Recall there is $1.7 available for capital. There is a water operating impact on streets.
This is in addition to the $7.5 mill bond scheduled for 2013-2014 for police station remodel and fire station reconstruction. These two bond issuances could be combined for a total of $55,150,000.
So far today we’ve discussed capital. Now we’re moving in to the annual O&M budget.
MD Discuss additional funding vs. cuts Of course we could also dip into the $1.7 mill capital funds budget. EXCEL spreadsheet. What does CiCo want to implement? Already populated with staff recommendation.
1. Leave Payoffs is a huge financial burden to the City. $209,910 is no where near enough to address our emergency needs. In public safety alone leave payoffs exceed $209,910. We could double this budget and just begin to address the leave payoffs in public safety. Fire $291,845.79 Police $157,895.46 PSC $3,494.39 = 453,235.64 2. Insurance includes $1.5 mill in retiree health insurance, property insurance, etc.
We have more detail available for *ed services including program income, grant revenue. We can discuss in more detail with you if you would like.
Capital• Recall for the 2011-2012 budget $1,755,191 was approved for capital projects. • $1,000,000 streets maintenance mill and overlay for sections of 14th Street, 19th Street, and Main Street. • $755,191 storm water drainage remediation West Avenue P phase 1.• To continue this commitment to capital improvements, $1,756,529 is proposed in the 2012-2013 budget
Capital Borrowing Capacity• Current capital budget $ 1,756,529• LESS $250,000 annually for fire truck replacement• Could use $1,506,529 capital budget for debt service • Assuming 20 years at 4% we could borrow aprox. $20,475,000 principal • Budget impact?
Capital Additional Borrowing Capacity• Implement a recurring transfer each year from Water and Wastewater capital• 1/3 of capital budget after debt service payments• Aprox. $2,000,000 annually
Capital Borrowing Capacity• Use $1,506,529 current General Fund capital project budget• PLUS $2,000,000 transfer in• Aprox. $3,506,529 million debt service • Assuming 20 years at 4% we could borrow aprox. $47,650,000 principal for street reconstruction and other improvements
2012-2013 Operating Budget GoalsRevenue Under/(Over) Expense (1,075,180)Estimate for Meet & Confer Raises 367,820Estimate for Raises 550,000Street Maintenance – Seal Coat 1,200,000Reduce Property Tax Rate – ½ ¢ 175,000Animal Services Effort 100,000Expanded Level Requests 460,000 Gap/Additional Need 1,777,640
2012-2013 Operating Budget Potential SolutionsFranchise Fees 6% 1,343,165Stormwater Indirect Cost 120,000Hotel Occupancy Tax Sports Complex 50,000Hotel Occupancy Tax Fort Concho 50,000User Fees 200,000COSADC pay for Public Info Svcs 10,000TIRZ 465,229Parking meters 340,000Red light cameras 100,000 Total 2,678,394
Follow Up• Direction on specific ideas or solutions to follow up on• Implementation
Tax Supported Services DEPARTMENT REVENUE EXPENSE NETMHMR 0 55,423 55,423POLICE (272,250) 15,162,032 14,889,782FIRE (2,490,000) 13,102,113 10,612,113FIRE PREV (136,000) 633,127 497,127 (8,191,857) 56,718,350 48,526,493* Note: The bulk of * activity is recorded in other funds.