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Home My WebLink AboutFS 2013-07-16 Item 2C - Format for Financial Planning Model Attachment ATO: City of Tukwila Jim Haggerton, Mayor INFORMATIONAL MEMORANDUM Mayor Haggerton Finance and Safety Committee FROM: Peggy McCarthy, Finance Director DATE: July 10, 2013 SUBJECT: Format for Financial Planning Model Attachment A ISSUE Receive Council direction on the proposed format changes to Attachment A of the Financial Planning Model (FPM). BACKGROUND Attachment A models the City's 6 -year financial projections. The format, including line items, is reviewed periodically to ensure it communicates pertinent financial information and remains relevant and useful. DISCUSSION Certain changes to the Attachment A Financial Planning Model (FPM) as presented in the 2013- 2014 Biennial Budget are proposed to simplify the report. These changes are outlined in the table below. 51 52 INFORMATIONAL MEMO Page 2 Attachment A 2013 -2014 Format Attachment A Proposed format Proposed Changes Line / Description Line / Description What Why 1 Sales Tax 1 Sales and Use tax Exclude streamlined sales tax mitigation revenue from this line and include it with Intergovernmental revenue. The mitigation payments are based on a snapshot in time; fluctuation in amount received is driven by legislative and DOR decisions and is not by the economy and spending habits of the general population; the proposed grouping is consistent with the quarterly financial report presentation. 5 One time revenues 11 One -time revenues Place last in the list of revenues. Placement increases visibility and makes it easier to distinguish from regular, operating revenues. 7 Gambling taxes 6 Gambling and other taxes Include admissions and leasehold taxes with the gambling tax line item. Groups and displays tax revenue without comingling with non -tax revenue. 12 Other taxes /misc- ellaneous 9 Fees /charges for services Combine other miscellaneous revenues with Fee /charges for services. Miscellaneous revenues include facility rental and concessions. Amounts are not significant and grouping with Fees /Charges for Services seems appropriate. 14 Dedicated revenues 13 Dedicated revenues Report dedicated revenues (all nonproject specific capital project revenue) on the face of Attachment A instead of allocating it to and reporting it with the individual CIP project pages. Provides visibility to these revenue streams and is consistent with the traditional presentation. 20 Investment income capital 13 Dedicated revenues Include investment earnings from capital funds with dedicated revenues. Amounts are relatively small and do not warrant a separate reporting line. RECOMMENDATION The Council is being asked to consider the proposed changes to Attachment A of the Financial Planning Model and provide direction to staff. ATTACHMENTS: - Attachment A of the Financial Planning Model -- as presented in the 2013 -2014 Biennial Budget - Attachment A of the Financial Planning Model -- as Proposed C:\Documents and Settingslchristy.TUKWILA\Local Settings\Temporary Internet Files\ Content .Outlook \FOTTAFSU\InfoMemo _Attachment A 7- 10- 13.docx 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 38 ATTACHMENT A CITY OF TUKWILA TOTAL REVENUES & EXPENDITURES 2013 - 2018 Analysis in 000's BIENNIAL BUDGET FORMAT Reserve fund balance (c) BUDGET 3,000 PROJECTIONS $ 5,206 Totals 2013 - 2018 REVENUES (see A -1) 2013 Budget 2014 Budget 2015 Estimate 2016 Estimate 2017 Estimate 2018 Estimate General Revenues Sales Tax $ 16,464 $ 16,879 $ 17,114 $ 17,592 $ 18,083 $ 18,590 $ 104,722 Property Taxes 13,814 14,321 14,679 15,046 15,422 15,808 89,090 Utility Taxes 4,288 4,357 4,488 4,622 4,761 4,904 27,420 RGRL 1,750 1,768 1,812 1,858 1,904 1,952 11,043 One -time revenue 8,500 4,355 3,500 2,000 18,355 Interfund Utility Taxes 1,486 1,585 1,664 1,747 1,835 1,927 10,244 Gambling Taxes 2,097 2,207 2,229 2,251 2,274 2,297 13,355 Contract Agreement - SCL 2,206 2,250 2,318 2,387 2,459 2,532 14,152 Charges /Fees for Services 3,836 3,902 4,019 4,140 4,264 4,392 24,552 Transfers In - Other Funds 2,036 2,085 2,148 2,212 2,278 2,347 13,106 Intergovernmental Revenue 1,439 1,062 1,083 1,105 1,127 1,150 6,966 Other Taxes /Miscellaneous 1,599 1,644 1,693 1,744 1,796 1,850 10,327 Subtotal 59,515 56,415 56,747 56,704 56,203 57,747 343,331 Dedicated Revenues (Capital) Real Estate Excise Taxes 260 260 268 276 284 293 1,640 Motor Vehicle Taxes 374 377 388 400 412 424 2,376 Investment Interest /Misc. 21 9 9 9 9 10 67 Property tax- Greenbelt levy 34 0 0 0 0 0 34 Parking Taxes 151 151 156 160 165 170 953 Revenues above Included in CIP (744) (747) (486) (759) (781) (790) (4,307) Subtotal 96 50 334 86 89 107 762 TOTAL REVENUE AVAILABLE 59,611 56,465 57,082 56,790 56,293 57,853 344,094 EXPENDITURES Operations & Maintenance: 48,142 48,924 50,722 51,990 53,290 54,622 307,690 (See Attachment B) Transfers: Operating 475 675 323 329 316 283 2,400 Transfers: Reserve Fund 1,500 2,200 3 119 146 150 4,118 Debt Service (a) 5,964 3,026 2,859 2,632 2,634 2,628 19,744 Admin /Engineering overhead 414 429 440 451 463 474 2,672 Subtotal Available 3,115 1,210 2,734 1,269 (239) (21) 9,870 Capital Projects - Attachment C Residential Streets 289 (10) 2,380 500 500 500 4,159 Arterial Streets/ Bridges 4,168 1,785 2,542 1,359 1,431 1,515 12,800 Parks &'Trails 17 (33) 17 (98) (103) (99) (299) Facilities 580 0 0 0 0 0 580 General Improvements 478 200 200 200 200 200 1,478 Fire Improvements (50) (50) (50) (50) (50) (50) (300) Subtotal Capital 5,482 1,892 5,089 1,911 1,978 2,066 18,418 Change in fund balance (b) (2,367) (682) (2,355) (642) (2,217) (2,087) (10,350) Beginning fund balances 11,289 8,922 8,240 5,885 5,243 3,026 11,289 Ending fund balances $ 8,922 $ 8,240 $ 5,885 $ 5,243 $ 3,026 $ 939 $ 939 Reserve fund balance (c) $ 3,000 $ 5,203 $ 5,206 $ 5,325 $ 5,470 $ 5,620 $ 5,620 2013 - 2018 Financial Planning Model VII 7/10/2013 53 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 ATTACHMENT A City of Tukwila GENERAL FUND REVENUES & EXPENDITURES 2013 - 2018 Analysis in 000's PROPOSED FORMAT REVENUES (See A -1) BUDGET PROJECTIONS Totals 2013 -2018 2013 Budget 2014 Budget 2015 Estimate 2016 Estimate 2017 Estimate 2018 Estimate General Revenues Sales and Use Taxes $ 15,299 $ 15,680 $ 15,915 $ 16,393 $ 16,884 $ 17,391 $ 97,562 Property Taxes 13,814 14,322 14,680 15,047 15,423 15,808 89,094 RGRL Tax 1,750 1,768 1,812 1,857 1,903 1,951 11,041 Utility Taxes 4,288 4,357 4,488 4,623 4,761 4,904 27,422 Interfund Utility Tax 1,486 1,586 1,665 1,748 1,835 1,927 10,247 Gambling, other taxes 2,709 2,819 2,861 2,903 2,947 2,991 17,230 Seattle City Light franchise fee 2,206 2,250 2,318 2,388 2,459 2,533 14,154 Intergovernmental 2,605 2,262 2,283 2,305 2,327 2,349 14,130 Charges for Services 4,822 4,932 5,080 5,232 5,384 5,546 30,996 Indirect cost allocation 2,036 2,085 2,148 2,212 2,279 2,347 13,106 One -time revenue 8,500 4,355 3,500 2,000 18,355 Sub -total 59,515 56,416 56,749 56,707 56,203 57,748 343,337 Dedicated Revenues (Capital) 1,153 1,217 821 845 870 897 5,803 TOTAL REVENUES 60,668 57,633 57,570 57,552 57,073 58,645 349,140 EXPENDITURES Operating & Maintenance (see Attachment 13) 48,142 48,924 50,722 51,990 53,290 54,622 307,690 Debt Service 5,964 3,026 2,859 2,632 2,634 2,628 19,744 Reserve Fund 1,500 2,200 3 119 146 150 4,118 Operating transfers 475 475 323 329 319 283 2,204 Adm /Engineering 414 429 440 451 463 474 2,672 Subtotal Available 4,172 2,578 3,223 2,031 221 488 12,713 Capital Projects (Attachment C) Residential Street 551 255 2,380 500 500 500 4,686 Arterial Street 4,833 2,258 2,901 1,981 2,067 2,166 16,206 Land & Park Acquisition 147 597 147 42 37 41 1,011 Governmental Facilities 580 - - - - 580 General Government 478 200 200 200 200 200 1,478 Fire Improvements (50) (50) (50) (50) (50) (50) (300) Sub total Capital 6,539 3,260 5,578 2,673 2,754 2,857 23,661 Change in fund balance (2,367) (682) (2,355) (642) (2,533) (2,369) (10,948) Beginning fund balance 11,289 8,922 8,240 5,885 5,243 2,710 11,289 Ending Fund Balance $ 8,922 $ 8,240 $ 5,885 $ 5,243 $ 2,710 $ 341 $ 341 Reserve fund balance $ 3,000 $ 5,203 $ 5,206 $ 5,325 $ 5,470 $ 5,620 $ 5,620 5413 - 2018 Financial Planning Model VIII 7/10/2013