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TOWN OF PALM BEACH

MEMORANDUM



To: Mayor and Town Council From: Peter B. Elwell, Town Manager Date: July 3, 2013

Subject: Proposed FY2014 Budget


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The proposed FY14 budget represents staff’s continued efforts to operate Town government in the most cost effective manner. We started with the April 2013 Long Term Financial Plan forecast for FY14 as a baseline and then departments identified hundreds of thousands of dollars of additional savings ($866,374), while maintaining all current levels of service. In addition, the proposed budget contains a significant contribution for coastal protection of $5,724,196, which includes a $4,000,000 transfer from “excess” unassigned fund balance. Overall, the proposed budget reflects an increase of 6.69% over FY13. The operating budget without the coastal transfer reflects an “apples to apples” increase of only 1.82% over FY13.


This proposed budget document includes revenue and expenditure summaries, department program detail, and other funds budgets (including the capital project balances, budget, and 5 year plan), as well as several resolutions proposed for adoption at the special Town Council meeting on July 11, 2013.


Maintaining Fiscal Sustainability


Since FY08, the Town’s elected officials and staff have worked diligently to reduce costs and improve efficiencies wherever possible. The proposed FY14 General Fund budget is well below ($3,694,500) the FY09 peak even after the transfer to coastal protection. In the “apples to apples” comparison of the operating budget, excluding coastal transfers, proposed expenditures for FY14 are 11.26% less than in the FY09 budget. The chart on the following page shows the total budget and property tax history for FY07 - FY13 and the proposed budget and property taxes for FY14.


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The tables below compare the FY09 Budget to the proposed FY14 Budget.



Revenue


FY2009


FY2014

FY09 vs. FY14

Difference

% Change

Ad Valorem Taxes

$42,543,000

$36,882,180

($5,660,820)

-13.31%

Non Ad Valorem Taxes

7,043,000

7,367,500

324,500

4.62%

Licenses & Permits

5,612,900

6,588,200

975,300

17.38%

Intergovernmental

1,261,400

1,052,000

(209,400)

-16.60%

Charges for Services

3,158,400

3,552,275

393,875

12.47%

Fines and Forfeitures

1,521,200

1,181,000

(340,200)

-22.36%

Investment Earnings

1,201,300

425,500

(775,800)

-64.58%

Miscellaneous

309,300

247,845

(61,455)

-19.87%

Interfund Transfers

550,000

885,000

335,000

60.91%

Transfers – Contingency/Compensated Absences

2,135,100

1,459,600

(675,500)

-31.64%

Total Revenue Budget

65,335,600

59,641,100

(5,694,500)

-8.72%

Fund Balance Transfer - Coastal Protection

2,000,000

4,000,000

2,000,000

100.0%

Total Revenues

$67,335,600

$63,641,100

($3,694,500)

-5.49%


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FY09 vs. FY14

% Change

Expenditure Category

FY2009

FY2014

Difference

Salary and Wages

$28,624,800

$24,273,881

($4,350,919)

-15.20%

Pension Benefits

6,649,700

5,640,180

(1,009,520)

-15.18%

Other Employee Benefits

9,166,730

8,403,803

(762,927)

-8.32%

Contractual

7,588,890

8,417,843

828,953

10.92%

Commodities

1,698,390

1,701,960

3,570

0.21%

Capital Outlay

2,804,666

2,010,580

(794,086)

-28.31%

Other

8,802,424

7,533,659

(1,268,765)

-14.41%

Total Operating Expenditures

$65,335,600

$57,981,906

($7,353,694)

-11.26%

Coastal Transfer

2,000,000

5,659,194

3,659,194

182,96%

Total General Fund Budget

$67,335,600

$63,641,100

($3,694,500)

-5.49%


The large reduction of expenses and small increase of non ad valorem revenues has significantly improved the Town’s long term financial forecasts. The 2009 Long Term Financial Plan (LTFP) showed deficits beginning in FY12 and increasing dramatically over time. The current forecast shows surpluses through at least FY17. Levels of service have remained stable since FY08 and are expected to remain stable throughout the forecast period. See the “Ad Valorem Revenue” section for more information about the projected impact of the FY14 budget on the LTFP.


Status of FY2013 Budget


On a monthly basis we have been reporting the status of the FY13 budget in detail. As shown in the May 31, 2013, Monthly Financial Report, a few revenue sources are anticipated to come in under the budget standard but we expect them to be offset by other sources that are over the budget standard. We anticipate total revenue to end the year at or slightly below the budget standard.


Expenditures for most departments are slightly less than the budget standard through May. Total General Fund expenditures will end the year less than the budget standard unless Palm Beach is impacted by a storm event before September 30, 2013.


Overall, we expect that expenditure reductions will more than offset any potential revenue shortfall, resulting in a small surplus for the year.


GENERAL FUND


FY2014 Budget Highlights


The FY14 budget represents excellent work by all Town departments. As mentioned above, we exceeded by $866,374 the goal of preparing an operating budget that is below the April 2013 Long Term Financial Plan forecast.


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Revenues


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In the General Fund, total revenues are expected to increase by $3,929,820 (6.58%) from the adopted FY13 budget. The increase is due to a $4,000,000 transfer from “excess” fund balance to the Coastal Protection Fund. Without the transfer, total revenue would decline by -0.12%. The changes by revenue type are shown on the table below.



Revenue


FY2013


FY2014

FY13 vs. FY14

Difference

%

Change

Ad Valorem Taxes

$36,865,400

$36,882,180

$16,780

0.05%

Non Ad Valorem Taxes

7,477,500

7,367,500

(110,000)

-1.47%

Licenses & Permits

6,202,300

6,588,200

385,900

6.22%

Intergovernmental

1,020,450

1,052,000

31,550

3.09%

Charges for Services

3,652,116

3,552,275

(99,841)

-2.73%

Fines and Forfeitures

1,299,000

1,181,000

(118,000)

-9.08%

Investment Earnings

900,500

425,500

(475,000)

-52.75%

Miscellaneous

251,981

247,845

(4,136)

-1.64%

Interfund Transfers

885,000

885,000

0

0.00%

Transfers For Contingency and Compensated Absences

1,157,033

1,459,600

302,567

26.15%

Total Revenue Budget

59,711,280

59,641,100

(70,180)

-0.12%

Transfer from “Excess” Fund Balance For Coastal Protection

4,000,000

4,000,000

100.0%

Total Revenues and Fund Balance Transfer

$59,711,280

$63,641,100

$3,929,820

6.58%


Ad Valorem Revenue

The LTFP called for property taxes to increase by 3% from FY13 to FY14. The proposed FY14 budget contains property tax revenues generated using the Rolled-Back millage rate of 3.0985, which is a 4.70% decrease from the FY13 millage rate of 3.2512. At this rate, we are able to transfer $1,659,194 of revenues to coastal to offset a portion of the total amount needed for projects in FY14. Since we have sufficient funds at the Rolled-Back rate to fund all the daily functions of Town government, the decision about the FY14 millage rate is focused exclusively on how much to transfer to the Coastal Protection Fund for future projects. Staff considered four different property tax options: Maintain the rate at 3.2512 (same rate since 2009), reduce the rate to 3.1900 (which would generate the revenue estimated in the LTFP presentation), reduce the rate to 3.1509 (which represents Rolled-Back + Personal Income Growth of 1.69%), or reduce the rate to 3.0985 (the Rolled-Back rate). The impact of each option is shown in the table on the following page:


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Current Rate


LTFP

Rolled-Back

+ PI Growth


Rolled-Back

Millage Rate

3.2512

3.1900

3.1509

3.0985

Tax Revenue

$38,699,804

$37,971,362

$37,505,489

$36,882,180

Tax Effect on Homestead Value of $1 million


$55


($4)


($42)


($93)

Transfer to Coastal

$3,476,818

$2,748,376

$2,282,503

$1,659,194


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By FY15, we must to begin to fund the remaining years of the coastal protection program and there also is a potential for additional debt service payments for the second phase of the Accelerated Capital Improvement Program. Since the extent and timing of these expenditures has not been determined, we decided to propose the Rolled-Back option for FY14. If the Town Council decides to finance the Coastal Program through property taxes and/or to issue additional debt for the ACIP program, there is a potential for a significant tax increase in FY15. At this time, annualized coastal funding for FY15 – FY23 is estimated at approximately $4.8 million per year and debt service for an ACIP program of

$40 million would be about $2.5 million per year. This $7.3 million in additional annual cost has not been included in the LTFP.


The six tables on the next page represent: (Coastal funding has been excluded)


  1. The “original” LTFP forecast presented in April 2009

  2. The LTFP forecast from April 2013

3. The forecast maintaining the current millage rate at 3.2512

  1. The forecast with a 3% increase in property tax revenue used in the LTFP Forecast

  2. The forecast using a millage rate representing Rolled Back plus personal income growth (1.69%).

6. The current proposed budget for FY14 using the Rolled-Back rate The 4 budget options are shown on the blue tables.


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LTFP Forecast as of April 2009

FY14

FY15

FY16

FY17

FY18

FY19

FY20

Revenues

71,388,922

73,565,312

75,625,541

77,746,505

79,930,774

82,179,515

84,495,429

Expenditures

77,238,099

81,876,195

86,140,002

90,562,822

95,221,633

100,114,031

104,748,413

Surplus/(Deficit)

(5,849,177)

(8,310,883)

(10,514,460)

(12,816,317)

(15,290,859)

(17,934,516)

(20,252,980)


LTFP Forecast as of April 2013

FY14

FY15

FY16

FY17

FY18

FY19

FY20

Revenues

61,189,945

62,799,558

64,547,059

66,497,729

68,137,014

69,935,026

71,765,404

Expenditures

58,932,172

60,963,433

62,479,278

64,436,551

67,399,311

70,589,837

72,896,927

Surplus/(Deficit)

2,257,773

1,836,125

2,067,782

2,061,178

737,703

(654,810)

(1,131,522)


FY14 Budget maintain millage at 3.2512


FY14


FY15


FY16


FY17


FY18


FY19


FY20

Revenues

61,458,724

62,885,332

64,790,659

66,840,404

68,492,266

70,320,708

72,165,178

Expenditures

58,181,906

60,423,009

61,976,679

63,949,045

66,891,697

70,064,722

72,334,983

Surplus/(Deficit)

3,276,818

2,462,322

2,813,980

2,891,359

1,600,570

255,986

(169,805)


FY14 Budget w/3% increase in Tax Revenue


FY14


FY15


FY16


FY17


FY18


FY19


FY20

Revenues

60,730,282

62,135,036

64,017,855

66,044,416

67,672,398

69,476,244

71,295,380

Expenditures

58,181,906

60,423,009

61,976,679

63,949,045

66,891,697

70,064,722

72,334,983

Surplus/(Deficit)

2,548,376

1,712,027

2,041,176

2,095,371

780,702

(588,478)

(1,039,603)


FY14 Budget w/Rolled Back + PI Growth

Tax Revenue


FY14


FY15


FY16


FY17


FY18


FY19


FY20

Revenues

60,264,409

61,655,187

63,523,610

65,535,344

67,148,054

68,936,169

70,739,103

Expenditures

58,181,906

60,423,009

61,976,679

63,949,045

66,891,697

70,064,722

72,334,983

Surplus/(Deficit)

2,082,503

1,232,178

1,546,931

1,586,299

256,358

(1,128,552)

(1,595,879)


FY14 Budget w/Rolled Back Tax Revenue


FY14


FY15


FY16


FY17


FY18


FY19


FY20

Revenues

59,641,100

61,013,179

62,862,341

64,854,237

66,446,514

68,213,583

69,994,840

Expenditures

58,181,906

60,423,009

61,976,679

63,949,045

66,891,697

70,064,722

72,334,983

Surplus/(Deficit)

1,459,194

590,170

885,663

905,192

(445,182)

(1,851,138)

(2,340,143)



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Non Ad Valorem Revenue

Total non ad valorem revenues (excluding transfers of fund balance) are anticipated to decrease by $389,527 from the FY13 revenue budget. The differences by revenue type are described in detail, as follows:



Fund Balance


As of September 30, 2012, the Town’s unassigned General Fund balance was

$21,424,261. The Town Council authorized a transfer of $2,000,000 from the unassigned General Fund balance to the Coastal Protection Fund during FY13, leaving a balance of $19,424,261. Town policy requires that the General Fund maintain an unassigned fund balance of 25% of budgeted operating expenditures. This requires a


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minimum unassigned fund balance of $14,499,526 for the FY14 budget. Therefore, the Town’s unassigned General Fund balance is $4,924,735 above the policy required minimum for FY14. The proposed budget includes a transfer of $5,459,600 from fund balance reserves to fund the following items: coastal protection ($4,000,000), contingency reserve ($860,000) and compensated absence payouts ($599,600). The

compensated absence payouts will come from the compensated absence reserve. The coastal protection and contingency transfer will come from the Town’s unassigned General Fund balance, which will be re-set to almost exactly the 25% minimum set forth in the Town’s financial policies.


Personnel Complement


The total proposed personnel complement (for all funds Townwide) for FY14 is 348.44 full-time equivalent personnel (FTEP), which is a decrease of 5.0 FTEP from the adopted FY13 budget. This includes elimination of the following positions: 3 firefighters, a medical billing specialist, and a crime prevention specialist. As with all prior reductions in Town staffing, the elimination of these positions will be implemented without laying off any existing Town employees.


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In total, since peaking in FY07, Town staffing has decreased by 66.79 FTEP (16%) with no material reduction in the level or quality of service provided to Palm Beach residents. The Town now has fewer employees than in 1986. A chart of the FTEP by department is shown below.

Department/Fund

FY10

FY11

FY12

FY13

FY14

Town Manager

6.00

5.00

5.10

5.10

5.10

Information Systems

6.00

6.00

6.00

6.00

6.00

Human Resources

4.95

4.57

4.52

4.38

4.38

Finance

17.45

17.45

17.95

17.64

17.64

Planning, Building & Zoning

28.75

27.25

26.75

26.25

26.25

Fire-Rescue

90.20

86.40

82.90

79.90

75.90

Police

115.05

102.85

103.85

104.35

103.35

Public Works

97.75

86.35

86.85

88.02

88.04

Recreation Enterprise Fund

29.03

27.48

25.71

18.57

18.55

Risk Fund

1.00

1.00

1.00

1.00

1.00

Health Fund

1.10

0.53

0.80

0.79

0.79

Kruesler Park

2.20

2.00

0.00

0.00

0.00

OPEB Trust

0.50

0.45

0.72

0.73

0.73

Retirement Fund

0.00

0.00

0.50

0.71

0.71

Total Authorized Positions

399.98

367.33

362.65

353.44

348.44


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Inventory of Assets


The estimated inventory of parts, supplies, fuel and materials on hand as of October 1, 2013, will be approximately $500,000 and the total fixed asset inventory (which includes machinery, equipment, and vehicles with a value over $2,500 and computer equipment with a value over $1,500) will be approximately $17,700,000.


OTHER FUNDS


Below are highlights from the budgets for other Town funds. Additional information can be found in the back of the document after the General Fund information. The Town’s other funds include: Debt Service, Capital Improvement Funds, Recreation Enterprise Fund, Internal Service Funds (Health, Risk, Equipment Replacement), and Trust Funds (Pension and OPEB Trust).


Debt Service Funds (205, 206)


The Debt Service Funds provide for the payment of principal and interest on the Town’s outstanding bonds. During FY10, the Town authorized the issuance of $57,035,000 for a portion of the Town’s Accelerated Capital Improvement Program and refunding all of the Town’s existing debt. In addition, bonds totaling $14,770,000 were issued for the Worth Avenue Commercial District Project.


The Town’s outstanding debt as of September 30, 2013 is shown below:


Outstanding Principal Year Balance @ September

Issued 30, 2013 Purpose

2010A

$53,025,000

Finance the ACIP and refund outstanding debt.

2010B

$12,130,000

Worth Avenue Commercial District Project

Total

$65,155,000


As of September 30, 2013, the Town’s net bonded debt will amount to only 10.4% of the legal limit of $626,486,157 (5% of preliminary FY14 taxable value of $12,529,723,136).


The Town’s credit ratings were reevaluated with the issuance of the 2010 bonds. Moody’s Investors Service issued a rating of Aa1 for the Revenue Bonds and a Aaa issuer rating.

Standard and Poor’s credit rating on the Revenue Bonds is AA+ and the issuer credit rating is AAA. These are the highest ratings these two services issue and represent the highest quality investment grade debt. Standard and Poor’s recently reaffirmed the Town’s AAA and AA+ ratings. The S&P report is included with the fund balance survey report later in this document.



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The 2010A Series Revenue Bonds total debt service appropriation of $3,626,800 is funded from non-ad valorem revenues, including $126,300 funded through the Recreation Enterprise Fund for the Town’s portion of the Par 3 Renovation. The non-ad valorem revenue transfer from the General Fund for FY14 is $3,500,000 and interest earnings are estimated at $500.


The 2010B Series Revenue Bonds debt service appropriation of $775,000 is funded through non ad valorem assessments on the property owners within the Worth Avenue Assessment District.


Capital Improvement Funds (307, 309, 310, 311, 312, 313)


For FY14 the following are included in the proposed Pay As You Go capital budget:



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Staff looks forward to presenting the proposed FY14 budget and to assisting the Mayor and Town Council in your review, consideration, and adoption process.


cc: Department Directors

Thomas G. Bradford, Deputy Town Manager


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MEMORANDUM


To: Mayor and Town Council


Via: Peter B. Elwell, Town Manager From: Jane Struder, Finance Director Date: July 1, 2013

Subject: Fund Balance Survey Results


At the request of the Town Council, we prepared the attached survey of mostly coastal municipalities in the State of Florida. The survey includes the following information obtained from each of the municipalities’ Comprehensive Annual Financial Report for fiscal year ending September 30, 2011:


Results


The survey results are shown on the attached tables. The first table is sorted by the unassigned fund balance as a percentage of total general fund expenditures from highest to lowest. All but two of the municipalities surveyed (Boynton Beach and Sunny Isles Beach), exceeded their policy minimums.


The current Fund Balance policy of the Town of Palm Beach requires a minimum of 25% of General Fund Operating Expenditures. A copy of the Town Fund Balance policy is attached.



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The 25% minimum represents 3 months of operating expenditures. The data used for the survey was as of September 30, 2011. The Town’s unassigned fund balance at that time was $18,155,941 and equated to 32.84% of general fund operating expenditures. The updated balance as of September 30, 2012 is $21,424,261 and represents 35.88% of general fund operating expenditures. The FY12 fund balance exceeds the required minimum by $6,496,441. Of this amount, $2,000,000 has been transferred to the Coastal Protection Fund for future coastal projects leaving a balance of $4,496,441 that could be used for other one-time expenditures. We are proposing the transfer of $4,000,000 to the Coastal Protection Fund in the FY14 budget.


Bond Ratings and Reserves


The second table attached to this document is sorted by bond rating. The bond rating is included due to the importance of reserves to bond ratings. There are four AAA rated communities included in the survey: Palm Beach, Boca Raton, Palm Beach Gardens, and Jupiter.


The Town’s AAA rating was recently reconfirmed by Standard and Poor’s and is due in part to the Town’s strong management of its financial resources. Moody’s Investor Services rating methodology includes the following factors and the weights in determining the ratings for a government agency:


  • Economic Strength

40%

  • Financial Strength

30%

  • Management and Governance

20%

  • Debt Profile

10%


Economic Strength


Economic strength carries the greatest weight because the property tax base is the source of bondholder security and the economy provides the source of leverage to support municipal operations. Economic strength of a locality drives its ability to generate adequate financial resources either through property taxes, sales taxes or other revenues to meet operational and debt service needs.


Financial Strength


A strong financial position can mitigate economic vulnerabilities or, conversely, a weak financial position in an economically vibrant community may signal an inability to leverage a strong tax base. Financial flexibility is a key factor, as it provides insight into a local government’s ability to maintain or augment its financial position going forward ensuring a sufficient buffer to address any unexpected contingencies.


Key financial statistics used in the rating agencies’ analysis are General Fund balance as a percent of revenues and General Fund balance as a percent of expenditures. The ratios



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provide a measure of the financial reserves potentially available to fund unforeseen contingencies as well as expected future liabilities. The strength of a given level of fund balance varies depending on the particular issuer and its respective operating environment. Larger balances may be warranted if budgeted revenues are economically sensitive and therefore not easily forecasted, or to offset risk associated with tax base concentration, unsettled labor contracts, and/or pending litigation.


The two charts below show General Fund Unassigned Fund Balance as a percent of total revenues and total expenditures for the municipalities surveyed. Palm Beach is highlighted in yellow.


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Management and Governance


A strong financial position is correlated with the strength of management. To the degree that management is proactive and policies and procedures are institutionalized, a stable credit rating is more likely to be maintained. General Obligation bond ratings do not rise and fall with economic cycles; this stability is largely a reflection of local governments’ ability to manage through difficult times. The rating agencies assess the track record of budget versus actual performance and trends in revenues and expenditures to determine if realistic forecasting is used for the budget projections.


Fund balance policies and the adherence to these policies increases the likelihood that sufficient levels of fund balance will be maintained, regardless of economic cycles or administrative turn-over. The fiscal policies of a well-managed municipality typically incorporate a plan related to reserves that establishes target and minimum fund balance levels, and specifies when they can be used. Policies that set fund balance levels based on the degree of fiscal vulnerability faced by a particular municipality (including such things as the cyclicality of its revenue streams, the volatility of expenditure items and the likelihood of natural disasters) are generally more effective than those that do not. The rating agencies place more reliance on policies when they are in writing and have been adopted by the government in some formalized manner. An adopted policy indicates to the rating agencies that government officials have discussed the policy in full and reached consensus and that the policy is likely to remain in place with a change in management.


The rating agencies also see value in the development of multi-year fiscal plans. Long term financial plans that encompass periods from three to ten years provide useful information about a municipality’s finances such as the level of revenue growth necessary to fund particular spending levels, or the impact that a slowdown in revenue or materially higher spending levels could have on fiscal stability.


Debt Profile


A governments debt burden trends are an indicator of a population’s capacity to absorb additional obligations. Formalized debt planning and debt policies provide bondholders with reassurances that debt burdens and operational debt costs will be kept at manageable levels while ongoing capital needs continue to be met. The rating agencies value the ability of management to incorporate capital improvement plans into debt projects and multi-year operating projections that identify how both debt levels and operating capital expenditures will impact the balance sheet and financial operations.


The rating agencies also analyze how much debt the economic base is supporting, the flexibility to absorb additional borrowing needs, expected future borrowing needs and the resulting impacts.


The above summary of rating agency methodology has been provided as a guide. Many of the municipalities surveyed did not have a bond rating. Of those without a rating, some of them did not have any debt; others had debt that was not rated due to the purchase of bond


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insurance. Issuers are responsible for paying a rating fee to each rating agency that assigns ratings to the bond issue. Some issuers choose not to obtain a rating and purchase bond insurance instead.


Bond insurance is a form of credit enhancement that generally results in the rating of the insured security being higher than the rating the bond would have absent the insurance. Bond insurance results in a savings in interest cost to the issuer reflecting the different yield payable on an insured bonds from the yield on the same bond if not insured.


Since 2007, the bond insurers own credit ratings came under review due to the subprime mortgage exposure. In 2007, seven insurers were AAA rated. Today none of the insurers are rated AAA, thus making an issuer’s own credit rating important if they plan to issue debt.


Government Finance Officers Association (GFOA) Fund Balance Recommendation


The GFOA Best Practice recommends that governments establish a formal policy on the level of unrestricted fund balance that should be maintained in the general fund. Such a guideline should be set by the appropriate policy body and should provide both a temporal framework and specific plans for increasing or decreasing the level of unrestricted fund balance, if it is inconsistent with that policy.


The adequacy of unrestricted fund balance in the general fund should be assessed based upon a government’s own specific circumstances. Nevertheless, GFOA recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures. The choice of revenues or expenditures as a basis of comparison may be dictated by what is more predictable in a government’s particular circumstances. Furthermore, a government’s particular situation often may require a level of unrestricted fund balance in the general fund significantly in excess of this recommended minimum level. In any case, such measures should be applied within the context of long-term forecasting, thereby avoiding the risk of placing too much emphasis upon the level of unrestricted fund balance in the general fund at any one time.


In establishing a policy governing the level of unrestricted fund balance in the general fund, a government should consider a variety of factors, including:



Furthermore, governments may deem it appropriate to exclude from consideration resources that have been committed or assigned to some other purpose and focus on unassigned fund balance rather than on unrestricted fund balance.


Conclusion


Our minimum required fund balance (25% of annual expenditures, equal to 3 months operating revenue) is higher than the GFOA recommended minimum (16.6% of annual expenditures, equal to 2 months operating revenue). We believe that because of the Town’s susceptibility to hurricanes and the cost associated with debris cleanup and damage repair, the 25% level is prudent.


For your convenience, attached are a copy of the Town’s current Fund Balance policy adopted by Town Council on August 9, 2011, a copy of the Reserve Status report from the FY2013 – 2023 Long Term Financial Plan, and a copy of the recent Standard and Poor’s report reconfirming our AAA rating.


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Municipality


Bond Rating


Population


FY 11 Taxable Value


Millage Rate


Direct Millage Rate


General Fund Unassigned Fund Balance


Property Tax Revenue


General Fund Revenues


Property Tax as a % of Total Revenue

Unassigned Fund Balance as a % of Total Revenue


General Fund Expenditures

Unassigned Fund Balance as a % of General Fund Operating Expenditures


Policy Minimum

North Palm Beach

(N/A)

12,015

1,544,203,050

22.6772

6.9723

10,688,660

10,441,869

18,593,697

56.2%

57.5%

16,611,005

64.35%

(N/A)

Lantana

(N/A)

10,423

721,056,235

22.4024

3.2395

5,407,467

2,264,606

8,279,387

27.4%

65.3%

8,922,844

60.60%

25.00%

Manalapan

(N/A)

406

942,000,000

17.9800

2.8964

1,983,867

2,560,796

3,655,877

70.0%

54.3%

3,504,741

56.61%

(N/A)

Juno Beach

(N/A)

3,181

934,444,485

22.8063

2.9000

2,780,475

2,612,852

4,748,298

55.0%

58.6%

5,280,874

52.65%

50.00%

Wellington

AA+

56,752

5,396,893,082

21.6283

2.5000

14,135,136

12,414,291

29,806,462

41.6%

47.4%

27,811,952

50.82%

25-29%

South Palm Beach

(N/A)

1,171

263,296,029

24.0863

4.3174

777,414

1,178,180

1,834,619

64.2%

42.4%

1,643,943

47.29%

(N/A)

Naples

(N/A)

19,537

14,860,139,149

11.3263

1.1800

15,508,265

17,872,322

32,909,974

54.3%

47.1%

33,112,581

46.83%

16-30%

Ocean Ridge

A-

1,786

658,028,381

21.5618

5.2500

2,147,160

3,454,649

5,012,019

68.9%

42.8%

4,928,894

43.56%

(N/A)

Sanibel

(N/A)

6,469

4,212,115,621

17.0092

2.5908

4,125,963

8,742,177

13,448,568

65.0%

30.7%

9,635,632

42.82%

17.00%

Marco Island

AA

16,413

8,271,255,049

12.1047

1.5860

6,363,876

15,882,920

21,934,795

72.4%

29.0%

15,890,952

40.05%

25.00%

Jupiter

AAA

55,542

8,560,492,610

20.7921

2.8300

15,189,275

19,412,783

37,979,115

51.1%

40.0%

39,875,939

38.09%

none

Jupiter Island

AA

817

1,857,515,071

18.2939

5.0794

2,280,041

6,285,831

6,832,237

92.0%

33.4%

6,519,627

34.97%

25.00%

Palm Beach

AAA

8,348

11,530,477,889

18.3348

3.2512

18,155,941

36,635,343

58,619,468

62.5%

31.0%

55,278,137

32.84%

25.00%

Islamorada

(N/A)

6,119

2,722,252,000

10.5300

2.2800

2,974,676

6,010,989

9,907,494

60.7%

30.0%

9,133,980

32.57%

20.00%

Palm Beach Gardens

AAA

48,452

7,924,777,476

21.6096

5.9225

20,964,535

45,094,498

65,908,792

68.4%

31.8%

65,711,020

31.90%

17.00%

Riviera Beach

(N/A)

32,488

3,023,788,225

24.7015

8.9980

13,458,237

28,608,931

50,320,673

56.9%

26.7%

47,385,165

28.40%

(N/A)

Key West

AA-

24,649

4,968,809,000

11.1648

2.9132

9,260,440

14,816,373

35,090,113

42.2%

26.4%

38,783,769

23.88%

20-25%

Longboat Key

AA-

6,888

4,644,605,951

14.7045

1.9588

3,369,650

9,247,176

12,693,689

72.8%

26.5%

14,942,456

22.55%

(N/A)

Delray Beach

AA-

60,831

6,249,668,019

22.8869

7.8033

18,682,823

47,467,480

89,761,392

52.9%

20.8%

90,549,314

20.63%

15-25%

Boca Raton

AAA

84,392

16,421,101,926

19.8047

3.7225

22,339,887

54,202,491

116,053,324

46.7%

19.2%

116,358,579

19.20%

10.00%

Sunny Isles Beach

(N/A)

20,832

5,628,162,893

21.0453

2.8860

3,152,322

15,315,309

29,320,568

52.2%

10.8%

24,957,637

12.63%

25.00%

Boynton Beach

AA-

68,217

3,889,477,697

22.4675

6.7626

3,875,447

21,941,677

44,812,260

49.0%

8.6%

68,847,652

5.63%

10-20%

West Palm Beach

AA-

99,919

8,147,184,810

23.6305

8.5469

6,874,377

71,862,765

136,679,805

52.6%

5.0%

124,206,251

5.53%

(N/A)

26



Municipality


Bond Rating


Population


FY 11 Taxable Value


Millage Rate


Direct Millage Rate


General Fund Unassigned Fund Balance


Property Tax Revenue


General Fund Revenues


Property Tax as a % of Total Revenue

Unassigned

Fund Balance as a % of Total Revenue


General Fund Expenditures

Unassigned

Fund Balance as a % of General Fund Expenditures


Policy Minimum

Palm Beach

AAA

8,348

11,530,477,889

18.3348

3.2512

18,155,941

36,635,343

58,619,468

62.5%

31.0%

55,278,137

32.84%

25.00%

Boca Raton

AAA

84,392

16,421,101,926

19.8047

3.7225

22,339,887

54,202,491

116,053,324

46.7%

19.2%

116,358,579

19.20%

10.00%

Palm Beach Gardens

AAA

48,452

7,924,777,476

21.6096

5.9225

20,964,535

45,094,498

65,908,792

68.4%

31.8%

65,711,020

31.90%

17.00%

Jupiter

AAA

55,542

8,560,492,610

20.7921

2.8300

15,189,275

19,412,783

37,979,115

51.1%

40.0%

39,875,939

38.09%

none

Wellington

AA+

56,752

5,396,893,082

21.6283

2.5000

14,135,136

12,414,291

29,806,462

41.6%

47.4%

27,811,952

50.82%

25-29%

Jupiter Island

AA

817

1,857,515,071

18.2939

5.0794

2,280,041

6,285,831

6,832,237

92.0%

33.4%

6,519,627

34.97%

25.00%

Marco Island

AA

16,413

8,271,255,049

12.1047

1.5860

6,363,876

15,882,920

21,934,795

72.4%

29.0%

15,890,952

40.05%

25.00%

West Palm Beach

AA-

99,919

8,147,184,810

23.6305

8.5469

6,874,377

71,862,765

136,679,805

52.6%

5.0%

124,206,251

5.53%

(N/A)

Boynton Beach

AA-

68,217

3,889,477,697

22.4675

6.7626

3,875,447

21,941,677

44,812,260

49.0%

8.6%

68,847,652

5.63%

10-20%

Delray Beach

AA-

60,831

6,249,668,019

22.8869

7.8033

18,682,823

47,467,480

89,761,392

52.9%

20.8%

90,549,314

20.63%

15-25%

Key West

AA-

24,649

4,968,809,000

11.1648

2.9132

9,260,440

14,816,373

35,090,113

42.2%

26.4%

38,783,769

23.88%

20-25%

Ocean Ridge

A-

1,786

658,028,381

21.5618

5.2500

2,147,160

3,454,649

5,012,019

68.9%

42.8%

4,928,894

43.56%

(N/A)

Sunny Isles Beach

(N/A)

20,832

5,628,162,893

21.0453

2.8860

3,152,322

15,315,309

29,320,568

52.2%

10.8%

24,957,637

12.63%

25.00%

Riviera Beach

(N/A)

32,488

3,023,788,225

24.7015

8.9980

13,458,237

28,608,931

50,320,673

56.9%

26.7%

47,385,165

28.40%

(N/A)

Islamorada

(N/A)

6,119

2,722,252,000

10.5300

2.2800

2,974,676

6,010,989

9,907,494

60.7%

30.0%

9,133,980

32.57%

20.00%

Sanibel

(N/A)

6,469

4,212,115,621

17.0092

2.5908

4,125,963

8,742,177

13,448,568

65.0%

30.7%

9,635,632

42.82%

17.00%

Naples

(N/A)

19,537

14,860,139,149

11.3263

1.1800

15,508,265

17,872,322

32,909,974

54.3%

47.1%

33,112,581

46.83%

16-30%

South Palm Beach

(N/A)

1,171

263,296,029

24.0863

4.3174

777,414

1,178,180

1,834,619

64.2%

42.4%

1,643,943

47.29%

(N/A)

Juno Beach

(N/A)

3,181

934,444,485

22.8063

2.9000

2,780,475

2,612,852

4,748,298

55.0%

58.6%

5,280,874

52.65%

50.00%

Manalapan

(N/A)

406

942,000,000

17.9800

2.8964

1,983,867

2,560,796

3,655,877

70.0%

54.3%

3,504,741

56.61%

(N/A)

Lantana

(N/A)

10,423

721,056,235

22.4024

3.2395

5,407,467

2,264,606

8,279,387

27.4%

65.3%

8,922,844

60.60%

25.00%

North Palm Beach

(N/A)

12,015

1,544,203,050

22.6772

6.9723

10,688,660

10,441,869

18,593,697

56.2%

57.5%

16,611,005

64.35%

(N/A)


image

Financial Policies


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Town of Palm Beach, Florida Subject Policy: Fund Balance Approved: August 9, 2011

Update: July 12, 2012


image


Purpose: The Town hereby establishes and will maintain Fund Balance, as defined herein, in accordance with Governmental Accounting and Financial Standards Board Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. Fund Balance shall be composed of non-spendable, restricted, committed, assigned and unassigned amounts.


A Fund Balance Policy is adopted to establish a level of funding that protects against unanticipated events that would adversely affect the financial condition of the Town and jeopardize the continuation of necessary public services. The policy also is established to secure and maintain investment-grade credit ratings, meet seasonal shortfalls in cash flow, and guard against revenue shortfalls. Fund balance information is used to identify the available resources for tax stabilization or enhance the financial position of the Town, in accordance with policies established by the Town Council.


This Fund Balance Policy establishes:


  1. Fund balance policy for the general fund;

  2. Reservations of fund balance for the general fund;

  3. The method of budgeting the amount of estimated unrestricted fund balance available for appropriation during the annual budget adoption process (prior to the actual, audited fund balance being known); and

  4. Establish a spending order of fund balances.


Fund Balance Policy:


  1. Restricted Fund Balance –Amounts that can be spent only for specific purposes stipulated by (a) external resource providers such as creditors (by debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation will be budgeted and reported in special revenue funds,



    27


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    Financial Policies


    image

    capital project funds or debt service funds. There is no restricted fund

    balance in the General Fund.


  2. Committed Fund Balance – Commitment of fund balance may be made for such purposes including, but not limited to, a) major maintenance and repair projects; b) meeting future obligations resulting from a natural disaster; c) accumulating resources pursuant to stabilization arrangements; d) establishing reserves for disasters; and/or e) for setting aside amounts for specific projects or purposes.


    Commitment of fund balance may be made from time-to-time by ordinance of the Town Council. Commitments may be changed or lifted only by the Town Council taking the same formal action that imposed the constraint originally (ordinance). The use of committed fund balances will be considered in conjunction with the annual budget adoption process or by budget amendment approved by Ordinance of the Town Council during the fiscal year.


  3. Assigned Fund Balance – Assignment of fund balance may be a) made for a specific purpose that is narrower than the general purposes of the government itself; and/or b) used to reflect the appropriation of a portion of existing unassigned fund balance to eliminate a projected deficit in the subsequent year’s budget in an amount no greater than the projected excess of expected expenditures over expected revenues.


    Assigned fund balance shall reflect management’s intended use of resources as set forth in the annual budget (and any amendments thereto). Assigned fund balance may or may not be appropriated for expenditure in the subsequent year depending on the timing of the project/reserve for which it was assigned.


  4. Non-Spendable Fund Balance – Non-spendable fund balance is established to report items that are not expected to be converted to cash such as inventory and prepaid items; items not currently in cash form such as the long-term amount of loans and notes receivable; and, items legally or contractually required to be maintained intact.


  5. Minimum Level of Unassigned Fund Balance – Unassigned fund balance is the residual classification for the general fund and represents fund balance that has not been restricted, committed or assigned to specific purposes within


28


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Financial Policies


image

the general fund. The Town will maintain a minimum level of 25% of general

fund operating expenditures.


If after the annual audit, prior committed or assigned fund balance causes the unassigned fund balance to fall below 25% of general fund operating expenditures, the Town Manager will so advise the Town Council in order for necessary action to be taken to restore the unassigned fund balance to 25% of General Fund operating expenditures.


The Town Manager will prepare and submit a plan to the Town Council, that may include expenditure reductions, revenue increases, use of non-recurring revenues, budget surpluses and excess resources in other funds to restore fund balance to the minimum level. The Town shall take action necessary to restore the unassigned fund balance to acceptable levels within two years.


When an expenditure is incurred for purposes for which both restricted and unrestricted (committed, assigned, or unassigned) amounts are available, it is the Town’s policy to reduce restricted amounts first. When an expenditure is incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used, it is the Town’s policy to reduce committed amounts first, followed by assigned amounts, then unassigned amounts.


Reservations of Fund Balance (General Fund)


Committed Fund Balance – There are no current commitments of fund balance in the General Fund.


Assigned Fund Balance


The Town Council hereby establishes the following assignment of fund balance in the General Fund:


  1. East Central Regional Wastewater Treatment Facility Debt Service – A reserve equal to the Town’s portion of the future debt service on the 1993 loan for the improvements to the East Central Regional Wastewater Treatment Facility. The reserve will be adjusted annually to reflect the outstanding debt service.


  2. Compensated Absence Reserve – To fund the value of accrued compensated absences. The reserve includes accrued vacation, sick time and compensatory time and related payroll tax liability. The reserve will be adjusted annually during the year-end process and will be funded at a



    29


    image

    Financial Policies


    image

    rate of 100% of the fiscal year end accrued balance. The Town Council

    will annually give consideration to appropriate funds from this reserve based upon estimated pay-outs of eligible accrued vacation, sick and compensatory time and the related payroll tax liability.


  3. Assignment to Subsequent Year’s Budget – The subsequent year’s budget fund balance is assigned by the Town management as set forth in the annual budget (and any amendments thereto) to appropriate a portion of existing unassigned fund balance to eliminate projected deficit in the subsequent year’s budget in an amount no greater than the projected excess of expected expenditures over expected revenues.


Budgeting


  1. Appropriation of Unrestricted Fund Balance – The actual amount of unrestricted fund balance (total of committed fund balance assigned fund balance and unassigned fund balance) is not known until the completion of the annual audit which takes place within six months after the end of the fiscal year being audited. However, an estimate of unrestricted fund balance (also called estimated beginning fund balance) will be made and reported during the annual budget adoption process (June through September) which is prior to the end of the fiscal year, September 30th.


  2. Estimated Beginning Fund Balance – In order to achieve the most accurate estimate possible, the Finance Department shall project both Sources of Funds (revenues, prior years unrestricted fund balances carried forward and other financing sources) and Uses of Funds (operating and non-operating expenditures), including accruals, for each governmental fund through September 30th of the current fiscal year. These projections will be shown for each fund in the proposed and final budget documents. The difference between the estimated actual sources of funds and estimated actual uses of funds is the calculated estimated beginning fund balance for the subsequent fiscal year. If planned for use in the subsequent fiscal year, committed and assigned fund balance may be included in the estimated beginning fund balance.


  3. Estimated Ending Fund Balance – For the year being budgeted, a calculation of estimated ending fund balance shall be made. This calculation shall be the difference between the budgeted sources of funds and the budgeted uses of funds as described above.


30


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Financial Policies


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If after the annual audit, the actual general fund unassigned fund balance is

greater than 25% of operating expenditures in the general fund, the excess may be used in one or a combination of the following ways:


  1. Left in the general fund to earn interest and roll forward into the subsequent year’s beginning fund balance;

  2. Appropriated by the Town Council for a one-time expenditure or opportunity that does not increase recurring operating costs; or

  3. Temporary revenue shortfalls or unpredicted one-time expenditures due to a severe economic downturn or other major event(s) affecting the General Fund.


Spending Order of Fund Balances: The Town will use excess unassigned fund balance first before spending any of the unassigned fund balance below 25%.

Annual Review and Determination of Fund Balance Policy: Compliance with the provisions of this policy shall be reviewed as a part of the annual budget adoption process, and the estimated amounts of restricted, committed assigned, non-spendable and minimum level of unassigned fund balance shall be determined during this process. The Town Manager will report the preliminary status of fund balance in the annual budget.


Responsibility: It will be the responsibility of the Town Manager and the Finance Director to implement this policy.


Effective Date: This policy shall take effect immediately upon adoption and will be applied beginning with the preparation of the Town’s September 30, 2012 Comprehensive Annual Financial Report and adoption of the Town’s Fiscal Year 2012-2013 Budget.


Update: Update shall take effect immediately upon adoption and will be applied with the preparation of the Town’s September 30, 2013 Comprehensive Annual Financial Report.


31


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Financial Policies


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DEFINITIONS


Fund Balance – As defined by the Governmental Accounting, Auditing and Financial Reporting of the Government Finance Officers Association, fund balance is “The difference between assets and liabilities reported in a governmental fund.”


Non-Spendable Fund Balance – Amounts that are (a) not in a spendable form or

  1. legally or contractually required to be maintained intact. “Not in spendable form” includes items that are not expected to be converted to cash (such as inventories and prepaid amounts) and items such as long-term amount of loans and notes receivable, as well as property acquired for resale. The principal of a permanent fund is an example of an amount that is legally or contractually required to be maintained intact.


    Restricted Fund Balance – Amounts that can be spent only for specific purposes stipulated by (a) external resource providers such as creditors (by debt covenants), grantors, contributors, or laws or regulations or other governments; or (b) imposed by law through constitutional provisions or enabling legislation.


    Committed Fund Balance – Amounts that can be used only for the specific purposes determined by a formal action (ordinance or resolution) of the Town Council. Commitments may be changed of lifted only by the Town Council taking the same formal action (ordinance or resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.


    Assigned Fund Balance – Includes spendable fund balance amounts established by management of the Town that are intended to be used for specific purposes that are neither considered restricted or committed.


    Unassigned Fund Balance - Unassigned fund balance is the residual classification for the general fund and represents fund balance that has not been assigned to other funds and that has not been restricted, committed or assigned to specific purposes within the general fund. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those specific purposes.


    Unrestricted Fund Balance – The total of committed fund balance, assigned fund balance and unassigned fund balance.


    Reservations of Fund Balance – Reserves established by the Town Council or by Town Management.


    32


    Reserve Status LTFP 2013



    image

    Town of Palm Beach Reserves


    The Town Council has adopted eighteen financial policies, fifteen of which address reserves. The reserve policies serve to safeguard the Town’s financial resources and ensure fiscal stability. The size of a municipality’s fund balance can affect its ability to withstand financial emergencies. Reserves can also be used to accumulate funds for capital purchases or capital projects without having to borrow.


    Unassigned Fund Balance - General Fund


    image

    Pursuant to adopted policy, the unassigned fund balance for the General Fund is to be maintained at a minimum level of 25% of current year General Fund budgeted expenditures. This minimum level is to be maintained to protect the Town

    against economic downturns, temporary revenue shortfalls, unpredicted one-time expenditures, and for tax rate stabilization purposes. Twenty-five percent of the FY13 General Fund operating budget of

    $59,711,280 is $14,927,820. The FY12

    ending fund balance is $21,424,261. This amount represents 35.88% of FY13 budgeted operating expenditures or approximately $6,496,441 over the required


    25,000,000


    20,000,000


    15,000,000


    10,000,000


    5,000,000


    0

    General Fund


    2008 2009 2010 2011 2012


    37.00%


    36.00%


    35.00%


    34.00%


    33.00%


    32.00%


    31.00%


    30.00%


    29.00%


    28.00%


    27.00%

    minimum level of 25%.

    Fund Balance 23,005,185 20,980,277 18,394,714 18,155,941 21,424,261

    % of budget 35.52% 33.39% 30.60% 31.02% 35.88%


    The General Fund Undesignated Fund Balance has consistently exceeded the required minimum level of 25%. The chart details the General Fund Undesignated Fund Balance and the percent of budgeted expenditures the balance represents. For the FY13 budget, a transfer of $843,000 from fund balance was used to fund the contingency reserve as directed by policy. During FY13, the Town Council approved a budget amendment transferring $2,000,000 from the undesignated fund balance to the coastal protection fund for future coastal projects.


    image

    Reserves - Risk Fund


    The total reserve balance for the Risk Fund is $7,990,553 as of September 30, 2012.

    Out of this reserve balance, the Town funds the Reserve for Catastrophic Exposures/Emergencies - Risk Fund in the amount of $2,500,000 and the Contingency Reserve for $500,000. The trend for the Risk Fund Reserve is shown in the table.


    image

    1. Town of Palm Beach


      33


      Reserve Status LTFP 2013


      image

      Reserve for Catastrophic Exposures/Emergencies - Risk Fund


      The Reserve for Catastrophic Exposures/Emergencies for the Risk Fund is funded at a minimum of

      $2,500,000. This reserve was established to set aside emergency funds to protect the Town against the potential financial impacts large judgments in excess of insurance coverage and the financial impacts of response to and recovery from a man-made or natural emergency situation. In addition, the reserve can be used in response to increases in premium rates and/or loss fund increases. This reserve is funded with a budget appropriation from the Net Asset reserves of the Risk Fund.


      Enterprise Fund Reserves


      The Recreation Enterprise Fund reserve is to be maintained at a minimum level of 25% of budgeted revenues totaling $1,230,325 for FY13. The purpose of the reserve is to provide an adequate level of net assets for unanticipated financial impacts as well as to provide for one-time expenditures to improve the facilities.


      image

      The Town’s enterprise fund includes the operations of the Town Docks, the Par 3 Golf Course, tennis activities and youth and

      adult recreation programs.


      At the end of FY12, the net asset balance for the Recreation Enterprise Fund (REF) is $3,697,167. Separate reserves have been set aside from this amount for the dock replacement, Par 3 Improvements, tennis improvements and equipment replacement.


      At the end of FY12, $2,395,723 had been set aside in the Dock Replacement Reserve. The Dock Replacement reserve was created to fund the replacement cost of the construction of the Town’s docks whenever it is determined they must be replaced. The replacement reserve is to be maintained at 100% of accumulated depreciation plus accumulated interest earned on the reserve.


      The Par 3 Golf Course charges an additional $2 per round to fund a maintenance and improvement reserve. At the end of FY12, the balance was $162,138.


      In FY10, a maintenance and improvement fee was implemented for the Tennis program. This reserve at the end of FY12 totaled $23,867 and has been set aside for improvements to the tennis centers.


      The Recreation Enterprise Fund’s equipment replacement reserve allows for the purchase of capital equipment and is funded with accumulated replacement cost depreciation from Recreation Net Assets. The balance in the REF Equipment Replacement Fund is $397,132 as of September 30, 2012.


      image

    2. Town of Palm Beach


      34


      Reserve Status LTFP 2013


      image

      Equipment Replacement Fund


      image

      The Townwide Equipment Replacement Fund is intended to fund the replacement cost of existing equipment, vehicles and computers when they reach the end of their useful life. This reserve significantly reduces the budgetary fluctuations due to purchases of large pieces of equipment and ensures compliance with the fixed asset inventory and depreciation schedule required by GASB34.


      The balance in the Equipment Replacement

      Fund for year-end FY12 is $14,870,188. For FY13, income including the depreciation transfer will total $2,135,969 and expenditures for capital equipment are budgeted at $1,073,703.


      Designation of General Fund Balance for Payment of Liability Related to Compensated Absences Leave Balances


      A Reserve for Compensated Absences reduces the budgetary fluctuations due to the payout of accrued leave time to employees when they leave Town service. This reserve is funded at a rate of 100% of the fiscal year end accrued leave balances. Funds are appropriated annually from this reserve based upon estimates of pay-outs of eligible accrued vacation, sick and compensatory time and the related payroll tax liability. The balance in the reserve as of September 30, 2012, is

      $3,315,135. The FY13 appropriation for the pay-out of eligible accrued vacation, sick and compensatory time from this reserve is $314,033.


      image

      Health Insurance Reserve


      The balance of the reserve in the Health Fund at the end FY12 is $3,234,334. These reserves guard against any deficiencies in the Town’s self insurance health fund for current employees’ insurance expenditures.


      image

    3. Town of Palm Beach


      35


      Reserve Status LTFP 2013


      image

      OPEB (Other Post Employment Benefits) Trust


      image

      The Town’s OPEB Trust Fund was established to comply with GASB Statements 43 and 54, which required the establishment of a liability for actuarially determined costs of retiree health benefits. This fund is overseen by the Town’s Investment Advisory Committee. The net asset balance in this trust is $20,942,253 as of September 30, 2012. The actuarially determined transfer from the General Fund for the OPEB liability for FY13 is $1,769,000. The Town continues to be well ahead of other government agencies in funding this liability.


      image

      Retirement Funds


      The Town’s three Retirement Funds for General Employee, Police Officers, and Firefighters, were consolidated into the Employee’s Retirement Fund in FY12. The net assets of the consolidated fund at the end of FY12 were $187,286,530. Improved investment performance in FY12 increased net assets of the fund by $16,721,789.


      Contingency Reserves


      Contingency reserves were established for the General Fund, Capital Fund, Equipment Replacement Fund, Recreation Enterprise Fund, Risk Insurance Fund and Health Insurance Fund to provide for unanticipated unbudgeted expenditures of a nonrecurring nature. The amount of the General Fund Contingency has been funded at 1.5% of the FY13 budget. The Capital Fund Contingency is appropriated at 10% of the capital budget, while the Equipment Replacement Fund, Risk, and Health Contingency Reserves are appropriated at $500,000 each. The Recreation Enterprise Fund Contingency is funded at 5% of the operating expenses. All of the contingency reserves are annually appropriated in the budget process from the net asset reserves of each of the funds. In most years a small amount from the contingency is allocated for expenditures through an affirmative vote of the Town Council.


      The table on the following page identifies the contingency balances appropriated in the FY12 and the FY13 budgets:


      image

    4. Town of Palm Beach


      36


      Reserve Status LTFP 2013


      image

      Contingency Reserves FY2012 and FY2013


      Fund

      FY2012

      Budget

      FY2013

      Budget

      General Fund

      $807,397

      $843,000

      Capital Fund

      $181,000

      $201,000

      Equipment Replacement Fund

      $500,000

      $500,000

      Risk Fund

      $500,000

      $500,000

      Health Fund

      $500,000

      $500,000

      Recreation Enterprise Fund

      $155,000

      $235,600


      Undesignated Fund Balance/Retained Earnings Summary


      image

      All reserves are at or over the policy established minimum. The financial strength of the Town can be measured by the health of its reserves. The rating agencies look closely at the fund balance levels and the financial policies in place when rating a municipality. In 2010, the rating agencies reviewed the Town’s credit ratings in preparation for the issuance of the 2010 Bonds. They cited the Town’s healthy reserves, solid fiscal policies, and conservative management practices as some of the reasons for our exceptional bond ratings. Moody’s Investors Service gave the Town an Aa1 for the 2010 Revenue Bonds and confirmed the Town’s Aaa issuer credit rating. Standard and Poor’s issued a AA+ credit rating on the 2010 Revenue bonds confirmed the Town’s issuer credit rating of AAA. These Revenue Bond ratings and issuer credit ratings are the highest ratings these two services issue and represent the highest quality investment grade debt.


      The table and the chart on the following page summarize the trend of the unassigned fund balance, net asset balances, compensated absence, and replacement reserve balances for FY08 through estimated FY12.


      image

    5. Town of Palm Beach


      37


      Reserve Status LTFP 2013


      image

      Reserve Balances Fiscal Years 2008 – 2012



      Fund

      2008

      2009

      2010

      2011

      2012

      General Fund

      23,005,185

      20,980,277

      18,394,714

      18,155,941

      21,424,261

      Compensated Absence (GF)


      2,962,197


      3,333,242


      3,065,810


      3,621,915


      3,315,135

      Equipment Replacement Fund


      11,933,362


      10,840,088


      11,667,524


      13,672,222


      14,870,188

      Recreation Enterprise Fund

      2,035,289

      1,050,115

      294,764

      413,966

      707,381

      Recreation ERF

      321,863

      351,468

      426,749

      458,002

      397,132

      Dock Replacement

      1,772,062

      196,718

      2,084,181

      2,240,125

      2,395,723

      Par 3 M&I Reserve

      223,753

      0

      50,872

      108,722

      162,138

      Tennis M&I reserve

      0

      0

      8,446

      16,418

      23,867

      Health Fund

      1,660,969

      1,845,717

      2,565,197

      2,683,896

      3,234,334

      Risk Fund

      6,589,271

      7,620,642

      6,669,596

      6,863,675

      7,990,553

      Health - OPEB Trust

      15,785,880

      15,898,539

      17,524,179

      18,173,086

      20,942,253

      Pension Fund

      167,937,995

      163,129,393

      174,544,804

      170,564,741

      187,286,530

      Total

      234,227,826

      225,246,199

      237,296,836

      236,972,759

      262,749,495


      image


      image

    6. Town of Palm Beach


      38

      image


      39

      image


      40

      image


      41

      image


      42

      image

      FY 14 Budget Summary by Fund Type, Revenues and Expenditures


      Debt

      Capital

      Internal

      Trust &

      General

      Service

      Projects

      Enterprise

      Service

      Agency

      Totals


      Revenues

      Ad Valorem Taxes

      $36,882,180

      $0

      $0

      $0

      $0

      $0

      $36,882,180

      Non Ad Valorem Taxes

      7,367,500

      0

      0

      0

      0

      0

      7,367,500

      Licenses and Permits

      6,588,200

      0

      0

      0

      0

      0

      6,588,200

      Intergovernmental

      1,052,000

      0

      1,000,000

      0

      0

      0

      2,052,000

      Charges for Services

      3,552,275

      0

      0

      4,981,300

      6,751,500

      0

      15,285,075

      Fines and Forfeitures

      1,181,000

      0

      0

      0

      0

      0

      1,181,000

      Contributions

      0

      0

      0

      0

      0

      7,171,638

      7,171,638

      Interest Earnings

      425,500

      1,000

      76,400

      3,100

      68,500

      15,919,169

      16,493,669

      Miscellaneous

      247,845

      0

      10,000

      0

      30,000

      930,690

      1,218,535

      Special Assessments

      0

      775,000

      273,261

      0

      0

      0

      1,048,261

      Interfund Transfers

      885,000

      3,654,863

      8,884,194

      0

      1,876,000

      1,506,000

      16,806,057

      Subtotal

      58,181,500

      4,430,863

      10,243,855

      4,984,400

      8,726,000

      25,527,497

      112,094,115

      Appropriations from

      Fund Balance

      5,459,600

      4,200

      19,130,534

      235,768

      10,987,231

      0

      35,817,333

      Total Revenues

      $63,641,100

      $4,435,063

      $29,374,389

      $5,220,168

      $19,713,231

      $25,527,497

      $147,911,448


      Expenditures

      Salaries and Wages

      $24,273,881

      $0

      $0

      $1,297,374

      $140,824

      $97,397

      $25,809,476

      Employee Benefits

      12,537,983

      0

      0

      507,874

      5,094,095

      2,509,500

      20,649,452

      Contractual

      8,417,843

      0

      211,125

      1,229,400

      1,626,943

      18,279,100

      29,764,411

      Commodities

      1,701,960

      0

      0

      246,900

      4,855

      300

      1,954,015

      Capital Outlay

      132,645

      0

      28,632,165

      80,200

      2,977,895

      0

      31,822,905

      Depreciation

      1,877,935

      0

      0

      597,900

      1,600

      0

      2,477,435

      Debt Service

      0

      4,393,700

      0

      0

      0

      0

      4,393,700

      Interfund Transfers

      13,541,194

      0

      253,563

      1,011,300

      5,867,019

      0

      20,673,076

      Other

      1,157,659

      11,500

      205,000

      249,220

      4,000,000

      0

      5,623,379

      Subtotal

      63,641,100

      4,405,200

      29,301,853

      5,220,168

      19,713,231

      20,886,297

      143,167,849

      Transfer to Fund

      Balance/Retained

      Earnings

      0

      29,863

      72,536

      0

      0

      4,641,200

      4,743,599

      Total Expenditures

      $63,641,100

      $4,435,063

      $29,374,389

      $5,220,168

      $19,713,231

      $25,527,497

      $147,911,448


      Financial Ratios

      Debt

      Capital

      Internal

      Trust &

      General

      Service

      Projects

      Enterprise

      Service

      Agency

      Total

      Ad Valorem Taxes as

      percentage of total

      fund budget 57.95%

      0.00%

      0.00%

      0.00%

      0.00%

      0.00%

      24.94%

      Ad Valorem Taxes per

      capita (8,358

      population) $4,413

      $0

      $0

      $0

      $0

      $0

      $4,413

      Total expenditures

      per capita (8,358

      population) $7,614

      $531

      $3,515

      $625

      $2,359

      $3,054

      $17,697

      Personnel as a

      percentage of the

      total budget 38.14%

      0.00%

      0.00%

      24.85%

      0.71%

      0.38%

      17.45%


      Capital expenditures

      as percentage of total

      fund budget 0.21%

      0.00%

      97.47%

      1.54%

      15.11%

      0.00%

      21.51%

      Capital expenditures

      per capita (8,358

      population) $16

      $0

      $3,426

      $10

      $356

      $0

      $3,807



      43


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      44

      Town of Palm Beach, Florida General Fund Revenues and Expenditures

      Budget Comparison Fiscal Years 2013 - 2014


      Budget

      FY2013

      Budget

      FY2014

      FY13 vs. FY14

      $ Difference

      FY13 vs. FY14

      % Change


      Revenues


      $36,865,400


      $36,882,180


      $16,780


      0.0%

      Ad Valorem Taxes

      Non Ad Valorem Taxes

      7,477,500

      7,367,500

      -$110,000

      -1.5%

      Licenses & Permits

      6,264,300

      6,588,200

      $323,900

      5.2%

      Intergovernmental

      1,020,450

      1,052,000

      $31,550

      3.1%

      Charges for Services

      3,652,116

      3,552,275

      -$99,841

      -2.7%

      Fines and Forfeitures

      1,299,000

      1,181,000

      -$118,000

      -9.1%

      Investment Earnings

      900,500

      425,500

      -$475,000

      -52.7%

      Miscellaneous Revenues

      189,981

      247,845

      $57,864

      30.5%

      Interfund Transfers

      885,000

      885,000

      $0

      0.0%

      Transfer from CIP

      0

      0

      $0

      100.0%

      Transfer From Fund Balance

      1,157,033

      5,459,600

      $4,302,567

      371.9%

      Total Revenues

      $59,711,280

      $63,641,100

      $3,929,820

      6.6%


      Expenditures


      $95,600


      $95,600


      $0


      0.0%

      Department

      Legislative

      General Government

      445,153

      733,300

      $288,147

      64.7%

      Town Manager

      741,371

      764,752

      $23,381

      3.2%

      Advice and Litigation

      468,915

      518,915

      $50,000

      10.7%

      Human Resources

      679,988

      700,116

      $20,128

      3.0%

      Information Systems

      1,822,385

      1,847,475

      $25,090

      1.4%

      Finance

      1,882,423

      1,928,883

      $46,460

      2.5%

      Planning/Building/Zoning

      3,600,142

      3,677,408

      $77,266

      2.1%

      Library

      288,989

      297,659

      $8,670

      3.0%

      Fire-Rescue

      10,652,190

      10,966,908

      $314,718

      3.0%

      Police

      12,885,527

      13,298,269

      $412,742

      3.2%

      Emergency Management

      47,950

      47,950

      $0

      0.0%

      Public Works

      14,330,768

      14,362,671

      $31,903

      0.2%

      Contingency

      843,000

      860,000

      $17,000

      2.0%

      Transfer to Other Funds

      10,926,879

      13,541,194

      $2,614,315

      23.9%

      Total Expenditures

      $59,711,280

      $63,641,100

      $3,929,820

      6.6%


      Revenues Over/(Under) Expenditures

      $0

      $0



      45


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      46


      General Fund Revenues FY2014


      image

      Revenues by Type



      Ad Valorem Taxes

      $36,882,180 58.0%

      image

      General Use Tax 5,317,500

      8.4%


      Licenses/Permits 8,695,200

      13.7%


      Intergovernmental 1,052,000

      1.7%



      Use of Fund Balance 5,459,600

      8.6%


      Miscellaneous 1,075,845

      1.7%


      Interest 425,500

      0.7%


      Fines and Forfeitures 1,181,000

      1.9%

      Charges for Services 3,552,275

      5.6%



      Ad Valorem Taxes

      $ 36,882,180

      General Use Tax

      5,317,500

      Licenses/Permits

      8,695,200

      Intergovernmental

      1,052,000

      Charges for Services

      3,552,275

      Fines and Forfeitures

      1,181,000

      Interest

      425,500

      Miscellaneous

      1,075,845

      Use of Fund Balance

      5,459,600

      $ 63,641,100


      47


      General Fund Revenues FY2014


      image


      image

      Title 2011 Actual 2012 Actual

      Ad Valorem Taxes


      2013

      Budget


      2013

      Projected


      2014

      Budget


      %

      Variance

      image

      % of

      Total Budget

      Current Ad Valorem Taxes 36,634,834 36,636,311 36,865,400 37,234,054 36,882,180 0.05% 57.95%


      Back Taxes

      509

      26,605

      -

      -

      -

      0.00%

      0.00%

      36,635,343

      36,662,916

      36,865,400

      37,234,054

      36,882,180

      0.05%

      57.95%

      Sales, Use and Fuel Taxes

      1-6 Cents Local Opt Fuel Tax


      205,708


      204,905


      210,000


      200,000


      210,000


      0.00%


      0.33%

      1-5 Cents Local Opt Fuel Tax

      96,192

      96,335

      100,000

      95,000

      100,000

      0.00%

      0.16%

      301,900

      301,240

      310,000

      295,000

      310,000

      0.00%

      0.49%

      Utility Services Taxes

      Electricity Utility


      2,172,820


      2,221,874


      2,200,000


      2,200,000


      2,200,000


      0.00%


      3.46%

      Simplified Telecom Tax

      1,178,518

      1,142,166

      1,200,000

      1,200,000

      1,200,000

      0.00%

      1.89%

      Water Utility

      1,287,923

      1,368,085

      1,300,000

      1,450,000

      1,350,000

      3.85%

      2.12%

      Gas Utility

      248,209

      232,124

      250,000

      250,000

      250,000

      0.00%

      0.39%

      Propane Utility

      5,186

      9,384

      7,500

      7,500

      7,500

      0.00%

      0.01%

      4,892,656

      4,973,633

      4,957,500

      5,107,500

      5,007,500

      1.01%

      7.87%

      Business Tax Receipts

      Business Tax Receipts


      669,901


      654,084


      600,000


      600,000


      640,500


      6.75%


      1.01%

      Business Tax Receipt Penalties

      24,472

      15,011

      25,000

      25,000

      25,000

      0.00%

      0.04%

      694,373

      669,095

      625,000

      625,000

      665,500

      6.48%

      1.05%

      Building Permits

      Building


      3,650,107


      3,773,399


      3,800,000


      3,800,000


      4,000,000


      5.26%


      6.29%

      Radon Gas

      8

      -

      100

      100

      -

      -100.00%

      0.00%

      Electrical

      403,138

      353,235

      275,000

      300,000

      300,000

      9.09%

      0.47%

      Plumbing

      234,801

      200,456

      175,000

      175,000

      175,000

      0.00%

      0.27%

      Permit Processing

      11,329

      29,517

      15,000

      20,000

      20,000

      33.33%

      0.03%

      Permit Penalty

      34,608

      4,118

      10,000

      30,000

      25,000

      150.00%

      0.04%

      Except/Var. App.

      206,689

      170,300

      150,000

      150,000

      150,000

      0.00%

      0.24%

      Consultants Fees

      24,960

      19,353

      20,000

      10,000

      20,000

      0.00%

      0.03%

      Special Plan Review Fee

      329,005

      347,650

      275,000

      310,000

      275,000

      0.00%

      0.43%

      Reinspection Fees

      3,975

      1,950

      5,000

      3,500

      3,500

      -30.00%

      0.01%

      Special Detail - PZB

      860

      3,495

      5,000

      3,000

      -

      -100.00%

      0.00%

      Abandonments

      -

      -

      1,000

      -

      -

      -100.00%

      0.00%

      Architectural Fees

      112,478

      129,743

      110,000

      120,000

      110,000

      0.00%

      0.17%

      Landmarks Submittal

      20,600

      19,150

      15,000

      20,000

      20,000

      33.33%

      0.03%

      Tax Abatement Program

      -

      -

      1,200

      -

      1,200

      0.00%

      0.00%

      Mechanical Permits

      366,844

      267,869

      250,000

      300,000

      300,000

      20.00%

      0.47%

      Contractor Registration Fee

      11,895

      11,954

      10,000

      10,000

      10,000

      0.00%

      0.02%

      Landscape Permit

      -

      5,046

      50,000

      5,000

      5,000

      -90.00%

      0.01%

      Miscellaneous Permit Fees

      3,438

      -

      -

      -

      -

      0.00%

      0.00%

      Building Permit Search Fee

      16,525

      20,150

      15,000

      20,000

      20,000

      33.33%

      0.03%

      Dune Vegetation Fee

      1,550

      -

      1,000

      -

      1,000

      0.00%

      0.00%

      Permit Revision Fee

      102,700

      157,525

      150,000

      200,000

      175,000

      16.67%

      0.27%

      5,535,510

      5,514,910

      5,333,300

      5,476,600

      5,610,700

      5.20%

      8.82%

      Franchise Fees

      Electricity Franchise


      2,060,500


      1,900,717


      2,050,000


      1,900,000


      1,900,000


      -7.32%


      2.99%

      Gas Franchise

      144,219

      139,727

      160,000

      150,000

      150,000

      -6.25%

      0.24%

      2,204,719

      2,040,444

      2,210,000

      2,050,000

      2,050,000

      -7.24%

      3.22%

      Other Licenses, Fees and Permits

      Right Of Way Permits


      129,272


      264,297


      200,000


      250,000


      250,000


      25.00%


      0.39%

      Gainesville Plan

      5,280

      12,210

      10,000

      15,000

      15,000

      50.00%

      0.02%

      Arlington Plan

      11,235

      22,215

      20,000

      35,000

      35,000

      75.00%

      0.05%

      Taxi Permits

      -

      5,400

      3,500

      1,500

      1,500

      -57.14%

      0.00%

      Flood Plain Management Permit Fee

      6,375

      9,450

      10,000

      10,000

      10,000

      0.00%

      0.02%

      Newsrack Enclosure Admin Fee

      500

      630

      500

      500

      500

      0.00%

      0.00%

      Charitable Solicitations Fee

      53,590

      45,380

      55,000

      45,000

      50,000

      -9.09%

      0.08%

      Charitable Solicit. Adv. Fee

      460

      -

      -

      -

      -

      0.00%

      0.00%

      Char Solit Late Filing Fee

      6,785

      5,835

      7,000

      7,000

      7,000

      0.00%

      0.01%

      213,497

      365,417

      306,000

      364,000

      369,000

      20.59%

      0.58%

      Federal Grants

      Bullet Proof Vests Grant


      13,239


      8,073


      3,850


      3,861


      7,000


      81.82%


      0.01%

      Fdle Justice Assistance Grant

      1,426

      -

      -

      -

      -

      0.00%

      0.00%

      Fema Grant - Fire-Rescue

      206,150

      -

      -

      -

      -

      0.00%

      0.00%

      220,815

      8,073

      3,850

      3,861

      7,000

      81.82%

      0.01%


      48


      General Fund Revenues FY2014



      2013


      2013


      2014


      %

      % of Total

      Title

      2011 Actual

      2012 Actual

      Budget

      Projected

      Budget

      Variance

      Budget

      State Shared Revenues

      State Revenue Sharing

      272,936

      231,764

      250,000

      250,000

      250,000

      0.00%

      0.39%

      Alcoholic Beverage Lic

      20,564

      25,247

      20,600

      25,000

      25,000

      21.36%

      0.04%

      Local Govt. Sales Tax

      611,700

      546,021

      580,000

      580,000

      580,000

      0.00%

      0.91%

      Fire Supplemental Compensation

      34,026

      32,741

      33,000

      30,000

      33,000

      0.00%

      0.05%

      911 Equip Reimbursement

      116,842

      115,965

      100,000

      100,000

      100,000

      0.00%

      0.16%

      Seized Tag

      2,033

      2,650

      3,000

      3,000

      3,000

      0.00%

      0.00%

      Fuel Tax Refund

      10,667

      12,392

      10,000

      10,000

      10,000

      0.00%

      0.02%

      1,068,768

      966,780

      996,600

      998,000

      1,001,000

      0.44%

      1.57%

      Grants From Other Local Units

      Ems Grant - Palm Beach County

      -

      55,799

      -

      -

      14,000

      100.00%

      0.02%

      -

      55,799

      -

      -

      14,000

      100.00%

      0.02%

      Shared Revenues-Other Local Units

      County Occ. Licenses

      19,966

      20,781

      20,000

      15,000

      15,000

      -25.00%

      0.02%

      $12.50 Citation Monies

      9,570

      -

      -

      25,522

      15,000

      100.00%

      0.02%

      29,536

      20,781

      20,000

      40,522

      30,000

      50.00%

      0.05%

      Public Safety

      Special Assignment Ot - Other

      630,086

      1,078,853

      700,000

      650,000

      650,000

      -7.14%

      1.02%

      Police Id Cards

      21,692

      17,564

      20,000

      20,000

      20,000

      0.00%

      0.03%

      Burglar Alarm False Alarm Fees

      68,051

      77,490

      75,000

      75,000

      75,000

      0.00%

      0.12%

      Burglar Alarm Registration Fee

      46,588

      46,873

      55,000

      50,000

      50,000

      -9.09%

      0.08%

      Burglar Alarm - Penalties

      5,710

      3,671

      -

      5,000

      5,000

      100.00%

      0.01%

      Burglar Alarm - Direct Connect

      5,892

      6,729

      6,000

      6,000

      6,000

      0.00%

      0.01%

      Valet Parking Permit

      10,200

      10,850

      6,000

      10,000

      10,000

      66.67%

      0.02%

      Tent Permits

      7,725

      7,982

      7,000

      25,000

      10,000

      42.86%

      0.02%

      Special Detail-Fire

      53,681

      31,773

      47,000

      40,000

      45,000

      -4.26%

      0.07%

      Fire Prev Bonfires

      3,600

      4,800

      4,000

      4,000

      4,000

      0.00%

      0.01%

      Fire Prev Fire Hydrant

      825

      -

      500

      500

      500

      0.00%

      0.00%

      Fire Prev Hot Work

      31,481

      54,228

      25,000

      35,000

      35,000

      40.00%

      0.05%

      Fire Prev Public Assembly

      1,311

      1,711

      2,700

      2,000

      2,000

      -25.93%

      0.00%

      False Fire Alarms

      4,750

      15,555

      7,500

      10,000

      10,000

      33.33%

      0.02%

      Fire Prev Fireworks

      9,080

      20,000

      12,000

      12,000

      12,000

      0.00%

      0.02%

      Bldg. Insp. Fund Fees

      7,789

      7,209

      4,000

      7,000

      7,000

      75.00%

      0.01%

      Radon Gas

      6,958

      7,205

      4,000

      7,000

      7,000

      75.00%

      0.01%

      Fire Prev Technical Fire Insp

      36,588

      42,389

      40,000

      40,000

      40,000

      0.00%

      0.06%

      Fire Prev Annual Ins Fee

      116,806

      88,976

      117,000

      117,000

      120,000

      2.56%

      0.19%

      Ems Transport Fees

      350,847

      477,169

      450,000

      375,000

      400,000

      -11.11%

      0.63%

      1,419,660

      2,001,027

      1,582,700

      1,490,500

      1,508,500

      -4.69%

      2.37%

      Physical Enviornment

      Special Solid Waste

      8,462

      8,735

      10,000

      10,000

      10,000

      0.00%

      0.02%

      Solid Waste

      893,395

      981,859

      912,037

      900,000

      920,000

      0.87%

      1.45%

      Comp. Garbage Collection Fee

      228,815

      223,714

      246,529

      250,000

      253,925

      3.00%

      0.40%

      SWA Recycling Revenue

      82,049

      41,368

      45,000

      25,000

      30,000

      -33.33%

      0.05%

      Easement Acquisition

      3,000

      -

      -

      -

      -

      0.00%

      0.00%

      Historic Speciman Tree Fee

      3,315

      4,641

      4,000

      5,000

      5,000

      25.00%

      0.01%

      1,219,036

      1,260,317

      1,217,566

      1,190,000

      1,218,925

      0.11%

      1.92%

      Transportation

      Prkg Meter Royal Palm Way Lot

      10,788

      12,412

      11,000

      12,000

      12,000

      9.09%

      0.02%

      Prkg Meter Ocean Front

      475,210

      445,625

      475,000

      450,000

      475,000

      0.00%

      0.75%

      Prkg Meter Lake Front

      58,376

      14,004

      20,000

      17,000

      15,000

      -25.00%

      0.02%

      Prkg Meter Phipps Ocean Front

      90,604

      50,353

      50,000

      30,000

      45,000

      -10.00%

      0.07%

      Prkg Meter Peruvian

      90,016

      89,729

      90,000

      95,000

      90,000

      0.00%

      0.14%

      Prkg Meter Bradley Place

      10,344

      4,776

      10,000

      6,000

      6,000

      -40.00%

      0.01%

      Parking Meter Royal Palm Way

      33,281

      25,813

      25,000

      30,000

      31,000

      24.00%

      0.05%

      Other Parking Placard Programs

      11,825

      138,205

      130,000

      110,000

      115,000

      -11.54%

      0.18%

      780,444

      780,917

      811,000

      750,000

      789,000

      -2.71%

      1.24%

      Other Charges for Services

      Bldg/Elec/Plumbing Code Sales

      -

      -

      100

      -

      -

      -100.00%

      0.00%

      Map/Sales Code

      -

      -

      100

      -

      -

      -100.00%

      0.00%

      Certification Copy

      633

      703

      500

      700

      700

      40.00%

      0.00%