CC Minutes 04/25/2011 Workshop - Laserfiche WebLink

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FY 2011/12 Budget Assumptions INTERFUND TRANSFERS Transfers between individual funds of a governmental unit which are not repayable and are not considered charges for goods or services. These represent a "double counting" of revenues, and correspond to an equal amount of interfund expenditures. Water & Sewer System Fund Transfers — This transfer relates to the activities of the Water & Sewer System. The City requires 3 types of transfers from the System: a) b) Cost Recovery Transfer — reflects strategic costs associated with utility management, finance and accounting services provided to the System and paid by the General Fund. The transfer for FY 2011/12, based on the FY 2010 CAFR was calculated to be $1,172,100 and assumes a conservative annual growth of 1% for FY 2012/13 and 2% thereafter to subsidize personnel pay adjustments as well as growth associated with retirement plans, group insurance and workers compensation funding. Utility Investment Transfer—The City maintains a vested interest in the Utility System and charges the fund 7.5% of gross revenues annually. This transfer will fluctuate over time as changes in revenues occur. For FY 2012 this transfer was calculated to be $1,051,546 and was based on assumptions utilized in the February 16, 2009 water rate study. An annual growth of 5`Y for FY 2012/13 based on the historical projections from the water rate study and 2% thereafter. It is noteworthy to point out that the Utility System will have a rate study performed in 2012. Excess Funds Allocation Transfer — this transfer is not budgeted annually and currently no transfers are required. INTERFUND TRANSFERS (cont.) Cost Recovery Transfer—reflects strategic costs associated with management, finance and accounting services provided and paid by the General Fund to other departments. Amounts listed below were calculated based on the 2010 CAM and assumes a conservative annual growth of 1% for FY 2012/13 and 2% thereafter to subsidize personnel pay adjustments as well as growth associated with retirement plans, group insurance and workers compensation funding. Solid Waste Fund- For FY 2011/12 the forecast depicts $200,000 Stormwater Fund — For FY 2011/12 the forecast depicts $137,000 Building Safety Fund — For FY 2011/12 the forecast depicts $23,000. Community Redevelopment Transfer (CRA) — In an agreement with the CRA, the CRA will transfer an amount equal to one-half of the salary of the Community Development Director, the Economic Development Coordinator and an additional $36,000 for various other expenditures to the General Fund yearly. The amount forecasted for 2011/12 is $133,200 and assumes a conservative annual growth of 1% for FY 2012/13 and 2% thereafter to subsidize personnel pay adjustments as well as growth associated with retirement plans, group insurance and workers compensation funding. The total interfund transfer to the General Fund for FY 2012 is $2,583,646. City of Casselberry Page 5