Transcript Document
Mayor’s Budget 2015 Budget Funds • • • • • • • • All Funds: $55,213,096 Municipal Lighting Department Water Fund Sewer Fund Parking Special Assessment District Library Fund Recreation Fund General Fund Municipal Lighting • Separate from all other funds o Bills City for Services Rendered by MLD staff o Billed by City for Services Rendered by City Staff • Supported by Electricity Customers o No rate increase in this budget o Last rate increase was 2010 • Projected Revenue: $ 17,892,481 • Projected Expenses: $ 17,849,314 o Debt Service in Expenses: $1,258,941 o Contribution to Reserve: $ 43,167 Water Fund • Separate from all other funds o Supports the Staff of Water Filtration Plant o Supports some of the Public Works & Engineering Employees • Supported by Water Customers o No rate increase in this budget o Last rate increase was 2009 o Specific Capital Project charges added in 2012 & 2013 • Projected Revenue: $ 3,348,840 • Projected Expenses: $ 3,475,499 o Fund Balance used: $126,609 of $1.8 million o Debt Service in Expenses: $ 310,450 Sewer Fund • Separate from all other funds o Supports the Staff of Water Pollution Control Plant o Supports some of the Public Works & Engineering Employees • Supported by Sewer Customers o No rate increase in this budget o Last General Rate Increase was 2009 • Projected Revenue: $ 5,525,530 • Projected Expenses: $ 5,785,277 o Fund Balance Used: $ 259,747 of $5 million o Debt Service in Expenses: $ 18,080 Parking District • Separate from all other funds • Supported by Special Assessments o Former Air Base Oval o Downtown o No increase • Projected Revenue: $ 90,899 • Projected Expense: $ 89,399 o Fund Balance Used: $ 1,500 o Debt Service: $11,245 Library Fund • Managed by Separate Library Board of Directors • Supported in part by General Fund Taxes. • Projected Revenues: $ 963,633 o State Aid: $ 90,779 o Local Grants: $ 5,200 o City General Fund: $ 801,179 • Projected Expenses: $ 938,633 o Debt Service in expenses: $5,000 o Contribution to Capital Reserve: $ 25,000 Recreation Complex Fund • Supported by General Fund Taxes & User Fees. • Projected Revenues: $ 1,023,042 o User Fees & Donations: $ 630,400 o City General Fund $ 392,642 • Projected Expenses: $ 1,023,042 o Debt Service: $115,959 City General Fund • Supported by Property Taxes, State Aid and Fees. • Projected Revenue: $ 21,550,302 o Local Property Taxes: $10,031,235.64 • Tax Levy up 1.56%; at NYS Tax Cap level. • Tax Rate: $10.69/$1,000, up from $10.59, less than 1% increase. o Sales Tax: $ 4,007,581; Down 4.6% o State Aid: $ 2,877,880; no change • Projected Expense: $ 23,405,798 o Debt Service in expenses: $1,779,199 o Fund Balance Used: $ 1,855,496 Fund Balance • Built over several years o Tough Decisions o Unsettled Labor Agreements • Two settled last year; one in negotiations now. • Recession o Rapid rise of Retirement Costs o Sales Tax stagnant o Property Values dropped • Fund Balance Used to Bridge to Better Times. o We • • • have always seen relief in 2016, have budgeted to get there. $600,000 Bond Payment Eliminated in 2016 Another $200-300,000 drop in Retirement Costs Expected in 2016 Negotiating Healthcare Changes, $200-400,000 Fund Balance • Mayor’s draft shows a Negative Fund Balance. o Based on Conservative Estimates for the rest of 2014. • The Council’s budget revisions will occur when we know 2014 actuals. • I expect a strong finish to 2014, but budgeted conservatively o Budget Contains Embedded Reserves • It has been between $600,000 and $1,200,000 in recent years • Healthcare, to be sure we can meet a bad health year • Emergency Repairs, to be sure we can maintain services o Not running out of Cash. • We have $1.5 million in prepaid expenses and committed reserves. • Across all funds we have $12,000,000 or more in the bank every day. Embedded Reserves 2,500,000 2,000,000 $957,662 $1,290,168 $665,496 1,500,000 Budgeted Actual 1,000,000 Budgeted $2.2 million; expect to use $1.25; $957,000 “embedded reserve.” 500,000 2012 2013 Budgeted $2.3 million from F.B., actually used only $1 million; $1.3 million “embedded reserve”. 2014 2015 Budgeting $1.8 million from F.B., expect to use only $1.2 million; $665,496“embedded reserve”. 2016 Unappropriated Fund Balance 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 2013 (1,000,000) 2014 2015 2016 Bottom Line Choices • Let Fund Balance “bottom out” o At a low level, but a reasonably safe level. -$381,785 • Begin to reduce dependence on Fund Balance o 2014 $ 2.2 million budgeted; 2015, $ 1.8 million budgeted • Begin to rebuild Fund Balance in 2016 o I don’t want to take money from the Taxpayer’s Savings Accounts to put it into the City’s Savings Account! • Begin to restore Community Development Office o An investment that will yield future revenue. • Create a staff position to manage Events and to Coordinate Volunteer Groups’ Efforts. o o o o Battle of Plattsburgh Fishing Tournaments First Weekends, etc. An investment that will yieldfuture revenue. • Create Municipally-Operated Marina o An investment that will yieldfuture revenue.