The URL can be used to link to this page

Home My WebLink AboutAgenda BOC 041813AGENDA CITY OF PALM BEACH GARDENS BUDGET OVERSIGHT COMMITTEE Thursday April 18, 2013, 8:30 AM LOBBY CONFERENCE ROOM I. CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL: Regular Members Phillip Woodall Chair Mark Feldmesser Regular Member L. Marc Cohn Regular Member Marilyn Lew-Jacobs Regular Member Mark Marciano Regular Member IV. ELECTION OF OFFICERS: 1. Election of Chair 2. Election of Vice-Chair V. ADDITIONS, DELETIONS, MODIFICATIONS VI. APPROVAL OF MINUTES: 1. August 23, 2012 VII. ITEMS BY COUNCIL LIAISON VIII. ITEMS BY STAFF LIAISON: 1. Review of FY 2012 Comprehensive Annual Financial Report 2. FY 2013/2014 Budget Calendar IX. OLD BUSINESS X. NEW BUSINESS XI. COMMENTS BY PUBLIC XII. COMMENTS BY THE BOARD XIII. ADJOURNMENT City of Palm Beach Gardens Budget Oversight Committee April 18, 2013 Introductions City Council Liaison •Mayor Bert Premuroso City Staff •Allan Owens, Finance Administrator •Mary Anderson-Pickle, Deputy Finance Administrator •Sean O’Brien, Accounting Manager Overview of FY 2012 Comprehensive Annual Financial Report Financial Highlights – Government- wide Statements Revenues increased by $1.04 million to $74.3 million Expenses decreased by $66 thousand to $74.6 million Total net assets decreased to $105.6 million from $106 million Unrestricted net assets increased $2.3 million to $28.5 million Financial Highlights – Fund Statements General Fund •Operating Revenues (excluding transfers) increased by $827 thousand to $66.7 million, and exceeded budget by $2.2 million •Expenditures increased by $1.5 million to $67.2 million, and were also under budget by $2.2 million •Unassigned Fund Balance plus Budget Stabilization Reserve equaled $26.1 million, or 38.7% of expenditures (about 4.5 months’ operating costs) Financial Highlights – Fund Statements Special Revenue Funds - •Golf Fund Restricted Fund Balance increased by $36 thousand to $264 thousand •Recreation Programs Restricted Fund Balance decreased by $55 thousand to $776 thousand •Gas Tax Fund Restricted Fund Balance increased by $143 thousand to $2.1 million Financial Highlights – Fund Statements Internal Service Funds- •Fleet Fund Unrestricted Net Assets decreased by $209 thousand to $250 thousand •Self Insurance Fund Unrestricted Net Assets increased by $943 thousand to $2.6 million Required Auditor Reports Unqualified Independent Auditor’s Report issued One finding in the Management Letter •Investment advisor recommended purchase of three issues of commercial paper in June of 2012 to enhance investment return, which, in the aggregate were in compliance with investment policy •Two issues matured in July and August, leaving one issue outstanding as of September 30th •Current policy states no single issue shall comprise more than 1/3 of total commercial paper outstanding •Could not reinvest in commercial paper to meet letter of policy, due to cash flow restrictions at that time of year •Staff recognized shortcomings of current policy, and is reviewing a new investment policy New GASB Pronouncements GASB 67/68 •Significant changes in pension accounting and financial statement reporting, but not funding •Must recognize Net Pension Liability (unfunded actuarial liability) on government-wide Statement of Net Assets •Replaces most of current note disclosures with additional information New GASB Pronouncements GASB 67/68 •GASB 67 Plan Reporting effective FY beginning 10/1/13 •GASB 68 Employer Reporting effective FY beginning 10/1/14 •Will require a blended rate between long-term rate of return and municipal bond rates •Much shorter amortization of investment gains and losses •Will increase actuarial expenses Statement of Net Assets as of 9/30/12 Pre GASB 67/68 Governmental Activities 2012 2011 Current and other assets $ 49,925,796 $ 48,809,342 Capital assets, net 91,828,868 95,932,022 Total assets 141,754,664 144,741,364 Long-term liabilities 23,544,259 26,573,395 Other liabilities 12,536,087 12,078,381 Total liabilities 36,080,346 38,651,776 Invested in capital assets, net of related debt 69,245,447 70,503,248 Restricted 7,934,680 9,383,210 Unrestricted 28,494,191 26,203,130 Total net assets $ 105,674,318 $ 106,089,588 Statement of Net Assets as of 9/30/12 Adjusted for GASB 67/68 Governmental Activities 2012 2011 Current and other assets $ 49,925,796 $ 48,809,342 Capital assets, net 91,828,868 95,932,022 Total assets 141,754,664 144,741,364 Long-term liabilities 63,266,259 26,573,395 Other liabilities 12,536,087 12,078,381 Total liabilities 75,802,346 38,651,776 Invested in capital assets, net of related debt 69,245,447 70,503,248 Restricted 7,934,680 9,383,210 Unrestricted (11,227,809) 26,203,130 Total net assets $ 105,674,318 $ 106,089,588 FY 2014 Budget Calendar 3/11/2013 – Distribute Budget Worksheets 3/11–4/12 – Departments Prepare Budget Request 4/15-5/3 – Review of Departmental Budgets 5/6-6/28 – Preparation of Line-item Budget 7/1 – Property Appraiser Certifies Tax Roll 7/7 – Submit Document to Council and BOC 7/16 – Presentation to City Council – Set Tentative Millage Rate 8/22 – BOC Finalize Their Report to Council September (Dates TBD) - Two Public Hearings to Adopt Final Budget and Millage Rate and Present Committee Report to Council Projected General Fund Balance as of 9/30/13 Fund Balance 10/1/12 $28,839,653 Estimated revenues FYE 9/30/13 68,188,208 Estimated expenditures FYE 9/30/13 (67,130,457) Estimated Unassigned Fund Balance 9/30/13 $29,897,404 Less estimated commitments: Nonspendable Prepaid Expenditures (114,228) Restricted for Law Enforcement (626,286) Committed for Purchase Orders (236,520) Committed for Economic Development (2,639,400) Assigned for Capital Projects (894,194) Assigned for Budget Stabilization (1,010,196) Estimated Unassigned Fund Balance 9/30/13 $24,376,580 36.3% Questions?