Finance Advisory Committee

AGENDA Joint City Council & Finance Advisory Committee Meeting Tuesday November 15, 2016 5:30 p.m. City Hall Council Chambers (Second Floor) A. Call to Order B. Roll Call for Attendance C. Public Participation D. Approval of Minutes E. Financial Policies 1. Review and Discussion 2. Approval of Recommendation F. FY2017 Budget 1. Review and Discussion 2. Approval of Recommendation G. Other Items H. Adjournment The Finance Advisory Committee’s role (as listed in Chapter 54-11) is to provide well- reasoned, financially sound recommendations to the Council. Meetings and reporting shall be on a project-by-project basis or as otherwise assigned by the City Council. The Finance Advisory Committee shall work in cooperation with the City Council and the City Manager to analyze the City’s financial policies, long term financial stability, options for greater efficiencies and possible revenue and expenditure modifications. DATE: November 10, 2016 TO: Honorable Mayor John Rey City Council Finance Advisory Committee FROM: Anne Marie Gaura, City Manager Cathy Haley, Finance Director SUBJECT: Financial Policies Attached is the recommendation from one of the Finance Advisory Committee members to the City’s Fund Balance Policy #01-02. Fund Balance Policy ______________________________________________________________________________ Policy Number: 01-02 Date: November 158, 2016 Purpose: Fund balance measures the net financial resources available to finance expenditures of future periods. Fund balance reserve policies are established to avoid cash flow interruptions, generate investment income, and reduce the need for borrowing. The fund balance reserves identified within this policy are the minimum balances necessary to accomplish these objectives. While keeping in mind the uneven nature of the City’s cash flows, should the projected ending fiscal year fund balance fall below the desired percentage or amount, the City should create a plan to restore the appropriate levels. Part II – Governmental Funds This section only applies to fund balances reported in the General Fund, Special Revenue Funds, Debt Service Funds, Capital Projects Funds, and Permanent Funds. 1. Definitions The five fund balance classifications outlined in GASB Statement 54 follows: Nonspendable Fund Balance: This classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. This would include items not expected to be converted to cash including inventories and prepaid amounts. It may also include the long-term amount of loans and receivables, as well as property acquired for resale and the corpus (principal) of a permanent fund. Restricted Fund Balance: This classification should be reported when constraints placed on the use of resources are either (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or (b) imposed by law through constitutional provisions or enabling legislation. Committed Fund Balance: This classification reflects specific purposes pursuant to constraints imposed by formal action of the district’s highest level of decision-making authority (generally the governing board). Also, such constraints can only be removed or changed by the same form of formal action. Assigned Fund Balance: This classification reflects amounts that are constrained by the government’s intent to be used for specific purposes, but meet neither the restricted nor committed forms of constraint. Unassigned Fund Balance: This classification is the residual classification for the general fund only. It is also where negative residual amounts for all other governmental funds would be reported. 2. Fund Balance Commitments & Assignments Committed fund balance for a specific use must be taken by formal action of the City Council. Amendments or modifications of the committed fund balance must also be approved by formal action of the City Council. In order to be recognized in the annual Audit Report, commitments of fund balance must be enacted prior to the end of that Report’s particular fiscal year. Assigned Fund Balance is intended for specific purposes not imposed by external parties or City Council’s formal action. The City Council authorizes the City Manager and/or his/her designee(s) to assign fund balance. Such assignments cannot exceed the available (spendable, unrestricted, uncommitted) fund balance in any particular Fund. 3. Reserves General Fund: Unassigned fund balance will be maintained at a minimum level equal to 25% of annual expenditures. The City’s unassigned General Fund balance will be maintained to provide the municipality with sufficient working capital and a margin of safety to address emergencies without borrowing. TIF Funds: The City currently has two budgeted TIF Funds (the Central Area TIF and TIF II). These Funds should be self-supporting and should maintain a fund balance equivalent to meet the planned improvements identified in a multi-year capital schedule(s). Capital Projects Fund: This Fund is used for resources accumulated and used in right of way improvements such as street repair, street reconstruction, and curb and gutter replacement. Costs associated with this Fund must not be State MFT eligible and must cost over $5,000 and have a useful life of at least three years. The funding source for this Fund will be the local home rule motor fuel tax. The Capital Projects Fund should work toward establishing a fund balance at a minimum dollar amount to meet the planned improvements identified in a multi-year capital replacement schedule(s). Special Revenue Funds: These Funds are used to account and report the proceeds of specific revenue sources which are restricted or committed toward expenditures for specific purposes other than debt service or capital projects. In general, all these Funds should maintain the least fund balance necessary to cover current fiscal year expenditures, plus an amount to pay for those expenditures of the subsequent fiscal year needed to avoid a cash deficit position. 4. Fund Balance Classification Fund balance classifications depict the nature of the net resources that are reported in a  governmental fund type. An individual governmental fund may include nonspendable resources and amounts that are restricted, committed, or assigned, or any combination of those classifications. The General Fund may also include an unassigned amount. 5. Prioritization of Fund Balance Use When an expenditure is incurred for a purpose which can be paid from multiple fund balance classifications, the City will spend the most restricted dollars before less restricted, in the following order:  Nonspendable (if funds become spendable)  Restricted  Committed  Assigned  Unassigned Part III – Enterprise, Internal Service, & Fiduciary Funds This section applies to Funds outside the scope of GASB 54. 1. Definitions Restricted Net Assets: The component of net assets restricted by external parties, constitutional restrictions, and enabling legislation. Net Assets Invested in Capital Assets, Net of Related Debt: A component of net assets calculated by reducing capital assets by accumulated depreciation and the principal portion of related debt. Unrestricted Net Assets: The portion of net assets that is neither restricted nor invested in capital assets net of related debt. 2. Reserves Water Operating Fund: The unrestricted net positionassets of the Water Fund will be maintained at a minimum level equal to 25% of the annual budgeted operational expenses. Net position above 25% will be transferred annually to the Water Capital Fund for use in funding the Water Capital plan., plus the budgeted capital improvements. Water New Construction Fund: This revenue is from impact fees and is restricted for any new water main infrastructure in the City of DeKalb. Water Capital Projects Fund: This fund will be used to account for all capital revenues and expenditures to Water Capital as approved by City Council in the annual budget. This fund includes water related expenditures pertaining to fleet, equipment and capital projects. Capital projects include existing water infrastructure for water mains, wells, treatment plants, pumping systems and water towers. Additionally, Water Division equipment and fleet that exceed $10,000 with a useful life exceeding one year would be  accounted for through this fund and be subject to the same annual budget approval by Council. Airport Fund: The unrestricted net assets of the Airport Fund will be maintained at a minimum level equal to 25% of annual budgeted operational expenses, plus the budgeted capital improvements for the current fiscal year. Other Specified Funds: The Health Insurance Fund should maintain unrestricted net assets of one month of IPBC premium. Any amount above this threshold may be transferred to the Workers’ Compensation Fund or Liability/Property Insurance Fund to be used toward claims, eliminate potential deficits, or maintain net asset policy in these other Funds. The Workers’ Compensation Fund should maintain unrestricted net assets of $1,000,000 collectively (or 1 year premium for reinsurance plus the average annual retention costs associated with that premium). The Liability/Property Insurance Fund should maintain unrestricted net assets approximately equivalent to 25% of annual budgeted expenses. Part IV – Other 1. Cash Deficits Should any Fund incur a cash deficit by the end of the fiscal year, an interfund loan will be created with a Fund or Fund(s) which have a cash surplus (unless restricted by statute or Fund Balance policy). 2. Reporting Year to date revenues and expenditures for the General Fund will be issued to the City Council by their second regular meeting of each month. On a quarterly basis, the City Council shall receive an update on the General Fund with a year-end forecast for the fiscal year and also receive a summary of major fund balances. TIF Funds will be reported in greater detail to Council by the end of March and by the end of September of each year. The City Council shall receive an update on Workers’ Compensation claims through December 31 by the end of March and claims through June 30 by the end of September of each year. A semi-annual report on economic development incentives will be reported to Council by the end of March and by the end of September of each year.  An update on retiree insurance costs will be reported annually by the end of March of each year. Return to Agenda DATE: November 10, 2016 TO: Honorable Mayor John Rey City Council Finance Advisory Committee FROM: Anne Marie Gaura, City Manager Cathy Haley, Finance Director SUBJECT: FY 2017 Budget Proposals Overview City staff has reviewed the proposals that were provided at the November 8, 2016 Joint City Council / Finance Advisory Committee meeting and the comments submitted since the date of that meeting (Attachment A). The comments and suggestions provided fall into two large categories: reducing revenues and reducing general fund budgeted expenditures. A. Reduce Revenues in FY17 Budget: There were several proposals to reduce revenues by roughly $630,000 within the FY17 Budget based upon utilization of actual revenues from FY16. The projected revenues for FY17 have been carefully considered and prepared based upon a conservative approach. Reducing revenues to contemplate flat revenues with no growth across multiple years is not consistent with the intermediate and long-term trends that the City has experienced. Rather, it is recommended to utilize conservative growth estimates, and to carefully track them throughout the fiscal year so that adjustments can be made based upon actual experience or so that the fund balance can be utilized to bridge temporary revenue interruptions if necessary. However, the budget assumptions for the draft FY17 budget were initiated five months ago and at present, the City now has the benefit of five months of additional data. In addition, the budget assumptions contemplated the opening of new retail sales operations in the City that have to date not commenced operations. Accordingly, staff has prepared a revised revenue calculation for FY17 that does contemplate holding home rule sales tax flat based on 2016 data, but showing a smaller decrease to the municipal tax revenue and the utility tax revenue from the FAC recommendations. (Attachment B). The City’s utility taxes are trending ahead of budgeted levels. This tax can be tied to a mild or bad winter as can be seen from last year’s mild winter months. Trending out an average of each month over the previous three years shows this amount coming out higher than FY15. To keep conservative, staff is recommending  lowering this projection but not as drastic as the FAC recommendation of $250,000. Staff is recommending a reduction of $100,000. FAC might not have been aware that prior to FY2015 the revenue for Telecommunication taxes was lumped in to this line item showing a much larger dollar amount in previous years. Staff is also including new sales being generated from Bemis in the municipal sales tax revenue projection. Initial projections of additional sales were projected to be $150,000 annually. To keep a conservative approach staff increase the FY 16 actual by $75,000. Staff has also projected a reduction of $500,000 in beginning fund balances for FY17 based upon actual revenue experience in FY16.5. These combined changes to revenues and fund balance changes result in a reduction of roughly $395,936 in revenues and $500,000 in fund balances. It should be noted that this change is another example of the reasons that the City needs to convert funding long-term expenses out of stable revenue sources such as property taxes, rather than relying upon variable revenues such as sales tax. This was indicated in the EPI report and in the City’s recent credit downgrading. B. Reduce General Fund Expenditures in FY17 Budget: A wide array of suggestions have been made to reduce expenditures in various components of the FY17 budget. Staff is presently analyzing the recommendations and will have detailed information and recommendations to present to the City Council at the November 28, 2016 City Council meeting. For purposes of the November 15, 2016 Joint City Council/Finance Advisory Committee meeting, a number of budgetary options are proposed: 1. No Revenue or Expenditure Reduction / Adopt Draft Budget: The City could adopt the budget as originally proposed, without reductions in revenues (beyond the change in the proposed property tax levy) and without changes in anticipated expenditures (beyond the reduction from the General Fund for Retiree Health Insurance). This would result in a reduction in the General Fund Balance to 23.66% or $8,635,080. This proposal is outlined as Attachment C, Option 1 in the attachments. 2. Reduce Revenues Without Reducing Expenditures and Without Maintaining 25% Fund Balance: The City could adopt revised revenues (as outlined in the Attachment B based upon experience over the past five months), and could continue with the currently proposed budgetary expenditures. This would result in a reduction in the General Fund Balance to 22.58% or $8,239,144. This proposal is outlined as Attachment C, Option 2 in the attachments. 3. Reduce Revenues, Provide a Limited Reduction of General Fund Expenditures, and Balance Budget Without Maintaining 25% Fund Balance: The City could adopt revised revenues (as outlined in Attachment B based upon experience over the past five months), and could adopt limited reductions of proposed budgetary expenditures based upon a fund balance target to be established for FY17. Depending on the target established, the expenditure Page |2  reductions would be determined. To have revenues equal to expenditures the fund balance reserve comes out to 23.04% with budget reductions of $137,302. This proposal is outlined as Attachment C, Option 3 in the attachments. 4. Reduce Revenues and Reduce General Fund Expenditures to Preserve 25% Fund Balance: The City could adopt the revised revenues (as outlined in Attachment B), and could reduce General Fund Expenditures to preserve a 25% Fund Balance. Expenditure reductions above the retiree health insurance reduction would total $712,302. This proposal is outlined as Attachment C, Option 4 in the attachments. In summary, engaging in budget reductions without first having fully evaluated the cost of providing the various services that the City provides, and without then having evaluated the priority of those various services, is a challenging prospect. It is something that the City has done in the past without a true priority-based budget process having been in place, and the reductions adopted did not generate long-term savings for the City or promote sustainable operations. This is the reason that staff recommends engaging in priority-based budgeting as a primary focus of the preparation of the FY18 budget, as a year-long process to be initiated during the upcoming calendar year. Page |3  ATTACHMENT A FAC Recommendations Committee Member A The sales tax revenues do not appear to me to be increasing in the short term so I recommend holding same as the most recent 12 month period. Holding steady seems to be a sufficiently optimistic projection in my view. The city has achieved the general fund balance it has sought for several years. My view of it is the 25% is a bottom level. If there was a top I would suggest 50% before reducing taxes. Committee Member B Staff bring back three different reduction scenarios for Council at $450K, $850K and $1M in suggested reductions. Echoes recommendations from Committee Member C Committee Member C - Reduce Home Rule Sales Tax to 2016 12mth actuals -- a reduction of $238k (still at risk if downward trend continues) - Reduce Municipal Sales Tax to 2016 12 mth actuals -- a reduction of $133k " " " - Reduce Utility Tax to 2016 12 mth actuals less 2.2% -- a reduction of $250k (only 2.2% reduction PY was -8%) - Reduce INCOME TAX ?? Unknown but must be followed up on ?? Need status update. - Budget to maintain 25% fund balance - - Permanent Expense reductions needed of $1mm (Includes the $621k in rev. reductions and $383k in lower prop. Tax) - Freeze hiring for 6 mths -- (maintain a list of 5 open positions & carefully choose which spots to fill until solution known) - Permanent headcount reductions needed of 5 or 6 Full Time positions (need to average $85k in salaries & benefits) - To avoid future reductions in '18B and beyond - look at tax/fee comparables to find out where we could raise some $$'s - Task Econ Develpoment with some growth strategies to drive revenue - review with FAC - Freeze wages for Chap 3 ee's and then other ee's as able. - I would not support other tax/rev increase until we complete the 5 yr comprehensive financial plan with comp's/analysis - TIF - $1mm in road repairs for TIF areas, I support keeping this in place for another 2 yrs. - Water Rates: I continue to support the plan in place as long as new + existing capital are isolated & acctg for. - Capital - Tax Increase for roads/veh & equip needs add'l analysis of our entire budget (revenues & expenses). Staff has provided a good review of comparable taxes for university towns and Sycamore now we need to complete the expense/staffing/mean income side. We need the 5 yr comprehensive financial plan. General Fund Revenues ATTACHMENT B FY 2017 FY 2017 FY 2015 FY 2016 Yr. FY 2016.5 FY 2016.5 Yr. Original Amended Actual Actual Budget End Est. Budget Budget Decrease SALES TAX - HOME RULE 6,673,332 6,511,982 3,510,000 3,391,853 6,750,000 6,512,000 238,000 SALES TAX - STATE 5,422,936 5,289,536 2,765,000 2,726,000 5,422,936 5,365,000 57,936 MUNICIPAL UTILITY TAX-GAS/ELECTRIC 2,557,384 2,352,547 1,150,000 1,158,000 2,550,000 2,450,000 100,000 395,936 Utility Tax analysis 1. Trending a three year average month by month. $2,586,473 This tax fluctuates with the weather. Last winter was unusually mild  ATTACHMENT C OPTION #1 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget REVENUES Property Taxes 4,203,086 4,231,993 5,094,730 4,992,835 5,565,328 Sales & Use Taxes 14,871,442 15,009,558 7,875,550 7,742,976 15,432,641 Franchise & Utility Tax 3,919,346 3,701,236 1,795,000 1,811,000 3,867,000 Licenses & Permits 902,452 1,069,443 428,650 396,725 1,104,350 Intergovernmental Revenues 5,152,467 5,346,898 2,681,530 2,235,880 5,196,175 Service Charges & Fees 1,850,465 1,950,960 1,023,750 1,192,250 2,252,675 Fines 803,428 749,130 370,500 370,500 789,819 Other Income 1,379,258 1,058,975 888,302 895,802 1,228,246 REVENUES NET OF TRANSFERS 33,081,944 33,118,193 20,158,012 19,637,968 35,436,234 Transfer In 2,211,417 1,558,884 688,666 688,666 1,314,401 TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,750,635 EXPENDITURES Legislative 299,501 301,446 102,687 102,687 164,711 City Manager's Office 1,136,537 1,058,728 606,600 606,600 1,117,593 Human Resources 0 253,906 274,034 274,034 455,954 Finance 1,660,999 664,946 353,410 353,450 692,894 IT 0 783,360 409,521 409,346 929,247 Community Development 835,936 1,047,615 829,645 832,170 1,431,030 Public Works 3,328,795 3,286,770 1,980,322 1,958,692 3,840,566 Fire 9,308,910 9,863,844 6,843,743 6,843,743 10,529,849 Police 11,124,811 11,533,571 7,708,309 7,708,309 12,914,492 General Fund Support w/out Transfer 3,960,146 3,085,194 1,580,572 1,528,902 2,785,359 EXPENDITURES NET OF TRANSFERS 31,655,635 31,879,380 20,688,843 20,617,933 34,861,695 Transfers Out 2,556,959 1,536,138 612,569 612,569 1,630,306 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,492,001 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 258,634 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,635,080 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 23.66%  ATTACHMENT C OPTION #2 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 Actual Actual Budget Estimate FY 2017 Budget REVENUES Property Taxes 4,203,086 4,231,993 5,094,730 4,992,835 5,565,328 Sales & Use Taxes 14,871,442 15,009,558 7,875,550 7,742,976 15,136,705 Franchise & Utility Tax 3,919,346 3,701,236 1,795,000 1,811,000 3,767,000 Licenses & Permits 902,452 1,069,443 428,650 396,725 1,104,350 Intergovernmental Revenues 5,152,467 5,346,898 2,681,530 2,235,880 5,196,175 Service Charges & Fees 1,850,465 1,950,960 1,023,750 1,192,250 2,252,675 Fines 803,428 749,130 370,500 370,500 789,819 Other Income 1,379,258 1,058,975 888,302 895,802 1,228,246 REVENUES NET OF TRANSFERS 33,081,944 33,118,193 20,158,012 19,637,968 35,040,298 Transfer In 2,211,417 1,558,884 688,666 688,666 1,314,401 TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 EXPENDITURES Legislative 299,501 301,446 102,687 102,687 164,711 City Manager's Office 1,136,537 1,058,728 606,600 606,600 1,117,593 Human Resources 0 253,906 274,034 274,034 455,954 Finance 1,660,999 664,946 353,410 353,450 692,894 IT 0 783,360 409,521 409,346 929,247 Community Development 835,936 1,047,615 829,645 832,170 1,431,030 Public Works 3,328,795 3,286,770 1,980,322 1,958,692 3,840,566 Fire 9,308,910 9,863,844 6,843,743 6,843,743 10,529,849 Police 11,124,811 11,533,571 7,708,309 7,708,309 12,914,492 General Fund Support w/out Transfer 3,960,146 3,085,194 1,580,572 1,528,902 2,785,359 EXPENDITURES NET OF TRANSFERS 31,655,635 31,879,380 20,688,843 20,617,933 34,861,695 Transfers Out 2,556,959 1,536,138 612,569 612,569 1,630,306 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,492,001 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) (137,302) ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,239,144 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 22.58%  ATTACHMENT C OPTION #3 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget REVENUES Property Taxes 4,203,086 4,231,993 5,094,730 4,992,835 5,565,328 Sales & Use Taxes 14,871,442 15,009,558 7,875,550 7,742,976 15,136,705 Franchise & Utility Tax 3,919,346 3,701,236 1,795,000 1,811,000 3,767,000 Licenses & Permits 902,452 1,069,443 428,650 396,725 1,104,350 Intergovernmental Revenues 5,152,467 5,346,898 2,681,530 2,235,880 5,196,175 Service Charges & Fees 1,850,465 1,950,960 1,023,750 1,192,250 2,252,675 Fines 803,428 749,130 370,500 370,500 789,819 Other Income 1,379,258 1,058,975 888,302 895,802 1,228,246 REVENUES NET OF TRANSFERS 33,081,944 33,118,193 20,158,012 19,637,968 35,040,298 Transfer In 2,211,417 1,558,884 688,666 688,666 1,314,401 TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 EXPENDITURES Legislative 299,501 301,446 102,687 102,687 164,711 City Manager's Office 1,136,537 1,058,728 606,600 606,600 1,117,593 Human Resources 0 253,906 274,034 274,034 455,954 Finance 1,660,999 664,946 353,410 353,450 692,894 IT 0 783,360 409,521 409,346 929,247 Community Development 835,936 1,047,615 829,645 832,170 1,431,030 Public Works 3,328,795 3,286,770 1,980,322 1,958,692 3,840,566 Fire 9,308,910 9,863,844 6,843,743 6,843,743 10,529,849 Police 11,124,811 11,533,571 7,708,309 7,708,309 12,914,492 General Fund Support w/out Transfer 3,960,146 3,085,194 1,580,572 1,528,902 2,785,359 EXPENDITURES NET OF TRANSFERS 31,655,635 31,879,380 20,688,843 20,617,933 34,861,695 Transfers Out 2,556,959 1,536,138 612,569 612,569 1,493,004 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,354,699 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 0 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,376,446 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 23.04%  ATTACHMENT C OPTION #4 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget REVENUES Property Taxes 4,203,086 4,231,993 5,094,730 4,992,835 5,565,328 Sales & Use Taxes 14,871,442 15,009,558 7,875,550 7,742,976 15,136,705 Franchise & Utility Tax 3,919,346 3,701,236 1,795,000 1,811,000 3,767,000 Licenses & Permits 902,452 1,069,443 428,650 396,725 1,104,350 Intergovernmental Revenues 5,152,467 5,346,898 2,681,530 2,235,880 5,196,175 Service Charges & Fees 1,850,465 1,950,960 1,023,750 1,192,250 2,252,675 Fines 803,428 749,130 370,500 370,500 789,819 Other Income 1,379,258 1,058,975 888,302 895,802 1,228,246 REVENUES NET OF TRANSFERS 33,081,944 33,118,193 20,158,012 19,637,968 35,040,298 Transfer In 2,211,417 1,558,884 688,666 688,666 1,314,401 TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 EXPENDITURES Legislative 299,501 301,446 102,687 102,687 164,711 City Manager's Office 1,136,537 1,058,728 606,600 606,600 1,117,593 Human Resources 0 253,906 274,034 274,034 455,954 Finance 1,660,999 664,946 353,410 353,450 692,894 IT 0 783,360 409,521 409,346 929,247 Community Development 835,936 1,047,615 829,645 832,170 1,431,030 Public Works 3,328,795 3,286,770 1,980,322 1,958,692 3,840,566 Fire 9,308,910 9,863,844 6,843,743 6,843,743 10,529,849 Police 11,124,811 11,533,571 7,708,309 7,708,309 12,914,492 General Fund Support w/out Transfer 3,960,146 3,085,194 1,580,572 1,528,902 2,785,359 EXPENDITURES NET OF TRANSFERS 31,655,635 31,879,380 20,688,843 20,617,933 34,861,695 Transfers Out 2,556,959 1,536,138 612,569 612,569 918,004 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 35,779,699 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 575,000 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,951,446 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 25.02%  ATTACHMENT C OPTION #1 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,750,635 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,492,001 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 258,634 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,635,080 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 23.66% ATTACHMENT C OPTION #2 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,492,001 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) (137,302) ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,239,144 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 22.58% ATTACHMENT C OPTION #3 GENERAL FUND SUMMARY TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 36,279,699 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 75,000 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,451,446 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 23.30% ATTACHMENT C OPTION #4 GENERAL FUND SUMMARY FY 2015 FY 2016 FY 2016.5 FY 2016.5 FY 2017 Actual Actual Budget Estimate Budget TOTAL GENERAL FUND REVENUES 35,293,361 34,677,077 20,846,678 20,326,634 36,354,699 EXPENDITURES NET OF TRANSFERS 31,655,635 31,879,380 20,688,843 20,617,933 34,861,695 Transfers Out 2,556,959 1,536,138 612,569 612,569 918,004 TOTAL GENERAL FUND EXPENDITURE 34,212,594 33,415,518 21,301,412 21,230,502 35,779,699 Surplus/(Deficit) 1,080,767 1,261,559 (454,734) (903,868) 575,000 ENDING FUND BALANCE 8,018,755 9,280,314 8,825,580 8,376,446 8,951,446 PERCENTAGE OF EXPENDITURES 23.44% 27.77% 26.41% 25.07% 25.02% Return to Agenda