2005 AGN JUN 21 I21 - Laserfiche WebLink

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ITEM #21 CITY OF COLTON AGENDA REPORT FOR JOINT MEETING OF CITY COUNCIL FOR THE CITY OF COLTON AND COLTON UTILITY AUTHORITY MEETING OF JUNE 21, 2005 TO: Honorable Mayor and Members of the City Council and Honorable Chairperson and Utility Authority Members FROM: Daryl Parrish, City Manager Dilu de Alwis, Finance Director SUBJECT: Adopt Budget for the City of Colton for Fiscal Year beginning July 1, 2005 and ending June 30, 2006 DATE: June 7, 2005 BACKGROUND The budget is an integral operating tool for the City of Colton. In order to show a comprehensive picture of the state of the city going forward into the new fiscal year, staff conducted the following budget workshops: • April 26, 2005 — Programs by Department • May 24, 2005 — Capital Improvement Programs and Revenue Estimates • May 31, 2005 — General Fund Department Expenditure Requests • June 14. 2005 — General Fund Department wrap up and Enterprise Funds Expenditure Requests • June 16, 2005 — Enterprise Funds Revenue and Expenditure Requests DISCUSSION/ ANALYSIS Staff is presenting a balanced budget for fiscal year 2005-06 for all funds. Even though there are no threats of new state take -a ways in fiscal year 2005-06, effects from the previous fiscal year will no doubt be felt. The General Fund will contribute approximately $460,000 in Education Revenue Augmentation Funds (ERAF) in the new fiscal year. General Fund The General Fund revenues are projected to be $31,077,851 million, an increase of $2.5 million (or 9%) over the adjusted budget for 2004-05. This increase is primarily due to increased revenue in VLF ($BOOK), From Other Agencies — ARMC ($760K) Utility User Tax ($450K), Sales Tax ($280K), Property Tax in -Lieu of VLF ($217K) and. Due to uncertainties at the State level relative to the payback of the VLF gap loan, staff will pursue selling this receivable from the State in this fiscal year. This transaction will cost the City of Colton an amount not to exceed $50,000 however this will guaranty the receipt of at least $800,000. The General Fund appropriations as presented amounts to $29,866,457 million, an increase of $1.7 million (or 6%) over the adjusted budget for 2004-05. The appropriation increase is primarily due to increases in Public Employees Retirement System (PERS) for employees covered under the Miscellaneous Group by 7.12% and Police by 4.95%. The Fire PERS rates is experiencing no increases for fiscal year 2005-06. Maintenance and Operations appropriations in the General Fund reflects a minimal 2% increase over 2004-05. No additional full time staffing funded by the General Fund has been included in this budget.