TOWN OF LANTANA FY 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop July 26, 2010 5:30 PM

TOWN OF LANTANA

FY 2010/11

BUDGET

WORKSHOP

Town of Lantana Budget Workshop July 26, 2010 5:30 PM

WHERE ARE WE? Working through budget

Compiled department requests and revenue projections

Reviewed budget at the account level

Following through on budget strategy

Two months until final adoption of budget


PRIMARY FACTORS AFFECTING BUDGET REVENUES – GENERAL FUND

Property values drop 16.6%Utility and Franchise taxesInterest Income

TOTAL REOCCURRING REVENUE DECREASE$523,000


PRIMARY FACTORS AFFECTING BUDGET REVENUES – UTILITY FUND

Reoccurring revenues still projected to decrease $116k


TAXABLE VALUES

Taxable value for FY10 budget

Final taxable value for FY10 – VAB

Taxable value for FY11-Certified

Decrease in value

Percentage decrease

$870.9 million

$867.8 million

$723.7 million

$144 million

16.6%


AD VALOREM PROCEEDS Current draft is calculated at 3.2395

Certified taxable value – FY11 $723.7M

Ad Valorem taxes at current rate $2.22M

(at a 95% collection rate)

Percentage DECREASE in revenue 16.9%


GENERAL FUND REVENUES

Decrease in property values while using same millage rate reduces revenue by $453k.

Other decreases in revenue due to economy - $50k.


GENERAL FUND Projected revenue Less:

Personnel (72.73 FTEs)

OperatingCapitalDebtTransfers out

Projected deficit

7,696,356

5,817,170

1,514,577

46,500

193,250

212,600

($87,741)


75%75%

19%19%

1%1%

2%2%

3%3%

GENERAL FUND Cost of Living (COLA) has not been

included at this time. Merit plan has not been included. Pension costs are projected at 22.62%

for sworn officers and 7% for general employees.

Elimination of four positions (2 vacant). Boat trailer decal parking program

included. Transfer to the Transportation Fund.


UTILITY FUND Projected revenue Less:

Personnel (18.9 FTEs)

OperatingCapitalDebtContingency

Projected deficit

4,923,000

1,391,850

1,954,056

510,000

1,047,200

$75,000

($55,106)


28%28%

39.5%39.5%

10%10%

21%21%

1.5%1.5%

UTILITY FUND

Revenue from operations are down by 2.3%.

No merit or COLA included; pension unchanged at 7%.

Includes debt payment of $1,047,200.

Includes capital requests of $510,000


TRANSPORTATION FUND

Projected operational revenue

Less:OperatingCapitalDebt

Projected operational deficit

Transfer in from General Fund

261,000

160,1005,000

308,500

($212,600)

$212,600


34%34%

1%1%

65%65%

TRANSPORTATION FUND Revenue from gas tax receipts have

slightly increased.

Current projected transfer from the General Fund is $212,600.

Includes debt payment of $308,500.

Includes $121,000 for street lighting.



WHAT IS NEXT? Tonight’s Council Meeting – tentative

millage rate & date/time of 1st Public Budget Hearing

August – finalize draft budget for Council’s consideration

Incorporate Council direction into budget 1st Public Budget Hearing is September 13th

at 6:00 pm in the Council Chambers – Council to set proposed millage rate

2nd and Final Public Budget Hearing is September 27th at 6:00 pm – Council to adopt final millage rate & budget for fiscal year 2010/11


THANK YOU

Documents

TOWN OF LANTANA FY 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop July 26, 2010 5:30 PM