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Sun Valley - Ketchum City Budget Comparison 030409 V4
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Sun Valley - Ketchum City Budget Comparison 030409 V4

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Updated budget comparison factoring in per capita comparison

Updated budget comparison factoring in per capita comparison

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Sun Valley - Ketchum City Budget Comparison 030409 V4 Presentation Transcript

  • 1. City Financial Comparison Sun Valley & Ketchum 2009 Version 2
  • 2.
    • Economic Comparisons of any two cities is challenging because cities use “fund” accounting (essentially separate accounts with transfers in and out) and typically do not have the same funds (e.g. Sun Valley has a “streets” fund and Ketchum puts streets under the General Fund, but both do street capital projects via a separate capital improvement fund). There are also disparate entities: Sun Valley has a separate Sewer & Water district that has levies that don’t appear in city accounts, Ketchum has an Urban Renewal Authority that is separate from the city. Sewer and Water have been removed from this analysis to aid comparability.
    • To aid in comparison, we have used an “all Funds” approach, lumping together all revenues collected and expenditures made and removing intra-fund transfers. We have tried to group like accounts (e.g. building permit fees) together, but 1:1 correspondence is necessarily imperfect.
  • 3. City Comparison Summary--Population and Total Revenues (2009 Budget) Sun Valley* Ketchum*
    • Government revenues for 2009 exclude tranfers in from prior year fund balances of $1,235,216 for Sun Valley and $224,487 for Ketchum
  • 4. City Comparison Summary -Government Revenues Per Person and Tax Parcel All Government Revenue Property Tax With greater diversity in business revenues, Ketchum is less dependent on property taxes
  • 5. City Comparison Summary -Government Revenues Per Person--Detail URA debt-no incremental Taxpayer burden* Property Tax per Person * The URA levy comes out of “the county’s share” and so is not actually an incremental levy on Ketchum citizens as shown. The city keeps part of the taxes that would normally go to the County within the URA district on the growth in assessed value for a limited (20 year) period.
  • 6. City Comparison: Businesses Paying Property Tax Sun Valley* Ketchum *Sun Valley businesses include the Sun Valley Company’s Sun Valley operations
  • 7. City Revenue Sources-All Funds Basis, 2009 Adopted $7.02M $11.7M Ketchum receives a greater share of its revenues from charges for services and other business fees, but otherwise the towns are similar
  • 8. City Revenue Sources-All Funds Basis, 2009 Per Capita and per Tax Parcel Per Person Per Tax Parcel
  • 9. City Revenues: Local Option Tax 2008 & 2009 Sun Valley Ketchum Both towns are subject to the same base economic drivers: visitors, real estate and construction
  • 10. Comparison to Other Resorts--Occupancy & Rates Our common core business is not fairing as well as it might in comparison to competitive resort communities
  • 11. Comparison to Other Resorts--Hotel & Condo Units 11% Decline, but 3-5 new Ketchum Projects could add 20% or more 1573 1490 1443 1412
  • 12. City Comparison: Use of Funds (all funds basis, 2009) Sun Valley Ketchum $7.02m $11.7m
  • 13. City Comparison Per Capita and Per Tax Parcel 2009 (all funds basis) Per Capita Per Tax Parcel City spending per capita or per tax parcel is more similar than different
  • 14. City Comparison: Employees per Capita Ketchum Breckenridge Comparison with similar resort towns
  • 15. City Comparison: General Fund over Time
    • City Budgets are required by law to balance
    • Excess of spending over revenues drawn from reserves or debt
    Sun Valley Ketchum
  • 16. City Comparison: Debt (non-sewer & water) Sun Valley Per capita debt $5,256,000 Ketchum URA debt Ketchum Per capita debt $1351 $398 $1504 Note: Urban Renewal Authority Debt is paid out of monies that would Otherwise go to the county; it is not in general an incremental burden on taxpayers $1,970,000 Sun Valley Debt Ketchum General Obligation Debt Neither city has onerous debt repayment issues
  • 17. City Comparison: General Obligation Debt as a Percent of Assessed Value Ketchum Breckenridge Neither city has high debt
  • 18. City Comparison: Budget Reductions 2007/08 & 2008/09
    • Both cities have reduced planned expenditure in anticipation and reaction
    • To difficult economic situation
    $1m reduction Ketchum (General Fund) Sun Valley (Total funds basis) $1.63m reduction