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File #:
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20-0159
Version:
1
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Name:
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Type:
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Discussion Items
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Status:
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General Agenda
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On agenda:
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6/16/2020
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Final action:
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6/16/2020
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Title:
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2020 - 2024 Forecast
Summary:
General Fund Departmental Summary
2018 Budgeted
2019 Budgeted
2020 Projected
2021 Projected
2022 Projected
2023 Projected
2024 Projected
Administration
$ 782,101
$ 801,500
$ 819,070
$ 847,790
$ 888,150
$ 920,260
$ 964,230
Building
$ 149,710
$ 211,300
$ 212,340
$ 216,200
$ 220,280
$ 224,690
$ 229,320
Support Services
$ 2,132,800
$ 2,173,600
$ 2,296,460
$ 2,405,440
$ 2,524,430
$ 2,650,910
$ 2,785,450
Police
$ 1,720,350
$ 1,873,300
$ 1,942,780
$ 2,010,690
$ 2,093,950
$ 2,181,100
$ 2,272,450
Public Works
$ 902,200
$ 900,950
$ 878,000
$ 909,590
$ 945,970
$ 984,240
$ 1,024,510
Recreation
$ 798,710
$ 853,050
$ 890,910
$ 920,370
$ 955,970
$ 993,160
$ 1,032,290
Total Expenditures
$ 6,485,871
$ 6,813,700
$ 7,039,560
$ 7,310,080
$ 7,628,750
$ 7,954,360
$ 8,308,250
Total Revenues
$ 7,100,611
$ 6,813,700
$ 6,898,900
$ 7,179,410
$ 7,352,520
$ 7,532,050
$ 7,718,330
Surplus/(Deficit)
$ 614,740
$ -
$ (140,660)
$ (130,670)
$ (276,230)
$ ...
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Summary
To: Town Commission
From: Ashley L. A. Bernal
Date: 6/16/2020
______________________________________________________________________
Subject:
Title
2020 - 2024 Forecast
Summary:
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General Fund Departmental Summary |
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2018 Budgeted |
2019 Budgeted |
2020 Projected |
2021 Projected |
2022 Projected |
2023 Projected |
2024 Projected |
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Administration |
$ 782,101 |
$ 801,500 |
$ 819,070 |
$ 847,790 |
$ 888,150 |
$ 920,260 |
$ 964,230 |
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Building |
$ 149,710 |
$ 211,300 |
$ 212,340 |
$ 216,200 |
$ 220,280 |
$ 224,690 |
$ 229,320 |
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Support Services |
$ 2,132,800 |
$ 2,173,600 |
$ 2,296,460 |
$ 2,405,440 |
$ 2,524,430 |
$ 2,650,910 |
$ 2,785,450 |
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Police |
$ 1,720,350 |
$ 1,873,300 |
$ 1,942,780 |
$ 2,010,690 |
$ 2,093,950 |
$ 2,181,100 |
$ 2,272,450 |
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Public Works |
$ 902,200 |
$ 900,950 |
$ 878,000 |
$ 909,590 |
$ 945,970 |
$ 984,240 |
$ 1,024,510 |
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Recreation |
$ 798,710 |
$ 853,050 |
$ 890,910 |
$ 920,370 |
$ 955,970 |
$ 993,160 |
$ 1,032,290 |
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Total Expenditures |
$ 6,485,871 |
$ 6,813,700 |
$ 7,039,560 |
$ 7,310,080 |
$ 7,628,750 |
$ 7,954,360 |
$ 8,308,250 |
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Total Revenues |
$ 7,100,611 |
$ 6,813,700 |
$ 6,898,900 |
$ 7,179,410 |
$ 7,352,520 |
$ 7,532,050 |
$ 7,718,330 |
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Surplus/(Deficit) |
$ 614,740 |
$ - |
$ (140,660) |
$ (130,670) |
$ (276,230) |
$ (422,310) |
$ (589,920) |
Currently, the budgetary estimates for the fiscal year 2020-21 are forecasted at a preliminary deficit of $140,660. It is critical to state that these are strictly forecasted numbers, no budgets have been submitted for approval. This forecast is used to illustrate revenue growth over expenditure growth and serve as the starting block for this year’s budget process. These numbers are not intended to serve as a five year budget, as they do not take into account any policy changes or budgetary decision making.
This is largely due to the decrease in large revenue items, such as the Sales Tax Revenue and State Revenue Sharing accounts. The Town budgets for operations based on the revenues generated, which allows for certain expenditure options to be approved, such as salary adjustments. Cost of living and merit increases, totaling 5%, are currently included in the deficit.
The impact of COVID-19 is still being examined at federal, state, and local levels, but preliminarily staff has already estimated some effects on revenue accounts based on current revenue collections With the economic closures of COVID-19, restrictions resulted in significant reductions of sales taxes and fees. We are estimating 30% reductions to Sales Tax and State Revenue Sharing.
The entirety of the impacts of COVID-19 are still being examined by staff. At this time, sales tax and consumer based revenues are the accounts that have been reduced the most. We also expect to see reductions in Penny for Pinellas collections, local option fuel taxes and other motor fuel taxes. More information on these impacts will be available in late July from the state’s Department of Economic and Demographic Research and Pinellas County. Once this information is available, it will be included in the forecast and budgetary estimates.
OVERALL ASSUMPTIONS
Departments town-wide are mainly experiencing increases only in their personnel lines.No increases in operating expenses have been calculated for the upcoming fiscal year. Additionally, any departments that utilize a vehicle debt service will experience a small decrease in the object, as the debt is paid around halfway through the year. More information about the expenditures and revenues are available in each department summary within this document.
ADMINISTRATION
The Administration Department is likely to experience the largest increase in personnel lines. This is due to employees receiving certifications and degrees in the 2020-2021 fiscal year. At this time, the other objects within this department are not likely to increase in the next fiscal year.
BUILDING
In the future, the Building Department may experience a small decrease in operating expenses, as Contractual Labor (#53160) should continue to decrease with more efficient inspections.
SUPPORT SERVICES
The Support Services Department is expected to continue to grow in the coming years due to contractual services increasing, such as Largo Fire Services (projected at 5%, or $31,130) and General Liability Insurance (projected at 10%, or $27,500).
POLICE
The Police Department is projected to experience the largest increases with personnel. In the department's operating expenditures, Professional Services, which is responsible for the Sheriff’s Department contract, is projected to increase by 1.5% year over year.
PUBLIC WORKS
This department is incredibly stable with expenditure expectations. There is the traditional standard 3% on most line items in the future to account for inflation, while some objects maintain a 1.5% increase. These line items contain contracts that could be negotiated for a smaller increase.
RECREATION
The Recreation Department was heavily impacted by the restrictions implemented during COVID-19. The full effects of this are still being examined by staff and more information will be available in late July. As of now, there are minimal increases projected in the operating expenditures, with 3% being the standard increase for programs.
End
Body
Previous Commission Action: Approval of the 2019-2020 fiscal year budget
Expenditure Challenges: Revenue reductions related to COVID-19. Impacts detailed within attached documents.
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