1 / 16

City of Glendale

Budget Update. City of Glendale. November 15, 2011. Introduction. FY 2010-11 Results Estimated Cash & Fund Balances at June 30, 2011 FY 2011-12 First Quarter Update Questions and Comments. FY 2010-11 Results General Fund Resources. FY 2010-11 Results General Fund Expenditures.

elvis-gilbert
Télécharger la présentation

City of Glendale

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Budget Update City of Glendale November 15, 2011

  2. Introduction • FY 2010-11 Results • Estimated Cash & Fund Balances at June 30, 2011 • FY 2011-12 First Quarter Update • Questions and Comments

  3. FY 2010-11 ResultsGeneral Fund Resources

  4. FY 2010-11 ResultsGeneral Fund Expenditures

  5. FY 2010-11 ResultsImpact of GRA Activity • Redevelopment Agency made a payment of $35.6 million on the outstanding loan • Reclassified $30.6 million of nonspendable fund balance to unassigned fund balance • Remainder of payment, $5 million, was recorded as interest revenue • Transfer of note receivable, property and related income • Total of $8.5 million was recorded as revenue • Future repayments of the Agency Loan will be recorded as principal reduction and interest revenue

  6. FY 2010-11 ResultsNet Change to Fund Balance

  7. FY 2010-11 ResultsFund Balance Reconciliation

  8. FY 2010-11 ResultsFund Balance Reserve Percentage

  9. Estimated Cash & Fund BalancesAs of 6/30/2011 (In Thousands)

  10. Estimated Cash & Fund BalancesAs of 6/30/2011 • Capital Improvement Fund (401) has a negative cash balance of $3.3 million at year end • Attributable to grant projects that are funded on reimbursement basis • Recorded as a loan due to the General Fund • Water Fund has a negative cash balance of $10.8 million at year end • Recorded as a loan due to the Electric Fund • Will be addressed at an upcoming Water Rate study session

  11. FY 2011-12 First Quarter Update • Positive Signs • All General Fund departments had budget savings in FY 2010-11 totaling $7.6 million • PERS rates have stabilized and will increase slightly less than forecasted by PERS last year • Sales tax is beginning to trend upward based on the most recent quarter to quarter review • City appears to be on target with employee concession savings as all employee groups participated in this strategy • Increased rates to fund the Internal Service Fund deficits were implemented for FY 2011-12

  12. FY 2011-12 First Quarter Update • Future Issues • While budget savings were realized, service levels have been reduced throughout the community • Hiring freeze continues to be in affect • Uncertainty of the Redevelopment Agency remains • The General Fund Capital Improvement Program (Fund 401) has been severely curtailed over the last several years • Continue to address the natural cost increases in employee benefits • PERS rates, while stable, are subject to revision based on multiple factors

  13. FY 2011-12 First Quarter Update • First Quarter Results • Revenues and expenditures are tracking as expected • No changes are proposed to the adopted budget at this time • Staff is closely monitoring revenue and expenditure data and will recommend changes, if any, at the mid-year Budget Report

  14. FY 2011-12 First Quarter UpdateGeneral Fund Resources

  15. FY 2011-12 First Quarter UpdateGeneral Fund Expenditures

  16. Questions and Comments

More Related