Town of Chapel Hill Fiscal Conditions Report

Town of Chapel Hill
Fiscal Conditions Report
Roger Stancil, Town Manager
March 2014

Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Agenda
Big Picture
Taxes
Debt
FY15 Budget

Where Does the Town Keep its
Money?
Big
Picture
Taxes

Debt
FY15
Budget


Transit

General Fund

($20.0m)

($54.8M)
Parking
($2.7m)

Stormwater
($2.7m)

Debt Service &
Capital
($7.4m)

Other Funds
($1.5m)

Internal Service
($3.8m)

Housing
($1.9m)

Relative Size of Funds
FY2013-14 Budget


How we slice the pie


Where Town Revenues Come From
FY2013-14 Budget: $94.9m


How the Town Spends its Revenues
FY2013-14 Budget: $94.9m


Fiscal Indicators


Impact of Financial Crisis
GF Revenues Less Expenditures* 2007-08 thru 2012-13
$2,000,000

$1,813,223

$1,826,340

$1,397,401

$1,500,000

$1,273,481

$1,000,000
$500,000

$365,912

$-

Financial Results Rebounded
after Fiscal Crisis

$(500,000)
$(1,000,000)

($1,124,342)
$(1,500,000)

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

* Net of transfers to other funds

Total GF Fund Balance
FY2007-8 thru FY2012-13
Total Fund Balance in Millions
$21.3

$22.3

$21.5

$23.5

25.4%

23.5%

$20.4

$19.9

26.2%
23.5%
19.6%
14.9%

* 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

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

$824,491
+9.2%

$ 456,509
$ 163,556

$176,445

1.7%

+2.0%

$283,275
+2.9%

-3.0%

-7.4%

($268,477)

($724,613)


Occupancy Tax YR to YR Change 2006-07
thru 2012-13
Change from Prior Year
$ 207,310

$82,409
+10.4%

+10.8%
+2.9%
$11,949

-1.7%

($6,892)

$94,322

-9.5%

-11.4%

($93,291) ($101,793)


Facts About Tax
Big
Picture
Taxes

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

Property Tax Rate (cents per $100)
FY11-12
General Fund

FY12-13

37.8

37.8

38.8

Debt Fund

7.5

7.5

7.5

Transit Fund

4.1

4.1

5.1

49.4

49.4

51.4

Total

$3,720,000

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

FY13-14

$5,471,000


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


Comparative Tax Rates
(Municipality Only)


Debt and Capital Financing
Big
Picture
Taxes

Debt
FY15
Budget


Capital Program

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

Public safety headquarters
Fire Stations
Bicycle and Pedestrian Plans
Fire Apparatus

Storm water Projects

Public Building Renovations

Transfer Station
Parks Master Plan
Streets & Sidewalks

Parking Facility Improvements


Debt Management Fund

Debt Fund Balance

20 Year Debt Issuance Plan

$1.7 million

$20 million
$20 million
$20 million
$20 million

Debt Issuance

Capital Improvements
Small capital
improvements are
funded through
annual pay-as-yougo.

Budgeted Capital Improvements
(Pay-Go)
$1.17M

$0.76M
$0.59M

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

$0.30M


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)
$1,125

$1,062

$1,140

$1,146
$1,041

$930

$1,124

$847

$608


FY15 Budget
Big
Picture
Taxes

Debt
FY15
Budget

“I t ’s
c l e a r l y
a
budge t .
I t ’s g o t
a l ot of
n u mb e r s
i n i t .”


Budget Process
Feb 7 – Mar 7

Departmental
Budget
Preparation

Feb 22 – Mar 14
Staff Budget
Review

May 12

Mar 17 – Mar 26

Manager’s
Budget
Review

Manager’s
Recommended
Budget
June 9

May 12, 14, & 19

Council
Budget
Review

Adopted Budget


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


AddressPurposeChallenges
Budget
Capital

Operating

Policy

Transfer Station

Youth Services

Transit Sustainability

Asset Management

CIP Funding Target

Northside Community

Town Hall Project

Library Operating

Rogers Road

Ephesus Fordham

Pay 4 Performance

Affordable Housing

Parks Master Plan

Health Care Costs

Referendum

Bike & Pedestrian Plan

Street Resurfacing

Public Safety Facilities

Recycling

Parks & Rec. Facilities

Align Budget with
Council Goals
Facilitate
Getting Around

Nurture Our
Community

Create a Place
for Everyone

Support Community
Prosperity

Develop Good
Spaces, New
Places

Grow Town/Gown
Collaboration

Priorities
‟ Continue to build a nimble,
strategic organization
‟ Enhance departmental
collaborations and
strategic partnerships for
problem-solving
TRENDS

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


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


Community Survey Results


Most of the residents
surveyed were satisfied
with Town service
(85% satisfied with
overall services
provided)

Increase in emphasis:
‟ Traffic flow
‟ Preparing for the future
‟ Managing change
‟ Value for tax dollars
‟ Stormwater management

Questions?
Big Picture
Taxes
Debt
FY15 Budget

Town of Chapel Hill Fiscal Conditions Report

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