HomeMy WebLinkAboutAgenda BOC 073009AGENDA
CITY OF PALM BEACH GARDENS
BUDGET OVERSIGHT COMMITTEE
Thursday July 30, 2009 5:30 PM
CITY COUNCIL CHAMBERS
I. CALL TO ORDER
II. PLEDGE OF ALLEGIANCE
III. ROLL CALL :
Regular Members
L. Marc Cohn Chair
VACANT Vice Chair
Bernard Pettingill Regular Member
Kenneth Menard Regular Member
Phillip Woodall Regular Member
IV. ADDITIONS, DELETIONS, MODIFICATIONS:
V. APPROVAL OF MINUTES:
June 25, 2009
VI. ITEMS BY COUNCIL LIAISON:
VII. ITEMS BY STAFF LIAISON
1. 2009/2010 Budget Update
VIII. OLD BUSINESS
IX. NEW BUSINESS
X. COMMENTS BY PUBLIC
XI. COMMENTS BY THE BOARD
XII. ADJORNMENT
1 CITY OF PALMBEACH GARDENS
2 BUDGET OVERSIGHT COMMITTEE
3 REGULAR MEETING
4 JUNE 25,2009
5
6 The regular meeting was called to order at 8:35 a.rn. by Chair L. Marc Cohn.
7 T. CALL TO ORDER
8 II. PLEDGE OF ALLEGIANCE
9 III. ROLL CALL
10 PRESENT: Chair L. Malc Cohn, Bernard Pettingill, Kenneth Menard.
11 ABSENT: Phillip Woodall.
12 ALSO PRESENT: Councilmember', Council Liaison Robert Premuroso; City Manager Ron
13 Ferris; Deputy Finance Administrator, Altemate Staff Liaison Mary Anderson-Pickle.
14 IV. ADDITIONS. DELETIONS. MODIFICATIONS
15 1. Election of Vice Chair. Postponed until the July 23,2009 meeting.
T6 V. APPROVAL OF MINUTES
17 Kenneth Menard made a motion for approval of the April23,2009 minutes.
18 Bernard Pettineill seconded.
19 Motion passed 3-0.
20 \II. ITEMS BY COUNCIL LIAISON
2l None.
22 VII. ITEMS BY STAFF LIAISON
23 Deputv Finance Administrator Marv Anderson-Pickle intloduced Citv Manager Ron Ferris
24 who presentecl the 2009-2010 budget critelia,
25 Deputv Finance Administrator Mary Anderson-Pickle presented fhe2009-2010 budget data.
26 VIII. OLD BUSINESS
27 None.
28 IX. NEW BUSINESS
29 Chair Cohn presented a letter fi'om the Citizen Police Academies ICPA) Academv Director
30 Karen Cobb.
31 X. COMMENTS BY THE PUBLIC
32 None.
33 XI. COMMENTS BY THE BOARD
34 None.
35
36
37 (The remainder of this page intentionally left blank.)
38
39
40
4l
42
43
44
45
46
47
48
BUDGET OVERSIGHT COMMITTEE MEETING
06.25.09
PAGE 1
1 XII. ADJOURTIMENT
2 Kenneth Menard made a motion for adjournment.
3 Bernard Pettineiü seconded.
4 Motionpassed,3-0.
5 The meeting adj ourned af 9:25 a.m. The next regular meeting will be held July 23 , 2009 .
6
7 APPROVED:
I
I
10
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14
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20
21
L. Marc Cohn. Chair
22
23
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35
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39
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42
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45
46
Kenneth Menard, Committee Membor
Phillip A. Woodall, Comniittee,,Member
NOTE:These minutes are prepared in compliance with 286.01I F.S. and are not verbatim transcripts of
the meeting. A verbatim audio recording is available from the Office of the City Clerk. All referenced
attachments on file in the Office of the City Clerk.
BUDGET OVERSIGHT COMMITTEE M EETING
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Budget Advisory Committee
Report to the City Council
(With Management Responses)
This committee continues to be impressed with the knowledge and thoroughness of the
staff responsible for the preparation of the annual budgets to the Council. The methods
used to make the projections of revenues, expenses and capital expenditures are logical
and prudent. With regard to outstanding debt, the staff is alert for opportunities to lower
interest rates. Furthermore, it is very evident that the staff has developed the anticipatory
skills needed to cope with the changing environment.
We thank the Council for considering many of our suggestions made in the past three
years. We believe the outlook for the future financial position of the City has improved.
This has been demonstrated by the administration’s having to deal with the new mandate
from the state without severely cutting programs, while maintaining necessary services
and maintaining what we consider to be an adequate reserve.
While the City of Palm Beach Gardens remains relatively strong, the City must remain
attuned to the general economic conditions of the State of Florida. In particular, the City
must pay attention to the declining real estate market in the State of Florida. The boom
times of the past decade are over and are unlikely to return any time soon. This results in
less sales tax, corporate income tax and documentary stamp tax for the State of Florida
and less ad valorem taxes for the City of Palm Beach Gardens. The City must remain
ever vigilant of expenditures.
We do have some suggestions, dealing with financial strategy, policy and governance,
which are respectfully submitted, for the consideration of staff and the elected Council.
Proposed Reserve Fund for 2007-2008 Should Be Maintained
The staff recommendation for the forthcoming budget with respect to the size of the
Reserve Fund is $11.3 million, which is 16% of budgeted operating expenditures.
Although this is slightly above the 5-15% range set out in the City’s Financial Policies,
the committee suggests that this level be maintained for the coming fiscal year. The City
has experienced a reduction in development and state shared revenue due to the current
economic environment, and we believe it is appropriate to continue setting funds aside
for a “rainy day”. Areas of possible need for a large reserves range from tropical storm
damage to a period of lowered real estate values or future state mandates regarding real
estate taxes.
There may be temptations to take funds from the reserves because of the state “roll back”.
This has been done in jurisdictions around us. But that solution only lasts for a short
period and when the band-aid falls off, it frequently is difficult to stop the bleeding.
1
hture, made or promised by the employer, for payroll taxes, vacation pay, holiday pay,
worker comp, personal time, sick pay, health “insurance” (both for current employment
and during retirement) and pensions should be translated into a per year amount (or
hourly, if that is more meaningful) for each employee. The result will be surprisingly
high for many readers of the data. That should be done at the time any improvement in a
benefit is considered.
An example is the health insurance made available to retired City employees. The
committee understands that this is a benefit that is mandated by state statutes, and that
staff has mitigated the cost by charging retirees the maximum allowed by law; however,
as the result of new financial statement disclosure requirements, the cost of that benefit
has attracted attention. Now a calculation is required to attach a cost to current
employment. This cost has a “sticker price” of approximately $613 a year for each
current employee. Except for those who are informed, this had been considered a “no
cost” item.
Management Response: As is the case with any service provider, salaries and benefits
are the largest category of expenditures. Accordingly, we prepare a five-year forecast
annually to focus on future trends, so that corrective measures can be taken on a pro-
active, as opposed to reactive, basis. In addition, we perform market studies of general
employees’ compensation every 2-3 years. The most recent study was issued in June
2006, and the result was extremely favorable, with a finding that 91% ofpositions were
at or below the appropriate market levels. Last year, at the direction ofCounci1. we also
engaged a consultant to perform a total compensation study for police officers. which
show’ed that salaries were competitive, but that pension benefits were below the market,
This enabled Council to make a better informed decision with regard to the pension
enhancements that were being requested by the Police Pension Board. In the future, we
will continue to focus on total compensation, as the Committee suggests.
Pension Plans
This committee for three years has commented on the funding status of the pension plans
and also the high administrative cost of the plans. The Council two years ago authorized
the engagement of an actuary who is not associated with either plan. He concurred that
actuarial assumptions in both plans should be more conservative. As a result, both plans
have introduced new and more conservative assumptions.
We are pleased that progress has been made, however, annual expenses increased by
$617,849 a year. Unfortunately we still believe there is under funding, which will force
higher contributions in future years and also understates the current cost ofemployment.
One of the primary factors is the discount rate used by each plan. The discount rate
determines the annual amount, which should be set-aside in an account earning interest,
to pay off a future claim. For instance if $100 needs to be paid in one year, if the interest
rate is 8% then $92.59 should be placed into an account in order to have $100 at the end
of the year. If the interest rate is 6%, then $94.34 must be placed in the account. The $2
3
I'
for this expense. The solution may range from the use of cafeteria plans to higher
employee contributions.
We also recommend a continuation of the effort to reduce overtime.
Management Response: StaE agrees with the Committee 's recommendations. We are
proposing to increase the cost of family coverage an average of 30% next year. In
addition we are again offering Health Savings Accounts, with enhanced benefit levels to
encourage more participation, in conjunction with our existing Flexible Spending Plan
(Section I25 Cafeteria Plan).
With regard to overtime, staff has taken steps to curtail overtime where possible. As an
example, overtime hours in the Fire Department decreased from 23.649 in FY 2004/05,
to 12,487 in FY 2005/06. Overtime hours through the first nine months of FY 2006/07
totaled 4,807. Actual expenditures in FY 2004/08 were $1,264,641, while expenditures
through thefirst nine months of FY 2006107 were $432,343.
Establish an Independent Audit Committee
Again we suggest the Council consider the formation of an independent audit committee.
It is not customary in government but the private sector considers it to be a necessity. An
audit committee has the dual function of ascertaining the independence of auditors and
develops an insight into quality of controls and other relevant matters.
Management Response: Recent publications by the Government Finance OfJcers
Association (GFOA) suggest that an audit committee's members should possess or obtain
an understanding of governmental financial reporting and auditing. The GFOA further
suggests that the committee should have access to the services of at least one
governmentalJinancia1 expert, either a committee member or an outside party. In order
to obtain the services of a consultant, the GFOA recommends the committee have access
to sufficient funding to engage the services ofjhancial experts. legal counsel, and other
appropriate specialists, as needed. We believe the creation of an audit committee could
unnecessarily lengthen, and increase the cost of: the audit process.
5