HomeMy WebLinkAbout08-23-2023 CC Minutes2024 Budget and Capital Program
August 2023 Update
Presentation for City Council
August 23, 2023
Prepared By:
Ken Killgore
Finance Director
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hk 2024 Budget and Capital Program
Update — Priorities Remain
Adjust Staffing for Needs and More Efficiency
Shorten Time for Completing Projects
Catch-Upon Road Improvements
Initiate CRA Master Plan Improvements
Insure Cash Reserves are Well Funded
Continue High Play at Golf Course
Continue Airport Improvements/Grants
hk 2024 Budget and Capital Program
Update — Challenges Remain
Stay Competitive w
Make Effective Add
ith Labor Market
itions to Staff
Make Changes to Shorten Procurement Time
Increases in Cost of Contracts and Purchases
Out -of -Control Rise in Insurance Premiums
Implementation of Garbage Billing
Balancing Stormwater Revenue to Expenses
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kL 2024 Budget and Capital Program
Update — Positives Remain
Labor Agreements Commit to 5% Increases
Present Cash Reserve Levels are Adequate
No Long-term Debt
CIP Funded With DST, LOGTJ, ARPA and Grants
Escalating Consumer Purchases and Prices Have
Also Increased Key Revenue Sources.
Historic Increase in Tax Roll Additions
Golf Course Play Remains High
Airport Construction and Rentals are Robust
all
hk 2024 Budget and Capital Program
Update — Most Solutions Remain
Strategic Plan & Changes to Procurement Process
Funding for Organizational Efficiency Program
Funded Full -Time Positions: Deputy Clerk,
Accountant., 2 Police Officers'. Crime Scene/Evidence
Technician & Building Inspector (+2 Police Officers in 2025)
Funded Part -Time to Full -Time: Evidence Technician,
Mechanic and Assistant Golf Pro
Will Contract Out Swale Work for Road Work
E-sta b 11 *IS: h Gar h R-E.to Self Insure CA ty D
.I.
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2024 Budget and Capital Program
Update - - Cautions & Concerns Remain
r Current Economy May Be Unsustainable and
We Need to Plan for The Potential Effects.
➢ Should Insure Future Cash Reserves Can Be
Maintained By Balancing Revenues to Spending.
Stormwater Fee Will Need to be Increased
Funding Residential Garbage Cost:
Will Pay Contractor 100% of Residential Fees
Up to 4% Tax Discount + 2% to Tax Assessor + 2% to
Tax Collector + Delays in Payment (Franchise Fee?)
kk 2024 Budget and Capital Program:
Funds Other Than General Fund
No Published Updates Have Been Made to the
Draft FY2024 Budget and Capital Program Sent in
OF July and Posted to the City Website.
o An Overview of the Draft FY2024 General Fund
Budget Was Presented to City Council Prior to
Voting on the Proposed Millage on July 26, 2023.
oThe Next Power Point Slides Summarize Budgets
for Enterprise and Funds Other than General
Fund and the Capital Improvement Program.
kk 2024 Budget Enterprise Funds:
Golf Course
Enjoying Good Year. 2024 Budget Assumes This
Continues.
Same $30,000 for Restaurant Lease.
oSame $106,864 for Airport Rent.
0$36,335 Principal and Interest on $700,000
Building Fund Loan.
o$80,000toward General Fund Loans.
o Expecting $160,360+ on Sale of Golf Carts During
FY20230
2024 Budget Enterprise Funds:
Airport
Property Rental Revenue Expected to Increase
With Rental of Hangar D.
OF o Loans From Discretionary Sales Tax Fund:
Hangar A $285,000 - $246,523 By 9/30/23.
Hangar B $267,511 - $241,058 By 9/30/23.
o Grant Matching From DST Fund:
In 2024, $314,000 For Square Hangars and $85,191
on 2nd Half of Rehabilitation of Runway 05-23.
Over Following Five Years, $1,,644,,640 for Matching
on Taxiway Golf, Terminal Apron Expansion,, NW
Airport Access and Taxiway Bravo Design.
X
2024 Budget Enterprise Funds:
Building
o Permit Revenues Are Coming In Below Recent
Levels and Will Need to be Watched.
o Adding an Inspector Position in the Event
Needed and Able to Be Hired.
o Expecting $36,335 Principal and Interest
Payment on Golf Course Loans:
$700,000 Loan Will Be $522,610 By 9/30/23.
$559,684 Loan To Be Paid After the $700,000.
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2024 Budget Special Revenue Funds:
kk American Rescue Plan Act Fund (ARPA)
Originally Allocated to Gardenia Ditch, Schumann
Drive, Concha Dam, Employee Retention
Payments and Road Work.
o Must Be Obligated by December 31, 2024 and
Totally Spent by December 31. 2026.
u Improvement Projects Need Plans and Permitting
Which Require Some Time.
n Increased Road Work by Moving Schumann Drive
to Discretionary Sales Tax Fund in FY24-25.
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2024 Budget Special Revenue Funds:
Local Option Gas Tax
Projecting Collections at 3.5% Annual Increases
for Future Years.
Being Used for All Road Preservation and
Associated Swale Work, as Scheduled in
Current Paving Management Program.
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2024 Budget Special Revenue Funds:
Discretionary Sales Tax
o Projecting Collections at 3.5% Annual Increases.
o Being Used for Road Reconstruction & Swale
Work, as Scheduled in the Paving Management
Program.
u Also Funding: MIS Infrastructure, Police Vehicles and
Equipment, A/C Replacements, CRA Projects, Splash
Pad Replacement, Schumann Drive, Upstream
Stonecrop Work, Canal Restoration and Other
Stormwater Projects, Matching Funds for FAA and
FDOT Grants at the Airport.
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hk 2024 Budget Special Revenue Funds:
Riverfront CRA Fund
Operating Expenditures:
Audit Fees., Administration, Landscaping,
Waterfront Renovations, Other Facility
Maintenance, Submerged Land Leases,
Consulting Fees, Travel and Education Cost,
Legal Ads,, State Fee, Association Dues and
Landfill Fee on Fisherman's Landing.
Special Events Moved to General Fund.
Working Waterfront Work Thru FY 26-27.
Central Avenue Catalyst Site in FY 27-289
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2024 Budget Special Revenue Funds:
Recreation Impact Fee Fund
o Unspecified Improvements ($5K per Zone).
o Future Playground/Park Improvements:
23-24 Creative Playground.
24-25 Bryant Court Park.
25-26 Hardee Park and Schumann Park.
26-27 Community Center and Friendship Park.
27-28 Riverview Park.
o Projected 2024 Fund Balance is $116,667
Provided Revenue Estimates Hold True.
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hk 2024 Budget Special Revenue Funds:
Stormwater Utility Fund
Personnel and Operating Accounts Are Exceeding
the Revenue From Fees.
Capital Only Includes:
Walk Behind Concrete Saw.
Sliplining or Pipe Replacement.
o Expecting a Rate Increase in FY 24-256
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IL 2024 Budget Special Revenue Funds:
Smaller Funds
Law Enforcement Forfeiture Fund:
Used Only for Unbudgeted Items.
Specific Items Need City Council Approval.
Current Balance is $521350.
o Parking In Lieu Of Fund:
Used for Providing Additional Parking.
Current Balance is $95,331.
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2024 Budget Trust Fund:
Cemetery Trust Fund
Y2of Sales on Operations and Maintenance:
cReplacing Mowers, a Truck and Trailer.
oReptace Pump and Adding 2nd Well.
oAllocation for Grounds Maintenance.
oReimbursing $130,000 to General Fund.
o %2 of Sales Expendable on Expansions or Cost
Incidental to Adding Future Sites:
Funds Columbarium Niches in FY 24-25.
Capital Improvement Program
2024 to 2029 Summary
o $59.7 Million Over 6 Years.
o $20.8 Million Next Fiscal Year.
o Largest Items for Next Fiscal Year:
$ 5331423
117801163
a 1115001000
a 115701000
• 1,703,823
$1710871409
Street Repaving.
Street Reconstruction.
Canal Restoration (2nd Part).
Construct Square Hangars.
Runway 05-23 (2nd Part).
Total of Largest Items
0$13,874,632 Funded by Grants — 81.2%6
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2024 Budget and Capital Program
kk Update —Actions Since Initial Draft
Strategic Planning Funds Moved to This Year.
Senior Center Roofing Moved to This Year.
Firearms Range Moved Out to FY25-26.
Removed Self -Insuring Dock With Reserves
and Replaced With Annual Premiums.
Added $101000 Per Year for Undefined
Sustainable Sebastian Programs.
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2024 Budget and Capital Program
Update —Actions Since Initial Draft
Initial General Fund Draft Budget Balanced at
3.0503 Millage (5% Above Last Year's 2.9050).
City Council Adopted Proposed Millage of
3.1955 (10% Above 2.9050) for Pay Changes
That Address Competitive Wage Needs.
Staff is Currently Vetting Possible Approaches.
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2024 Budget and Capital Program
IL Update — Final Note and Questions
A Millage Below 3.1955 Will Require:
Reductions to Expenditures (Employee Positions,
Operating Accounts or Capital Items).
Deferral of "Competitive Wage Adjustments".
The Undesirable Use of Cash Reserves.
For
Millage
of
3.0503
- $290,714
From
Above.
For
Millage
of
2.9050
- $581,,429
From
Above.
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2024 Budget and Capital Program
Update — Final Note and Questions
Questions to Staff By City Council?
Directions to Staff By City Council?
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