Presentation - 2ndQ 2013Small Town Service ~ Community Stewardship ~ Future Focus FY 2012/13 Mid -Year Budget Review Budget Performance & Status Report (For 2nd Quarter ending Dec. 31, 2012) Greg Larson, Town Manager Steve Conway, Finance Director Jen Callaway, Finance & Budget Manager February 19, 2013
Small Town Service ~ Community Stewardship ~ Future Focus Outline •FY 2012/13 Mid -Year Budget Status •Recommended Budget Adjustments •Five Year Forecast •FY 2013/14 Budget Development •Review Strategic Goals and Workplan
Small Town Service ~ Community Stewardship ~ Future Focus FY 12/13 Revenue + $364K •$642k increase in Charges for Services •$487k increase in Licenses & Permits •$225k increase in Monte Sereno reimbursement •$127k increase in VLF Property Tax Backfill •$416k decrease in Sales Tax •$471k decrease in Interest Income •$173k decrease in General Property Tax
Small Town Service ~ Community Stewardship ~ Future Focus FY 12/13 Expenditures •Cost reduction strategies in place •Mid -year expenses below 50% of budget •Possible year -end expenditure savings
Small Town Service ~ Community Stewardship ~ Future Focus FY 12/13 Budget Adjustments Key Recommended Expenditure Adjustments: •Staff Salaries –$225k for extra direct homicide investigation costs –$70k for staff salaries –$45k for Code Compliance •Capital Improvement Projects –$50k for Winchester/Lark Intersection Design Phase •Total Recommended Revenue Adjustments: $364k
Small Town Service ~ Community Stewardship ~ Future Focus Update to Five -Year Forecast
Small Town Service ~ Community Stewardship ~ Future Focus FY 13/14 Budget Development •Forecasted $.8m budget gap –Prior Council prioritization –Updated revenue and expense projections –Continued cost containment strategies
Small Town Service ~ Community Stewardship ~ Future Focus Action Items A. Accept FY 2012/13 Mid -year Budget Performance and Status Report, including FY 2012/13 Financial Projections B. Authorize Budget Adjustments as Recommended in the Second Quarter Budget Performance Report C. Provide Direction on 2012 -14 Strategic Goals and 2013 Workplan
Small Town Service ~ Community Stewardship ~ Future Focus Questions?