Town of Lantana Budget Workshop July 10, 2017 5:30 PM
-1-
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TOWN OF LANTANA
FY 2017/18 BUDGET WORKSHOP -2-
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
-3-
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
-4-
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
-5-
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
-6-
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 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 -7-
FY18 3.2395
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 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 -8-
FY18 3.2395
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 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 -9-
FY18 3.2395
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 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 - 10 -
FY18 3.2395
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 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 - 11 -
FY18 3.2395
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 - 12 -
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).
- 13 -
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 - 14 -
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
$
- 15 -
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: - 16 -
$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%
- 17 -
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
- 18 -
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 $
- 19 -
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)
- 20 -
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 - 21 -
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Questions?
- 22 -
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
TOWN OF LANTANA
FY 2017/18 BUDGET WORKSHOP -2-
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
-3-
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
-4-
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
-5-
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
-6-
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 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 -7-
FY18 3.2395
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 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 -8-
FY18 3.2395
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 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 -9-
FY18 3.2395
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 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 - 10 -
FY18 3.2395
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 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 - 11 -
FY18 3.2395
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 - 12 -
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).
- 13 -
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 - 14 -
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
$
- 15 -
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: - 16 -
$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%
- 17 -
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
- 18 -
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 $
- 19 -
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)
- 20 -
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 - 21 -
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
Questions?
- 22 -
Town of Lantana Budget Workshop July 10, 2017 5:30 PM
