HomeMy WebLinkAboutAgenda BOC 052815AGENDA
CITY OF PALM BEACH GARDENS
BUDGET OVERSIGHT COMMITTEE
Thursday May 28, 2015, 8:30 AM
CITY COUNCIL CHAMBERS
I. CALL TO ORDER
II. PLEDGE OF ALLEGIANCE
III. ROLL CALL:
Regular Members
Mark Marciano Chair
L. Marc Cohn Vice-Chair
Mark Feldmesser Regular Member
Dennis Beran Regular Member
Mark Schulte Regular Member
IV. ADDITIONS, DELETIONS, MODIFICATIONS
V. APPROVAL OF MINUTES:
1. April 23, 2015
VI. ITEMS BY COUNCIL LIAISON
VII. ITEMS BY STAFF LIAISON:
1. Update on Audit Report FY 2015
2. Status of FY 2016 Budget preparation
VIII. OLD BUSINESS
IX. NEW BUSINESS
X. COMMENTS BY PUBLIC
XI. COMMENTS BY THE BOARD
XII. ADJOURNMENT
City of Palm Beach
Gardens
Budget Oversight
Committee
FY 2014 AUDIT UPDATE
MAY 29, 2015
Comprehensive Annual Financial
Report
FYE 9/30/2014
Unmodified
“Clean” Audit
Opinion No Management
Letter Comments
noted
Government-wide Financial
Analysis
Revenues increased
$1.6 million from $78.9
million to $80.5 million
Expenses decreased
$600 thousand from
$74.2 million to $73.6
million
Government-wide Net Position
Total Net
Position up
$7 million to
$117 million
Unrestricted
Net Position
up $8 million
to $37
million
Government-wide Liabilities
Total Liabilities
down $5 million
to $35.8 million
General Fund Financial Analysis
Revenues increased
$2.6 million from $69.3
million to $71.9 million
Expenses decreased
$1.3 million from $69.4
million to $68.1 million
General Fund Balance
Total Fund
Balance up $3.9
million to $38.6
million
Unassigned Fund
Balance up $400
thousand to
$27.5 million
(includes $4.4
million Budget
Stabilization
Reserve)
Questions?
City of Palm Beach
Gardens
Budget Oversight
Committee
FY 2016 BUDGET UPDATE
MAY 29, 2015
Fiscal Year 2016 Budget Update –
Preliminary Estimated Property Values
FY 2015
Property
Value $8.8
billion
FY 2016 New
Construction
$130 million
(1.5%)
Increase in
existing
properties
$470 million
(5.3%)
FY 2016
Preliminary
Estimate $9.4
billion (6.8%)
Fourth consecutive year values have
increased; however, total is still down
5% from high of $9.9 billion in 2008
FY 2016 Budget –Items in Progress
Budget Timeline
•Review of capital requests
•Negotiations with IAFF
•Awaiting storm water report
•Working on estimated actual revenues and
expenditures for FY 2015
•Working on projected revenues for FY 2016
FY 2016 Budget –What’s Next?
Budget Timeline
•Line-item worksheets to be distributed to
BOC prior to June 25th meeting
•Council sets tentative maximum millage on
July 1st
•Certified property valuation issued July 1st
•BOC will have June and July meetings to
discuss the budget
•Budget hearings September 10th and 17th
•BOC prepares report and presents to
Council in September
Questions?