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FY 2008 - 2019
Financial Sustainability Forecast
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il Presented: May 29,2008
Financial Sustainability
Refers to the Town's ability to maintain service
levels into the future balanced with the projected
future availability of revenues while maintaining
sufficient contingency reserve balances.
General Fund Assumptions
iiiiimeevenue penditure
❑2%Utility sales tax sunsets April ❑ Annual inflationary growth at 2.5%
2009(estimated annual revenue loss of ❑Employee benefits growth at 15%
$1.3M) (health,dental,retirement)
❑Increased retail&restaurant bar
U Employee annual pay increases at 5%
sales taxes from new commercial
centers U Growth in retail sales tax rebates
❑Existing base business growth is flat ❑Municipal Operations Center debt
LIModest State Shared revenue service and O&M included
increases due to 2010 Census U No new personnel
❑250 residential building permits for ❑Annual CIP budget of approximately
FY 2009 and 300 per year thereafter $700k
❑Includes 3 new hotels operational ❑Annual Capital Asset Replacement
between 2010 and 2013 Funds of$500k
❑Annual inflationary growth at 2.5%
1
•
Revenue v Expenditures
General Fund
I��Revenue���Total Expenditures——Recurring Expenditures
$36.0
$35.0-
$34.0 -
$33.0 - ---—
lr+f
$32.0- /...-
~ $31.0 -
$30.0 - /
$29.0 -
$28.0-
$27.0
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015-
Budget 2019
Average
Local Sales Taxes 4
4
$12.0—.................___._--
=/•A $111.3 =lo t
$10.0 . S
Retail SSA
$8.0
SSA
N$6.0
Construction
:::'
$ $2.it 92.ES2.E $2E
Reetavrart $1.3 $1A "L.——
erg-
$0.0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 215-2019
Budget Average
Retail&Restaurant sates taxes projected to increase
Construction sales taxes projected to decline
State Shared Revenue
$13.0
$12.E
$11.1 $12A =1
$::.
. -
$11.3
$11A �O,E
$10.0-
$9.0
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015-2019
Budget
Average
Re►enue expected to increase due to 2010 decennial census
2
•
Residential Building Permits ,-.---413a
$1.8-
$1.6 r.
-
�r„�50r
$1.4- $1.3
$1.2- $1.1
N$1.0-
$0.8-
$0.6
$0.4-
$0.2-
$0.0
FY 2009 FY 2010 FY 2011 FY2012 FY2013 FY 2014 FY 2015-2019 AVE
SFR Permits 250 300 300 300 300 300 300
Single family residential permits to remain steady
Contingency Reserve
General Fund
50%
44.1%
45%—
40%— 3S.1%
35%—
314% 31.1% 31.$% 334% 33.4°/.
30%—
25%
20%— 0 1 1.11
15%—
10%— n N r5%— • 1E.
0% I I I I I
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015-
2019
Annual contingency reserve amounts exceed adopted policy of 25%
Highway Fund Assumptions
Revenue P Expenditl
.11
❑Declining construction sales tax ❑ Annual inflationary growth at 2.5%
revenues ❑Employee benefits growth at 15%
❑Modest HURF tax increases (health,dental,retirement)
❑Annual inflationary growth at 2.5% ❑Employee annual pay increases at 5%
❑ Municipal Operations Center debt
service and O&M included
❑Annual road maintenance budget flat-
lined at$1.2M
3
r 9
Revenue v Expenditures
Highway Fund
Revenue Total Expenditures
$6.4
$6.2 -
$6.0 -
$5.8 -
$5.6 -
$5.4 -
$5.2 -
$5.0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015-
Budget 2019
Average
Contingency Reserve
Highway Fund
$5.0 .._
$4" It ' ll '
0- $3.9 53.9
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015-
2019
Annual contingency reserve amount at approximately$1.3M in Year 10
Questions w
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