HomeMy WebLinkAboutPacket 04-30-2008 Workshop.y of Cape Canaveral
WORKSHOP MEETING
HALL ANNEX
, Cape Canaveral, Florida
_DNESDAY
April 30, 2008
5:30 PM
AGENDA
CALL TO ORDER:
ROLL CALL:
DISCUSSION:
1. Revenue Analysis — 2008-09 fy., Presented by the City Treasurer.
ADJOURNMENT:
Pursuant to Section 286.1015, Florida Statutes, the City hereby advises the public that: If a person decides to appeal any
decision made by the City Council with respect to any matter considered at this meeting, that person will need a record of the
proceedings, and for such purpose that person may need to ensure that a verbatim record of the proceedings is made, which
record includes the testimony and evidence upon which the appeal is to be based. This notice does not constitute consent by
the City for the introduction or admission into evidence of otherwise inadmissible or irrelevant evidence, nor does it authorize
challenges or appeals not otherwise allowed by law. Persons with disabilities needing assistance to participate in any of these
proceedings should contact the City Clerk's office (868-1221) 48 hours in advance of the meeting.
105 Polk Avenue • Post Office Box 326 • Cape Canaveral, FL 32920-0326
Telephone: (321) 868-1220 • SUNCOM: 982-1220 • FAX: (321) 868-1248
www.myflorida.com/cape • e-mail: ccapecanaveral@cfl.rr.com
Meeting Type: Workshop
Meeting Date: 04-30-08
AGENDA
Heading
Discussion
Item
The City Treasurer will provide a presentation that will review the financial impacts to the City's
No.
See attached presentation outline.
AGENDA REPORT
CITY COUNCIL OF THE CITY OF CAPE CANAVERAL
SUBJECT: DISCUSSION: 2008/2009 FY REVENUE ANALYSIS
DEPT) DIVISION: ADMINISTRATION/FINANCE
Requested Action:
City Council review and comment on the 2008/2009 Revenue Analysis Presentation made by the
City Treasurer.
Summary Explanation & Background:
The City Treasurer will provide a presentation that will review the financial impacts to the City's
budget due to the economic slow down, State Legislative actions, and Amendment 1.
See attached presentation outline.
Exhibits Attached: Presentation Outline
City ce
Department
K:\CityClk\Agend'aMgenda Reporttemplate2.doc
I =1 FY 2008/2009 Revenue Analysis
2 .=J Changed Dynamics
• Unprecedented Growth over last 5-10 years
• Had to adjust to the changes throughout the City
• Growth moved into unexpected areas
• City done more with less
• Growing pains cost $$
• Increasing property values
3 J 1992 Save Our Homes Amendment
• Effective with the 1995/96 Tax Year.
• Limited the annual increase of Assessed Value for Homesteaded property
to 3% or the CPU, whichever was lower.
• A change of ownership allowed property to be reassessed to "Just Value".
4 J Current Sentiment
5 J State Tax Reform
6 J 2007 Property Tax Reform
Forced Ad Valorem Tax Revenue back to 91% of the Rollback
from 2006 Levels
7 -1 Housing Slump
8 J January 2008 Constitutional Amendment
• Provides an additional $25,000 Homestead Exemption for most homes.
• Provides Portability of the "Save Our Homes" Cap.
• Creates a 10% Cap on the annual Assessments for Non -Homesteaded
property.
9 -1 Ad Valorem Revenue Activities
• Public Safety
• Fire Rescue
• Library
• Beautification
10 J Ad Valorem Millage Growth
1
11 J Ad Valorem Trends
12 J Library Fund
Ad Valorem funds Property Insurance and outside
maintenance of property.
13 -1 Beautification Fund
Ad Valorem funds go towards Landscaping and Maintenance of the
many Beautification projects around the City. As time goes by the
attention has shifted from new projects to maintenance of existing
upgrades.
14 J Police & Fire Ad Valorem
• Held in the General Fund
• General Revenue subsidizes these activities
• Comprise the majority of the Ad Valorem Tax collected by the
City.
is J Public Safety Budget vs
Ad Valorem Revenues
16 J Fire Rescue Budget vs
Ad Valorem Revenues
17 =J Homestead Exemption Trends
18 J Homestead Exemption Impact
2385 Exemptions)
19 .=J Ad Valorem Revenue
If Millage Remains at Current Level
20 J Development/Building
Revenue
21 J Economy Slowdown
22 J Revenue Downturns
• Bottled Gas
• Building Revenues
• Sales Tax Based Revenue Shares
• Gas Tax
2
23 J General Fund Budget Trend
Net of Capital
24 _J General Government Expenditure Trends
25 J Public Safety Expenditure Trends
26 =J Streets/Maintenance Expenditure Trends
27 =1 Parks & Recreation Expenditure Trends
28 J Solid Waste Disposal Trends
29 J Activity as Percent of Budget
30 J Assumptions for Projections
• General Insurance - 15% Increase
• Health Insurance - 25% Increase
• Fuel - 25% Increase
• All Salaries remain at 2007/08 Levels
• Sheriffs Contract - 8% Increase
• Fire Contract - 15% Increase
• No Capital included in projections
• All Remaining Expenditures remain at 2007/08 Levels
31 J Projected General Fund 2008-09 Budget
• Revenues $7,771,740
• Expenditures $8,412,273
32 J Ad Valorem Revenue
If Millage is taken to Roll -Forward Levels
33 J Projected General Fund 2008-09 Budget with Roll -Forward
• Revenues $8,122,335
• Expenditures $894121273
34 J Ad Valorem Revenue
If Roll -Forward is adjusted for Growth in per Capita Florida Personal Income Levels
(4J5%
35 J Projected General Fund 2008-09 Budget with Roll -Forward
• Revenues $8,267,811
• Expenditures $8,412,273
36 J Ends in 2010
37 —J Questions?
Thank You