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Mid -Year Financial Review
Where are we now?
Where do we want to be?
Oe W�_
► Successfully achieve the Strategic Plan goal of
maintaining fiscal viability
► To achieve a balanced budget for the
upcoming 2012 -13 fiscal year in the face of a
revenue shortfall of approximately $2 million
caused by State and Federal lawmakers
► Maintain "core" municipal services and special
events to residents and businesses
/t
{ u
Guiding Principles for Fiduciary
Responsibility
1. Always live within your means
2. Employ cost recovery when setting fees
for "individualized" services
3. Use "reserves" only for one -time
expenditures or temporary stop -gap
measures
4. When in doubt, contract out (and
periodically go out to bid)
5. Provide for transparency
�m /a
li •
ll� 2011 - 2012
�o
General Fund Revenues
(Thousands)
1 lyE �
a p
c �.
Taxes
$2,342
$12,085
$12,013
99.4%
Intergovernmental
77
260
184
70.8%
Licenses & Permits
671
1 ,708
1
108.2%
Charges for services
439
1,019
1
102.2%
Fines and forfeitures
206
552
557
100.9%
Investments
40
409
221
54.0%
Other
38
263
366
139.2%
Total
1
$3,813 1
$16,`296
$16,230
99.6%
1 lyE �
a p
c �.
General Fund Expenditures
(Thousands)
General Fund Overall
(Thousands)
Special Revenue Funds
14 2011 - 2012
Special Revenue Funds Revenues
(Thousands)
r,Eav
;o q
Special Revenue Funds Expenditures
(Thousands)
Community Development
:* 2011 - 2012
R. 1. P.
41 ffi p`
RCDC Revenues
(Thousands)
a � 1
RCDC Expenditures
(Thousands)
Salaries & benefits
$563
$1
$646
52.6 %'
Supplies & services
679
2,314
679
29.3%
Fire protection services
423
2,310
995
423
42.5%
Pass -thru payments
180
180
Debt service
2,1 72
3
2
69.8%
Capital improvements
1 ,562
2,310
1 9 562
67.6%
Total
1 $5,5791
$9,9601
$5,662
1 56.8%
f ' E M Y\
�C �_ q
,4 G\
1 KI
t
Mo 2011 — 2012
Housing Development Corp.
(Thousands)
stability?
14 2012 and beyond
_77
Controlling Costs
► Identify essential "core" municipal services and
prioritize expenditures to "live within our means"
► Right -size staff levels primarily through attrition
and retirement incentive program
► Negotiate reduced or no price increases from
contractors
► Limited travel and meeting expenses
a �
Continuing to Control Costs
► Replace capital assets when repair and
maintenance costs exceed replacement costs
► Examine every program for cost effectiveness
► Make capital purchases with a long -term
focus
,a
Increase /Maintain Revenues
► Annually review and update the user fee
schedule for "individualized services" that do
not tangibly benefit the general population
► Seek the highest yielding investments within
the scope of the investment policy
► Ensure all fees and reimbursements are being
collected
Evaluate new revenue opportunities
Projections for 201 2 -2013
► A $2 million revenue shortfall has been
created by State and Federal lawmakers
► Sales tax is projected to increase only slightly
► City -wide assessed property values have
increased 3 %. But new Housing starts have
been at historic lows with no expectation of a
change in that trend in sight
► T.O.T. and other local revenues expected to
remain flat
► Regional economic predictions are for very
modest growth in the coming years
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