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1
Town of Collierville
FY2016 Operating and Capital Proposed
Budget
June 8, 2015
2 2
Budgeted Funds
• General Fund (Town’s Primary Operating Fund)
• Health Insurance Fund
• Retirement Fund
• Post Employment Benefits Fund (OPEB)
• Historic Preservation Fund
• Capital Improvement Program
• Water and Sewer Fund
• State Street Aid Fund
• Sanitation Fund
• Drug Fund
• General Purpose School Fund
• School Nutrition Fund
• School Federal & Discretionary Grants Fund
3 3
Making Strides…
• Completed first full academic year for Collierville Municipal Schools
• Completion of first full academic year for U of M
• Opening of Hinton Park scheduled for September
• Completion of Highway 72 Jimmy Lott Parkway
• Opening of I-269 from Highway 72 to Highway 302 (Goodman Road in MS)
• Relocation of Parks Maintenance to former Craig Lumber warehouse
• Estimated 600 new Collierville residents
4 4
• Adding 20 parking spaces at Morton Museum
• Renovating College St. Rec Center to open Senior Center with expanded programming
• Investing $1.5 million to overlay streets
• Investing $2.6 million in storm water systems
• Expansion of the Animal Shelter
• Purchase of $1.3 million Aerial Ladder Fire Truck
• Purchase of 5 new Police Patrol Cars
• Begin construction of Historic High School
Making Strides…
5 5
• Area: 36.12 square miles
• Population: 48,517
• Budgeted positions:
– Town (full-time): 503
– Town (part-time): 57
– Schools (full-time): 787
– Schools (part-time): 17
• Financial:
– Town budget: $72,695,876
• General Fund Budget: $48,695,420
• Capital Budget: $ 10,953,500
• Other Funds Budget: $13,046,956
– Schools Budget: $71,263,240
– Combined Expenditures: $143,959,116
6
Town of Collierville
Budget Compliance
7 7
Budget Compliance Requirements
• Audit by independent auditors
• Review by State auditors
• Independent auditors subjected to peer review
• Budget must be approved by TN Comptroller of the Treasury
• Continuing disclosure requirement for all outstanding debt
• State of TN requires the Town to have a balanced budget
• CAFR audited in accordance with Government Auditing Standards and State “Yellow Book”
• Auditors issue report on Town’s internal controls
8
Town of Collierville
General Fund Overview
The Primary Operating Fund of the Town
9 9
General Fund Revenues
Budget Budget Change
REVENUE FY 15 FY 16 from FY 15
Taxes
Property Taxes 22,979,197 23,961,181 981,984
Local Option Sales Tax 13,882,729 14,884,034 1,001,305
Business Taxes 2,506,000 2,585,000 79,000
Licenses & Permits 2,167,990 2,058,934 (109,056)
Intergovernmental 5,473,800 5,693,375 219,575
Charges for Services 229,582 205,509 (24,073)
Recreation Charges 571,140 618,465 47,325
Fines and Forfeits 1,469,200 1,545,000 75,800
Other 812,985 1,305,450 492,465
Total Revenue 50,092,623$ 52,856,948$ 2,764,325$
“Other” revenue consists of: Interest
on investments; Stormwater fees;
Rent income; Donations; and,
Miscellaneous revenue
Licenses & Permits
3.9%
Intergovernmental10.8%
Recreation Charges
1.2%
Fines and Forfeits
2.9%Other2.9%
Property Taxes45.3%
Local Option Sales Tax
28.2%
Business Taxes4.9%
$24.0 mm
$14.9 mm
$1.3 mm
$2.6 mm
$2.0 mm
$5.7 mm
$0.6 mm
$1.5 mm
Proposed FY 2016
$52,856,948 $2.8 mm increase
over FY2015
10 10
General Fund Revenue
$52,856,948
Health Insurance
$ 3,798,042
Sales tax for Schools (1)
$ 4,738,187
Retirement Fund
$ 2,466,732
CIP
$ 1,675,000
OPEB
$ 471,707
$ 13,149,668 Transfers to
fund indicated
(1) “Maintenance of Effort” generated from half-cent sales tax
11 11
FY 2013 $3,238,782 (partial year)
• Legal Expenses - $509,475
• Consulting / Research Fees - $118,109
• Advertising and Legislative Expenses - $40,016
FY 2014 $4,423,252
• Research / Attorney Fees - $150,278
• Election Expense - $91,611
• School Resource Officers - $142,116
• Professional Services - $129,126
• FY14 School Funds Budget - $1,153,189
FY 2015 $4,600,182
(projected)
• Start-up Funds - $5,000,000
• FY15 Maintenance of Effort- $2,238,625
• High School Track Renovation- $259,800
FY 2016 $4,738,187
(budgeted)
• FY16 Maintenance of Effort- $2,266,809
• Education Foundation Grant - $30,000
½ Cent Local Option Sales Tax for Schools
Bal: $2,571,182 Bal: $5,328,114 Bal: $2,429,871 Bal: $4,871,249
12 12
Increased Stormwater Fee
• From $2.25 to $2.65 per month Residential
• From $4.25 to $25.00 per month Commercial
Estimated revenue = $800,000
Planned Stormwater Projects Cost
Powell @ Peterson Lake Drainage Improvements $ 30,000
Cooper Road Drainage 90,000
Royal Pecan Drainage 125,000
Terry Dan Lake Bank Stabilization 462,500
TOTAL $ 707,500
13 13
General Fund Expenditures
$4.3 mm
$3.1 mm
$5.2 mm
$21.8 mm
$8.4 mm
$5.8 mm
Proposed FY 2016
$48,695,420 $3.6 mm increase over
FY2015 includes:
- $1.1mm library operations
moved to general government
- $2.3mm special appropriation
to schools
Budget Budget Change
EXPENDITURES FY 15 FY 16 from FY 15
Legislative & General Government* 6,833,742 8,382,296 1,548,554
Public Safety 21,899,069 21,849,247 (49,822)
Roads and Public Works 6,501,717 5,845,540 (656,177)
Culture and Recreation 5,292,364 5,245,823 (46,541)
Debt Service 3,796,621 4,281,210 484,589
Special Appropriations 783,871 3,091,304 2,307,433
Total Expenditures 45,107,383 48,695,420 3,588,037$
Legislative and General Government
departments are those which provide services
to the other operating departments. These are:
Mayor and Board, Administration, Human
Resources, Finance, Information Technology,
General Services, Development Administration,
Planning and Library.
14 14
General Fund Expenditures by Type
Budget Budget Change
EXPENDITURES FY 15 FY 16 from FY 15
Personnel 30,165,896 30,591,214 425,318
Operating Expense 8,976,259 9,301,617 325,358
Capital Outlay 801,780 857,388 55,608
Debt Service 3,796,621 4,281,210 484,589
Insurance 582,957 572,688 (10,269)
Special Appropriations 783,871 3,091,304 2,307,433
Total Expenditures 45,107,383$ 48,695,420$ 3,588,037$
Personnel64.3%
Operating Expense
18.9%
Equipment0.7%
Vehicles0.6%
Debt Service7.9%
Insurance1.2%
Special Appropriations
6.4%
15 15
GF Expenditures Reductions
Original FY 2016 Adjusted FY 2016
$48,695,420 $48,401,394
$294,027 in proposed operational reductions to operations
EXPENDITURES
Original FY16
Budget
Revised FY16
Budget
Budget
Adjustment
Legislative & General Government 8,382,296 8,286,015 (96,282)
Public Safety 21,849,247 21,828,989 (20,258)
Roads and Public Works 5,845,540 5,753,990 (91,550)
Culture and Recreation 5,245,823 5,149,887 (95,936)
Debt Service 4,281,210 4,281,210 -
Special Appropriations 3,091,304 3,101,304 10,000
Total Expenditure 48,695,420 48,401,394 (294,027)
Available General Fund Fund Balance $508,541
16
Town of Collierville
Debt and Capital Improvements
17 17
Debt Management Compliant with Debt Policy
• General Fund Debt-
• Total Outstanding $30,875,000
• FY 16 debt service payment - $4,152,257
o Principal = $3,167,215; Interest = $985,042
• Debt service to expenditures - 8.5%
• Debt service to revenue – 7.9%
• Utility Fund Debt-
• Total Outstanding $23,430,000
• FY 16 principal payment - $2,147,785 o Principal = $2,147,785; Interest = $821,490
18 18
TOWN CIP
Project Cost
General Government CIP
Facilities Maintenance Shop Renovation $ 35,000
Morton Museum Parking Lot 150,000
Animal Shelter Improvement 433,000
Accounting Software System 1,000,000
Total $1,618,000
Development CIP
Drainage Improvements (Powell, Cooper & Royal Pecan) $ 245,000
Collierville Center Connect 365,000
Terry Dan Lake Bank Stabilization 462,500
Total $ 1,072,500
19 19
Project Cost
Public Safety CIP
Police Firing Range $ 250,000
Replacement Ladder Truck (1) 1,375,000
Total $ 1,625,000
Parks & Recreation CIP
Town Square Restrooms $ 18,000
Playground Surfaces Renovations 50,000
Shelby Dr. Property - Parking Area 125,000
Park Improvements (Suggs & Tom Brooks) 220,000
College Street Recreation Center 380,000
Parks Maintenance Complex & Equipment 415,000
Total $ 1,208,000
TOWN CIP (Continued)
20 20
Project Cost
Public Services CIP
Equipment - Mini Excavator $ 50,000
Sanitation CIP
Equipment - Road Tractor $ 140,000
GF CIP TOTAL $ 5,713,500
TOWN CIP (Continued)
21 21
TOWN CIP (Continued)
Project Cost
Public Utilities CIP
Equipment - One Ton Dump Truck $ 60,000
Screw Pump Rehab @ NWWWTP 180,000
Sewer Outfalls Stabilization 450,000
Water Treatment Plant 5 Upgrade 500,000
Sewer System Improvements 750,000
SW Trunk Sewer Extension 1,300,000
Water Distribution System Improvements 2,000,000
NON-GF CIP TOTAL 5,240,000
-
TOTAL TOWN CIP $ 10,953,500
22
Town of Collierville
Other Funds Overview Also Budgeted by the Town
o Water and Sewer Fund (Public Utilities)
o Historic Preservation Fund
o Sanitation Fund
o Health Insurance Fund
o State Street Aid Fund
o Post Employment Benefits Fund (OPEB)
o Retirement Fund
o Drug Fund
23 23
Public Utilities
Personnel $ 2,396,522
Operating Expenses 4,675,281
Debt Service & Depreciation 4,122,990
Operating Budget $ 11,194,793
TOTAL REVENUES $ 12,418,584
Equipment $ 60,000
Total Capital Improvements 5,180,000
Sewer 2,680,000
Water System 2,500,000
24 24
Historic Preservation Fund (Improvements to Historic Square)
Beginning Fund Balance $ 0
Revenue from New Const. 10,000
EXPENDITURES -0-
General Fund Contribution -0-
Ending Fund Balance $ 10,000
25 25
Sanitation Fund
Beginning Fund Balance $ 1,114,341
Waste Collection Fee 4,015,313
Cart Sales 60,000
Recycling Revenue 40,000
TOTAL REVENUES $4,120,013
EXPENDITURES
Personnel $1,727,163
Vehicle Maintenance 241,000
Fuel 309,000
Landfill Contract 543,100
Transportation Equipment 140,000
TOTAL EXPENDITURES $3,325,058
ENDING FUND BALANCE $ 1,789,296
26 26
Health Insurance Fund
Retained Earnings $ 55,593
REVENUES
Town Payment for Services $4,666,973
Employee Pmt for Services 770,952
TOTAL REVENUES $5,437,925
EXPENSES (Reinsurance, Claims, Administration Fee)
$5,436,053
Ending Balance $ $57,465
27 27
State Street Aid Fund
Beginning Fund Balance $ 479,104
State Revenue 1,200,000
TOTAL REVENUE $1,200,500
EXPENDITURES
Street Overlay Program $1,000,000
Patching 120,000
Traffic Signal Maintenance 46,000
Road Striping 55,000
Gravel, cement, concrete 76,000
TOTAL EXPENSES $1,297,430
ENDING FUND BALANCE $ 382,174
28 28
Other Post Employment Benefits Fund (OPEB)
Beginning Balance $ $10,620,332
REVENUES
FY16 Town Contribution $ 558,454
Retiree Contribution 112,765
Investment Gain 150,000
Interest Revenue 130,000
TOTAL REVENUE $ 951,219
TOTAL EXPENSES (Claims, fees etc) $ 427,846
Revenue Over Expenses $ 523,373
Ending Fund Balance $11,143,705
29 29
Retirement Fund
Retained Earnings $ 54,369,023
REVENUES
Town Contribution $ 2,798,177
Employee Contribution 470,092
Non-vested Reimbursement (25,000)
Gain/Loss 500,000
Interest Revenue 750,000
TOTAL REVENUE $ 4,493,269
EXPENSES
Distributions to Retirees $ 900,000
Admin/Attorney Fees 221,000
TOTAL EXPENSES $ 1,121,000
Revenue Over Expenses $ 3,372,269
Ending Fund Balance $ 57,741,292
30 30
Drug Fund
Beginning Fund Balance $423,245
REVENUE
Revenue from Seizures 82,500
Fines 5,500
TOTAL REVENUE $ 88,000
EXPENDITURES
Operating Expenses $ 65,740
Equipment 2,850
TOTAL EXPENDITURES $68,590
Ending Fund Balance $ 448,155
31
Town of Collierville
General Fund Conclusions
32 32
General Fund Summary
EXPENDITURES
Mayor and Board of Aldermen 189,882 279,091 175,607 185,126
Town Administrator's Office 576,448 617,478 779,229 799,889
Morton Museum 155,534 209,803 212,443 202,890
Library 0 0 0 1,166,453
Human Resources 312,443 370,087 506,256 509,561
Financial Administration 988,292 1,017,295 1,254,137 1,234,898
Information Technology 543,689 561,065 767,159 803,085
General Services 1,331,161 1,454,722 1,713,577 1,939,119
Development
Administration 279,153 302,338 318,929 316,342
Office of Planning 625,268 675,244 735,890 758,854
Office of Engineer 683,577 759,241 850,773 938,358
Code Enforcement 779,552 924,337 1,171,793 1,044,999
Public Safety
Animal Services 489,187 996,440 587,207 621,251
Municipal Court 679,778 707,963 888,944 917,441
Police Department 10,889,420 11,226,650 11,819,956 11,734,381
Fire Department 6,969,012 7,074,649 7,431,168 7,510,917
Public Services
Administration 323,793 351,359 364,444 364,804
Fleet Maintenance 529,619 592,723 662,703 730,426
Streets and Drainage 3,661,778 3,236,401 4,623,797 3,720,401Parks and Recreation 4,045,119 4,341,070 5,079,921 4,946,997
Non-Departmental Accounts
Special Appropriations 1,254,947 995,432 783,871 3,101,304
Debt Service 3,686,827 4,048,635 3,796,621 4,281,210
Insurance 513,927 520,176 582,957 572,688
Total Expenditure 39,508,405 41,262,199 45,107,383 48,401,394
ACTUAL ACTUAL BUDGET PROPOSED
FY 13 FY 14 FY 15 FY 16
Available General Fund Fund Balance $508,541
33 33
General Fund Revenue
$52,856,948
Health Insurance
$ 3,798,042
Sales tax for Schools (1)
$ 4,738,187
Retirement Fund
$ 2,466,732
CIP
$ 1,675,000
OPEB
$ 471,707
Proposed Property Tax Increase
$ 13,149,668 Transfers to
fund indicated
(1) “Maintenance of Effort” generated from half-cent sales tax
Transfer to
Schools CIP
ONLY
34 34
Debt Service Scenarios(1)
(1) All calculations are based on preliminary assumptions and will be affected by
actual market conditions at the time of debt issuance.
(2) Based on architect’s recommended best scenario.
(3) Includes Underwriter’s discount and other costs at $9.00 per bond.
Project Fund (2) 99,044,255$
Cost of Issuance (3) 899,460
Par Amount 99,945,000$
Interest 3.000% 3.500% 4.000% 4.500%
Amortization 30 30 30 30
Annual DS Payment 5,099,120$ 5,434,143$ 5,779,829$ 6,135,778$
335,023$ 680,709$ 1,036,658$
For each 1% increase in interest, debt service will increase approximately $680k
35 35
Cost for Taxpayers
Average home value is $300,000 = $75 tax
increase
Each $0.10
increase
$100,000 home value
$25 property
tax increase
36 36
Byhalia Road
37 37
Hinton Park
38 38
Highway 72
39 39
Interstate 269