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PresentationSmall Town Service ~ Community Stewardship ~ Future Focus FY 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 Small Town Service ~ Community Stewardship ~ Future Focus Outline •FY 2013/14 Mid-Year Budget Status •Recommended Budget Adjustments •Five Year Forecast •FY 2014/15 Budget Development Small Town Service ~ Community Stewardship ~ Future Focus 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 Small Town Service ~ Community Stewardship ~ Future Focus 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 Small Town Service ~ Community Stewardship ~ Future Focus 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 Small Town Service ~ Community Stewardship ~ Future Focus Update to Five-Year Forecast Small Town Service ~ Community Stewardship ~ Future Focus FY 14/15 Budget Development •Forecasted $400K Budget Surplus –Updated revenue and expense projections –Focus on sustainability of core services Small Town Service ~ Community Stewardship ~ Future Focus Action Items A. Accept FY 2013/14 Mid-year Budget Performance and Status Report, including FY 2013/14 Financial Projections B. Authorize Budget Adjustments as Recommended in the Second Quarter Budget Performance Report C. 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. Small Town Service ~ Community Stewardship ~ Future Focus Questions?