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CITY OF COTTONWOOD FY 2015 Proposed Budget Overview

CITY OF COTTONWOOD FY 2015 Proposed Budget Overview. City Council Chambers May 27, 2014 @ 6:00 P.M. Topics of discussion. Glossary of Acronyms FY 2015 Budget Summary Personnel Capital Outlay <$35K Capital Outlay $35K+ Major Revenues Update Funding Outside Agencies

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CITY OF COTTONWOOD FY 2015 Proposed Budget Overview

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  1. CITY OF COTTONWOODFY 2015 Proposed Budget Overview City Council Chambers May 27, 2014 @ 6:00 P.M.

  2. Topics of discussion Glossary of Acronyms FY 2015 Budget Summary Personnel Capital Outlay <$35K Capital Outlay $35K+ Major Revenues Update Funding Outside Agencies Water & Wastewater Rates Financing Needs Reserve Funds Status Future Meetings & Questions 2

  3. Glossary of Acronyms

  4. Glossary of Acronyms • ADOT – Arizona Department of Transportation • ASRS – Arizona State Retirement System • ADWR – Arizona Department of Water Resources • AZ - Arizona • CAF – Capital Accumulation Fund • CATS – Cottonwood Area Transit System • CDBG – Community Development Block Grant • CIP – Capital Improvements Plan/Program • COLA – Cost Of Living Adjustment • DOJ – Department of Justice • DPS – Department of Public Safety • DS – Debt Service • DUI – Driving Under the Influence

  5. Glossary of Acronyms • E-MOD – Experience Modifier • EMS – Emergency Medical Services • FAA – Federal Aviation Administration • FmHA – Farmers Home Administration • FY – Fiscal Year • GADA – Greater Arizona Development Authority • GF - General Fund • GOHS – Governor’s Office of Highway Safety • HURF – Highway User Revenue Fund • IGA – Inter-Governmental Agreement • IT – Information Technology • LP – Lease Purchase • LTAF – Local Transportation Assistance Fund • MPC – Municipal Property Corporation

  6. Glossary of Acronyms • NACOG – Northern AZ Council of Governments • O&M – Operation & Maintenance • P&Z – Planning & Zoning • PANT – Prescott Area Narcotics Taskforce • PSPRS – Public Safety Personnel Retirement System • SAFER – Staffing for Adequate Fire and Emergency Response • SCBA – Self Contained Breathing Apparatus • SRO – School Resource Officer • VLT – Vehicle License Tax • WIFA – Water Infrastructure Finance Authority • WWTP – Wastewater Treatment Plant • YC – Yavapai County

  7. FY 2015 Budget Summary 7

  8. 2015 Budget SummaryThe budget process Base budget submission - $???? Meet with GMs and Department Managers Trim down the base budget 1st Round of budget meetings- $109,000 Before Capital and Personnel Operating & Maintenance only After meeting with City Manager – ($1,000,000) Added personnel, reclassification, & capital Still operational base budget Asked all departments to cut up to 6% off their budgets Staffing Capital outlay Maintenance & operations Current budget - Balanced 8

  9. 2015 Budget SummaryNew Personnel Requests 9

  10. 2015 Budget SummaryNew Personnel Budgeted Safety Training Specialist – only if we get other communities to help fund Electrician – reduce the high amount of overtime currently being used by Charlie Transit Driver – ADOT grant funded, eliminated $13K from part-time drivers Administrative Assistant – requested by auditors to improve internal controls 10

  11. 2015 Budget SummaryPersonnel Reclassifications The Drafter/Designer takes on much of the engineering design, drafting and review work for the entire City saving the city the substantial cost of having a consultant perform these services 11

  12. 2015 Budget SummaryPart-time Personnel Budgeted This positions to be available if grant funding is obtained through NACOG or other source 12

  13. 2015 Budget SummaryPersonnel Status of Employee Benefits: Cost Of Living Adjustment (COLA) – 1.5% Merit program fully funded this fiscal year Longevity is not funded but will review in November 2014 13

  14. 2015 Budget SummaryPersonnel Health insurance premiums increased by 9.0% City continues to fund a portion of dependent coverage No health insurance cost shift to employees Reserve the right to adjust during the year 14

  15. 2015 Budget SummaryPersonnel - City no longer provides Core Plus Plan - All plans include basic life insurance coverage - City contributes $168 and $215 to the $1500 & $2500 HDHP, respectively 15

  16. 2015 Budget SummaryPersonnel ASRS – 11.54% to 11.60% PSPRS Fire – 16.81% to 16.20% PSPRS Police – 29.88% to 29.83% 16

  17. FY 2015 Capital Outlay <$35K 17

  18. 2015 Budget Summary <$35K Capital Outlay 18

  19. 2015 Budget Summary <$35K Capital Outlay 19

  20. 2015 Budget Summary <$35K Capital Outlay 20

  21. 2015 Budget Summary <$35K Capital Outlay 21

  22. 2015 Budget Summary <$35K Capital Outlay 22

  23. FY 2015 Capital Outlay $35K+ 23

  24. 2015 Budget Summary $35K+ Capital Outlay 24

  25. 2015 Budget Summary $35K+ Capital Outlay 25

  26. 2015 Budget Summary $35K+ Capital Outlay 26

  27. 2015 Budget Summary $35K+ Capital Outlay 27

  28. Major revenues update 28

  29. 2015 Budget Summary 29

  30. 2015 Budget Summary The Good Current GF reserve policies are being maintained Local economy showing continued signs of improvement Local sales tax is budgeted for an increase of 4.5% The Bad Two budget rounds with GMs and Department Managers ($1M+ deficit) Fund Balance Policy not being followed in other funds Costs growing faster than revenues Many expensive projects in the works Lack of additional revenue sources Too many demands on the City for support Outside agencies Schools County 30

  31. Funding Outside Agencies 31

  32. Funding Outside Agencies Core Services – organizations providing a core or mandatory service on behalf of the City, that the City would otherwise have to provide. Value Added Benefit Service – organizations providing an ongoing service that provides a value added benefit to the community, though not mandatory, would probably be provided by the City in some manner. Program Funding – organizations, not considered providing the services described above, seeking funding for a specific program, or event. Building Better Community Grants - $15,000 is budgeted 32

  33. Funding Outside Agencies These organizations will be presenting on Tuesday June 10th prior to wrap-up. 33

  34. Water & Wastewater Rates 34

  35. Water & Wastewater Rates There is still a strong need for rate adjustments Water needs to maintain Debt Service Coverage – Should be 1.35X Continue to look for efficiencies in both systems Moody’s & S&P statements are on-line Moody’s downgraded Cottonwood May 11, 2011 S&P downgraded Cottonwood June 12, 2013 Rate Study presentation is planned on July 1st Notice of Intent to Increase will be presented at that time Any implementation is anticipated by October 1st 35

  36. Financing Needs 36

  37. Financing Needs • We are moving forward with financing in FY 2015 • Refunding of the 2004 Water Bonds is planned for the November 2014 when they become callable 37

  38. Reserve Funds Status 38

  39. GF Reserve Funds Status 60 Days Coverage $2,539,900 Capital Accumulation Fund $1,000,000 Undesignated Reserves (this is our only cushion) $100,000 1% Sales Tax GF Capital $0 0.2% Sales Tax PS Capital Fund $0 Longevity Plan $0 39

  40. Future Meetings Thursday, May 29th at 6 p.m. Thursday, June 5th at 6:00 p.m. Tuesday, June 10th at 6:00 p.m. (backup date) Questions???? 40

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