The URL can be used to link to this page

Home My WebLink AboutS22 - General Fund Budget UpdateCITY OF NEWPORT BEACH CITY COUNCIL STAFF REPORT Agenda Item No. S22 October 13, 2009 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Administrative Services Department Dennis C. Danner, Administrative Services Director (949) 644 -3123 or ddanner(aD_newportbeachca.gov Dan Matusiewicz, Finance Officer (949) 644 -3126 or danm(a-newportbeachca.gov SUBJECT: General Fund Budget Update: FY 2008 -09 Preliminary Year End and First Quarter FY 2009 -10 RECOMMENDATION: 1. Receive, discuss and file the report. 2. Offer advice to the City Manager as to budget balancing alternatives that the Council deems worthy of further consideration. DISCUSSION: Background: The City Council held its third annual goal setting session on January 10th, 2009, at the Friends Room of the Central Library. During that session the City Council identified thirteen (13) goals for 2009. One of the goals was to "Focus on the development and adoption of a FY 2009 -10 budget which is balanced and which allocates the City's resources where they are most needed without adversely affecting services to the public ". Staff reported on the status of the FY 2008 -09 budget at the Council meetings of March 24 and May 12, 2009. This report is the first quarterly update to the Council for FY 2009- 10. It contains the current fiscal year budget status, updated primarily by information arising from two major sources. 1. Preliminary (unaudited) closing of the revenue and expenditure ledgers for FY 2008 -09; and 2. New fiscal year revenue data available, including 2010 assessed valuations, 2nd quarter sales tax data (April 1, 2009 to June 30, 2009) and two months of Transient Occupancy Tax (TOT) receipts (July and August 2009). General Fund Budget Update October 13, 2009 Page 2 Preliminary Closing Data for FY 2008 -09 General Fund FY 2008 -09 was a volatile year nationally and in Orange County. The beginning of the fiscal year (August- September 2008) was just when the recession was beginning to show significant effects. During the year we monitored revenues carefully in anticipation that some effects would be felt locally. We reined in expenditures early enough to offset revenue declines. As a result, our preliminary closing data indicates that the City ended the fiscal year with a slight increase in fund balance. The following is a highlight of the performance of our major revenue sources. • Total property tax receipts for FY 2008 -09 came in slightly better than our revised forecast. Our estimate for all prior year property tax receipts included in the FY 2009- 10 budget was $77.3 million, whereas actual receipts were $77.6 million. When we made revised projections for FY 2008 -09, we anticipated a 2.6% growth from the prior year. This reflects the stability of the Newport Beach housing market last fiscal year, despite significant declines in property values elsewhere in Orange County. • We revised projected sales tax receipts downward to $19.7 million for FY 2008 -09, which amounted to a 13% decline from the prior year. However, actual receipts were $18.4 million, $1.3 million less than our revised estimate. The actual receipts reflect an 18% decline in sales tax revenue from FY 2007 -08. We had expected, and budgeted, less revenue from sales tax than the prior year, but the level of decline was much greater than had been anticipated. This reflects the depth of the recession that is being experienced here in Newport Beach. • The negative impact of the economy was also seen in our Transient Occupancy Tax (hotel and residential vacation rental bed tax) receipts. With the addition of the Pelican Hills resort in November 2008 and favorable TOT receipts for the first two quarters, we projected TOT revenues would be $11.7 million for FY 2008 -09. But activity deteriorated sharply as the year went on, and actual receipts came in at only $10.0 million over that 12 -month period. The net decline in these three revenue sources from budget estimates for FY 2008 -09 totaled $2.7 million. Fortunately, a variety of other revenue sources showed small increases, thereby resulting in an overall net revenue shortfall of less than $1 million from estimates. In total, General Fund revenues decreased from $157.9 million in FY 2007 -08 to $150.8 million in FY 2008 -09 for a decline of$7.1 million. On the expenditure side, there were a variety of budget actions taken during the year, including a mid -year 2% reduction in operating expenditures and the elimination or delay of certain capital improvement projects. Departments effectively reduced spending even in excess of the 2% reduction goal. This helped make up part of the greater loss of sales tax and transient occupancy revenue referenced above. General Fund Budget Update October 13, 2009 Page 3 Preliminary Revenue Outlook for FY 2009 -10 General Fund Property Tax — It still appears that property tax projections for the new fiscal year will be met, with the exception of downward revisions for supplemental property tax and property transfer tax. Secured, unsecured, redemptions, penalties and interest and homeowners exemption should achieve or exceed budget estimates. The net affect of these revisions is a loss of approximately $0.3 million. Sales Tax — Sales tax revenues are significantly more difficult to predict. As indicated above, we projected sales tax receipts to decline approximately 13% in FY 2008 -09 from FY 2007 -08, but actual receipts declined nearly 18 %. We have now received 2nd quarter 2009 sales tax data (quarter ending June 30, 2009) and sales are down an additional 8.4% from the prior year. What we do not know is how sales will do for the remainder of this fiscal year. On a positive note, we are projecting annual sales tax receipts for several new stores at Fashion Island including Dick's Sporting Goods (which is now open), Nordstrom's which will open in the Spring, and Dean & Deluca which is scheduled to open this quarter. We also continue to work with Hoag Hospital on their self accrual program for the City with a view toward expanding the program in the future. Economists hold a variety of opinions about the recession, ranging from "the recession has bottomed out," "the recession is over," to "it will take California longer to come out of the recession." The City's sales tax consultant has indicated that sales tax receipts for FY 2009 -10 could be as low as $17.3 million as compared to our budget estimate of $19.7 million — this is an additional loss of $2.4 million. While his projection is undoubtedly conservative, we believe we can expect our total sales tax receipts for FY 2009 -10 to fall significantly below budget estimates. Property tax in -lieu of Sales tax will be significantly below our forecast, and the sum will be large. This account represents the reimbursement by the State for the 25% of the City's Sales tax diverted by the "triple flip ". This account grows at the sales tax rate, not the property tax rate. We have not been formally advised what this number will be for FY 09 -10, but we have learned that revenues from this source are likely to be $3.2 million below our original estimate. This is a combination of two factors: (1) an overstatement of the preliminary estimate by $2.0 million (according to the County's apportionment estimate); and (2) the State's subsequent indication that we were "over advanced" for last year, so they will be adjusting our number downward by an additional $1.2 million. Thus, a swing of $3.2 million below our original estimate is what we are now expecting. While these numbers are preliminary, I believe they are accurate and we should make decisions based on this preliminary data. Transient Occupancy Tax — It is too early in the fiscal year to predict how Transient Occupancy Tax (TOT) will perform for FY 2009 -10. However, the two months' (July and General Fund Budget Update October 13, 2009 Page 4 August) receipts recorded so far this year show a decline of 23% over the prior year. The same two -month period in 2008 may be quite different than this year in that those months were just before the financial market meltdown, and people may not have changed their travel plans at that point. Our preliminary view of TOT for the current fiscal year is that our estimates could be overstated by $1.9 million. Other Revenue — At this first quarter review, we have insufficient information to determine how other General Fund revenue sources are performing such as other taxes, charges for services, licenses and permits, and revenues from the use of money and property. A few bright spots include the new fee schedule recently enacted by the Council (and not included in our budget estimates), on -going Marina Park coach space rental that was not budgeted in the new fiscal year, and positive collection trends in business license taxes and other taxes. All told, we might anticipate an upward revised forecast in other revenues approximating $1.8 million. Revenue Summary A $7.8 million shortfall in our top three revenues offset by positive adjustments in Other Revenues of $1.8 million (net adjustment of $6.0 million) represents approximately 3.8% of the total General Fund appropriation budget (including $8.6 million allocated to capital improvement projects). The anticipated adjustments are summarized as follows: • Property Tax related collections ($ 0.3 million) • Sales Tax ( 2.4 million) • Sales Tax In Lieu (Triple Flip) ( 3.2 million) • TOT ( 1.9 million) • Other Revenues 2.0 million Total Revenue Shortfall ($ 5.8 million) Expenditure Summary In addition to the revenue shortfall identified above, we have projected expenditure increases/(decreases) for the current year as follows: • Salary & Benefit increases (primarily due to an OTS reimbursable grant) • Reduction in Retiree Medical Contribution • M & O increases (approved B /As) • Capital Increases (approved B /As and net encumbrance carryovers) Net Expenditure Increase $ 261,250 684,000) 187,094 237,817 $ 2,161 Since the net affect of the expenditure increases and decreases is essentially zero, the impact on the budget is negligible. The budget deficit for the current year is the revenue shortfall of $5.8 million. General Fund Budget Update October 13, 2009 Page 5 Fiscal Management Response In response to declines in our three major General Fund revenue sources, we have initiated a two -part strategy. The first part is to take several immediate actions to reduce spending. The second is to look more broadly and out several years to determine what we need to do to rebalance our General Fund to reflect declines in revenues as well as anticipated increases in key expenditures. Both components of the strategy are briefly discussed below. Immediate actions taken: • An immediate hiring and promotional freeze was instituted by the City Manager. • We met with the various employee organizations to inform them about the revenue picture. At the time we met with them (early September), we had not received all of the information that we now have and are presenting to the Council. As a result, the magnitude of the potential revenue shortfall we are presenting in this report is greater than anticipated when we met with the employee organizations. • Department heads have been directed to begin identifying ways to reduce their operational budgets this fiscal year. Steps we will take to reduce spending are in addition to the 2.0% reduction built into the adopted budget. • All staff has been asked to offer their suggestions for possible ways to reduce costs. • The potential of an early retirement incentive program is under review and will be discussed as a separate item on this agenda. • We are identifying other categories of expenses that could be reduced. Longer term actions: Staff is evaluating options for restructuring and creating new cost efficiencies. A preliminary list of potential long -term cost saving items and revenue initiatives is being developed. Many of the cost saving items involve the Meet and Confer process so these will be discussed in Closed Session before any discussion in open session or with the affected employee groups. In addition, staff has looked at Maintenance and Operational costs to include slope maintenance, vehicle replacement rates, computer replacement frequency, street lighting savings, litigation costs, utility costs, travel and meeting costs, office supplies, equipment replacement costs, etc. Revenue items staff is analyzing include parking meter rates, parking lot rates and hours of operation, accelerated fee increases, parking pay stations, citation penalties, harbor fees and others. There are advantages and disadvantages to each of these, and the timing and magnitude of their projected impact on the City's fiscal health needs to be studied more. The goal at General Fund Budget Update October 13, 2009 Page 6 this time is for staff to obtain general guidance from the City Council as to which should be analyzed in more detail for further consideration. Multi -year budget rebalancing: We have prepared a five year General Fund forecast updated with current revenue and expenditure assumptions. In this forecast, we show the effects of the current revenue declines on the next several years. Additionally, in the forecast, we include known cost increases (such as PERS rates that are scheduled to go up by an estimated $6.0 million by FY 2012 -13 and transfers to the Facilities Fund required by our adopted facilities replacement program). We have not, however, included any MOU adjustments beyond negotiated contracts. We have included merit increases and other on -going costs of operations. We will continually update this forecast as part of our regular budget process for FY 2010 -11 and beyond. The forecast is attached as Attachment A. Environmental Review: The City Council's approval of this item does not require environmental review. Public Notice: The agenda item has been noticed according to the Brown Act (72 hours in advance of the meeting at which the City Council considers the item). Funding Availability: N/A Alternatives: N/A Prepared by: Finance Officer Submitted by: Dennis C. Danner Administrative Services Director Attachment A: General & Tidelands Funds Combined 5 Yr Resource Projection General 6 Tidelands Funds Revenues Property Tax Related Receipts Saks Taxes Saks Taxes In Lieu (Triple Flip) Transient Occupancy Tax Business license Tax All Other Taxes Licenses and Permits Intergovernmental Charges for Services Fines, Forfeitures, and Penalties Use of Money and Property Other Revenue Total General & Tidelands Fund Revenue Expenditures Salaries Special Pays Overtime PERS Retirement PARS Retirement Health Allowanw Retiree Inwranw Workers Compensation Compensated Absences All Other Benefits Total General & Tidelands Salaries & Bene0ts Operations and Maintenance Capital Outlay Authorized Capital Improvement Projects Less CIPS Authorized In prior years Debt Service Facililies Replacement Plan Contributions Total General Fund & Tidelands Expenditures Attachment A General & Tidelands Funds Combined Five Year Resource Projection' Actual Actual Actual Unaudited Actual I Original Budget I Revised Projection Change from Projected Pr ected Projected Prolwed 2005 -06 2008 -07 2007 -08 1 206809 1 2009 -10 1 2009 -10 Original 1 2010 -11 2011 -12 2012 -13 1 2013 -14 60,152,844 83,003,057 87,388839 70,126,880 71119,504 70808754 312750 72287.288 74,831,526 78,697,956 83,156,175 21465,557 21,088118 21,855,242 17,925,956 19,656,428 17,291,698 2,364,730 18,517,867 18,886,430 19358,591 19,842,556 5,720,028 7,348,253 8,017,539 7503,113 7,690,691 4,539,948 3,150,745 6,392,273 6,039,580 6,190,569 61345334 9,832,728 12 059 008 '12,751,518 11,170,956 13 000,000 11,050,0130 1,950 000 11 326,250 11,660,656 12,110,535 12,687,794 3,906,195 3 778 911 4,122,035 4 286 767 3 802,000 4 250 000 448,000 4,335,000 4,421,700 4.510.134 41600,337 3471,560 4532,100 4166,819 4,200,534 3,832,000 4,000,000 168,000 4040000 4,080,400 4,121,204 4,162416 4,622,613 4,376,549 4,783,285 4,215,255 4,257,390 4,257,390 (684,000) 4,344,181 4,432,945 4,523,730 4,616,584 3,935,190 3,885,673 3083,153 2825191 2,051,200 2236200 185000 2292105 2,349,408 2408,143 2,468,346 13,135,365 14,454.915 15,011,164 15,354293 14,421,989 15,121,989 700,000 15,499,424 15886,288 16,282,818 16,689,255 3841,842 3,631.213 3,949,639 3,713.290 3.646,000 3,646,000 2,979 3737135 3,830,548 3,926,297 4,024439 14930,812 16763,821 19,581,431 76,806,338 15,602,514 18,077,514 475,000 15,852,572 15.997,382 18,295,955 16.811.375 616 063 3 291 015 3 509 173 1 971,225 595 600 595 800 187,094 601 558 607,572 613,647 819,784 144,398,677 1 168,210,633 160,219,817 1 159,899,598 1 159,675,316 1 163,873,090 1 (5,802,226)1 158,226,651 1 163,024,434 1 168,039,580 1 175,826,392 54,301,031 56,535,515 60,329,936 63,011,307 67,661,504 67 716 630 55,126 69,665,820 69,665 820 69 665,820 69 665,820 2,735,379 2,309 363 2663'491 3 123 495 3,413 895 3,413 895 3.441 339 3,469 058 3 497 054 3.525329 5,197894 5,699,517 6,231,327 8315,248 5,030278 5,217,070 188,792 5075,565 5,121,281 5,167,428 5,214,011 14,420,311 15,477087 15,477087 17,633,672 18,599,293 18,613,197 13,904 18,954,442 19,660,405 21,829,011 24,881.760 131,767 140,830 106,171 108,888 139,436 140,385 949 139,260 139,260 139,260 139,260 6454,444 7 088 149 7,879499 9 058 682 10,244,352 10,245,852 1,500 11,309,086 11.309,086 11,309,086 11,308 086 531,381 175,077 238 284 2 936 551 3 185,510 2.501,510 (684,000) 2 663 540 2.902,811 3,112,867 3 327 125 2,854,690 2854,688 2,854,688 21854,688 2,854,688 2,854,688 2854688 21854688 2854,886 2,854688 1471,813 1, 11,490 1,991970 2,110,977 2,219,910 2,219910 2,243,339 2,243,339 2,243,339 2,243,339 810,890 873.304 977,215 1,081,711 1,031,151 1,034130 2,979 1,360,325 1,361,429 1362,544 1,363,670 88,908,600 93,065,020 98,749,648 108,235,219 114,380,017 113,967,267 (422,750) 117,707,405 118,727,178 121,181,098 124,524,089 32,897,607 36,319,175 38,720,723 37,869,250 39,957,240 40,144,334 187,094 40,545,777 40,951,235 41,360,747 41,774,355 1,903,009 2319,523 1,796,610 1,257,443 1,677,514 1,781,819 104,305 1,677,514 1,677514 1,677,514 1,677514 7,447,255 6,460,417 10,630,043 8,751,725 10,855,109 13,440,810 2,585701 3,000000 3,000,000 3,000,000 3,000,000 7,328,259 9,780,448 2,452,189 N/A NIA N/A N/A 792,163 2,803,397 2.424,636 2,142,234 573,695 573,695 WA NIA N/A 4,300,000 4,613,816 5,460,197 6,376,969 131,948,634 140,967,532 152,321,660 158,255,871 160,115,316 160,117,477 2,161 167,230,697 168,969,743 172,679,556 177,352,927 Net Trensfna to l from other funds (12,236,712) (1,043,483) (5,425,908) (318,976) 440,000 490,000 50,000 490,000 490,000 490,000 490,000 PROJECTED ANNUAL SURPLUS (DEFICIT) 1 212,331 1 16,199,618 1 10,472,248 1 1,324,751 1 - 1 (5,754,387) (5,754,387) 7,515,045 (5,455,308( 3,149,976( (1,036,534) Assumes constant v*Worm staffing levels and no MOU adjustments beyond negotiated wolrects. Revenue Issues Property Tax Related Collections Sales Tax Property Tax in Lieu of Sales Tax (Triple Flip) TOT Other TOTAL General Fund 7 Original FY 2009 -10 Revised FY 2009 -10 Budget Budget Change 71,119,504 70,806,754 (312,750) 20,263,438 17,641,698 (2,621,740) 7,690,691 5,748,559 (1,942,132) 13,000,000 11,050,000 (1,950,000) 38,065,973 39,090,369 1,024,396 150,139,606 144,337,380 (5,802,226) Expenditure Issues Budget Deficit Projected for fiscal years 2009 -10 through 2013 -14 Deficit Projections Assume: Planned Contributions to the Facilities Replacement Plan Increasing PERS Rates in 2012, 2013 & 2014 (Due to 2008 -09 PERS Investment Losses) No negotiated MOU increases 3 Assumptions Included in Deficit Projection Contributions to Facilities Replacement Plan Projected PIERS Rate Increase (Due to 2008 -09 Investment losses) Assumed MOU Increases Projected Deficit 2 2010 1 2011 1 2012 1 2013 1 2014 4,300,000 4,613,816 698,602 5,460,197 2,859,773 6,376,969 5,905,013 4,300,000 5,312,418 8,319,970 12,281,982 (5,754,387) (7,515,045) (5,455,308) (3,149,976) (1,036,534) Immediate actions taken: • An immediate hiring and promotional freeze was instituted by the City Manager. • We met with the various employee organizations to inform them about the revenue picture. At the time we met with them (early September), we had not received all of the information that we now have and are presenting to the Council. As a result, the magnitude of the potential revenue shortfall we are presenting in this report is greater than anticipated when we met with the employee organizations. • Department heads have been directed to begin identifying ways to reduce their operational budgets this fiscal year. Steps we will take to reduce spending are in addition to the 2.0% reduction built into the adopted budget. • All staff has been asked to offer their suggestions for possible ways to reduce costs. • The potential of an early retirement incentive program is under review and will be discussed as a separate item on this agenda. • We are identifying other categories of expenses that could be reduced. 5 Longer term actions: • Staff is evaluating options for restructuring and creating new cost efficiencies. • Staff is looking at Maintenance and Operational costs to include slope maintenance, vehicle replacement rates, computer replacement frequency, street lighting savings, litigation costs, utility costs, travel and meeting costs, office supplies, equipment replacement costs, etc. • Staff is analyzing new revenue opportunities including parking meter rates, parking lot rates and hours of operation, accelerated fee increases, parking pay stations, citation penalties, harbor fees and others. • We have prepared a five -year General Fund forecast updated with current revenue and expenditure assumptions. In this forecast, we show the effects of the current revenue declines for the next several years. Additionally, in the forecast, we included known cost increases (such as PERS rates that are scheduled to go up by an estimated $6.0 million by FY 2012 -13 and transfers to the Facilities Fund required by our adopted facilities replacement program). We have not, however, included any MOU adjustments beyond negotiated contracts. • We will continually update this forecast as part of our regular budget process for FY 2010 -11 and beyond. The forecast is attached as Attachment A. N General So Tidelands Funds Revenues Property Tax Reared Necerph Sales lazes Sates Taxes In tau (Trip* Pap) Transoenl Occupancy Tax Business Lorene Tax All Olner Taxes I menses and Permits interpo ernmsntai Cnarpos la Servmes Fmes. FafaWres. and Peralaes Ux W Morey and F•rpoerty OBler Revenue Total General 8 T odelubs F una Revenw ExpandOures Saaras Sp l Pays Ovart.ne PENS Repentant PARS Rebremant Health Alawance Nearer, Insurance Workers Compensalam Cconow ate MSances A4 Oster Benefits Total General d Ttdeands Salaries L BaMBM Chastens am Mantenance CAPlal Outlay Auttton7ed CaP,al improvement Prgects t 855 LIPS Autllprolm n pnIX fears Dept Says F acaNes RepacemWI Plan ConeOu6on5 Total General Fund B TItleWMs Expenditures General to Tyeands rums Comaned Frve-Year Resource Prgeceon Ad.0 AOW AcIWI Uneud"d AcNat Ongmal Butlget Revbetl Proectlon Cnange from Pro ed Projected Pro etted fro ecte0 200108 2008 -07 2007 -08 ?We-09 200910 200910 On rnal 201011 201112 201213 201314 60.152.844 63,003,057 67,388,839 70,126,680 71,119,509 70.806,754 (312,7501 72,287,289 74,831,526 78.697.956 83,158.175 21.465,557 21,088.118 71,855,247 17,925,956 1056,428 17,291,698 (2,364,730) 18,517,867 18.886,430 19358,S91 19.842.556 5.710,078 7.348,253 8,017.539 7,503.113 7,690,691 4,539,946 3,150,745) 6,392.273 6,039.580 6.190,569 6,345,334 9,832,728 12.059.006 12,751.518 11,170.956 13,000,000 11,050,000 (1,950.000) 11.326.250 11,660,656 12,110.535 12,687,794 3,906,19S 3.776.911 4,122,03S 4,286,767 3.802.000 4,250.00D 448,000 4,335.000 4.421,700 4,510,134 4.600.337 3,471,566 4,532.100 4,166,819 4,200,534 3.832,000 4,000,000 168,000 1,040,000 4,090.400 4,171,204 4,162,416 4,622.613 4.376.549 4,783,265 4,215.255 4,257,390 4,257,390 1684.ODD) 4.344.181 4,432,945 023,730 1,616.584 3.935,190 3,885,673 3,083.153 2,625,191 2,051,200 1.236,200 185,000 7,292,105 2,349,408 2,408.143 2.468.346 13,135,365 14,454,915 15,011,164 15.354.293 14,421,989 15,121,989 700000 475.044 15,499 .424 15,886,288 16.282,818 16,689,255 3,841,841 3,631,213 3.949 ,639 3.713.190 3.646.000 3,646.000 _ 7.737.135 15,857,572 3,830.548 3,916,197 4.024p39 14,930.812 16.743.811 19.581.431 16.806.338 15,602,514 16.077,514 15.997,382 16.295.955 16.611.375 1616,063) 3,291,015 3,509,173 1.971,225 595.600 595.600 37,869.750 601.556 601,571 613,647 619.784 144,396.677 158,210.633 1 168,219.817 159,11199591111 159,675,316 I 153,873,090 I (S.SOZ22611 1S9,225,651 163.024,431 1 169,039,580 175,826,392 54,301,031 56,535,515 60.329,936 63,011,307 67,661.504 67.716.630 SS,126 69,665.820 69,665.820 69.665.820T 69,665,810 2,735.379 2.309.363 2.663.491 3,123,49S 3,413,895 3,413,895 (S,7541,387 3,441,339 3,169.058 3,497,054 3,515,329 5.197,894 5,699517 6.231.327 6,315,246 5.030.278 5.217,070 186.197 5,075.565 5.121,281 5,167,428 5,214,011 14,420,311 1S,477,067 15,477,087 11,633,672 18.599.293 18.613.197 13,9D4 18,954442 19,660,105 21,879.011 24,881,760 131,767 140.830 106.171 108,888 139,436 140,385 949 139,260 139.260 139,260 139,260 6,454,444 7,098,149 7,879,499 9,058.682 10,244,357 10,245.BS2 1.500 11.309.086 11,309.066 11,309,096 11,309,086 531,381 175.077 238,264 2,936,551 3,185,510 2,501,510 1684.ODD) 2,663,540 2,902,811 3.112,867 3,327,125 2.854.690 2,854,688 2.654,668 2.854.688 2.854.688 2.854.688 2.851.688 2,854,688 1,854,688 2.854,688 1,471.813 1,911.490 1.991.970 2,110.977 2,219,910 2,219.910 2,243,339 2,243,339 2,243,339 2,243,339 810,890 873.304 977,215 1,081,711 1,031,151 1,034.130 2.979 1.360,325 3,361.429 1.362,541 1.363.670 88,909,600 93,06S,020 98.749,648 106,235,219 11/,380.017 113,957,267 (422,750 117707,4Oi 116,727,178 121,181,96 124,SN,OM 32,897.607 36,319,175 38,710,123 37,869.750 39,957,240 40,144,334 187,094 40,545,777 40,951.235 41,360,70 11,774,355 1,903,009 2,319.523 1,796610 1,257,443 1,617,514 1,781.819 104,305 1,677,514 1,677514 1,677,514 1.677.514 7,447,255 6,460.417 10,630,043 6,751,725 10,855.109 13.410.810 1.585,701 3,000,000 3.000.000 3.000.000 3,000,000 (7,328.159) (9,780,446) (7.452.1891 R/A WA N/A N/A 792.163 2,803,397 2,424,636 2.142,234 573.695 573,695 WA N/A N/A 4,300,000 4,613,816 5.460,197 6,376,969 131.949,634 140,967,532 152,321,660 IS8,2SS,71 160,115,316 160,117,477 2,161 167,230,697 168,969,743 172,679,556 177,35;927 Not Transfers to 7 loom other funds I 02,236712) (1043483( (542s9U81 (318,976)1 440.0001 490.000 50,000 1 490,0001 490.000 1 490,000 1 190.000 PROJECTED ANNUAL SURPLUS (DEFICIT) 1 212,331 16,199,618 1 10,472,249 1 1,324,751 (S,7541,387 (S,7S4,387( 7,SIS.0451 (5.155,308) (3,119.976) (1,036,S34) • Assumes consanl taaklorce saBUq tunnels and m 610U Alustments beyond negotiated! contracts 7 General 8 Tidelands Funds Revenues Property Tax Related Receipts Sales Taws Sales Taxes In Lieu (Triple Flip) Transient Occupancy Tax Business License Tax All Other Taxes Licenses and Permits Intergovemmental Chargos for Services fines. Forledures. and Penalties Use of Money and Property Other Revenue Total General g Tidelands Fund Revenue Expenditures Salaries Special Pays Overtime PIERS Retirement PARS Retirement Health Allowance Retiree Insurance Workers Compensation Compensated Absences All Other Benefits Total General; Tidelands Salaries B aamaft Operations and Mamtenance Capital Outlay 7wtWoed Capital Improvement Proli Less CIPS Authorized in prior years Debt Service Facilities Repl",menl Plan Cnntdbulions Total General Fund 6 Tidelands Expenditures FRE\/ISEE) Attachment A General 8 Tidelands Funds Combined Five Year Res. ,r* Protection ' Actual Actual Actual Unaudited Actual Original Budget Revved Projection Change from Projected Projected Projected Pro acted 2005-06 2008 -07 2007.08 2008-06 200910 200910 On mat 1 201011 201112 201213 201314 60,152.844 63,003.057 67.388,839 70,126,680 71,119.504 10,806,754 (312.7501 72,287,289 74,831,526 77,643,642 80.578,618 21465.557 21,088,118 21,855,242 17,925.956 19,656.428 17,291.696 2.364,730 18,517,867 18,886,430 19,358,591 19,842,556 5.720.028 7,348,253 8.017,539 7,503 113 7,690,691 4,539.946 (3.150,745) 6,392,273 6.039,580 6,190,569 6.345,334 9.832,728 12,059.008 12,751,518 11,170,956 13,000,00D 11.050,000 (1,950,000) 11,326,250 11,660,656 12,110,535 12,687,794 3,906.195 3.776.911 4,122,035 4,286,767 3,802,000 4,250,000 446,000 4,335,000 4,421,700 4,510,134 4,600,337 3471.566 4,532,100 4,166,819 4,200,534 3,832,000 4,000,00(1 168,000 4,040,000 4,080,400 4,121.204 4,162,416 4,622.613 4,376,549 4,783,265 4,215,255 4,257,390 4,257,390 (664,000 ) 4,344,187 4,432,945 4,523,730 4,616,584 3,935,190 3,885,673 3.083,153 2,625,191 2.051,200 2,236,200 185,000 2,292,105 2,3,19,408 2,408,143 1.468,346 13,135,365 14,454,915 15,011,164 15.354,293 14,421,989 15,121,989 700,000 15,499,424 15.886,288 16,282,818 16,689,255 3,841,842 3.631,213 3,949.639 3,713,290 3,646,000 3.646,000 2,979 3,737,135 3,830.548 3,926.297 4.024,439 14,930,811 16,763,821 19,581.431 16,806,338 15,602,514 16,077,514 475,000 15,852,571 15.997,382 16,295,955 16,611,375 (616.063] 3.291.015 3,509,173 1.971,225 595,600 595,6(0 187,094 601,556 607,572 613,647 619,784 144,396,677 15$230633 168,219,817 IS9,899,598 159,675,316 153,873.M 15,902,22yj IS9,225,651 163,024,434 167,925,265 173,246,836 54,301,031 56.535.515 60,329.936 63,011,307 67,661,504 67,716,630 55,126 69,665 820 69.665,820 69.665,820 69,665.820 2,735.379 2,309,363 2,663,491 3,123,495 3,413,895 3.413,895 (3.616,091( 3,441,339 3,469,058 3,497,054 3,525,329 5.197,894 5,699.517 6,231.327 6,315.248 5,030.278 5.217,070 186,792 5.075,565 5,121,281 5,167,428 5,214,011 14,420,311 15,477,087 15,477,087 17,633,672 1-81599f293 18,613,197 13,904 18,954,442 19,660,405 21,829,011 24.881,760 131,767 140,830 106,171 108,888 139,436 140,385 949 139,260 139,260 139,260 139,260 6454.444 7,088,149 7,879.499 9.058,682 10.244,352 10,245,852 1,500 11,309,086 11,309,086 11.309.086 11,309,086 531,381 175,077 238,264 2,936,551 3.185,510 2,501,510 (664,000 ) 2,663.540 2,902,811 3,112,867 3,327,125 2,854,690 2,854,688 2,854,688 2,854,688 2,854,688 2,854,688 2,854,688 2,854,688 2,954,688 2,854,688 1.471,813 1.911,490 1.991,970 2,110,977 2,219,910 2,219,910 2,243,339 2,243.339 2,243,339 2,243,339 810,890 873.304 977,215 1,081,711 1,031,151 1,034,130 2,979 1.360,325 1,361,429 1.362.544 1,363,670 BB,909,600 93,065,020 98,749,648 108,235 219 114,380,017 113,957,267 (422,750) 117,707,405 118,727,178 121,181,098 124,524,089 32,897,607 36,319,175 38.720,723 37,869,250 39,957,240 40,144,334 187,094 40,545.777 40,951,235 41,360,747 41,774,355 1,903,009 2,319,523 1,796,610 1.257,443 1,677,Sl4 1,781 819 104,305 1.677,514 1,677,514 1,677,514 1,677,514 7,447,255 6,460,417 10,630,043 8,751,725 10.855.109 13,440,810 2.585,701 3,000,000 3,000,000 3.000,000 3.000,000 (7,328,259 9,780,448 2,452,189) N/A N/A N/A N/A 792,163 2.803,397 2424,636 2,142,234 573,695 573,695 N/A N/A N/A 4,30QOD0 4,613,816 5,460,197 6,376,969 131,949,634 140, %7,532 1S2,321,660 158255471 160,115,316 160,117,477 2,161 167,230,697 168, %9,743 172,679,SS6 177,352,927 Net Transfers to / from other funds 112,236,712 1,043483 5,425,908 318,976 440,000 490.000 50,000 490,008 490,000 490,000 490,900 PROJECTED ANNUAL SURPLUS (DEFICIT) 1 212.3311 16.199.618 1 10,477,249 1,324,751 I (5,754,387) (5,754,387( (7,S1S,045) (5,455,308 (4,204,291( (3.616,091( ' Assumes constant workh7ica staffing ICWIS and 00 MOU adjustments beyond negotiated wnhacts Veramn. (Post t0.13-08 Finance Committee Recormriendahon)