2 weeks ago

2018 City of Selma Budget

Debt Service: Debt

Debt Service: Debt payments and debt load remain high. Debt service payments for 2018 are funded at $994,535 an increase of $484,015 from $510,520 in 2017, a 48.7% increase; this includes Debt Service Water & Sewer Bond Warrant; 2016 Pension Obligation Warrant (Refinancing of the Pension Debt); 2009 Warrant; Fund Reserve Account As of October 1, 2017, the reserve account was $656.00. Discretionary Due to depleted reserve account discretionary was reduced by 100%.

CITY OF SELMA Darrio Melton Mayor Mayor Darrio Melton 2017-2018 Proposed City of Selma 2017-2018 Budget Narrative Summary We estimate that the City of Selma will receive approximately $17.9 million in revenue this fiscal year (FY18). Of the $17.9 Million in revenue, approximately $16.8 million will be from taxes, licenses, and fees remitted to the city, and $1.1 million will be for other miscellaneous revenue that the city receives in the form of donations and grant reimbursements. Over the past 2 years, we have seen a decline in our sales tax revenue, which prompted us to lower our fiscal year revenue estimates. Because of our decreased revenue, and no potential revenue increases pending from the city council, we had to make cuts to departments in the form of operating costs, personnel, and other city paid services. We cut 27 city positions, which will decrease our expenses by approximately $450,000. In addition, we reduced all departments operation cost by 30%. Discretionary accounts were also reduced by 100%. In October of 2017, we learned that we only had $656 in our reserve account. For a city our size this does not meet the financial standards of remaining solvent. Therefore, we have made it a priority in this budget to significant increase our reserves to sustain us for a minimum of two months ($2 million). We aim to have at least $500,000 in our reserve fund by fiscal year 2019. We are strictly monitoring expenditures in all departments. For the past three years we have operated under budget deficits. Fiscal year 2016 the city operated under $659,823 deficit. Fiscal year 2017 we operated at $200,000 deficit. This current fiscal year (FY18) we are operating off surplus of approximately $198,595 which is a swing of approximately $858,418. The surplus would have been greater but was reduced due to the new revised Pension Obligation Warrant Payment of $485,000 (increase due to 2016 Public Safety Personnel Raises) and the new construction of $150,000 landfill cells. Without those two additional expenses to the budget, we would have budgeted approximately $833,595 in surplus. Because of these additional expenses, we were forced to make reductions in each department. By fiscal year 2019, we plan to have at least $500,000 in surplus/reserves. Since budgets are living documents, we will be amending the budget once we receive Auburn’s Classification Pay Plan. Please contact my office if you should have any questions or need additional information.

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