TOWN OF LANTANA FY 2010/11 BUDGET WORKSHOP Town of Lantana Budget Workshop July 26, :30 PM

WHERE ARE WE?  Working through budget  Compiled department requests and revenue projections  Reviewed budget at the account level  Following through on budget strategy  Two months until final adoption of budget Town of Lantana Budget Workshop July 26, :30 PM

PRIMARY FACTORS AFFECTING BUDGET  REVENUES – GENERAL FUND Property values drop 16.6% Utility and Franchise taxes Interest Income  TOTAL REOCCURRING REVENUE DECREASE $523,000 Town of Lantana Budget Workshop July 26, :30 PM

PRIMARY FACTORS AFFECTING BUDGET  REVENUES – UTILITY FUND Reoccurring revenues still projected to decrease $116k Town of Lantana Budget Workshop July 26, :30 PM

TAXABLE VALUES Taxable value for FY10 budget Final taxable value for FY10 – VAB Taxable value for FY11-Certified Decrease in value Percentage decrease $870.9 million $867.8 million $723.7 million $144 million 16.6% Town of Lantana Budget Workshop July 26, :30 PM

AD VALOREM PROCEEDS  Current draft is calculated at  Certified taxable value – FY11 $723.7M  Ad Valorem taxes at current rate $2.22M (at a 95% collection rate)  Percentage DECREASE in revenue 16.9% Town of Lantana Budget Workshop July 26, :30 PM

GENERAL FUND REVENUES  Decrease in property values while using same millage rate reduces revenue by $453k.  Other decreases in revenue due to economy - $50k. Town of Lantana Budget Workshop July 26, :30 PM

GENERAL FUND  Projected revenue  Less: Personnel (72.73 FTEs) Operating Capital Debt Transfers out  Projected deficit 7,696,356 5,817,170 1,514,577 46, , ,600 ($87,741) Town of Lantana Budget Workshop July 26, :30 PM 75%19%1%2%3%

GENERAL FUND  Cost of Living (COLA) has not been included at this time.  Merit plan has not been included.  Pension costs are projected at 22.62% for sworn officers and 7% for general employees.  Elimination of four positions (2 vacant).  Boat trailer decal parking program included.  Transfer to the Transportation Fund. Town of Lantana Budget Workshop July 26, :30 PM

UTILITY FUND  Projected revenue  Less: Personnel (18.9 FTEs) Operating Capital Debt Contingency  Projected deficit 4,923,000 1,391,850 1,954, ,000 1,047,200 $75,000 ($55,106) Town of Lantana Budget Workshop July 26, :30 PM 28%39.5%10%21%1.5%

UTILITY FUND  Revenue from operations are down by 2.3%.  No merit or COLA included; pension unchanged at 7%.  Includes debt payment of $1,047,200.  Includes capital requests of $510,000 Town of Lantana Budget Workshop July 26, :30 PM

TRANSPORTATION FUND  Projected operational revenue  Less: Operating Capital Debt  Projected operational deficit  Transfer in from General Fund 261, ,100 5, ,500 ($212,600) $212,600 Town of Lantana Budget Workshop July 26, :30 PM 34%1%65%

TRANSPORTATION FUND  Revenue from gas tax receipts have slightly increased.  Current projected transfer from the General Fund is $212,600.  Includes debt payment of $308,500.  Includes $121,000 for street lighting. Town of Lantana Budget Workshop July 26, :30 PM

Town of Lantana Budget Workshop July 27, :30 PM WHAT IS NEXT?  Tonight’s Council Meeting – tentative millage rate & date/time of 1 st Public Budget Hearing  August – finalize draft budget for Council’s consideration  Incorporate Council direction into budget  1 st Public Budget Hearing is September 13 th at 6:00 pm in the Council Chambers – Council to set proposed millage rate  2 nd and Final Public Budget Hearing is September 27 th at 6:00 pm – Council to adopt final millage rate & budget for fiscal year 2010/11

Town of Lantana Budget Workshop July 26, :30 PM THANK YOU