Adopted FY 2014 - 2015 Budget - Laserfiche WebLink

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Expenditure by Type: Personal Services: Adopted fiscal year 2014 $0 adopted fiscal year 2015 $0 Dollar Variance $0 Operating: Adopted fiscal year 2014 $212,000 adopted fiscal year 2015 $157,000 Dollar Variance $(55,000) Capital Improvements: Adopted fiscal year 2014 $550,000 adopted fiscal year 2015 $550,000 Dollar Variance $0 Debt Service/Transfers: Adopted fiscal year 2014 $133,200 adopted fiscal year 2015 $133,200 Dollar Variance $0 Total: Adopted fiscal year 2014 $895,200 adopted fiscal year 2015 $840,200 Dollar Variance $(55,000) The fiscal year 2015 Adopted Budget includes capital expenditures for land acquisition and infrastructure improvements in the amount of $550,000. There is a budgeted reduction of operating expenditures as a result of the elimination of an economic opportunity incentives program. The budget item targets the purchase of a yet unidentified parcel of land for the purpose of economic development and/or the elimination of blight. Funding for the CRA is scheduled to sunset in fiscal year 2015 unless an extension of time by Seminole County is granted. The City has forwarded a 10 year extension request. The County has not yet acted upon it. CAPITAL IMPROVEMENT FUND Budgeted spending in the Capital Improvement Fund has decreased significantly. The Neighborhood Improvement Program (NIP) originally began in fiscal year 2011 utilizing resources from this fund. The NIP scope included the resurfacing of neighborhood roads (in three phases) and reconstruction of Triplet Lake Drive, South Triplet Lake Drive and Oxford Road (Phase 1). All projects are constructed, planned or being planned. Remaining appropriation will be re -budgeted in fiscal year 2015 in a separate City Commission action. No new projects are proposed for fiscal year 2015. DEBT SERVICE FUND The total debt of the City beginning fiscal year 2015 will be $17,317,675. It is decreased by 6.9% or $1,200,737 from the fiscal year 2014 balance forward of $18,518,412. The reduction is due to the pay -down of principal for various notes throughout the 2014 budget year. A debt table that details all debt issues can be found in the Introductory Section of this budget book. The Debt Service Fund is used to process debt payment obligations related to the General Fund and to capture major refinancing transactions that would distort the overall budget of the General Fund when they occur. The payoff of a debt issue related to the Water Quality Improvement Project through utilization of SRF loans has been deferred in order to provide current resources for Water & Sewer Fund capital projects. There is no new debt budgeted for this fiscal year except for $176,680 in capital lease proceeds to finance various asset acquisitions. Debt service payments have increased due to a planned periodic principal payment on the 2011B Sales Tax Revenue Note. Other changes to the fund are a result of evened annual debt service payments. OVERALL PERSONNEL AND ORGANIZATIONAL ISSUES Pav and Benefits A salary merit/COLA increase of 3% is requested for bargaining unit and non -bargaining unit employees for fiscal year 2015 (with the exception of the City Commission and the City Manager) effective January 1, 2015. The timing creates an effective salary increase of 2.25% impact to the budget. page 22