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Reg 2018-11-05 Item 5E - Budget - Proposed Revenue Options / 2019-2020 Biennial Budget and 2019-2024 Capital Improvement Program
COUNCIL AGENDA SYNOPSIS ------- - -- ------------ ------------- ------------ ----- Meeting Date Prepared by Mayor's review Council review 1 /05 8 VC ITE NFORMATION ITEM No. 5.E. STAFF SPONSOR: VICKY CARLSEN ORIGINAL AGENDA DATE:11/5/18 AGENDA ITEM TITLE Six -Year Forecast - Revenue Options CA IT,GORY L Dzicussion 11/5/18 E Motion Mtg Date E R2Jolution Mtg Date E Ordinance AN Date E Bid Award Mtg Date Ei Public Hearing Mtg Date Ej] Other Mtg Date illtg Date SPONSOR Council 1jMqyor Off R E DCD EFinane fiFire OTS EP&R Police EIPW ECaui SPONSOR'S Presentation of possible revenue option details pursuant to City Council discussion at summ,\Ry October 24, 2018 budget workshop REVIEWED BY 1 C.O.W. Mtg. CDN Comm [1] Finance Comm. El Public Safety Comm. fl Arts Comm. El Parks Comm. [11 Planning Comm. COMMI 11 EE Cf IAIR: E Trans &Infrastructure DATE: 11/5/18 RECOMMENDATIONS: SPoNsoR/ADmIN. CONIMI Finance 11E17., COST IMPACT FUND SOURCE Expi,NDITuREREQuiRIM AMOUNT BUDGETED APPROPRIATION REQUIRED $ $ $ Fund Source: Comments: MTG. DATE RECORD OF COUNCIL ACTION 11/5/18 MTG. DATE ATTACHMENTS 11/5/18 Informational Memorandum dated 10/29/18 Mayor's Proposed Budget — October 1, 2018 Mayor's Proposed Budge — Updated with New Sales and Property Tax Information Option A — Updated Mayor's Proposed plus Business Licenses Stair -Stepped Option B — Option A plus Card Room Business License Capped at Flat Fee of $500 257 258 City of Tukwila Allan Ekberg, Mayor TO: FROM: BY: INFOR ATIONAL E ORA DU City Council Peggy McCarthy, Finance Director Jeff Friend, Fiscal Manager CC: Mayor Ekberg DATE: October 29, 2018 SUBJECT: Six Year Forecast — Revenue Options ISSUE Presentation of possible revenue option details pursuant to City Council discussion at October 24th budget workshop. BACKGROUND With sales tax revenue levels flattening in 2018 and sales tax mitigation payments ending in late 2019, the administration proposed a balanced budget that included reduced expenditures — a 1.5°/0 reduction for the Police and Fire Departments and a 3% reduction for other departments - and increased revenues to close the gap left by the anticipated lost revenue. The proposed budget includes an increase of 1% for gambling tax on card rooms and a fee increase on business licenses. At the October 24th budget workshop, staff presented current sales and property tax revenue information. Sales tax collections through July 2018 exceed the 2018 budget and the preliminary 2019 property tax assessment exceeds the 2019 budget. This favorable revenue performance supports increased sales and property tax revenue projections for the next biennium and 6-year financial planning period. Even with these improved projections, the City remains in need of increased revenues due to the loss of $1.2M in sales tax mitigation funds for 2020 and beyond (a $300K loss in 2019) and the volatile and unpredictable nature of the sales tax revenue. The City Council requested more detail about alternatives related to the increased revenues for the 2019/2020 budget and the respective impact on the six -year financial forecast. DISCUSSION Recognizing that the improved revenue projections provide opportunities for Council, and pursuant to Council requests, two alternatives have been prepared. Mayor's Proposed Budget — 2018 sales tax projection is increased from $18.95M to Updated with New Sales and $19.6M, an increase of $650K. Also included is an Property Tax Information increase of 2019 property tax revenue to the 2019 preliminary levy amount. Both revisions increase the base for sales tax and property tax in the future years. Option A — Updated Mayor's Option A includes everything from the Updated Mayor's Proposed plus Business Budget but replaces full implementation of the Business Licenses Stair -Stepped License fees increase in 2019 with a stepped increase. In this option, the Business License fee increase is implemented 50% in 2019 ($750K) and fully in 2020 ($1.5M). 259 INFORMATIONAL MEMO Page 2 Option B — Option A plus Gambling Business License Capped at Flat Fee of $500 Option B includes everything from Option B but Business License fees for card rooms would be restricted to a flat $500. The stepped increase for Business License fees remains in this option. It should be noted that an additional option proposed for the card room business license fee would base the business license fee on the amount or level of card room revenue. Staff considered this option and determined it would be difficult and time consuming to administer. Therefore, this alternative was not modeled. Effect on Fund Balance 2019 Budget 2020 Budget 2021 Pro'ected 2022 Pro'ected 2023 Pro ected 2024 Projeded 10,297,265 10/1 Proposed Budget 13,054,964 13,575,385 12,626,074 12,379,325 9,380,328 18% goal? X X Updated Projections Option A 13,959,794 15,399,842 15,389,801 16,102,416 14,081,915 15,969,944 Cumulative increase over 10/1 proposed budget 904,830 1,824,457 2,763,727 3,723,091 4,701,587 5,672,679 18% goal? Option B 13,209,794 14,649,842 14,639,801 15,352,416 13,331,915 15,246,944 Cumulative increase over 10/1 proposed budget 154,830 1,074,457 2,013,727 2,973,091 3,951,587 4,949,679 18% goal? .v# Option C 13,187,794 14, 5,842 14,573,801 15,264,416 13,221,915 15,114,944 Cumulative increase over 10/1 proposed budget 132,830 1,030,457 1,947,727 2,885,091 3,841,587 4,817,679 18% goal? V V As is, the 10/1 Proposed Budget does not result in Ending Fund Balances that meet the City's 18% Reserve Policy requirement in years five and six of the six -year financial forecast. All Ending Fund Balances resulting from the updated Mayor's proposed budget and business license fee options A, and B are expected to meet the City's 18% Reserve Policy requirement. It should be noted that the 3% reduction of expenditures remains in place in the proposed 2019/2020 budget. Council Discussion Items Below is a list of items mentioned by the Council at the at the October 24 budget workshop and the associated potential funding opportunities. Not all one-time or ongoing items can be achieved with existing revenues and expenditures. 260 INFORMATIONAL MEMO Page 3 Z 3 4 5 6 7 8 Priority Estimated Amount One -Time vs. Ongoing Potential Source 3l4OthSt/Tukwila International Boulevard Crosswalk $208K One-time Ending fund balance Swings and dog park atCascade View Park $50K One-time Ending fund balance Comp|ednO/innp�|emnentingTuk*i|a International 8muievardCNU Recommendations $130K One-time Ending fund balance Enhancements tosenior programming up to $150K Ongoing Grant funding from the 6-yearKing County Veteran, Senior, and Human Services levy Enhancements tosafety inschool zones, including traffic cameras Ongoing Funded by trafficticket revenue Additional $35OKfor residential streets $350K Ongoing Ending fund balance Additional $4U0for annual overlay $400K Ongoing Ending fund balance Allentown bridge $41VI $81VI Ongoing [ound|n:anicbonds. RECOMMENDATION For information only. ATTACHMENTS: 6-Year Financial Plan * Mayor's Proposed Budget — October 1. 2018 • Mayor's Proposed Budget — Updated with New Sales and Property Tax Information w [)otionA— Updated Mayor's Proposed plus Business Licenses Stair -Stepped * Option B—Option /\plus Card Room Business License Capped at Flat Fee .of$5OO 261 262 General Fund 2016 Actuals Mayor's Proposed Budget - October 1, 2018 2017 2018 2018 2019 2020 Actuals Projected YE Budget Budget Budget 2021 Projected 2022 Projected 2023 Projected 2024 Projected Percent Change (Budgetary Comparison) 2018-19 2019-20 2020 2021-22 2022-2023-24 -21 23 Revenues Revenues Taxes Sales Tax 18,262,544 18,164,227 18,950,000 19,932,102 19,234,250 19,522,764 19,913,219 20,311,483 20,717,713 21,132,067 -3.5% 1.5% 2.0% 2.0% 2.0% 2.0% Use Tax 645,646 642,974 644,389 675,000 650,000 690,000 703,800 717,876 732,234 746,878 -3.7% 6.2% 2.0% 2.0% 2.0% 2.0% Total Sales Tax 18,908,190 18,807,201 19,594,389 20,607,102 19,884,250 20,212,764 20,617,019 21,029,359 21,449,947 21,878,945 -3.5% 1.7% 2.0% 2.0% 2.0% 2.0% Property Tax 14,494,747 14,857,787 15,197,455 15,279,302 15,678,362 15,991,930 16,391,728 16,801,521 17,137,552 17,480,303 2.6% 2.0% 2.5% 2.5% 2.0% 2.0% Business Tax 10,674,315 11,151,949 11,300,368 11,229,927 11,887,200 12,082,610 12,442,002 12,788,156 13,119,732 13,487,270 5.9% 1.6% 3.0% 2.8% 2.6% 2.8% Total Taxes 44,077,252 44,816,937 46,092,212 47,116,331 47,449,812 48,287,304 49,450,749 50,619,036 51,707,231 52,846,518 0.7% 1.8% 2.4% 2.4% 2.1% 2.2% Charges for Services 3,249,784 3,012,296 2,834,061 2,850,080 3,207,207 3,269,207 3,561,939 3,622,852 3,684,871 3,748,018 12.5% 1.9% 9.0% 1.7% 1.7% 1.7% Other Income 586,017 608,671 666,527 1,043,084 1,050,723 1,080,722 936,727 944,932 840,206 848,813 0.7% 2.9% -13.3% 0.9% -11.1% 1.0% Licenses & Permits 3,938,710 4,506,790 4,800,224 4,304,090 6,488,894 6,808,894 6,920,373 7,011,922 7,104,834 7,199,131 50.8% 4.9% 1.6% 1.3% 1.3% 1.3% Transfers In 2,233,476 2,279,058 2,325,643 2,325,643 2,545,645 2,637,288 2,778,611 2,848,076 2,919,278 2,992,260 9.5% 3.6% 5.4% 2.5% 2.5% 2.5% Intergovernmental Revenue 4,632,424 4,720,198 4,422,687 4,377,985 4,527,100 3,724,067 3,810,329 3,869,810 3,930,481 3,992,366 3.4% -17.7% 2.3% 1.6% 1.6% 1.6% Fines & Penalties 252,792 270,866 212,102 254,129 270,218 291,718 294,635 297,582 300,557 303,563 6.3% 8.0% 1.0% 1.0% 1.0% 1.0% Total Revenues 58,970,455 60,214,816 61,353,456 62,271,342 65,539,599 66,099,200 67,753,363 69,214,210 70,487,458 71,930,669 5.2% 0.9% 2.5% 2.2% 1.8% 2.0% Expenditures Expenditures Salaries & Benefits 39,154,831 40,228,812 40,956,743 42,943,061 43,158,448 44,434,369 45,669,129 46,946,204 48,263,871 49,623,572 0.5% 3.0% 2.8% 2.8% 2.8% 2.8% Operations 13,820,491 14,625,214 15,534,309 16,051,952 15,934,732 15,685,270 15,779,301 15,978,600 16,184,865 16,398,357 -0.7% -1.6% 0.6% 1.3% 1.3% 1.3% Transfers Out Debt Service Transfer Out - Fund 209 0 87,448 556,850 672,000 557,700 558,250 553,500 553,600 558,400 557,750 -17.0% 0.1% -0.9% 0.0% 0.9% -0.1% Transfer Out - Fund 208 0 0 119,513 246,000 402,100 402,100 402,100 767,100 766,350 767,225 63.5% 0.0% 0.0% 90.8% -0.1% 0.1% Transfer Out- Fund 217 548,675 552,300 549,251 549,250 548,700 545,300 546,300 551,500 545,900 0 -0.1% -0.6% 0.2% 1.0% -1.0% -100.0% Transfer Out - Fund 214 523,593 519,524 519,100 519,100 517,500 515,069 516,637 515,814 514,462 517,583 -0.3% -0.5% 0.3% -0.2% -0.3% 0.6% Transfer Out - Fund 219 0 0 0 0 371,875 743,750 1,981,791 2,346,791 2,346,041 2,346,916 0.0% 100.0% 166.5% 18.4% 0.0% 0.0% Transfer Out- Fund 211 811,100 809,900 809,100 809,100 810,900 0 0 0 0 0 0.2% -100.0% 0.0% 0.0% 0.0% 0.0% Transfer Out - Fund 218 113,130 113,130 113,131 113,130 113,130 113,130 113,130 113,130 0 0 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% Transfer Out - Fund 200 878,333 691,150 711,970 2,940,000 711,956 709,591 711,577 2,995,144 652,634 649,246 -75.8% -0.3% 0.3% 320.9% -78.2% -0.5% Total Debt Service 2,874,831 2,773,452 3,378,915 5,848,580 4,033,861 3,587,190 4,825,035 7,843,079 5,383,787 4,838,720 -31.0% -11.1% 34.5% 62.5% -31.4% -10.1% Other Transfer to Contingency Fund 433,682 180,715 92,672 0 58,568 210,000 0 0 0 0 0.0% 258.6% -100.0% 0.0% 0.0% 0.0% Transfer to Firemen's Pension 0 0 0 69,041 0 0 0 0 0 0 -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Golf Course 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Other 733,682 480,715 392,672 369,041 358,568 510,000 300,000 300,000 300,000 300,000 -2.8% 42.2% -41.2% 0.0% 0.0% 0.0% Total Transfers 3,608,513 3,254,167 3,771,587 6,217,621 4,392,429 4,097,190 5,125,035 8,143,079 5,683,787 5,138,720 -29.4% -6.7% 25.1% 58.9% -30.2% -9.6% Total Expenditures 56,583,834 58,108,193 60,262,639 65,212,634 63,485,609 64,216,829 66,573,465 71,067,883 70,132,523 71,160,649 -2.6% 1.2% 3.7% 6.8% -1.3% 1.5% Operating Results Net Operating Result 2,386,621 2,106,623 1,090,817 (2,941,292) 2,053,990 1,882,371 1,179,898 (1,853,673) 354,935 770,020 Capital 798,601 117,679 76,589 30,000 270,000 240,000 0 0 0 0 800.0% -11.1% -100.0% 0.0% 0.0% 0.0% Transfers Transfer In Transfer from PSP 0 0 1,000,000 0 0 0 970,791 1,956,951 2,346,041 2,346,916 0.0% 0.0% 0.0% 101.6% 19.9% 0.0% Transfer from Land Acq. Park 0 300,000 0 6,050,000 200,000 200,000 0 2,250,000 0 0 -96.7% 0.0% -100.0% 0.0% -100.0% 0.0% Total Transfer In 0 300,000 1,000,000 6,050,000 200,000 200,000 970,791 4,206,951 2,346,041 2,346,916 -96.7% 0.0% 385.4% 333.4% -44.2% 0.0% Transfer Out Transfer to Land Acq. Park 0 122,190 88,190 122,000 19,600 21,950 0 0 0 0 -83.9% 12.0% -100.0% 0.0% 0.0% 0.0% Transfer to City Facilities 0 141,854 1,000,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Arterial Street 751,000 1,800,000 0 3,000,000 0 1,000,000 2,500,000 2,000,000 5,000,000 1,500,000 -100.0% 0.0% 150.0% -20.0% 150.0% -70.0% Transfer to Gen Gov't Imp. 200,000 200,000 200,000 200,000 200,000 200,000 300,000 300,000 300,000 300,000 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% Transfer to Residential Street 200,000 0 0 0 1,300,000 100,000 300,000 300,000 400,000 400,000 0.0% -92.3% 200.0% 0.0% 33.3% 0.0% Total Transfer Out 1,151,000 2,264,044 1,288,190 3,322,000 1,519,600 1,321,950 3,100,000 2,600,000 5,700,000 2,200,000 -54.3% -13.0% 134.5% -16.1% 119.2% -61.4% Net Transfers Out (In) 1,151,000 1,964,044 288,190 (2,728,000) 1,319,600 1,121,950 2,129,209 (1,606,951) 3,353,959 (146,916) -148.4% -15.0% 89.8% -175.5% -308.7% -104.4% Total Capital Outflows (Inflows) 1,949,601 2,081,723 364,779 (2,698,000) 1,589,600 1,361,950 2,129,209 (1,606,951) 3,353,959 (146,916) -158.9% -14.3% 56.3% -175.5% -308.7% -104.4% Fund Balance Starting Fund Balance 11,402,617 11,845,854 11,864,536 11,864,536 12,590,574 13,054,964 13,575,385 12,626,074 12,379,352 9,380,328 6.1% 3.7% 4.0% -7.0% -2.0% -24.2% Surplus/Deficit 437,020 24,900 726,038 (243,292) 464,390 520,421 (949,311) (246,722) (2,999,024) 916,936 -290.9% 12.1% -282.4% -74.0% 1115.5% -130.6% Ending Fund Balance 11,839,636 11,864,536 12,590,574 11,621,244 13,054,964 13,575,385 12,626,074 12,379,352 9,380,328 10,297,265 12.3% 4.0% -7.0% -2.0% -24.2% 9.8% Reserve Policy (18% of prior year ongoing revenue): 10,614,682 f 10,838,667 11,043,622 Yr 11,797,128 11,897,856 12,195,605 1 12,458,558 12,687,742 Mayor's Proposed Budget - Updated with New Sales and Property Tax Information General Fund 2016 2017 2018 2018 2019 2020 2021 2022 Actuals Actuals Projected YE Budget Budget Budget Projected Projected 2023 Projected 2024 Projected 2018-19 Percent Change (Budgetary Comparison) 2019-20 2020 2021-22 2022-2023-24 -21 23 Revenues Revenues Taxes Sales Tax 18,262,544 18,164,227 19,600,000 19,932,102 19,894,000 20,192,410 20,596,258 21,008,183 21,428,347 21,856,914 -0.2% 1.5% 2.0% 2.0% 2.0% 2.0% Use Tax 645,646 642,974 644,389 675,000 650,000 690,000 703,800 717,876 732,234 746,878 -3.7% 6.2% 2.0% 2.0% 2.0% 2.0% Total Sales Tax 18,908,190 18,807,201 20,244,389 20,607,102 20,544,000 20,882,410 21,300,058 21,726,059 22,160,581 22,603,792 -0.3% 1.6% 2.0% 2.0% 2.0% 2.0% Property Tax 14,494,747 14,857,787 15,197,455 15,279,302 15,923,442 16,241,911 16,647,959 17,064,158 17,405,441 17,753,550 4.2% 2.0% 2.5% 2.5% 2.0% 2.0% Business Tax 10,674,315 11,151,949 11,300,368 11,229,927 11,887,200 12,082,610 12,442,002 12,788,156 13,119,732 13,487,270 5.9% 1.6% 3.0% 2.8% 2.6% 2.8% Total Taxes 44,077,252 44,816,937 46,742,212 47,116,331 48,354,642 49,206,931 50,390,019 51,578,373 52,685,754 53,844,612 2.6% 1.8% 2.4% 2.4% 2.1% 2.2% Charges for Services 3,249,784 3,012,296 2,834,061 2,850,080 3,207,207 3,269,207 3,561,939 3,622,852 3,684,871 3,748,018 12.5% 1.9% 9.0% 1.7% 1.7% 1.7% Other Income 586,017 608,671 666,527 1,043,084 1,050,723 1,080,722 936,727 944,932 840,206 848,813 0.7% 2.9% -13.3% 0.9% -11.1% 1.0% Licenses & Permits 3,938,710 4,506,790 4,800,224 4,304,090 6,488,894 6,808,894 6,920,373 7,011,922 7,104,834 7,199,131 50.8% 4.9% 1.6% 1.3% 1.3% 1.3% Transfers In 2,233,476 2,279,058 2,325,643 2,325,643 2,545,645 2,637,288 2,778,611 2,848,076 2,919,278 2,992,260 9.5% 3.6% 5.4% 2.5% 2.5% 2.5% Intergovernmental Revenue 4,632,424 4,720,198 4,422,687 4,377,985 4,527,100 3,724,067 3,810,329 3,869,810 3,930 481 3,992,366 3.4% -17.7% 2.3% 1.6% 1.6% 1.6% Fines & Penalties 252,792 270,866 212,102 254,129 270,218 291,718 294,635 297,582 300,557 303,563 6.3% 8.0% 1.0% 1.0% 1.0% 1.0% Revenue Adjustment 0 0 0 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Revenues 58,970,455 60,214,816 62,003,456 62,271,342 66,444,429 67,018,827 68,692,633 70,173,547 71,465,981 72,928,763 6.7% 0.9% 2.5% 2.2% 1.8% 2.0% Expenditures Expenditures Salaries & Benefits 39,154,831 40,228,812 40,956,743 42,943,061 43,158,448 44,434,369 45,669,129 46,946,204 48,263,871 49,623,572 0.5% 3.0% 2.8% 2.8% 2.8% 2.8% Operations 13,820,491 14,625,214 15,534,309 16,051,952 15,934,732 15,685,270 15,779,301 15,978,600 16,184,865 16,398,357 -0.7% -1.6% 0.6% 1.3% 1.3% 1.3% Departmental Adjustment 0 0 650,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfers Out Debt Service Transfer Out - Fund 209 0 87,448 556,850 672,000 557,700 558,250 553,500 553,600 558,400 557,750 -17.0% 0.1% -0.9% 0.0% 0.9% -0.1% Transfer Out - Fund 208 0 0 119,513 246,000 402,100 402,100 402,100 767,100 766,350 767,225 63.5% 0.0% 0.0% 90.8% -0.1% 0.1% Transfer Out - Fund 217 548,675 552,300 549,251 549,250 548,700 545,300 546,300 551,500 545,900 0 -0.1 % -0.6% 0.2% 1.0% -1.0% -100.0% Transfer Out - Fund 214 523,593 519,524 519,100 519,100 517,500 515,069 516,637 515,814 514,462 517,583 -0.3% -0.5% 0.3% -0.2% -0.3% 0.6% Transfer Out - Fund 219 0 0 0 0 371,875 743,750 1,981,791 2,346,791 2,346,041 2,346,916 0.0% 100.0% 166.5% 18.4% 0.0% 0.0% Transfer Out - Fund 211 811,100 809,900 809,100 809,100 810,900 0 0 0 0 0 0.2% -100.0% 0.0% 0.0% 0.0% 0.0% Transfer Out- Fund 218 113,130 113,130 113,131 113,130 113,130 113,130 113,130 113,130 0 0 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% Transfer Out- Fund 200 878,333 691,150 711,970 2,940,000 711,956 709,591 711,577 2,995,144 652,634 649,246 -75.8% -0.3% 0.3% 320.9% -78.2% -0.5% Total Debt Service 2,874,831 2,773,452 3,378,915 5,848,580 4,033,861 3,587,190 4,825,035 7,843,079 5,383,787 4,838,720 -31.0% -11.1% 34.5% 62.5% -31.4% -10.1% Other Transfer to Contingency Fund 433,682 180,715 92,672 0 58,568 210,000 0 0 0 0 0.0% 258.6% -100.0% 0.0% 0.0% 0.0% Transfer to Firemen's Pension 0 0 0 69,041 0 0 0 0 0 0 -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Golf Course 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Other 733,682 480,715 392,672 369,041 358,568 510,000 300,000 300,000 300,000 300,000 -2.8% 42.2% -41.2% 0.0% 0.0% 0.0% Total Transfers 3,608,513 3,254,167 3,771,587 6,217,621 4,392,429 4,097,190 5,125,035 8,143,079 5,683,787 5,138,720 -29.4% -6.7% 25.1% 58.9% -30.2% -9.6% Total Expenditures 56,583,834 58,108,193 60,912,639 65,212,634 63,485,609 64,216,829 66,573,465 71,067,883 70,132,523 71,160,649 -2.6% 1.2% 3.7% 6.8% -1.3% 1.5% Operating Results Net Operating Result 2,386,621 2,106,623 1,090,817 (2,941,292) 2,958,820 2,801,998 2,119,168 (894,336) 1,333,458 1,768,114 Capital 798,601 117,679 76,589 30,000 270,000 240,000 0 0 0 0 800.0% -11.1% -100.0% 0.0% 0.0% 0.0% Transfers Transfer In Transfer from PSP 0 0 1,000,000 0 0 0 970,791 1,956,951 2,346,041 2,346,916 0.0% 0.0% 0.0% 101.6% 19.9% 0.0% Transfer from Land Acq. Park 0 300,000 0 6,050,000 200,000 200,000 0 2,250,000 0 0 -96.7% 0.0% -100.0% 0.0% -100.0% 0.0% Total Transfer In 0 300,000 1,000,000 6,050,000 200,000 200,000 970,791 4,206,951 2,346,041 2,346,916 -96.7% 0.0% 385.4% 333.4% -44.2% 0.0% Transfer Out Transfer to Land Acq. Park 0 122,190 88,190 122,000 19,600 21,950 0 0 0 0 -83.9% 12.0% -100.0% 0.0% 0.0% 0.0% Transfer to City Facilities 0 141,854 1,000,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Arterial Street 751,000 1,800,000 0 3,000,000 0 1,000,000 2,500,000 2,000,000 5,000,000 1,500,000 -100.0% 0.0% 150.0% -20.0% 150.0% -70.0% Transfer to Gen Gov't Imp. 200,000 200,000 200,000 200,000 200,000 200,000 300,000 300,000 300,000 300,000 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% Transfer to Residential Street 200,000 0 0 0 1,300,000 100,000 300,000 300,000 400,000 400,000 0.0% -92.3% 200.0% 0.0% 33.3% 0.0% Total Transfer Out 1,151,000 2,264,044 1,288,190 3,322,000 1,519,600 1,321,950 3,100,000 2,600,000 5,700,000 2,200,000 -54.3% -13.0% 134.5% -16.1% 119.2% -61.4% Net Transfers Out (In) 1,151,000 1,964,044 288,190 (2,728,000) 1,319,600 1,121,950 2,129,209 (1,606,951) 3,353,959 (146,916) -148.4% -15.0% 89.8% -175.5% -308.7% -104.4% Total Capital Outflows (Inflows) 1,949,601 2,081,723 364,779 (2,698,000) 1,589,600 1,361,950 2,129,209 (1,606,951) 3,353,959 (146,916) -158.9% -14.3% 56.3% -175.5% -308.7% -104.4% Fund Balance Starting Fund Balance 11,402,617 11,845,854 11,864,536 11,864,536 12,590,574 13,959,794 15,399,842 15,389,801 16,102,416 14,081,915 6.1% 10.9% 10.3% -0.1% 4.6% -12.5% Surplus/Deficit 437,020 24,900 726,03a (243,292) 1,369,220 1,440,048 (10,041) 712,615 (2,020,501) 1,915,030 -662.8% 5.2% -100.7% -7196.9% -383.5% -194.8% Ending Fund Balance 11,839,636 11,864,536 12,590,574 11,621,244 13,959,794 15,399,842 15,389,801 16,102,416 14,081,915 15,996,944 20.1% 10.3% -0.1% 4.6% -12.5% 13.6% Reserve Policy (18% of prior year ongoing revenue): 10,614,682 1 10,838,667 11,160,622 11,959,997 12,063,389 12,364,674 12,631,238 12,863,877 General Fund Option A - Updated Mayor's Proposed plus Business Licenses Stair -Stepped (50% increase in 2019, full increase in 2020) 2016 2017 2018 2018 2019 2020 2021 2022 Actuals Actuals Projected YE Budget Budget Budget Projected Projected 2023 Projected 2024 Projected Percent 2018-19 Change(BudgetaryComparison) 2019-20 2020 2021-22 2022- -21 23 2023-24 Revenues Revenues Taxes Sales Tax 18,262,544 18,164,227 19,600,000 19,932,102 19,894,000 20,192,410 20,596,258 21,008,183 21,428,347 21,856,914 -0.2% 1.5% 2.0% 2.0% 2.0% 2.0% Use Tax 645,646 642,974 644,389 675,000 650,000 690,000 703,800 717,876 732,234 746,878 -3.7% 6.2% 2.0% 2.0% 2.0% 2.0% Total Sales Tax 18,908,190 18,807,201 20,244,389 20,607,102 20,544,000 20,882,410 21,300,058 21,726 059 22,160,581 22,603,792 -0.3% 1.6% 2.0% 2.0% 2.0% 2.0% Property Tax 14,494,747 14,857,787 15,197,455 15,279,302 15,923,442 16,241,911 16,647,959 17,064,158 17,405,441 17,753,550 4.2% 2.0% 2.5% 2.5% 2.0% 2.0% Business Tax 10,674,315 11,151,949 11,300,368 11,229,927 11,887,200 12,082,610 12,442,002 12 788,156 13,119,732 13,487,270 5.9% 1.6% 3.0% 2.8% 2.6% 2.8% Total Taxes 44,077,252 44,816,937 46,742,212 47,116,331 48,354,642 49,206,931 50,390,019 51,578,373 52,685,754 53,844,612 2.6% 1.8% 2.4% 2.4% 2.1% 2.2% Charges for Services 3,249,784 3,012,296 2,834,061 2,850,080 3,207,207 3,269,207 3,561,939 3,622,852 3,684,871 3,748,018 12.5% 1.9% 9.0% 1.7% 1.7% 1.7% Other Income 586,017 608,671 666,527 1,043,084 1,050,723 1,080,722 936,727 944,932 840,206 848,813 0.7% 2.9% -13.3% 0.9% -11.1% 1.0% Licenses&Permits 3,938,710 4,506,790 4,800,224 4,304,090 6,488,894 6,808,894 6,920,373 7,011,922 7,104,834 7,199,131 50.8% 4.9% 1.6% 1.3% 1.3% 1.3% Transfers In 2,233,476 2,279,058 2,325,643 2,325,643 2,545,645 2,637,288 2,778,611 2,848,076 2,919,278 2,992,260 9.5% 3.6% 5.4% 2.5% 2.5% 2.5% Intergovernmental Revenue 4,632,424 4,720,198 4,422,687 4,377,985 4,527,100 3,724,067 3,810,329 3,869,810 3,930,481 3,992,366 3.4% -17.7% 2.3% 1.6% 1.6% 1.6% Fines & Penalties 252,792 270,866 212,102 254,129 270,218 291,718 294,635 297,582 300,557 303,563 6.3% 8.0% 1.0% 1.0% 1.0% 1.0% Revenue Adjustment 0 0 0 0 -750,000 0 0 0 0 0 0.0% -100.0% 0.0% 0.0% 0.0% 0.0% Total Revenues 58,970,455 60,214,816 62,003,456 62,271,342 65,694,429 67,018,827 68,692,633 70,173,547 71,465,981 72,928,763 5.5% 2.0% 2.5% 2.2% 1.8% 2.0% Expenditures Expenditures Salaries & Benefits 39,154,831 40,228,812 40,956,743 42,943,061 43,158,448 44,434,369 45,669,129 46,946,204 48,263,871 49,623,572 0.5% 3.0% 2.8% 2.8% 2.8% 2.8% Operations 13,820,491 14,625,214 15,534,309 16,051,952 15,934,732 15,685,270 15,779,301 15,978,600 16,184,865 16,398,357 -0.7% -1.6% 0.6% 1.3% 1.3% 1.3% Departmental Adjustment 0 0 650,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfers Out Debt Service Transfer Out - Fund 209 0 87,448 556,850 672,000 557,700 558,250 553,500 553,600 558,400 557,750 -17.0% 0.1% -0.9% 0.0% 0.9% -0.1% Transfer Out- Fund 208 0 0 119,513 246,000 402,100 402,100 402,100 767,100 766,350 767,225 63.5% 0.0% 0.0% 90.8% -0.1% 0.1% Transfer Out - Fund 217 548,675 552,300 549,251 549,250 548,700 545,300 546,300 551,500 545,900 0 -0.1% -0.6% 0.2% 1.0% -1.0% -100.0% Transfer Out - Fund 214 523,593 519,524 519,100 519,100 517,500 515,069 516,637 515,814 514,462 517,583 -0.3% -0.5% 0.3% -0.2% -0.3% 0.6% Transfer Out- Fund 219 0 0 0 0 371,875 743,750 1,981,791 2,346,791 2,346,041 2,346,916 0.0% 100.0% 166.5% 18.4% 0.0% 0.0% Transfer Out- Fund 211 811,100 809,900 809,100 809,100 810,900 0 0 0 0 0 0.2% -100.0% 0.0% 0.0% 0.0% 0.0% Transfer Out- Fund 218 113,130 113,130 113,131 113,130 113,130 113,130 113,130 113,130 0 0 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% Transfer Out- Fund 200 878,333 691,150 711,970 2,940,000 711,956 709,591 711,577 2,995,144 652,634 649,246 -75.8% -0.3% 0.3% 320.9% -78.2% -0.5% Total Debt Service 2,874,831 2,773,452 3,378,915 5,848,580 4,033,861 3,587,190 4,825,035 7,843,079 5,383,787 4,838,720 -31.0% -11.1% 34.5% 62.5% -31.4% -10.1% Other Transfer to Contingency Fund 433,682 180,715 92,672 0 58,568 210,000 0 0 0 0 0.0% 258.6% -100.0% 0.0% 0.0% 0.0% Transfer to Firemen's Pension 0 0 0 69,041 0 0 0 0 0 0 -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Golf Course 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Other 733,682 480,715 392,672 369,041 358,568 510,000 300,000 300,000 300,000 300,000 -2.8% 42.2% -41.2% 0.0% 0.0% 0.0% Total Transfers 3,608,513 3,254,167 3,771,587 6,217,621 4,392,429 4,097,190 5,125,035 8,143,079 5,683,787 5,138,720 -29.4% -6.7% 25.1% 58.9% -30.2% -9.6% Total Expenditures 56,583,834 58,108,193 60,912,639 65,212,634 63,485,609 64,216,829 66,573,465 71,067,883 70,132,523 71,160,649 -2.6% 1.2% 3.7% 6.8% -1.3% 1.5% Operating Results Net Operating Result 2,386,621 2,106,623 1,090,817 (2,941,292) 2,208,820 2,801,998 2,119,168 (894,336) 1,333,458 1,768,114 Capital 798,601 117,679 76,589 30,000 270,000 240,000 0 0 0 0 800.0% -11.1% -100.0% 0.0% 0.0% 0.0% Transfers Transfer In Transfer from PSP 0 0 1,000,000 0 0 0 970,791 1,956,951 2,346,041 2,346,916 0.0% 0.0% 0.0% 101.6% 19.9% 0.0% Transfer from Land Acq. Park 0 300,000 0 6,050,000 200,000 200,000 0 2,250,000 0 0 -96.7% 0.0% -100.0% 0.0% -100.0% 0.0% Total Transfer In 0 300,000 1,000,000 6,050,000 200,000 200,000 970,791 4,206,951 2,346,041 2,346,916 -96.7% 0.0% 385.4% 333.4% -44.2% 0.0% Transfer Out Transfer to Land Acq. Park 0 122,190 88,190 122,000 19,600 21,950 0 0 0 0 -83.9% 12.0% -100.0% 0.0% 0.0% 0.0% Transfer to City Facilities 0 141,854 1,000,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Arterial Street 751,000 1,800,000 0 3,000,000 0 1,000,000 2,500,000 2,000,000 5,000,000 1,500,000 -100.0% 0.0% 150.0% -20.0% 150.0% -70.0% Transfer to Gen Gov't Imp. 200,000 200,000 200,000 200,000 200,000 200,000 300,000 300,000 300,000 300,000 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% Transfer to Residential Street 200,000 0 0 0 1,300,000 100,000 300,000 300,000 400,000 400,000 0.0% -92.3% 200.0% 0.0% 33.3% 0.0% Total Transfer Out 1,151,000 2,264,044 1,288,190 3,322,000 1,519,600 1,321,950 3,100,000 2,600,000 5,700,000 2,200000 -54.3% -13.0% 134.5% -16.1% 119.2% -61.4% Net Transfers Out (In) 1,151,000 1,964,044 288,190 (2,728,000) 1,319,600 1,121,950 2,129,209 (1,606,951) 3,353,959 (146,916) -148.4% -15.0% 89.8% -175.5% -308.7% -104.4% Total Capital Outflows (Inflows) 1,949,601 2,081,723 364,779 (2,698,000) 1,589,600 1,361,950 2,129,209 (1,606,951) 3,353,959 (146,916) -158.9% -14.3% 56.3% -175.5% -308.7% -104.4% Fund Balance Starting Fund Balance 11,402,617 11,845,854 11,864,536 11,864,536 12,590,574 13,209,794 14,649,842 14,639,801 15,352,416 13,331,915 6.1% 4.9% 10.9% -0.1% 4.9% -13.2% Surplus/Deficit 437,020 24,900 726,038 (243,292) 619,220 1,440,048 (10,041) 712,615 (2,020,501) 1,915,030 -354.5% 132.6% -100.7% -7196.9% -383.5% -194.8% Ending Fund Balance 11,839,636 11,864,536 12,590,574 11,621,244 13,209,794 14,649,842 14,639,801 15,352,416 13,331,915 15,246,944 13.7% 10.9% -0.1% 4.9% -13.2% 14.4% Reserve Policy (18% of prior year ongoing revenue): 10, 614, 682 10, 838, 667 i 11,160,622 11,824,997 12,063,389 12,364,674 12,63 238 12,863,877 Option B - Option A plus Cardroom Business License Capped at Flat Fee of $500 General Fund 2016 2017 2018 2018 2019 2020 2021 2022 Actuals Actuals Projected YE Budget Budget Budget Projected Projected 2023 Projected 2024 Projected 2018- 19 Percent Change (Budgetary Comparison) 2019- 2020- 2021- 2022- 20 21 22 23 2023- 24 Revenues Revenues Taxes Sales Tax 18,262,544 18,164,227 19,600,000 19,932,102 19,894,000 20,192,410 20,596,258 21,008,183 21,428,347 21,856,914 -0.2% 1.5% 2.0% 2.0% 2.0% 2.0% Use Tax 645,646 642,974 644,389 675,000 650,000 690,000 703,800 717,876 732,234 746,878 -3.7% 6.2% 2.0% 2.0% 2.0% 2.0% Total Sales Tax 18,908,190 18,807,201 20,244,389 20,607,102 20,544,000 20,882,410 21,300,058 21,726,059 22,160,581 22,603,792 -0.3% 1.6% 2.0% 2.0% 2.0% 2.0% Property Tax 14,494,747 14,857,787 15,197,455 15,279,302 15,923,442 16,241,911 16,647,959 17,064,158 17,405,441 17,753,550 4.2% 2.0% 2.5% 2.5% 2.0% 2.0% Business Tax 10,674,315 11,151,949 11,300,368 11,229,927 11,887,200 12,082,610 12,442,002 12,788,156 13,119,732 13,487,270 5.9% 1.6% 3.0% 2.8% 2.6% 2.8% Total Taxes 44,077,252 44,816,937 46,742,212 47,116,331 48,354,642 49,206,931 50,390,019 51,578,373 52,685,754 53,844,612 2.6% 1.8% 2.4% 2.4% 2.1% 2.2% Charges for Services 3,249,784 3,012,296 2,834,061 2,850,080 3,207,207 3,269,207 3,561,939 3,622,852 3,684,871 3,748,018 12.5% 1.9% 9.0% 1.7% 1.7% 1.7% Other Income 586,017 608,671 666,527 1,043,084 1,050,723 1,080,722 936,727 944,932 840,206 848,813 0.7% 2.9% -13.3% 0.9% -11.1% 1.0% Licenses & Permits 3,938,710 4,506,790 4,800,224 4,304,090 6,488,894 6,808,894 6,920,373 7,011,922 7,104,834 7,199,131 50.8% 4.9% 1.6% 1.3% 1.3% 1.3% Transfers In 2,233,476 2,279,058 2,325,643 2,325,643 2,545,645 2,637,288 2,778,611 2,848,076 2,919,278 2,992,260 9.5% 3.6% 5.4% 2.5% 2.5% 2.5% Intergovernmental Revenue 4,632,424 4,720,198 4,422,687 4,377,985 4,527,100 3,724,067 3,810,329 3,869,810 3,930,481 3,992,366 3.4% -17.7% 2.3% 1.6% 1.6% 1.6% Fines & Penalties 252,792 270,866 212,102 254,129 270,218 291,718 294,635 297,582 300,557 303,563 6.3% 8.0% 1.0% 1.0% 1.0% 1.0% Revenue Adjustment 0 0 0 0 -772,000 -22,000 -22,000 -22,000 -22,000 -22,000 0.0% -97.2% 0.0% 0.0% 0.0% 0.0% Total Revenues 58,970,455 60,214,816 62,003,456 62,271,342 65,672,429 66,996,827 68,670,633 70,151,547 71,443,981 72,906,763 5.5% 2.0% 2.5% 2.2% 1.8% 2.0% Expenditures Expenditures Salaries & Benefits 39,154,831 40,228,812 40,956,743 42,943,061 43,158,448 44,434,369 45,669,129 46,946,204 48,263,871 49,623,572 0.5% 3.0% 2.8% 2.8% 2.8% 2.8% Operations 13,820,491 14,625,214 15,534,309 16,051,952 15,934,732 15,685,270 15,779,301 15,978,600 16,184,865 16,398,357 -0.7% -1.6% 0.6% 1.3% 1.3% 1.3% Departmental Adjustment 0 0 650,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfers Out Debt Service Transfer Out - Fund 209 0 87,448 556,850 672,000 557,700 558,250 553,500 553,600 558,400 557,750 -17.0% 0.1% -0.9% 0.0% 0.9% -0.1% Transfer Out - Fund 208 0 0 119,513 246,000 402,100 402,100 402,100 767,100 766,350 767,225 63.5% 0.0% 0.0% 90.8% -0.1% 0.1% Transfer Out - Fund 217 548,675 552,300 549,251 549,250 548,700 545,300 546,300 551,500 545,900 0 -0.1% -0.6% 0.2% 1.0% -1.0% -100.0% Transfer Out - Fund 214 523,593 519,524 519,100 519,100 517,500 515,069 516,637 515,814 514,462 517,583 -0.3% -0.5% 0.3% -0.2% -0.3% 0.6% Transfer Out - Fund 219 0 0 0 0 371,875 743,750 1,981,791 2,346,791 2,346,041 2,346,916 0.0% 100.0% 166.5% 18.4% 0.0% 0.0% Transfer Out - Fund 211 811,100 809,900 809,100 809,100 810,900 0 0 0 0 0 0.2% -100.0% 0.0% 0.0% 0.0% 0.0% Transfer Out- Fund 218 113,130 113,130 113,131 113,130 113,130 113,130 113,130 113,130 0 0 0.0% 0.0% 0.0% 0.0% -100.0% 0.0% Transfer Out - Fund 200 878,333 691,150 711,970 2,940,000 711,956 709,591 711 577 2,995,144 652,634 649,246 -75.8% -0.3% 0.3% 320.9% -78.2% -0.5% Total Debt Service 2,874,831 2,773,452 3,378,915 5,848,580 4,033,861 3,587,190 4,825,035 7,843,079 5,383,787 4,838,720 -31.0% -11.1% 34.5% 62.5% -31.4% -10.1% Other Transfer to Contingency Fund 433,682 180,715 92,672 0 58,568 210,000 0 0 0 0 0.0% 258.6% -100.0% 0.0% 0.0% 0.0% Transfer to Firemen's Pension 0 0 0 69,041 0 0 0 0 0 0 -100.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Golf Course 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Other 733,682 480,715 392,672 369,041 358,568 510,000 300,000 300,000 300,000 300,000 -2.8% 42.2% -41.2% 0.0% 0.0% 0.0% Total Transfers 3,608,513 3,254,167 3,771,587 6,217,621 4,392,429 4,097,190 5,125,035 8,143,079 5,683,787 5,138,720 -29.4% -6.7% 25.1% 58.9% -30.2% -9.6% Total Expenditures 56,583,834 58,108,193 60,912,639 65,212,634 63,485,609 64,216,829 66,573,465 71,067,883 70,132,523 71,160,649 -2.6% 1.2% 3.7% 6.8% -1.3% 1.5% Operating Results Net Operating Result 2,386,621 2,106,623 1,090,817 (2,941,292) 2,186,820 2,779,998 2,097,168 (916,336) 1,311,458 1,746,114 Capital 798,601 117,679 76,589 30,000 270,000 240,000 0 0 0 0 800.0% -11.1% -100.0% 0.0% 0.0% 0.0% Transfers Transfer In Transfer from PSP 0 0 1,000,000 0 0 0 970,791 1,956,951 2,346,041 2,346,916 0.0% 0.0% 0.0% 101.6% 19.9% 0.0% Transfer from Land Acq. Park 0 300,000 0 6,050,000 200,000 200,000 0 2,250,000 0 0 -96.7% 0.0% -100.0% 0.0% -100.0% 0.0% Total Transfer In 0 300,000 1,000,000 6,050,000 200,000 200,000 970,791 4,206,951 2,346,041 2,346,916 -96.7% 0.0% 385.4% 333.4% -44.2% 0.0% Transfer Out Transfer to Land Acq. Park 0 122,190 88,190 122,000 19,600 21,950 0 0 0 0 -83.9% 12.0% -100.0% 0.0% 0.0% 0.0% Transfer to City Facilities 0 141,854 1,000,000 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer to Arterial Street 751,000 1,800,000 0 3,000,000 0 1,000,000 2,500,000 2,000,000 5,000,000 1,500,000 -100.0% 0.0% 150.0% -20.0% 150.0% -70.0% Transfer to Gen Gov't Imp. 200,000 200,000 200,000 200,000 200,000 200,000 300,000 300,000 300,000 300,000 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% Transfer to Residential Street 200,000 0 0 0 1,300,000 100,000 300,000 300,000 400,000 400,000 0.0% -92.3% 200.0% 0.0% 33.3% 0.0% Total Transfer Out 1,151,000 2,264,044 1,288,190 3,322,000 1,519,600 1,321,950 3,100,000 2,600,000 5,700,000 2,200,000 -54.3% -13.0% 134.5% -16.1% 119.2% -61.4% Net Transfers Out (In) 1,151,000 1,964,044 288,190 (2,728,000) 1,319,600 1,121,950 2,129,209 (1,606,951) 3,353,959 (146,916) -148.4% -15.0% 89.8% -175.5% -308.7% -104.4% Total Capital Outflows (Inflows) 1,949,601 2,081,723 364,779 {2,698,000) 1,589,600 1,361,950 2,129,209 (1,606,951) 3,353,959 (146,916) -158.9% -14.3% 56.3% -175.5% -308.7% -104.4% Fund Balance Starting Fund Balance 11,402,617 11,845,854 11,864,536 11,864,536 12,590,574 13,187,794 14,605,842 14,573,801 15,264,416 13,221,915 6.1% 4.7% 10.8% -0.2% 4.7% -13.4% Surplus/Deficit 437,020 24,900 726,038 {243,292) 597,220 1,418,048 (32,041) 690,615 (2,042,501) 1,893,030 -345.5% 137.4% -102.3% -2255.4% -395.8% -192.7% Ending Fund Balance 11,839,636 11,864,536 12,590,574 11,621,244 13,187,794 14,605,842 14,573,801 15,264,416 13,221,915 15,114,944 13.5% 10.8% -0.2% 4.7% -13.4% 14.3% Reserve Policy (18% of prior year ongoing revenue): 10,614,682 10,838,667 Yr 11,160,622 q 11,821,037 12,059,429 12, 360, 714 12, 627, 278 12,859,917 Yr