
The most significant items of note include:
• The average annual rate of expenditure growth since 1984 (12.51 %) exceeds
the average rate of increase in revenues (11.27%), reflecting utilization
of fund balance.
• Projected revenues for the current fiscal year (90/91) are less than
budgeted revenues by $114,500.
• The amount of increased revenue or decreased expenditure required to stay at
the current millage rate next fiscal year is $209,535.
• Fiscal Years 91/92 and 92/93 are the most difficult financially, primarily
due to the minimal increases in property values projected because of the
current recession.
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VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta, Florida 33469 -0273 • (407) 575 -6200
FAX: (407) 575 -6203
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Five Year Projections of Revenues/ Expenditures
Assumptions and Methodology
The object of the analysis was to project millage rates for the five -year
period for Fiscal Years 91/92 through 95/96. Historical rates of change were
used and, where appropriate, adjusted as indicated below. The methodology
used is as follows:
• FY92 through FY96 General Fund Expenditures and Revenues by budget
category were projected individually for each Fiscal Year. In general,
expenditures and revenues were projected to continue to change at the
average rate experienced from Fiscal Year 1983/84 through FY 90/91.
Supporting documentation of the historical figures is attached following
the projections.
• Total Expenditures were equated to Total Revenue Required. Therefore,
General Fund fund balance was assumed to remain constant.
• The historical average increase in property value in the Village of
Tequesta from 1978 through 1990 was 11.59 %. Data on the increase due to
new construction and annexations was available for Fiscal Years 1985
through 1991. When these amounts were deducted from the total increases,
the average annual increase (indicating the change in value of existing
development) dropped to 4.58 %.
• The Village's property tax base as of January, 1991, is 76% residential
and 24% commercial. The best data available indicate that commercial
property will feel the effects of the current recession more than
residential. Therefore, a zero increase in value in commercial property
assessments between January, 1990, and January, 1991, (the basis for the
Fiscal Year 91/92 millage) has been projected. Residential property has
been projected to increase by 4% during this period. This figure is
consistent with past increases in existing stock and is slightly below
the current annual inflation rate of 5.4 %.
Fiscal Year 92/93 property taxes are based on January, 1992, values. To
account for the ongoing recession, coupled with a rising inflation rate,
residential property has been projected to keep pace with inflation and
increase by 5% in value, while commercial value has been projected at no
increase for January, 1992.
• The property value for subsequent years (Fiscal Years 1994 through 1996)
is projected to experience an annual increase in value of 7 %, which is
between the gross historical average of 11.59% and the average for
existing development only of 4.58 %. It would be overly conservative to
assume no new development, but, conversely, it may be optimistic to
assume the historic rate of increase to continue.
1
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• Revenues other than property taxes were projected first. The non -tax
total was then subtracted from the total revenue required (or total
expenditures) to determine property tax revenue required.
• Property tax revenue was divided by Property Value and a 97% collection
rate was used. The actual collection rate in the past ten years has
averaged above 99 %.
Expenditums
1. Police Department- the FY91 budget (which does not include the set -aside
for Public Safety) has been projected to continue to rise at the
historic rate of increase of 9.75% annually.
2. Fire - Rescue- the FY91 budgeted amount has been increased by the historic
average of 12.23% annually.
3. General Government has been projected at the historic average increase
of 12.16% annually. General Government includes Legislative, Executive,
Finance, Clerk, Legal and Planning Services and the General Government
department. Capital Improvement Fund transfers are projected separately
below.
4. Building Department expenditures have been projected at the historic
average increase of 15.11% annually.
5. Transportation expenditures have been increased each year at the
historical average of 11.01 %.
6. Solid Waste costs (Physical Environment) have been increased by the
historical average of 15.75% (after adjusting for one -time decrease from
new SWA billing procedure). The cost of residential service was added
as Charges for Services revenue, so this expenditure item is offset by
corresponding revenues.
7. Culture /Recreation expenditures have been projected to continue at the
historic annual increase of .73 %.
8. Transfers to the Capital Improvement Fund have been entered as budgeted
in Five -Year Capital Improvement Program.
9. Other Operating has been projected at the historic average of 12.52%
annually. This category includes Civil Defense and Health Services
(mosquito control).
2
Revenues
1. Licenses /Permits revenue includes Building permits and other licenses
and permits. Occupational license revenue is designated as an
Improvement Bond Revenue Fund source. Future licenses /permit revenues
are projected to increase by 6%, which is below the historic average of
11.98 %, to account for the recession and slowdown in development. It
should be noted that, in general, when construction of new buildings
decreases, renovation of existing property increases, and this serves to
lessen the impact of the development downturn.
2. Intergovernmental revenue includes Cigarette tax, local option gas tax,
countywide registrations, a one -half cent local option tax and other
sources. The PY91 numbers have been adjusted 5% downward from the
budgeted amounts in light of updated projections provided by the State
Department of Revenue. Following years are projected to increase by the
historic average of 7.46 %.
3. Charges for Services revenue includes zoning fees, building inspection
service, tennis court lights and other charges. The largest single
source is charges for Solid Waste service to residential (as this is
billed to customers) plus other charges which have been increased by the
historical rate of 19.92% annually. This revenue source has experienced
the largest average increase of all revenue categories studied.
4. Interfund Transfer revenue is a significant revenue source consisting of
transfers to the General Fund.from the Improvement Bond Revenue Fund.
The IBRF receives by indenture important sources of revenue such as
Occupational Licenses, Franchise Fees, Utility Taxes and State Revenue
Sharing. The FY91 projections, upon which following years are based,
have been adjusted downwards to account for anticipated revenues.
Although this revenue source has averaged an annual increase of 6.4 %,
the past two years have experienced increases of .28% and 2.03 %, and so
future years have been projected at 3 %.
5. Intra- Government Transfers is the administrative fee paid by the Water
Department to the General Fund, which has been increased by 9.79%
annually, the historical rate of increase.
6. Fines /Forfeits is primarily court fines, with a relatively small
contribution from parking tickets. This has been projected at a
constant $41,000 per year as the average change for this source over the
last eight years is - 1.58 %, but the range has varied from a high of
$53,000 in FY88 to $38,000 in FY90.
7. Miscellaneous revenue is primarily interest revenue and has been
calculated at a conservative 5% increase.
3
General Fund Financial Projections
Fiscal Year
GF Expenditures 91 92 93 94 95 96
Police Department $1,225,545 $1,345,036 $1,476,177 $1,620,104 $1,778,064 $1,951,425
Fire - Rescue $573,925 $644,116 $722,891 $811,301 $910,523 $1,021,880
General Government $608,645 $682,656 $765,667 $858,772 $963,199 $1,080,324
Building Dept. $220,915 $254,295 $292,719 $336,949 $387,862 $446,468
Transportation $414,080 $459,670 $510,280 $566,462 $628,829 $698,063
Solid Waste $284,725 $329,569 $381,476 $441,559 $511,104 $591,603
Culture /Recreation $131,555 $141,159 $151,463 $162,520 $174,384 $187,114
Transfer to CIF $173,250 $181,000 $190,000 $199,500 $210,000 $220,000
Other Oper. Exp $9,415 $10,592 $11,916 $13,405 $15,081 $16,966
Total Operating Exp. $3,642,055 $4,048,093 $4,502,590 $5,010,572 $5,579,047 $6,213,844
% increase 11.15% 11.23% 11.28% 11.35% 11.38%
Revenue Required $3,642,055 $4,048,093 $4,502,590 $5,010,572 $5,579,047 $6,213,844
NON -TAX SOURCES
Licenses /Permits $88,800 $94,128 $99,776 $105,762 $112,108 $118,834
Intergovernmental $351,240 $377,443 $405,600 $435,857 $468,372 $503,313
Charges for Service $282,865 $344,727 $399,654 $463,357 $537,245 $622,951
Inter -Fund Transfer $800,000 $824,000 $848,720 $874,182 $900,407 $927,419
Intra -Govt Transfer $105,000 $115,280 $126,565 $138,956 $152,560 $167,496
Fines /Forfeit $45,500 $41,000 $41,000 $41,000 $41,000 $41,000
Misc. $76,200 $80,010 $84,010 $88,211 $92,622 $97,253
Total Non -Tax Rev. $1,749,605 $1,876,587 $2,005,325 $2,147,326 $2,304,314 $2,478,266
Operating Expend. $3,642,055 $4,048,093 $4,502,590 $5,010,572 $5,579,047 $6,213,844
Tax Revenue Required $1,892,450 $2,171,506 $2,497,265 $2,863,247 $3,274,733 $3,735,578
PROJECTED TAXES
Property Value $352,054,464 $362,756,920 $376,541,683 $402,899,600 $431,102,572 $461,279,753
Property Tax Rev. $1,802,000 $2,171,506 $2,497,265 $2,863,247 $3,274,733 $3,735,578
MILLAGE REQUIRED 5.4085 6.1713 6.8372 7.3264 7.8311 8.3488
% decrease /increase 14.10% 10.79% 7.15% 6.89% 6.61%
Amount Req. for no $209,535 $173,530 $108,532 $116,306 $123,244
Millage increase
29- Jan -91 Historical Data
VOT Property Value After deduct Increase of
Fiscal Year '79 $99,797,844 Constr /Annex Exist.Proprty
1 80 $103,633,468 3.84% Only
1 81 $116,792,652 12.70%
'82 $154,638,497 32.40%
'83 $210,204,447 35.93%
'84 $209,804,188 -0.19%
'85 $218,153,678 3.98 %$215,512,082 2.72%
'86 $229,903,728 5.39 %$224,186,870 2.77%
'87 $244,470,485 6.34 %$235,958,886 2.63%
1 88 $269,314,508 10.16 %$261,452,046 6.95%
1 89 $273,054,495 1.39 %$268,765,449 -0.20%
1 90 $305,061,255 11.72 %$293,459,066 7.47%
1 91 $352,054,464 15.40 %$348,729,771 14.31%
avg. change 11.59% avg. change 4.58%
Annual Average Inflation Rate
U.S. Atlanta
1 81 10.3 12.3
'82 6.1 6.4
'83 3.2 4.1
'84 4.3 4.2
'85 3.6 4.6
'86 1.9 3.0
'87 3.6 3.8
'88 4.1 3.3
1 89 4.8 4.7
1 90 5.4 N/A
Avg. Ann. Inflation 4.73 5.16
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Post Office Box 3273 ^ 357TepuoumDrive
7eguem1a, Florida 33464'O273 ^ (4U7)575'$200
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FAX: (407)575'62O3
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TO: Thomas G. Bradford, Village Marn ~
FROM: Bill C. Kascavelis, Finance Di Village Clerk
DATE: February 4, 1991
SUBJECT: Revenue Analysis of the General Fund and
Improvement Bond Revenue Fund for FY 1991
Attached is a working paper showing actual revenues
received through December 31, 1990 - the first quarter of FY 91, and
a projection of anticipated revenues extrapulating the data through
the end of this fiscal year. The analyvis indicates revenue
projections for FY 91, will be approximately $114 less than
originally projected.
The most significant shortfall of revenue is
attributable to building permits which is $67,700. less than
originally projected. Intergovernmental revenues are currently
being projected at $38,790. less than originally projected.
Also attached is a summary review of General Fund
revenues and expenditures for the FY 91 budget showing a negative
financial impact on fund balance of ($105,980.), resulting with a
projected General Fund fund balance at the close of this FY of
$504,700.
The financial projections presented are not indicative
of a financial crisis this fiscal year; however, as a result of the
fund balance cash position projection for September 30, 1991,
responsible financial management dictates that future year budgeted
expenditures shall not exceed revenue projections.
BCK:moc
Recycled Paper
General Fund FY 91 Budget
Fund Balance 9/30/90 $ 610,701.
Total Revenues Budgeted $3,395,B61.
Total Revenues Projected (12/31) . 2 a 281 Y80,
(114.481.)
Total Revenue and Balance
Total Expenditures Budgeted 3,642
Less Refuse & Recycling (Trans. Utility Fund) (270,225.)
Additions Req. Police Dept.(Salary/Fringes) 12,530.
Ammesty Day Hazardous Waste Collection
Total Revised Expenditures Budgeted $
Projected Fund Balance 9/30/91 $
Expenditures in excess of Revenues $
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