Fiscal Year 2013-2015 Special Budget Meeting

A L L - I N Budget Memo Page 4 HIGHLIGHTS REVENUE & FISCAL RESPONSIBILITY In keeping with, the guiding principal to Achieve long-term fiscal stability for the City, the A L L - I N Budget Proposal maintains a conser\^ative use of one-time revenues and the programming of excess ReaJ Estate Transfer Taxes (RETT). The A L L - I N Budget proposal incorporates revenue that was not identified at the time the Mayor and Administration released their draft budget proposal in April 2013 but has since been verified by the City's Budget and Revenue Division. While the Administration's projections are conservative, the A L L - I N Budget relies upon the projections provided by the Administration, leaving any future programming discussion to the mid-cycle review. In recognition of the financial challenges and uncertainties detailed in the Admimstration's Budget, the vVLL- I N Proposal establishes as a R E T T priorit}' the following: ^ Set aside at least 35% to fund increased contributions to the G P F Reserve above the required 7.5% > Set aside at least 15% to fund increased contribution to the Capital Improvement Projects Reserve Fund for deferred infrastructure projects > Set aside at least 10% to pay down long-term liabihties ^ Reduced dependency on the use of one-time funds for on-going costs Boomerang Funds: The C\ty Administrator has confirmed that the City has received $9.5M in "boomerang funds" as a result of the State's dissolution of the Redevelopment Agency. The A L L - I N Budget proposal allocates these funds as follows: ^ Set aside 22% to fund increased contributions to the G P F Reserve, this is an additional $2,090,000 contribution to tiie G P F reserve. Taken together, these actions would significantiy increase the G P F Reserve by approximately $4M, increases the reserve for critical capital improvement projects to make the City safe and allocates at least $.5M to down long term liabilities. pay S O U R C E Boomerang Funding % R E T T % USES $9,500,000 100% $5,345,000 100% • G P F Reserve Fund Contribution $2,090,000 22% $1,870,750 40% • Set aside for one-time uses $7,410,000 78% $2,138,000 40% • 15% to CIP Reserve Fund for deferred infrastructure projects $801,750 15% • 10% set aside for long-term liabilities $534,500 10% Other Fiscal Priorities: ^ Complete a Nexus Study with support from regional partoers to implement Impact Fee Schedule competitive with other jurisdictions (Item #16) $: 00,000 > Complete dynamic parking smdy for "fair priced" parking and reduce penalties to residents and visitors (Item #14) $200,000 Council June 27, 2013 ITEM: