City of Palm CoastFiscal year 2015
Final Budget HearingTuesday, September 23rd 2014
Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMAFinance Director
Lina WilliamsBudget & Financial Analyst
Budget Preparation TimelineJanuary
First Quarter Review February
Financial AuditMarch
Presentation of Annual Progress Report and Citizen Survey Results Revise 10 Year Infrastructure Plan
April Presentation of the Year to Date Budget Second Quarter Review Budget Input Begins for Departments
May Annual Update of the Strategic Action Plan Fund Accounting Presentation Long Term Financial Planning Presentation
June Revenue Source Presentation Property Tax Presentation
Budget Preparation TimelineJuly
General Fund Budget Workshop Adopt Proposed Maximum Millage Rate Proprietary Funds Budget Workshop Third Quarter Review
August Special Revenue & Capital Fund Budget Workshop Final Proposed Budget Presentation
September Public Hearing to Tentatively Adopt Millage Rate & Budget Public Hearing to Adopt Final Millage Rate & Budget
Total City Revenues2014 Projected vs. 2015 Proposed
2015Proposed
2014Projected
Services Provided through Property Taxes2014 Projected vs. 2015 Proposed
2014
Vs.
2015 Proposed
2014 Projected
2015 MILLAGE RATE
Millage Rate HistoryFiscal Year Property Value Operating Millage Capital Millage Total Millage
Ad Valorem Receipts
2003 1,983,740,628 3.0500 0.3500 3.40000 6,539,567
2004 2,404,239,111 3.0500 0.3500 3.40000 7,855,523
2005 3,107,581,090 2.9000 0.5000 3.40000 10,207,899
2006 4,444,854,928 2.4000 1.0000 3.40000 14,632,296
2007 6,239,994,489 2.5000 0.7500 3.25000 19,603,806
2008 7,009,877,421 2.2123 0.7500 2.96234 20,184,340
2009 6,131,965,169 2.6123 0.3500 2.9623 17,602,781
2010 5,246,998,187 3.1500 0.3500 3.5000 17,828,406
2011 4,463,085,550 3.5000 - 3.5000 15,048,300
2012 3,891,594,126 3.5400 0.4500 3.9900 15,000,700
2013 3,646,122,021 4.1502 0.1456 4.29580 15,120,750
2014 3,690,312,857 4.1932 .0773 4.2705 15,203,633
2015 3,895,717,814 4.1609 .0841 4.2450 15,963,477
Change 2008-2015 (3,114,159,607) 1.9486 (.6659) 1.2827 (4,220,863)
Percentage Change (44%) - - - (21%)
2015 Adopted Millage Rate ProposalMillage Rate Options2015 Rolled Back Rate 4.07432015 Majority Vote Rate 6.67522015 Two-thirds Vote Rate 7.3427
MillageRate
Taxes Generated*
Increase in Tax Revenue % Increase
2014 Millage Rate 4.2705 $15,212,627Stormwater Fund Portion $284,127
General Fund Portion $14,928,500
2015 Rolled Back Rate 4.0743 $15,321,553 $108,926 1%
2015 TRIM Rate 4.2705 $16,059,371 $846,744 6%
Millage required for proposed expenditures 4.2450 $15,963,477 $750,850 5%Stormwater Fund Portion $316,403 $32,276
General Fund Portion $15,647,074 $718,574
* Based on City's historical collections rate
Recommended Millage Rate
2015 TRIM Rate 4.2705
2015 Proposed Rate 4.2450
Millage Rate Decrease from 2014 -0.6%
City of Palm Coast Budget (1 of 2)General Fund $ 29,189,443CDBG Fund 696,439Police Education Fund 30,000Police Automation Fund 145,000Disaster Reserve Fund 2,177,207Special Events Fund 249,850Streets Improvement Fund 21,075,495Recreation Impact Fee Fund 300,000Fire Impact Fee Fund 83,447Development Special Projects Fund 580,000Transportation Impact Fee Fund 988,000Neighborhood Stabilization Fund 100,000Business Assistance Center Fund 70,225SR100 Community Redevelopment Fund 1,535,988
City of Palm Coast Budget (2 of 2)OKR Special Assessment Fund 389,435
Capital Projects Fund 12,382,353
Utility Fund 33,823,780
Utility Capital Projects Fund 12,919,000
Solid Waste Fund 7,373,520
Stormwater Management Fund 7,762,071
Building Permits & Inspections Fund 2,730,683
Information Technology & Communications Fund 2,563,605
Health Insurance Fund 3,381,245
Fleet Management Fund 4,850,129
Sub-Total Budget $145,396,915
Less: Interfund Transfers and Charges $16,290,143
Total Budget $129,106,772
QUESTIONS & DISCUSSION
