FYE 14 Budget prelim - City of Norman

CITY OF NORMANFYE 14 BudgetThe Fiscal Year Ending June 30, 2014 (FYE 14) budget is a legally balanced budget in thattotal resources available for appropriations are greater than total expenditures.Estimated Beginning Fund Balance $ 3,759,143Current Revenues & Interfund Transfers 68,17101202Total Available Resources 72,469,345Current Expenditures & Interfund Transfers (71,620,148)Estimated Ending Fund Balance $ 849,197In the City’s Comprehensive Annual Financial Report for Fiscal Year ending June 30, 2012,reconciliation is given between budget fund balance and the General Fund balance reported on theCity Balance Sheet. This reconciliation is summarized as follows:Fund balances – budgetary basis, June 30, 2012 $ 4,881,886Encumbrances outstanding 1,467,574Fund summary cash balance (see page 55) 6,349,460Current year accruals 5,622,633Rainy Day Fund BalanceTotal fund balances – fund balance sheet, June 30, 20121,503,428$ 13,475,521Estimated sales tax revenues are normally based on a 20-year, multivariate regressionmodel. FYE 14 sales tax is being projected at a 4.2% increase over estimated FYE 13 collections,and a decrease from the FYE 13 Budget. Other revenues such as use tax, franchise fees, and othertaxes are projected at a 3% increase from FYE 13 estimated figures. Licenses and permit fees areprojected at a 7% increase from FYE 13 estimated figures. Fines and forfeitures are estimated at a1% increase and service fees and charges are estimated at a 1% increase from FYE 13 estimatedfigures.On May 13 th , 2008, the citizens of Norman passed a 7-year, one-half percent (1/2%) PublicSafety Sales Tax in order to increase the number of police officers and firefighters, and to constructtwo new fire stations. Ordinance O-0708-32 authorized the City to assess the new sales taxbeginning October 1, 2008 and terminating on September 30, 2015. These revenues and expensesare shown in the General Fund in FYE 10, but beginning in FYE 11 a new Public Safety Sales TaxFund was created to account for these revenues and expenditures separately.In prior fiscal years, the City’s Emergency Communications (Dispatch) and Recreationfunctions were accounted for in separate Special Revenue funds. Under new Accounting Standardsrecommendations, these functions which are primarily funded through General Fund revenues, havebeen reflected in the General Fund.FYE 14 expenditures are projected based on a line-item analysis within each department.Several cost-containment actions are proposed in the FYE 14 General Fund budget. Salaries andbenefits are budgeted with no cost of living increases to employee salaries, but does include meritincreases.ANNUAL BUDGET53