City Council Minutes 2013 06 27 - Laserfiche WebLink

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City Council Budget Retreat Meeting Minutes June 27, 2013 Page 3 of 13 CAPITAL PROJECTS FUND 2012 REVIEW • Fund Balance at 12/31/12 = $6,822,000 • Fund Balance increased by $3,720,000 (120 %) • Revenue exceeded budget by $432,000 • Expenditure turnback - $2,215,000 (33 %) • Budget amendment for carry- forward of capital projects to 2013 = $357,000 COMBINED UTILITY FUND 2012 REVIEW • Working Capital at 12/31/12 = $17,262,000 • Working Capital increased $3,951,000 (30 %) • Revenue exceeded budget by $3,382,000 • Expenditure turnback = $2,099,000 (20 %) • Budget amendment for carry- forward of capital projects to 2013 = $ 223,000 SUMMARY OF REVENUE ASSUMPTIONS Sales Tax and Consumer Use Tax - Staff projects a cautious approach for sales tax projections. Council supported a conservative approach. Building Construction Permits- Building revenue projections have increased, but are projected to fluctuate after 2014. Building fees are one -time revenue. Staff is addressing the General Fund's ability to continue to fund operating costs without the reliance of building fees by transferring a portion of construction permit fees to the Capital Improvement Project Fund. The Delo project, the Arnold property, Safeway redevelopment and the North End project, along with several other large projects, will generate a significant amount of building fees. (The DELO Project will add 136 units by 2015.) Large revenue sources such as Sales Tax, Use Tax, Charges for Services, Impact Fees, Wastewater and Water Tap Fees will fluctuate. It was noted redevelopment projects will not necessarily require new water taps. Property Taxes are projected to increase 1.2 % in 2013 and 3.85% in 2018 based on the City's assessed valuation. Recreation Center Fees are projected to decrease in 2014 and 2015, increase in 2016 and 2017 and remain flat in 2018. New programs will be added; some programs will be at the end of their life cycle and others will remain status quo. Recreation Fees are the consolidation of many different fees, including swimming lessons, daily fees and membership fees.