budget informational meeting great falls council of councils meeting may 27, 2014
TRANSCRIPT
![Page 1: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/1.jpg)
Budget Informational Budget Informational MeetingMeeting
Great Falls Council of Councils Meeting
May 27, 2014
![Page 2: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/2.jpg)
Budget Drivers FY15Budget Drivers FY15 (and (and beyond)beyond)Slow property tax growth Department reliance on General
Fund Subsidy Electric City Power SettlementCapital Planning – Facility
◦Deferred Maintenance◦Some equipment (fire trucks)
![Page 3: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/3.jpg)
The PlanThe Plan↑ ↑ Economic Development↔ Stabilize the budget ↓ General Fund Support↑ Capital Planning - Facility↑ Debt/Operational FlexibilityBudget process overhaul
◦ Service review ◦ Fee review◦ Fund review◦ Quarterly budget meetings
Determine Resident Priorities
![Page 4: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/4.jpg)
New Taxable RevenuesNew Taxable Revenues
![Page 5: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/5.jpg)
General Fund SubsidiesGeneral Fund SubsidiesSupport Area 2011 2012 2013 2014
City County Health $250,000 $250,000 $250,000 $250,000City Band $4,500 $4,500 $4,500 $0GFDA $100,000 $50,000 $0 $0Tennis Court $0 $4,000 $4,000 $0Natural Resources $264,918 $264,918 $264,918 $164,918Planning $199,951 $168,148 $158,825 $100,000Swimming Pools $414,389 $414,389 $414,389 $214,389Recreation Center $153,729 $153,729 $153,729 $59,226Multisport $0 $0 $0 $0IT $11,772 $11,772 $12,695 $0Engineering $126,287 $126,287 $126,287 $63,143Civic Center Events $214,727 $214,727 $214,727 $114,727Golf Course $100,000 $100,000 $0 $0
![Page 6: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/6.jpg)
Deficit and Cash Flow Deficit and Cash Flow (now)(now)
General Obligation Note $1.2 million
Accrued Payables (interest) $9,133Due to other City Funds $5.4 millionWater Credit $1.2 millionAdvances to other Funds Securities $1.4 million
$9.2 million
![Page 7: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/7.jpg)
Settlement FundingSettlement FundingPayment #1 Balance
As of (3/31/14)
Central Garage $905,000 $2,883,802Information Tech $200,000 $157,481Fiscal Services $325,000 ($63,647)Engineering $250,000 $235,185Public Work Admin $100,000 $230,607Insurance & Safety $200,000 $239,676Hazard Removal $100,000 $1,845Economic Revolving $420,000 $280,141
$2,500,000 $3,965,090General Fund ($1,258,040)
Payment #2Tax Revenue $750,000
Total $3,250,000
![Page 8: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/8.jpg)
ECP General Fund Impact?ECP General Fund Impact?
![Page 9: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/9.jpg)
General Fund General Fund Undesignated Undesignated Fund BalanceFund Balance
9
Projected Fund Balance End FY14 $2,164,958 (or 8.4%)
FY15 12%
17%
![Page 10: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/10.jpg)
Moody’s CommentsMoody’s CommentsSTRENGTHS
A sizeable and stable tax base
Strong management team that is seeking to minimize or eliminate enterprise risks
Manageable direct debt burden with rapid repayment
CHALLENGES
Weak financial position as a result of a recent legal settlement involving its electric enterprise
Below-average socioeconomic measures
![Page 11: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/11.jpg)
City’s Rating
![Page 12: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/12.jpg)
General Fund Revenues FY14General Fund Revenues FY14
![Page 13: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/13.jpg)
General Fund Expenditures General Fund Expenditures FY14FY14
![Page 14: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/14.jpg)
GF Break Down - GF Break Down - DepartmentsDepartments
![Page 15: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/15.jpg)
Recovery ProcessRecovery ProcessBudget stabilityRestore Fund Balance - Policy
(17%)Review fees citywideLimit General Fund support Prioritize Services
◦No new services/limited program expansion
Partnerships
![Page 16: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/16.jpg)
Recovery Process Con’tRecovery Process Con’tRebuild Public Trust
◦Educate citizenryRealign City Services
◦Demonstrate that we’ve done everything possible operationally before…
◦Focus on Department Core Services What do we want to be the best at?
Capital Investment◦Facility plan under development ◦Equipment plan stable
![Page 17: Budget Informational Meeting Great Falls Council of Councils Meeting May 27, 2014](https://reader036.vdocuments.us/reader036/viewer/2022081603/56649f445503460f94c645f7/html5/thumbnails/17.jpg)
Future BudgetsFuture BudgetsAssumptions
◦Little support for another levy◦Slow growth – slow tax revenue
TIFs/Abatements
◦Service Menu Too Full The more government does…
Deferred Maintenance/Capital◦Bond Levees for large capital and
equipment