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?