Budget overview and CIP
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Budget Overview and Capital Improvement Plan August 30, 2022 Agenda 2 1) Budget Overview 1) Capital Improvement Plan (CIP) Overview Budget Process 3 Staff Prepares 5-Year Financial Forecast Develop Base Operating Budget Requests Develop and Balance CIP Present Draft Budget Council Adopts Final Budget Staff Prepares Budget Book Budget Components 4 Revenues Capital Improvement Plan Debt Service Contingency Operating Expenditures Balanced Budget 5 Revenues/Fund Balance Expenditures FY22-23 Total Budget Appropriation 6 Operating $546 M 51% Capital $288 M 27% Contingency $139 M 13% Debt $97 M 9% FY22-23 Total Budget $1.07B FY22-23 Operating Budget 7 Police $109.8 M 20.1% Water $63.0 11.5% HR $59.7 M 10.9% Field Ops $59.3 M 10.9% Fire $58.7 M 10.7% Community Svcs $46.3 M 8.5% Other $35.4 M 6.5% Transportation $35.9 M 5.4% Non-Departmental $25.0 M 4.6% IT $23.5 M 4.3% PFR&SE $17.9 M 3.3% Budget & Finance $11.9 M 2.2% Total FY22-23 Budget $546M Elements of a Capital Improvement Plan 8 • Assets valued over $50,000 with a useful life of 5+ years • Land, buildings, streets & improvements, plants, large equipment • Ten-Year Plan (only FY21-22 is adopted as part of the FY21-22 budget) – Projects in years 1 to 5 have identified funding sources Financial Policy: A. Improve existing assets B. Replace existing assets as needed C. Construct new assets CIP Funding Sources 9 • Enterprise Funds – Water/Sewer o Funding can come from G. O. Bonds, revenue bonds, revenue obligations or cash financing o Debt service paid from future water/sewer fee revenue – Landfill – paid by Landfill user fees – Solid Waste – paid by Solid Waste user fees • General Obligation Bonds – Debt issuance must be authorized by Voters – Streets, Public Safety, Parks, Government Facilities, Open Space/Trails, Libraries, and Flood Control – Debt service paid by Secondary Property Tax • Pay-As-You-Go – Cash funded projects CIP Funding Sources 10 • Transportation Sales Tax – Half cent sales tax – Improve service for all modes of transportation • Highway User Revenue Funds – Restricted Special Revenue Fund – Right of Way acquisition, construction, reconstruction, maintenance, and repair • Development Impact Fees – One-time charges to developers for new development – New or expanded infrastructure • Grants – Federal or state grant funding – Often require a match contribution to the project 10-Year CIP by Project Type 11 Streets $52.3 18.2% Parks $43.0 M 15.0% Water $41.2 M 14.3% Facility Maintenance $39.6 M 13.8% Wastewater $38.0 M 13.2% Public Safety $28.9 M 10.1% Landfill $16.5 M 5.7% Airport $9.3 M 3.2% Drainage $5.2 M 1.8% Transit $4.7 M 1.6% Solid Waste $4.5 M 1.6% Library $2.5 M 0.9% Arts $1.3 M 0.5% Finance $0.3 M 0.1% Parking Lots $0.2 M 0.1% Total 10-Year CIP $1,367.7M 10-Year CIP by Funding Source 12 Enterprise Funds $492.8 M 36% G. O. Bonds $378.8 M 27% Special Revenue Funds $228.4 M 17% Pay-As-You-Go $150.7 M 11% Grants $66.0 M 5% Development Impact Fees $51.0 M 4% Total 10-Year CIP $1,367.7M Questions? 13