HomeMy WebLinkAboutFY 2011-2012 Mid-Year Budget Update - Study Session 06-18-206/18/2012
FY 2010/11 Year End Results
Potential $2.7 million positive year-end fund balance
identified in January 2012
Options discussed at January 2012 Study Session:
• Deposit fund balance into Budget Stabilization Fund; or
• Deposit fund balance into Economic Uncertainties Reserve
City Council directed staff to deposit fund balance into
Economic Uncertainties Reserve to address challenges
Ail
Welk ig Date:
6/18/2012
► At June 4, 2012 Study Session, Staff discussed potential
$1.2 million shortfall in current year, FY 2011/12
► Projected $1.2 million shortfall is the result of the
elimination of the RDA and the loss of the $4.9 million
transfer to the General Fund
► City Council directed staff to continue exploring other
options to address the shortfall
► Staff has identified additional revenue that has been
deposited, along with other strategies, to mitigate the
potential $1.2 million shortfall
FY 2011/2012 Mid -Year Strategies
Description Revenue
Expense
Total
Increased Planning & Building Permit Revenue $ 600.000
$
600,000
Increased One -Time Revetnie (Property Sales) $ 182.295
$
1.82,295
hrcreased Fuel Costs
$ (300,000)
$
(300,000)
:additional Vacancy Savings! Hieing Freeze
$ 243.233
$
243?33
Reduction~ in Liability Clahns < Contracts
$ 137.219
$
137.2 €9
Reductions in Purchases
$ 97.477
$
97.477
Deterred Eeliiipmeut Purchases - 40 PCs
$ 44.331
$
44,334
Cuts in Overtime
$ 10;,541
$
30:i.541
Reductions in Temporary Staffing
$ 91.881
$
9L881
$ 782,295 $ 417,705 $ 1.200,000
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6/18/2012
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PERS Contributions
By Bargaining Group
as of 10/1/12
EE Rate ERS
Employee EE Rate EE
Potential
Union Paid City Paid Rate
GF Savings
Municipal Employees Association 4.25% 3.75%
8.00%
756,130
Management Employees Organization 2.25% 5.75%
8.00%
551,662
Non Associated - Executive Management 6.75% 1.25%
8.00%
24,967
Police Officers Association- Non Safety 4.25% 3.75%
8.00%
108,578
Fire Management Association 6.75% 2.25%
9.00%
24,308
Huntington Beach Fire Association 6.75% 2.25%
9.00%
327,040
Marine Safety Management Association 6.25% 2.75%
9.00%
34,019
Non Associated - Safety 4.25% 4.75%
9.00%
19,464
Police Management Association 4.25% 4.75%
9.00%
95,583
Police Officers Association- Safety 4.25% 4.759/.
9.00%
984,971
$2,926,722
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6/18/2012