2009021711 Presentation
FY 2008/09 Mid-Year Budget Review Budget Performance & Status Report (For 2nd Quarter ending Dec. 31, 2008) Greg Larson, Town Manager Steve Conway, Finance Director February 17, 2009
Small Town Service -Community Stewardship -Future Focus • Revenues • Expenditures • Year-End Results • Looking Ahead • Recommended Budget Adjustments Small Town Service -Community Stewardship
-Future Focus 1
--+-Revenues --Expenditures $38,000,000 $37,000,000 $36,000,000 $35,000,000 $34,000,000 $33,000,000 $32,000,000 $31,000,000 $30,000,000 ---" ! A 7"...._____ ---2008109 2009/10
2010/11 2011/12 2012113 Proposed Forecast Forecast Forecast Forecast Small Town Service -Community Stewardship -Future Focus (excluding Vasona sale & Interest) • Sales Tax reduced $860
k • Service Charges reduced $295 k • Licenses &Permits reduced $190 k • Property Tax reduced $170 k • Transient Occupancy Tax reduced $110 k • Franchise Fees reduced $100 k • Parking
increased $130 k (some offsets) Small Town Service -Community Stewardship -Future Focus 2
• Department expenses running below 50% • Projecting year end expenses at -98% • Soft hiring freeze • Tighter expenditure and overtime controls • Reduced public counter hours • New capital
expenditures • Winchester at Lark/85 railroad crossing • Plaza Park turfand drainage improvements ., , . Small Town Service -Community Stewardship -Future Focus • Net General Fund
Surplus of $500 k • Half to Revenue Stabilization Reserve • Half to Future Capital & Special Projects Reserve • Minimal current year service impacts But prepared for future reductions
• Significant change in tax revenue mix Small Town Service -Community Stewardship -Future Focus 3
-- fl·IO"toI Budgeted GF Revenue Source Comparison $31 Million ( Excluding Transfers) ,m.. .I-__ 131.)'lIoI 1'..' ....1 • • Town Sales Tax Mix Projected 2008109
Sales Tax Revenues ($8.2M Revised) _.... IUM 12U5'llo1 AUloo-.",. ". 111.8''4) Small Town Service -Community Stewardship -Future Focus • Council Retreat on March 7th • New Five Year
Forecast • Potential Budget Balancing Strategies • Staff Developing Proposed Budget • Some service level reductions • Cost recovery revenue enhancements • Potential organizational changes
• Prepare for long-term risks and threats Small Town Service -Community Stewardship -Future Focus 4
• Sales Tax -$858,300 Decrease ,. Charges for Services -$295,223 Decrease • License and Permits -$188,720 Decrease • Property Tax -$168,980 Decrease • Franchise Fees -$100,000 Decrease
• TOT -$110,000 Decrease • Sale of Vasona Land -$6,000,000 Increase ,. Investment Earnings -$470,138 Increase ,. Parking Citation Revenue -$130,000 Increase Small Town Service -Community
Stewardship -Future Focus om • State Redevelopment "Take" -$457 k • Workers Compo ABAG Grant + $10 k • Plaza Park Turf &Drainage· $50 k • Winchester Railroad Crossing· $50k Small Town
Service -Community Stewardship -Future Focus 5
Small Town Service -Community Stewardship -Future Focus 6