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Home My WebLink About1 - City Financial StatusCity of Newport Beach A v ` NOWN C�gLIFOR�l� Administrative Services Department TOPICS RESERVES AND FUND BALANCE 2001 -2002 BUDGET DEVELOPMENT i FUNDSTRUCTURE Governmental Funds • General Fund • Special Revenue Funds • Debt Service Funds • Capital Project Funds Proprietary Funds • Enterprise Funds • Internal Service Funds Fiduciary Funds • Agency Funds • Trust Funds Account Groups • General Fixed Assets • General Long Term Debt General Fund Revenues and Expenditures 100,000 90,000 ❑General Fund Revenues 80000 D Generaffund Expenditu res 70,W 60,ono 50'" 40,W G ]0,000 20,000 lo,w 1990 1991 1992 1993 1994 1,095 1996 1997 1998 1999 2000 Fiscal Year Ending June 30 2 Number of Full Time Employees 780 760 740 720 700 680 660 640 620 600 1990 -91 1991 -92 1992 -93 1993 -94 1994-95 1995.96 1996 -97 1997 -98 1998-99 1999 -00 2000 -01 '10,000 60,000 50.900 a c;0,000 F c 30,000 w C O 20,000 10,000 Capital Projects Spending ire 1990 1991 1992 1993 1994 1995 1996 1997 199a 1999 2000 Fiscal Year Ending June 30 3 Fund Closing Balance 25,000 ........................ —W...General.Fund_ ClosingR alance. ......................... .................. _ 15.000 _. •. . F 0 5.000 1990 Inl 1 n2 199] IM 1995 1a% 1997 1998 1m 2000 Fiscal Year Ending June 00 m General Fund Stabilization, Contingency, & Special Project Reserves Idnllars in thousands) w,aoo lao,aoo ''General Fund Reserves �� 25000 +General Fund Expenditures — General Fund Revenues 80,000 E0,000 60,000 e 0. Z d 15,000 50,000 C � 10.000 0,000 C )0,000 C 20,0o0 5,000 10,000 1990 1991 1992 1993 199; 1995 1996 19" 1998 1999 2000 Fiscal Year Ending June 30 m City -wide Unfunded Liabilities Fiscal \'ear Ending June 30 1 -2 1-) I99J 1995 199fi 199] I— IM Vss0 -E,IXN -I.IXN C 6IXN t YfXN - IIIfMN O -IEMN LI LiIJfNNI IAfNNI Unfunded Liabilities Worker's Compensation $4,396,454 General Liability $2,556,591 Compensated Absences $6,310,691 Retiree Medical $14,000,000 5 BUDGET PROCESS (Fiscal Year: July i to June 30) November • Capital Project Identification Process Begins December Budget Instructions, Worksheets, and Historical Data Prepared Initial Revenue Estimates for the New Fiscal Year Developed January • Revenue Projections and Current Year Closing Financial Forecast Completed • Budget Ceilings for Departments Approved by City Manager • Budget Instructions Distributed to Departments BUDGET PROCESS (Fiscal Year: July i to June 30) March Departmental Budget Requests Submitted • City Manager Detailed Review Begins April • Preliminary (proposed) Budget Prepared Public Notice of Budget Hearing Published May Publication of Preliminary (proposed) Budget Completed and Distributed to the City Council in Early May • Council Reviews Proposed Budget in Study Sessions in May and June June • Budget Hearing Held at First Council Meeting of June Council Places Selected Items on a Checklist for Further Review • Budget is Adopted at the Second Council Meeting of June 0 REVENUE AND EXPENDITURE ASSUMPTIONS Revenue • Approximately 400 Revenue Accounts • Input is received from each department for their cognizant revenues • 3 largest revenue sources — property tax, sales tax, and transient occupancy tax — make up approximately 65% of total General Fund revenue. Conservative estimates used — Property Tax = 4% increase — Sales Tax = 3% increase — TOT = 0% increase REVENUE AND EXPENDITURE ASSUMPTIONS Expenditures • Current year budget is starting point • Adjusted for on -going budget amendments approved in current year • Known MOU increases are factored in • Assumed MOU increases are factored in • Personnel changes are factored in • CPI contract increases are factored in • Other known or assumed increases are factored in 7 REVENUE AND EXPENDITURE ASSUMPTIONS Estimated Fund Balance Based upon revenue and expenditure information, a revised current year fund balance statement is developed. Based upon expenditure estimates for budget year, budget ceilings are developed. Based upon revenue estimates for budget year and budget ceilings, budget year fund balance estimates are developed. Proposed Policy Revisions Forthcoming Reserves/Designations of Fund Balance Standardize Basis of Contingency Reserve and Stabilization Reserve Will Increase Contingency Target by Approximately $2Million Other Minor Changes Budget Adoption and Administration Mostly Minor Changes Investment Policy First Finance Committee Meeting General Fund Stabilization, Contingency, & Special Project Reserves Idonxrs m mo., -d,) E"r 9LXFOR�1� w 30AU0 _ ... _ _ ._ _ _. — _ _ _ . .. 100,000 _, -_General Fund Reserves 90AOo �Gemml Fund Expe1n01ums ss,000 _Ceneral FurM Revenues e0A00 �� IoAao E 30A00 ./' y 15AOO \ 5OA00 / 40,000 '^ IO,0DO t 30,000 � 30,000 5,000 .. 10,000 1990 1991 1993 1993 1994 1995 1996 1997 1998 1999 3000 nseA Yes Fn nj Jwe JO E"r 9LXFOR�1� w