long term financial security committee update september 30, 2008
TRANSCRIPT
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Long Term Financial Long Term Financial Security Committee Security Committee
UpdateUpdate
September 30, 2008September 30, 2008
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Purpose Purpose
• Goal: Update on Village’s Goal: Update on Village’s financial statusfinancial status
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Agenda Agenda
• Status on committee recommendationsStatus on committee recommendations• Fund balance projections – then and Fund balance projections – then and
nownow• Financial impact of the referendumFinancial impact of the referendum• Services to be addedServices to be added• Services to be reduced or eliminatedServices to be reduced or eliminated
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RecommendationsRecommendations
• Fee increasesFee increases– Vehicle sticker fees increased to $65Vehicle sticker fees increased to $65– Business and liquor licensesBusiness and liquor licenses– Building permitsBuilding permits
• Implemented places for eating taxImplemented places for eating tax• Listed Northgate property for saleListed Northgate property for sale• Transfer of $1,000,000 undesignated Transfer of $1,000,000 undesignated
reserves for capital projectsreserves for capital projects• Updated fund balance policyUpdated fund balance policy• Joint dispatch is still under considerationJoint dispatch is still under consideration
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Recommendations, Recommendations, cont’dcont’d
• Economic development toolsEconomic development tools
• Adopt real estate transfer feeAdopt real estate transfer fee– Requires home ruleRequires home rule
• Create a conservancyCreate a conservancy
• Reduce operating budget Reduce operating budget
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Recommendations, Recommendations, cont’dcont’d
• Referendum to raise property taxesReferendum to raise property taxes
• Create special districts – such Create special districts – such as recreation or fireas recreation or fire
• Annex Riverside LawnAnnex Riverside Lawn
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Fund balance projections at Fund balance projections at current service levels – current service levels –
then and nowthen and now
($1,000)
($500)
$0
$500
$1,000
$1,500
$2,000
2008 2009 2010 2011
Summer, 2007 Projections
Net Change in Fund BalanceAmount Over Target FB
($1,000)
($800)
($600)
($400)
($200)
$0
$200
$400
$600
$800
$1,000
2008 2009 2010 2011 2012
Current Projections
Net Change in Fund Balance
Amount Over Target FB (Undesignated Reserves)
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Financial impacts on Financial impacts on residentsresidents
• 2009: $2862009: $286• Average 2009-Average 2009-
2012: $350 2012: $350 per yearper year
$450,000
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Financial impacts on Financial impacts on VillageVillage
• 2009: 2009: $760,000$760,000
• Average 2009-Average 2009-2012: 2012: $930,000 per $930,000 per yearyear
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Services to be addedServices to be added
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Services to be Services to be reduced/eliminatedreduced/eliminated
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SummarySummary
$450,000