Summary
To: Mayor Gary H. Katica & Commissioners
From: Ashley L.A. Bernal, Management Analyst
Date: 8/30/2017
______________________________________________________________________
Subject:
Title
First Budget Hearing - Approval of Tentative Fiscal Year 2017-2018 Town Budget
Summary:
TThis is the first of two public hearings for the approval of the fiscal year 2017-18 Town. Budget spreadsheets are attached. Staff will provide a brief presentation at the hearing. Reconciling sheets will be provided prior to the meeting, but were not available at the time of agenda packet generation. .etzEnd
Body
Previous Commission Action: The Town Commission approved the maximum millage preliminary rate of 5.9257 and reviewed the budget in August. The commission also held a workshop on August 24th.
Background/Problem Discussion:
GENERAL FUND
Revenues
Ad Valorem revenues have increased 8.125% for the upcoming year, which equates to an increase of $256,250. Communication Services Tax has increased by $11,850 as compared to last year's budget, totaling $178,300. State Revenue Sharing saw a minor increase of $1,950, while State Sales Tax has a larger increase of $3,250.
As part of the new construction associated with the Golf Course, building permit revenue has increased by $75,000, bringing this year's total to $375,000. Once this construction finishes, Staff expects the decrease of revenue to be replaced with an increase of Ad Valorem.
Miscellaneous revenue increased by $14,700.
The staff has rectified any sort of structural imbalances within the revenue of this budget by halting transfers from reserves. This prevents the Town's reserves from depleting entirely but also created a large hole in the general revenue.
Expenditures
Overall expenditure impacts across all funds include a health insurance increase of 7% and a salary enhancement of 3% increase for all employees.
Administration - The overall budget for this department has increased by $52,140, totaling $614,290....
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