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HomeMy WebLinkAboutCouncil Presentation 05/17/2022 - FY2023 Tentative Budget PresentationFiscal Year 2022-2023 Tentative Budget 5/17/2022 Yiannis Kalaitzidis, Finance Director FY2023 Tentative Budget The Tentative Budget is presented on the required Auditor General Forms Schedule A—Summary Schedule of Estimated Revenues and Expenditures/Expenses Schedule B—Tax Levy and Tax Rate Information Schedule C—Revenues Other Than Property Taxes Schedule D—Other Financing Sources/<Uses> and Interfund Transfers Schedule E—Expenditures/Expenses by Fund Schedule F—Expenditures/Expenses by Department (as applicable) Schedule G—Full-Time Employees and Personnel Compensation 2 Tentative Budget Fiscal year 2022-2023 Overview 3 Operating, $95.0M, 41% Capital Outlay, $125.3M, 54% Debt Service, $13.2M, 5% Expenditure by Category $233.5 Million Sales Tax, $50.5M, 29% Intergovernmental, $60.1M, 35% Licenses, Permits & Fees, $23.7M, 14% Charges for Services, $11.9M, 7% Other, $11.7M, 7% Bonds/loan, $15.2M, 9% Revenues $161.7 Million FY 2023 Recommended Budget Summary 4 Primary Entity 2022 Adopted 2023 Recommended $ Change % Change General Fund $ 55,152,321 $ 72,726,793 $ 17,574,472 31.9% Special Revenue Funds 10,568,485 10,488,072 (80,413)-0.8% Capital Projects Funds 36,518,156 69,958,272 33,440,116 91.6% Debt Service Funds 5,908,375 6,405,137 496,762 8.4% Enterprise Funds 32,664,211 56,414,314 23,750,103 72.7% Internal Service Funds 5,067,470 5,289,950 222,480 4.4% Primary entity 145,879,018 221,282,538 75,403,520 51.7% Component Units Special Districts 13,036,512 5,154,435 (7,882,077)-60.5% Total $ 158,915,530 $ 226,436,973 $ 67,521,443 42.5% FY 2023 Tentative Budget Summary 5 Primary Entity 2022 Adopted 2023 Recommended $ Change % Change General Fund $ 55,152,321 $ 73,268,176 $ 18,115,855 32.8% Special Revenue Funds 10,568,485 10,487,968 (80,517)-0.8% Capital Projects Funds 36,518,156 69,992,530 33,474,374 91.7% Debt Service Funds 5,908,375 6,405,137 496,762 8.4% Enterprise Funds 32,664,211 56,594,941 23,930,730 73.3% Internal Service Funds 5,067,470 5,289,950 222,480 4.4% Primary entity 145,879,018 222,038,702 76,159,684 52.2% Component Units Special Districts 13,036,512 11,454,435 (1,582,077)-12.1% Total $ 158,915,530 $ 233,493,137 $ 74,577,607 46.9% Changes from Manager’s Recommended Budget Changes to CFD Budget •Gladden Farms, Phase II, Capital acquisition & Cost of issuance Changes to CIP program –Carry forward adjustments: $ 6,300,000 •Airport MIRL, Beacon, PAPI Light Replacement 310,543 •MMC Drainage Improvements 128,447 •MOC Parking Lot Reconstruction 125,000 •All other net carry forward adjustments to ongoing projects 133,749 Changes to operating budgets: •Changes to department budgets, including personnel changes (26,800) •Carry forward adjustments 47,225 •Vehicle replacement due to accident 38,000 Total amount of Changes $ 7,056,164 6 General Fund Budget Summary •Revenues: $4,179,048 7 Category F/Y 2022 Budget F/Y 2023 Recommended $ Change % Change Revenue $ 53,735,342 $ 75,313,782 $ 21,578,440 40.2% Expenditures 50,152,321 68,268,176 18,115,855 36.1% Transfers Out 4,286,035 20,746,340 16,460,305 384.0% Change in fund balance $ (703,014)$ (13,700,734)$(12,997,720)1,848.9% •Expenditures: $541,383 •Transfers out: $26,864 Changes from Recommended Budget HURF Fund Budget Summary 8 Category F/Y 2022 Budget F/Y 2023 Recommended $ Change % Change Revenue $ 3,917,106 $ 4,807,629 $ 890,523 22.7% Expenditures 4,348,548 5,358,694 1,010,146 23.2% Change in fund balance $ (431,442)$ (551,065)$ (119,623)27.7% •Revenues: $583,932 Changes from Recommended Budget FY2023 Tentative Budget Establish the overall expenditure limitation for FY2022 at $233.5 million Expenditure authority may only be reallocated or reduced Structurally balanced Reflects the careful allocation of available resources Invests in key areas Public hearing for final budget adoption on June 21, 2022 9 DISCUSSION 10