2-18-14 2nd Qtr PresentationFY 2013/14 Mid-Year Budget Review
Budget Performance & Status Report
(For 2nd Quarter ending Dec. 31, 2013)
Greg Larson, Town Manager
Steve Conway, Finance Director
Jen Callaway, Finance & Budget Manager
February 18, 2014
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Outline
FY 2013/14 Mid-Year Budget Status
Recommended Budget Adjustments
Five Year Forecast
FY 2014/15 Budget Development
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FY 13/14 Revenue + $840K
$255k increase in General Property Tax
$249k increase in Licenses & Permits
$233k increase in Motor Vehicle In Lieu
$185k increase in Transient Occupancy Tax
$122k increase in Charges for Services
$84k increase in Miscellaneous Revenues
$70k increase in Sales Tax
$33k increase in Grant Revenues
$176k decrease in Interest Income
$125k decrease in Fines & Fofeitures
$90k decrease in Successor Agency Income
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FY 13/14 Expenditures
Mid-year expenses averaging 50% of budget
Possible year-end surplus
Cost reduction measures still in place
Police staff and equipment
Reallocate positions for staff analyst
Re-authorize hire-ahead patrol officer
Create new patrol over-strength position
Fund partial radio replacement project
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FY 13/14 Expenditure Adjustments
General Fund – Key Changes
$54k for special election
$50k for executive recruitments
$28k for safety & repairs
Other Funds – Key Changes
$345k workers compensation
$150k police interoperability radios
$113k liability premiums
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Update to Five-Year Forecast
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FY 14/15 Budget Development
Forecasted $400K Budget Surplus
Updated revenue and expense projections
Focus on sustainability of core services
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Action Items
A. Accept FY 2013/14 Mid-year Budget Performance and Status Report, including FY 2013/14 Financial Projections
Authorize Budget Adjustments as Recommended in the Second Quarter Budget Performance Report
Authorize $150K in Capital Funding for Expanded Interoperability Radio Acquisition, Creation of Police Analyst and Include One-Time Allocation of $175K in FY 2014/15 Budget for
Patrol Over- strength Position.
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Questions?
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