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HomeMy WebLinkAbout2006/2007 Mid Year Budget Review and Comprehensive Annual Fi City of Huntington Beach F i n a n ce D e p a rtment Report FY 2006/07 Mid Year Budget Review May 7, 2007 lo � Srzcoy -�ssiov #Z Comprehensive Annual Financial Report Change in Net Assets FY 2003/04 FY 2005/06 Total Change ,r Over 3 Years Investment in Capital Assets $541,107,000 $584,023,000 $42,916,000 Restricted $94,019,000 $99,490,000 $51471,000 Unrestricted $24,386,000 $87,289 ' 00 $62,903,000 t Total Primary Government Net Assets $659,512,000 $770,802,04 0 $1 �.1,290,00, an General Fund Balance Historical Perspective Fiscal Year +atv share Beginning Fund per 3 Years Balance ,h October 1, 2003 $ 14,9741-,000 October 1, 2006 $40,586000 $2� 012,000 Comprehensive Annual Financial Report General Fund Balance -- 09/30/06 ■ Reserves and Designations: } ■ Encumbrances 5 54 ,00'0 ■ Long-term Receivables 1,836,000 ■ Capital Projects 000, ■ Equipment Replacement 6,000,OM .......r" ■ Economic Uncertainties (7%) 12,002,000 ■ Second Tier 5f 090f 0000 . Insurance 2,000,000 ■ Affordable Housing 840,000 . Unreserved, Undesignated 3,572,000 lja Total Fund Balance y Financial Policy Distribution of Undesignated , Unreserved Fund Balanqp,, } ■ 25% to the Infrastructure Fund 893,000 ■ 25% to the Capital Improvement Reserve 893"000 ■ 50% to Second Tier Reserve 78 6,000 ■ Undesignated / Unreserved Fund Balance10 �3,572,000 n g �F ; 5 Financial Policy 2nd Tier Reserve Amount Available v r ■ 2nd Tier, 0 30 2006 Audited Balance 090f 000 ■ 50% to 2nd Tier Reserve 1,786,000 ■ Tota 12nd Tier Reserve Available Of,876f 000 r = IN ` 6 General Fund Expenditure ProJjection FY 2005/06 FY 2006/07 FY 2006/07 FY 2006/07 Actual Adopted Revised Undd PERSONNEL $110,722,114 $121,651,601 $Ulf -�§' $,'121'302,486 $249,210 OPERATING & TRANSFERS $44,529,512 $49,204,081 $53,146,331 $46800,927 $6,345,404 CAPITAL $9,311,093 $10,240,871 $12,362,969 81567,267 $3,795,702 TOTAL $164,562,719 $181,096,553 $187,060,996 $177, ,6,70680 $10,390,316 cs+a MM � t General Fund Revenue Projection FY 2005/06 FY 2006/07 FY 2006/07 Over / Actual Adopted Projected (Under) PROPERTY TAXES $ 55,167,632 $ 5915871000 60,97 .,935 $ 1 ,391 ,935 OTHER LOCAL TAXES $ 58,398,410 $ 61 ,468,000 $ 60,99 ,000 $ (475,000) LICENSE & PERMITS $ 7,208,576 $ 8,670,324 $ 11 ,890,500 $ 3,220,176*. FINES & FORFEITURES $ 4,287,723 $ 41468,200 $ 4,7P9,200 $ 331 ,000 USE OF MONEY & PROPERTY $ 12,084,259 $ 11 ,882,000 $ 13,356,542 $ 1 ,468,542 REVENUE FROM OTHER AGENCIES $ 5,318,012 $ 5,963,500 $ 5,691,538 $ (271 ,962) CHARGES FOR SERVICES $ 13,875,796 $ 14,476,443 $ 14,970,948 $ 503,505 OTHER REVENUE $ 3,129,668 $ 722'500 $ 1 ,013,750 $ 291 ,250 NON-OPERATING (TRANSFERS) $ 7,620,176 $ 4,722,428 $ 4,72,428 $ - $ 167,090,252 $ 171 ,960,395 $ 1781 191841 $ 61459,446 5 *Brightwater Development is projected to bring in approximately$4,000,000 in "" velopmen�` rl lieu fees bein aid b Hearthside Homes b fi al year end 9 p Y ,� I ��© 8 Update 2nd Tier Reserve Appropriations ■ At 10/ 16/2006 meeting, City Council discussed potential appropriations from 2nd Tier,",.,Res�erve • Several items identified at that meets ng have been dealt with : ■ Beach Restroom Cleaning- $64,40o appropriated on 10 16 2006 to increase frequency of clean�� l l ;q y ■ Main Street Promenade Parking Structure F strooms: $ ,000 app priated 11 6 13appropriated on 2006 to increase / / frequency of cleaning ■ Main Street Sidewalk Cleaning- $95,200 appropriated on ' 11/6/06 to increase frequency of cleaning wind allow for pressure washing r Update 2nd Tier Reserve Appropriations . Huntington Beach Playhouse- NIp"w1eas,e�ain the process of being fina,I,,ized per'r�City Council r action of 02/05/2007 ■ Central Park Restroom.,, Doors- Project completed g 5 ■ Graffiti Abatement- Funding includedi, in Public Works Operating Budget and will b6V,", ongoing , 10 Update 2nd Tier Reserve Appropriations • Per City Council direction on 10/ 16/2006, the following projects are being broughtforwardr yfor Imm- further discussion : 3 ■ Residential Pavement Over.,,-,!,,'a y ■ Tree Petition Streets ■ Storm Drain Improvements ■ Energy Efficiency Assessment ■ Sister City Anniversary ■ Downtown Street Improvements uY ■ Bridge Assessments ■ Strategic Plan Z y 5 Y 3 • :? 11 Conclusion ■ The City's financial condition has mprove " over the past three years ■ Preparation of the FY 2007/08 budget is u,6derway ■ City Administrator will review new budget requests beginning in June ■ City Council will receive the FY 2007/08 pFoposed budget on August 1st 0066kil The budget wiII be reviewed by the Ci in August for an anticipated adoption in Se ember g p p � ; ae E Z 12 CityHuntingtonof Beach Finance Department Report FY 2006/07 Mid Year, Bud"'get Rd�ew — ;r End of Report 0 Al 13