Town of Lantana Budget Workshop July 10, 2017 5 ... AWS
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TOWN OF LANTANA
FY 2017/18 BUDGET WORKSHOP Town of Lantana Budget Workshop July 10, 2017 5:30 PM
WHERE ARE WE?
Workshop #1
Workshop #2
Set proposed millage rate tonight
2 ½ months until budget adoption
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TAXABLE VALUES Certified taxable value for FY 2017 budget V.A.B. not completed
$889.9 million
Certified Taxable value for FY 2018 ($6.2M in new construction) Increase in value Percentage increase
$955.7 million
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
$65.8 million 7.4%
TAXABLE VALUES (in millions)
1,098.0 1,009.3
1,006.9
955.7 889.9
867.8 802.6 721.1
2007
2008
2009
2010
2011
726.0 693.5
2012
678.1
2013
686.0
2014
2015
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
2016
2017
2018
AD VALOREM REVENUE
Ad Valorem revenue at $3.2395 is $2.9M (at a 95% collection rate)
Current draft is calculated at $3.2395 – rolled-back rate is $3.0361
Property tax revenue increases $187,834, or 6.8% when using the same millage rate
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Mayor David J. Stewart FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
796,035
$
851,757
SOH Savings
$
372,260
$
419,083
Assessed Value
$
423,775
$
432,674
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
373,775
$
382,674
Taxes paid/to be paid to Lantana
$
1,211
$
1,240
$
29
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Lynn Moorhouse, D.D.S. FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
328,000
$
350,960
SOH Savings/State Statute
$
29,900
$
31,993
Assessed Value
$
298,100
$
318,967
Exemption Amount
$
Taxable Value
$
298,100
$
318,967
Taxes paid/to be paid to Lantana
$
966
$
1,033
$
67
-
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
$
-
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Pro Tem Malcolm Balfour FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
716,629
$
766,793
SOH Savings
$
353,425
$
395,962
Assessed Value
$
363,204
$
370,831
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
313,204
$
320,831
Taxes paid/to be paid to Lantana
$
1,015
$
1,039
$
24
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Philip J. Aridas FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
163,790
$
175,255
SOH Savings
$
50,292
$
59,374
Assessed Value
$
113,498
$
115,881
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
63,498
$
65,881
Taxes paid/to be paid to Lantana
$
206
$
213
$
7
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Edward Paul Shropshire FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
142,773
$
152,767
SOH Savings
$
51,717
$
59,799
Assessed Value
$
91,056
$
92,968
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
41,056
$
42,968
Taxes paid/to be paid to Lantana
$
133
$
139
$
6
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND REVENUES
Total revenue projections are $11,040,228, an increase of $525,154 compared to the current budget. Property taxes +187k One-cent sales tax +739k Sports park fees +25k Transfer from Insurance Fund +100k Non-reoccurring grants -$565k
Non-ad valorem assessments Solid waste collection – $240.12 (2% increase) annual curbside & $137.88 (1.6% increase) annual containerized Hypoluxo Island gas line – $77,863 with $263.54 assessment Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND EXPENDITURES
Cost of Living Adjustment (COLA) of 2.4%; the merit plan is budgeted with a 0-5% range for general employees based on their annual evaluation and 5% for bargaining unit members.
Pension costs are projected at 44% of wages for sworn officers at a net cost of $809,365 using a one-time credit to reduce cost.
Pension costs for general fund employees are 7% of wages with a matching program of up to 2%. Total cost of $253,800 ($163,940-GF & $89,860-UF).
Health & dental insurance are tentatively budgeted to increase 17% for a total cost of $1,284,600 (all funds).
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND EXPENDITURES
Department personnel changes: Police – 1 police officer & 1 dispatcher Finance – Reclassify Accounting & Utilities Clerk to
Accounting Technician Development Services – Modify Building Department Coordinator to full-time Library – 1 part time assistant (28 hours per week) Operations – reduce part-time worker (outsource)
Includes debt payments of $158,500 (Streets-Jan. 2018, Gas line-FY 2024)
Capital projects = $164,816
Fund is in balance Town of Lantana Budget Workshop July 10, 2017 5:30 PM
G.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION Computer Replacements: Executive Assistant Accounting Technician Police mobile units (4) Police report writing stations (2) Desk & accessories for Accounting Technician Library books Town-wide improvements Sports Park groomer Sidewalk from sports park to police station (funded by new sales tax) Replacement patrol vehicle & related accessories Replacement motorcycle & related accessories Electronics for Police Department's training & E.O.C. room
DEPARTMENT Administration Finance Police Police Finance Library Operations Operations Operations
AMOUNT $
Police Police Police
47,265 31,933 7,000
$
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
1,800 1,700 10,000 3,000 1,325 20,000 18,793 18,000 4,000
164,816
GENERAL FUND CONSIDERATIONS PROJECT/ITEM
AMOUNT
Public Safety Radio System transition
MILLAGE INCREASE
$130,863
0.1369
6’ wall surrounding Operations Center
$40,000
0.0419
Lobbyist
$60,000
0.0377
($36k in GF & $24k in UF)
Total
$206,863
FUND BALANCE: Policy requirement:
25% ($2.7 million)
Unassigned balance:
52% ($5.7 million)
Overage available:
$3 million Town of Lantana Budget Workshop July 10, 2017 5:30 PM
0.2165
UTILITY FUND REVENUES
Total revenue projections are $5,994,581, an increase of $365,411 or 6.5%
Water and wastewater rates scheduled to increase 1.9%
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
UTILITY FUND EXPENDITURES
Same benefits provided to general employees as in the General Fund
Finance – 1 Customer Service Technician
Includes debt payment of $860,150 (10/2021 & 10/2018)
Includes capital requests of $382,283
Current surplus = $179,946 Town of Lantana Budget Workshop July 10, 2017 5:30 PM
U.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION Computer Replacements: Customer Service Technicians (2) Utility Billing Accountant Water plant upgrades to filters, computer system & high service pumps Camera system to inspect wastewater lines Replacement pumps & valves at water plant Towable air compressor for utility line repairs
DEPARTMENT Finance Finance Operations
AMOUNT $
Operations Operations Operations
60,000 35,000 30,000 $
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
3,000 1,500 252,783
382,283
UTILITY FUND CONSIDERATIONS Lobbyist - $60,000 ($36k in GF & $24k in UF)
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
WHAT IS NEXT?
Tonight’s Council Meeting – Set tentative millage rate & date/time of 1st Public Budget Hearing – Monday, September 11th at 5:30 p.m.
Incorporate Council direction into budget
2nd and Final Public Budget Hearing Monday, September 25th at 5:30 p.m. – Council to adopt final millage rate & budget for fiscal year 2017/18 Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Questions?
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TOWN OF LANTANA
FY 2017/18 BUDGET WORKSHOP Town of Lantana Budget Workshop July 10, 2017 5:30 PM
WHERE ARE WE?
Workshop #1
Workshop #2
Set proposed millage rate tonight
2 ½ months until budget adoption
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TAXABLE VALUES Certified taxable value for FY 2017 budget V.A.B. not completed
$889.9 million
Certified Taxable value for FY 2018 ($6.2M in new construction) Increase in value Percentage increase
$955.7 million
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
$65.8 million 7.4%
TAXABLE VALUES (in millions)
1,098.0 1,009.3
1,006.9
955.7 889.9
867.8 802.6 721.1
2007
2008
2009
2010
2011
726.0 693.5
2012
678.1
2013
686.0
2014
2015
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
2016
2017
2018
AD VALOREM REVENUE
Ad Valorem revenue at $3.2395 is $2.9M (at a 95% collection rate)
Current draft is calculated at $3.2395 – rolled-back rate is $3.0361
Property tax revenue increases $187,834, or 6.8% when using the same millage rate
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Mayor David J. Stewart FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
796,035
$
851,757
SOH Savings
$
372,260
$
419,083
Assessed Value
$
423,775
$
432,674
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
373,775
$
382,674
Taxes paid/to be paid to Lantana
$
1,211
$
1,240
$
29
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Lynn Moorhouse, D.D.S. FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
328,000
$
350,960
SOH Savings/State Statute
$
29,900
$
31,993
Assessed Value
$
298,100
$
318,967
Exemption Amount
$
Taxable Value
$
298,100
$
318,967
Taxes paid/to be paid to Lantana
$
966
$
1,033
$
67
-
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
$
-
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Vice Mayor Pro Tem Malcolm Balfour FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
716,629
$
766,793
SOH Savings
$
353,425
$
395,962
Assessed Value
$
363,204
$
370,831
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
313,204
$
320,831
Taxes paid/to be paid to Lantana
$
1,015
$
1,039
$
24
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Philip J. Aridas FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
163,790
$
175,255
SOH Savings
$
50,292
$
59,374
Assessed Value
$
113,498
$
115,881
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
63,498
$
65,881
Taxes paid/to be paid to Lantana
$
206
$
213
$
7
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Property Tax Example of Town Council using Current Millage Rate Assumptions/notes: 3.2395 = current millage rate Market value increases by 7% Increase of assessed value for homestead property-CPI with 3% cap (2.1%) Increase of assessed value for non-homestead property-10% cap Not factoring discounts for early payments Councilmember Edward Paul Shropshire FY17 3.2395
Millage Rate
FY18 3.2395
Market Value
$
142,773
$
152,767
SOH Savings
$
51,717
$
59,799
Assessed Value
$
91,056
$
92,968
Exemption Amount
$
50,000
$
50,000
Taxable Value
$
41,056
$
42,968
Taxes paid/to be paid to Lantana
$
133
$
139
$
6
Change to tax levy Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND REVENUES
Total revenue projections are $11,040,228, an increase of $525,154 compared to the current budget. Property taxes +187k One-cent sales tax +739k Sports park fees +25k Transfer from Insurance Fund +100k Non-reoccurring grants -$565k
Non-ad valorem assessments Solid waste collection – $240.12 (2% increase) annual curbside & $137.88 (1.6% increase) annual containerized Hypoluxo Island gas line – $77,863 with $263.54 assessment Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND EXPENDITURES
Cost of Living Adjustment (COLA) of 2.4%; the merit plan is budgeted with a 0-5% range for general employees based on their annual evaluation and 5% for bargaining unit members.
Pension costs are projected at 44% of wages for sworn officers at a net cost of $809,365 using a one-time credit to reduce cost.
Pension costs for general fund employees are 7% of wages with a matching program of up to 2%. Total cost of $253,800 ($163,940-GF & $89,860-UF).
Health & dental insurance are tentatively budgeted to increase 17% for a total cost of $1,284,600 (all funds).
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
GENERAL FUND EXPENDITURES
Department personnel changes: Police – 1 police officer & 1 dispatcher Finance – Reclassify Accounting & Utilities Clerk to
Accounting Technician Development Services – Modify Building Department Coordinator to full-time Library – 1 part time assistant (28 hours per week) Operations – reduce part-time worker (outsource)
Includes debt payments of $158,500 (Streets-Jan. 2018, Gas line-FY 2024)
Capital projects = $164,816
Fund is in balance Town of Lantana Budget Workshop July 10, 2017 5:30 PM
G.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION Computer Replacements: Executive Assistant Accounting Technician Police mobile units (4) Police report writing stations (2) Desk & accessories for Accounting Technician Library books Town-wide improvements Sports Park groomer Sidewalk from sports park to police station (funded by new sales tax) Replacement patrol vehicle & related accessories Replacement motorcycle & related accessories Electronics for Police Department's training & E.O.C. room
DEPARTMENT Administration Finance Police Police Finance Library Operations Operations Operations
AMOUNT $
Police Police Police
47,265 31,933 7,000
$
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
1,800 1,700 10,000 3,000 1,325 20,000 18,793 18,000 4,000
164,816
GENERAL FUND CONSIDERATIONS PROJECT/ITEM
AMOUNT
Public Safety Radio System transition
MILLAGE INCREASE
$130,863
0.1369
6’ wall surrounding Operations Center
$40,000
0.0419
Lobbyist
$60,000
0.0377
($36k in GF & $24k in UF)
Total
$206,863
FUND BALANCE: Policy requirement:
25% ($2.7 million)
Unassigned balance:
52% ($5.7 million)
Overage available:
$3 million Town of Lantana Budget Workshop July 10, 2017 5:30 PM
0.2165
UTILITY FUND REVENUES
Total revenue projections are $5,994,581, an increase of $365,411 or 6.5%
Water and wastewater rates scheduled to increase 1.9%
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
UTILITY FUND EXPENDITURES
Same benefits provided to general employees as in the General Fund
Finance – 1 Customer Service Technician
Includes debt payment of $860,150 (10/2021 & 10/2018)
Includes capital requests of $382,283
Current surplus = $179,946 Town of Lantana Budget Workshop July 10, 2017 5:30 PM
U.F. CAPITAL IMPROVEMENT EXPENDITURES DESCRIPTION Computer Replacements: Customer Service Technicians (2) Utility Billing Accountant Water plant upgrades to filters, computer system & high service pumps Camera system to inspect wastewater lines Replacement pumps & valves at water plant Towable air compressor for utility line repairs
DEPARTMENT Finance Finance Operations
AMOUNT $
Operations Operations Operations
60,000 35,000 30,000 $
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
3,000 1,500 252,783
382,283
UTILITY FUND CONSIDERATIONS Lobbyist - $60,000 ($36k in GF & $24k in UF)
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
WHAT IS NEXT?
Tonight’s Council Meeting – Set tentative millage rate & date/time of 1st Public Budget Hearing – Monday, September 11th at 5:30 p.m.
Incorporate Council direction into budget
2nd and Final Public Budget Hearing Monday, September 25th at 5:30 p.m. – Council to adopt final millage rate & budget for fiscal year 2017/18 Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Questions?
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
