Transcript bUDGET GOALS Fy 2011 - 2012

BUDGET WORK SESSION
FISCAL YEAR 2016
City of Mustang
General Fund
GENERAL FUND REVENUES




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
Charges for Services
5%
Licenses/Permits/Fees
1%
$ 2,200,000
$21,096,915
($21,248,155)
$ 2,048,760
Fund Balance
Reserves
9%
Interest Income
0.03%
Sales Tax
42.97%
Transfers In
33%
Other Taxes
2%
Fines
2%
Franchise Taxes
5%
Projected Sales Tax Revenue

FY 11:$ 7,469,445

FY 12:$ 7,794,082

FY 13:$ 8,340,520

FY 14:$ 9,160,774

FY 15:$ 9,611,700 (projected year to date as of 5/7/2015)

FY 16:$ 9,900,000 (projected budget)
Budget represents 3.0% increase from projected year-end sales tax for FY15.
$1,000,000
Sales Tax - Last Three Fiscal Years
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Jul
Aug
Sep
Oct
FY15
Nov
Dec
FY14
Jan
Feb
Mar
FY13
Apr
May
Jun
General Fund – Expenditures
Streets
0.75%
Mayor & Council
1%
City Manager
2%
Animal Control
0.35%
Community
Development
3%
Police
13%
Transfers
42.9%
Aquatics
1%
Ball Complex
2%
Town Center
1%
Increase to Fund
Balance
9%
Parks & Recreation
4%
General
Government
6%
Fire
9%
Finance
3%
Library
2%
General Fund – Personal Services
Additional
personnel
included in
proposed
budget due to
estimated
increase in
sales tax and
ball complex
revenues.







New Police Officer
New Firefighter
New Grounds Keeper
New Animal Control Officer (PT)
New Library Youth Assistant (PT)
Continued step increases ranging
from 3 to 4% among all departments
3% Cost of Living Adjustment (COLA)
General Fund – Expenditure Changes
The General
Fund is the
predominant
fund for
financing the
City’s
operations.




Oklahoma Municipal Retirement Fund mandated
an increase from 10.64% to 11.79%
Recommended transfer to Risk Management Fund
from $0 to $37,500 to cover annual excess
workers compensation coverage
Enable Resolution 05-027 and amending 10% of
sales tax revenue received in excess of $800,000
No increase in costs associated with employee
health care
General Fund Reserve
The General Reserve
Fund was established by
Resolution 06-017.
Original funding was
deposited from other
funds for maintenance of
city facilities,
infrastructure, and other
capital purchases.
Ordinance No. 1105 was
approved on July 15,
2015 to levy a tax of
(5%) on the rental of
hotel and motel rooms
within the city limits. All
taxes collected shall be
deposited into the city’s
General Fund. The city
council shall determine on
a yearly basis the use of
the room tax funds.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 3,000
$ 6,100
$(
0)
$ 9,100
Impound Fee Fund
The Impound Fee
Fund was
established by
Ordinance No.
1102 on May 2,
2014 amending
impoundment of
vehicles. An
impound fee of
$100 by the
person to whom
the release is
issued to cover
towing service for
the impoundment
and storage.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$
$
$(
$
30,000
30,100
32,750)
27,350
Park Improvement Fund
The Park
Improvement fund
is used to account
for the revenue
received from
business licenses
($15 per license)
required by
ordinance; court
costs assessed for
parks; and park
fees from
subdivisions. Funds
are restricted for
improvements to
and development
of the park system.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$
$
$(
$
40,000
74,400
49,900)
64,500
Park Improvement Fund

Additional items for dog park
$ 5,000

Playground mulch (3)
$ 8,400

Picnic tables and benches
$ 5,000

Playground repairs
$ 2,500

Park signage
$ 3,000

Landscaping and trees
$ 7,000

12x12 pavilion (2)
$14,000

Wi-Fi (baseball park)
$ 5,000

Total -
$ 49,900
Alcohol Enforcement Fund
The Alcohol
Enforcement
Fund is used to
account for fines
and fees
generated as a
result of
intoxicating
substances and
traffic related
offenses.
Ordinance
#1087
established the
fund.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 9,200
$ 8,100
$( 8,250)
$ 9,050
Library Fund
The Library Fund
is used to
account for
restricted state
grant
agreements and
fines generated
as a result of
overdue library
materials. Funds
are used for
library
operations, local
programs, and
capital
purchases.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 20,000
$ 13,700
$(33,700)
$
0
Traffic Enforcement Fund
The Traffic
Enforcement
Fund is used to
account for fines
and fees
restricted for
capital and
training
expenses
related to traffic
enforcement.
Ordinance #920
established
legislative
restriction.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 7,200
$ 15,060
$(20,900)
$ 1,360
Employee Flex Spending Fund

The City offers its
employees a
Flexible Spending
Program, which is
allowable under
Internal Revenue
Code, Section 125.
The program
allows employees
to deposit a
portion of their
pre-tax income
into the account
maintained for
health care
expenditures.



Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 3,600
$ 1,400
$( 5,000)
$
0
2012 GO Bonds – Town Center Expansion

The City issued
$2,050,000
combined purpose
general obligation
bonds, Series 2012,
dated June 1, 2012
for the purpose of
expanding the Town
Center Building.
Proceeds from the
bonds provided
financing for the
construction of this
project. Ad valorem
revenue is collected
to pay principal and
interest on general
obligation bonds
within the Debt
Service Fund.



Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 167,500
$
500
$(168,000)
$
0
Street/Drainage Fund

The
Street/Drainage
Improvement Fund
is a special
revenue fund used
to account for the
proceeds of
specified revenue
sources that are
restricted or
committed to
expenditures for
street projects and
repair.



Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$1,100,000
$ 459,500
$( 653,500)
$ 906,000
Debt Service Fund

The City Debt Service
Fund is used to account
for ad valorem taxes
levied by the city for use
in retiring general
obligation bonds, courtassessed judgments, and
their related interest and
fiscal agent fees. In
State law, this fund is
referred to as the Sinking
Fund.
Current obligations are
the 2012 General
Obligation Bond Projects
(Ball Field and Town
Center Expansion).



Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 255,000
$ 354,000
$(314,520)
$ 294,480
Limited Purpose Fund
The Limited Purpose
Fund is a capital project
fund used to purchase
capital outlay, including
the acquisition or
construction of capital
facilities, or other capital
assets. The restricted 3rd
penny sales tax collected
(MIA) in excess of debt
payments are set aside
to the Limited Purpose
Fund.
Proposal to amend
Resolution 05-027 to
read ‘10% of sales tax
revenue in excess of
$800,000 in a month’.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 910,000
$ 887,000
$(900,556)
$ 896,444
Limited Purpose Fund - Capital Outlay Spending


Library – shelf signage ($2,595), chairs ($1,040), storage shelving ($150)
Parks and Recreation – sound equipment for aerobic/fitness ($1,350), upgrade sound system
for gym (1,011), (5) Elite desktop computers ($4,875)

General Government – city hall security lock down ($800)

Town Center – repair and paint front foyer of TC ($5,000), paint metal ($8,000)





Ball Complex – (4) temporary fence at softball complex ($24,500), 30x40 metal shop
building ($24,000), (4) concession point of sale equipment ($3,140), brick for
concession/restrooms @ soccer baseball ($19,000)
Aquatic Center – (2) point of sale equipment ($1,995), pavilion ($11,900), crack repair on
pool ($57,000)
Community Development – Extended cab truck ($30,250), comprehensive plan update
($60,000), new plat maps and water ($15,000)
Police – ID printer ($10,700), Windows 7 ($8,000), HVAC for 911 ($10,000), painting
building ($10,000), New Vehicles ($43,025), Prior Year Leases – Vehicles ($129,225)
Animal Control – Windows 7 ($1,000)
Limited Purpose Fund - Capital Outlay Spending
CONT’D

Fire – FIT testing machine ($13,000), 12-lead heart monitor life-pak 15 ($35,000), (2)
desktop computers ($4,000) , (5) storm siren replacements & upgrades ($150,000)

Water Division – Resolution 05-027 infrastructure ($15,000), paint water tower ($200,000)

Reserves for fund balance ($896,444)

Total - $1,797,000
2014A Series Bond Fund
The City pledged the 4th
penny of future sales tax to
repay of Series 2006
Revenue Bonds. The sales
tax is legally restricted by
a vote of the citizens and
cannot be spent on any
other items. Proceeds from
the notes provided
financing for community
facilities in 1999. Debt
service payments are
received and paid within
this fund. Taxes collected
in excess of the debt
service payments are set
aside for the early
retirement of debt as serial
bonds become due.
On May 13, 2014 the
2014A Notes refinanced
the Series 2006 Revenue
Bonds for the purpose of
reducing maturity years by
3.33 years, note amount of
$7,740,000, interest rate
reduced from 5.0% to
2.1%.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 460,000
$2,492,200
$(2,244,020)
$ 708,180
Mustang Improvement Authority
The Mustang
Improvement
Authority (MIA) is
used to account for
business-like activities
provided to the
general public. These
activities are
financed primarily by
user charges and
similar to the private
sector. This fund
accounts for activities
of the public trust in
providing water,
wastewater,
sanitation, and
recycling to the
public.

Projected Beginning Balance
$ 2,136,000

2014B Restricted Carryover
$ 7,195,238

Projected Revenues
$17,653,020

Projected Expenditures
$(17,757,350)

2014B Construction Projects
$( 7,195,238)

Projected Ending Fund Balance $ 2,031,670
Mustang Improvement Authority - Revenues
Transfers In
1%
Restricted C/O
(2014B Projects)
26%
Sales Tax
37%
Carryover
7%
Sanitation
7%
Miscellaneous
1%
Fees & Other
Services
3%
Sewer
7%
Water
11%
Mustang Improvement Authority - Expenditures
Sewer
3%
Sanitation
4%
Water
9%
Increase to Fund
Balance
Other Services
8%
1%
Debt Service
1%
2014B Construction
Projects
27%
Transfers Out
47%
Risk Management Fund
The Internal
Service Fund
(Worker’s
Compensation
Fund) is used to
account for
self-insured
worker’s
compensation
claims.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 470,000
$ 84,000
$( 250,000)
$ 304,000
MIA Reserve Fund
The MIA Reserve fund is
used for maintenance,
infrastructure, and
capital purchases for the
enterprise funds. On an
annual basis 33 1/3% of
the connection fees will
be appropriated for
operating and
maintaining utility
systems, and 66 2/3% of
connection fees for
expanding and
upgrading water and
sewer utilities.
Ordinance 1106 added
$4.50 per month for
each utility account for
capital improvements to
water and wastewater
facility and line
maintenance and
construction.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 270,000
$ 385,000
$( 276,950)
$ 378,550
Sewer Impact Fund
The Sewer
Infrastructure
Impact Fund is
used to account
for fees
established per
house top to
developers.
Funds are used
to pay the Series
2009 Clean
Water SRF Note
to OWRB dated
June 8, 2009
and future
indebtedness.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$435,000
$141,000
$(100,000)
$476,000
2013 Refinancing (1998A|B) Fund
The City has
pledged future net
water and sewer
revenues and one
cent sales tax to
repay the 1998
Revenue Bonds
Payable. Proceeds
from the bonds
provided financing
for utility system
capital assets. The
bonds were defeased
in April 2013, funded
by the issuance of a
refunding private
placement note, with
the pledged revenues
assumed by note
holder.




Projected Beginning Balance
Projected Revenues
Projected Expenditures
Projected Ending Fund Balance
$ 110,000
$1,140,150
$(1,133,000)
$ 117,150