Town of Chapel Hill Fiscal Conditions Report

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Town of Chapel HillFiscal Conditions Report

Roger Stancil, Town ManagerMarch 2014


Agenda

FY15 Budget


Where Does the Town Keep its Money?

FY15 Budget


General Fund($54.8M)

Transit($20.0m)

Stormwater($2.7m)

Parking($2.7m)

Debt Service & Capital($7.4m) Housing

($1.9m)

Internal Service($3.8m)

Relative Size of Funds FY2013-14 Budget

Relative Size of Funds FY2013-14 Budget

Other Funds($1.5m)


How we slice the pie


Where Town Revenues Come FromFY2013-14 Budget: $94.9m


How the Town Spends its RevenuesFY2013-14 Budget: $94.9m


Fiscal Indicators


$(1,500,000)

$(1,000,000)

$(500,000)

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

Impact of Financial CrisisGF Revenues Less Expenditures* 2007-08 thru 2012-13

$365,912

$1,397,401

($1,124,342)

$1,826,340

Financial Results Rebounded after Fiscal Crisis

$1,813,223

* Net of transfers to other funds

$1,273,481


19.6%23.5%

14.9%

25.4%26.2%

$20.4

$22.3

$19.9

$21.5

Total Fund Balance in Millions

$21.3

* Unassigned fund balance is calculated as a percent of next year’s appropriations and Is not adjusted for debt service payments moved to Debt Management Fund in FY09

$23.5

23.5%

Total GF Fund BalanceFY2007-8 thru FY2012-13



Sales Tax Receipts YR to YR Change 2006-07 thru 2012-13

$ 456,509

($724,613)

$176,445

($268,477)

Change from Prior Year

$ 163,556

1.7%

-7.4% -3.0%

+2.0%+2.9%

$824,491

+9.2%

$283,275



Occupancy Tax YR to YR Change 2006-07 thru 2012-13

$ 207,310

($93,291)

$82,409

($101,793)

Change from Prior Year

-1.7%-9.5% -11.4%

+10.4%+2.9%

$94,322

+10.8%

$11,949


($6,892)


Facts About Tax

FY15 Budget


Property Tax Facts

Tax increase of 2 cents for FY14 was the 1st Town tax increase in 5 years

Town property taxes are split between Transit, Debt Service and General Fund

Town Tax is 33% of total property tax burden for Chapel Hill Residents


Property TaxesThe Town’s property tax rate is divided into three parts: General Fund, Transit Fund and Debt Service Fund.

For FY2013-14, rate increased 2 cents: 1 cent for GF and 1 for Transit

FY11-12 FY12-13 FY13-14

General Fund 37.8 37.8 38.8

Debt Fund 7.5 7.5 7.5

Transit Fund 4.1 4.1 5.1

Total 49.4 49.4 51.4

Property Tax Rate (cents per $100)

$5,471,000

$3,720,000


Chapel Hill Property Tax BurdenTown taxes represent 33% of the total Chapel Hill tax burden


Comparative Tax Rates(Municipality Only)


Debt and Capital Financing

FY15 Budget


Capital Program

$183,439,000Requested capital projects for the next 15 years

Public safety headquarters

Bicycle and Pedestrian Plans

Storm water Projects Streets & SidewalksFire Apparatus

Parks Master Plan

Transfer StationFire Stations

Public Building RenovationsParking Facility Improvements


Debt Management Fund 20 Year Debt Issuance Plan

$20 million

Debt Issuance

$1.7 million

$20 million$20 million

$20 million

Deb

t F

un

d B

alan

ce


Capital Improvements

Small capital improvements are funded through annual pay-as-you-go.

Amounts fluctuate with availability of “one-time” money.Target $1.0 millionper year

Budgeted Capital Improvements (Pay-Go)

$0.76M$0.59M

$0.30M

$1.17M


Debt Management

Debt Levels have been stable since 2005 despite major projects (Library, Southern Community Park and Aquatics Center). Debt pay-down rate is high

Total Outstanding Debt (Last 10 Fiscal Years)

$1,124

$608

$1,125 $1,062$1,146

$1,041 $930

$1,140

$847


FY15 Budget

FY15 Budget

“It’s clearly a budget. It’s got a lot of numbers in it.”

George W. Bush


Budget Process

DepartmentalBudget

Preparation

Staff Budget Review

Manager’s Budget Review

Manager’sRecommended

Budget

Council Budget Review

Adopted Budget

Feb 7 – Mar 7 Feb 22 – Mar 14 Mar 17 – Mar 26

May 12

May 12, 14, & 19

June 9


Capital Challenges

Matching financial and operating capacity with the need to invest in public assets


Operating Challenges

Balancing our services to achieve community goals and maximize value to the people we serve


Policy Challenges

Seeking long term sustainable solutions consistent with our community values


Purpose


Address Budget Challenges

Transfer Station

CIP Funding Target

Street Resurfacing

Asset Management

Town Hall Project

Ephesus Fordham

Transit Sustainability

Library Operating

Health Care Costs

Capital Operating Policy

Parks Master Plan

Northside Community

Youth Services

Public Safety Facilities

Pay 4 Performance Affordable Housing

Rogers Road

Bike & Pedestrian Plan

Parks & Rec. Facilities

Recycling

Referendum


Align Budget with Council Goals

Facilitate Getting Around

Nurture OurCommunity

Develop Good Spaces, New

Places

Support Community

Prosperity

Create a Place for Everyone

Grow Town/Gown

Collaboration


–Continue to build a nimble, strategic organization

–Enhance departmental collaborations and strategic partnerships for problem-solving


TRENDS PRIORITIES

Priorities


Priorities– Enhance organizational capacity

•Community outreach•Data based long range planning•Telling the story of thinking behind

decisions and recommendations•Understanding financial and policy

tradeoffs


TRENDS PRIORITIES


FOCUS–Affordable housing–Sustainable recycling and solid waste management

–Sustainable transit services


TRENDS PRIORITIES

Priorities


FOCUS–Capital planning–High speed, available community fiber


TRENDS PRIORITIES

Priorities


Community Survey Results



Community Survey Results

Most of the residents surveyed were satisfied with Town service

(85% satisfied with overall services provided)



Community Survey ResultsIncrease in emphasis:–Traffic flow–Preparing for the future–Managing change–Value for tax dollars–Stormwater management



Questions?

FY15 Budget

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Town of Chapel Hill Fiscal Conditions Report

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