The URL can be used to link to this page

Home My WebLink AboutOrd 695-2015 Adopting the FY 2015-2016 Budgetria QnC CITY OF ANNA, TEXAS` CDOrdinance No. 695-2015 (FY 2015-2016 Budget) �fl AN ORDINANCE MAKING APPROPRIATIONS FOR THE SUPPOPf -OF TF, CITY OF ANNA FOR THE FISCAL YEAR BEGINNING OCTOBER 1- 2015, AND ENDING SEPTEMBER 30,2016; APPROPRIATING MONEY TO AN INTEREST AND SINKING FUND TO PAY INTEREST AND PRINCIPAL ON THE CITY'S INDEBTEDNESS; AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF ANNA FOR THE 2015 — 2016 FISCAL YEAR. WHEREAS, the budget, appended here as Exhibit A, for the fiscal year beginning October 1, 2015 and ending September 30, 2016, was duly presented to the City Council by the City Manager and a public hearing was ordered by the City Council and a public notice of said hearing was caused to be given by the City Council and said notice was published in the Anna -Melissa Tribune and said public hearing was held according to said notice; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ANNA THAT: SECTION 1. The appropriations for the fiscal year beginning October 1, 2015, and ending September 30, 2016 for the support of the general government of the City of Anna, Texas, be fixed and determined for said terms in accordance with the expenditures shown in the City's fiscal year 2015 — 2016 budget, a copy of which is appended hereto as Exhibit A; SECTION 2. The budget, as shown in words and figures in Exhibit A, is hereby approved in all respects and adopted as the City's budget for the fiscal year beginning October 1, 2015, and ending September 30, 2016. SECTION 3. That there is hereby appropriated the amount shown in said budget necessary to provide for an interest and sinking fund for the payment of principal and interest and the retirement of the bonded debt requirements of fiscal year 2015 - 2016 of the City of Anna. SECTION 4. In addition to Exhibit A, and in accordance with Section 7.08 of the Anna City Charter, the budget also includes a contingency appropriation of $157,476. All expenditures from this contingency appropriation shall be in accordance with Section 7.08 of the Anna City Charter. PASSED AND ADOPTED this, the 8th day of September, 2015. Ayes 7 Nays Abstained ON ATTEST: s City Secretary Carrie . Smith Ordinance No. 695-2015 (FY 2015-2016 Budget) APPRQ,VED: o Z'Mayor Mike Crist City of Anna Fiscal Year 2015-2016 Budget Cover Page This budget will raise more revenue from property taxes than last year's budget by an amount of $561,973, which is a 16.89 percent increase from last year's budget. The property tax revenue to be raised from new property added to the tax roll this year is $279,418. The members of the governing body voted on the budget as follows: FOR: Justin Burr, Lauren Lovato, John Beazley, Chad Barnes, Nathan Bryan, Dick Dowd, Mayor Mike Crist AGAINST: PRESENT and not voting: ABSENT: Property Tax Rate Comparison Property Tax Rate: Effective Tax Rate: Effective M&0 Tax Rate: Rollback Tax Rate: Debt Rate: 2015-2016 $0.639000/100 $0.586703/100 $0.492909/100 $0.639000/100 $0.106659/100 2014-2015 $0.649000/100 $0.587582/100 $0.505395/100 $0.649000/100 $0.103174/100 Total debt obligation for City of Anna secured by property taxes: $30,021,000 • $3,780,000 is directly secured by property taxes through the I&S rate • $12,566,000 has a tax pledge and is supported by water & sewer revenues and the I&S rate • $13,675,000 in revenue and contractual debt obligations to the Greater Texoma Utility Authority is also secured by water & sewer revenues FY 16 Consolidated Financial Schedule As discussed above, City resources are accounted for by fund. The following sections will review each fund and subsequent department in detail. The following table illustrates sources and uses of funds by the entire City. With the exception of the Utility Fund, all fund units have sufficient revenue to cover expenditures. The Utility Fund includes capital projects related to our water and sewer infrastructure. In late 2012 and early 2014, the City issued bonds for water and sewer infrastructure projects. These bond funds are held in reserve to complete the proposed projects. The Utility Fund will not run a deficit in FY 16; bond proceeds held in re- serve will fund the proposed infrastructure projects in the Utility Fund. Debt General Restricted Service Revenues Property Tax $3,240,331 $649,228 Other Taxes (Sales and other) $1,120,000 Development $424,000 Fines $100,000 Intergovernmental $196,595 Water Sales and Fees Sewer Sales and Fees Trash sales and Fees Transfer In Fund Balance Allocation $4,500 $10,000 Capital Utility Component Combined rovements Units Totals Bond Proceeds Grant Revenue $28,572 $28,572 Impact/Developer Fees $278,750 $590,000 $868,750 Contributed Capital Other $148,822 $125,000 $35,000 $308,822 Total Revenues $5,229,748 $649,228 $321,822 $34,190 $6,937,272 $735,000 $13,907,260 Expenditure/Expense $3,889,559 $700,000 $1,820,000 $424,000 $3,338,390 $3,780 $104,500 $206,595 $3,164,871 $3,164,871 $2,037,287 $2,037,287 $799,500 $799,500 $34,190 $219,190 $254,804 Bond Proceeds Grant Revenue $28,572 $28,572 Impact/Developer Fees $278,750 $590,000 $868,750 Contributed Capital Other $148,822 $125,000 $35,000 $308,822 Total Revenues $5,229,748 $649,228 $321,822 $34,190 $6,937,272 $735,000 $13,907,260 Expenditure/Expense Payroll $3,338,390 $3,780 $940,136 $4,282,306 Supplies $308,434 $105,080 $3,600 $417,114 Maintenance $144,200 $404,150 $6,500 $554,850 Services $1,250,724 $9,550 $4,696,676 $514,600 $6,471,550 Capital Expenditures $188,000 $247,500 $4,884,131 $160,000 $5,479,631 Other Uses of Funds Transfer Out $219,190 $34,190 $253,380 Debt Service $430,038 $430,038 Total Expenditure/Expense $5,229,748 $649,228 $260,830 $0 $11,064,363 $684,700 $17,888,869 25 Schedule of Fund Balance Utility Fund $9,957,707 $7,882,815 $3,764,021 -52% Working Capital $340,813 $368,662 $442,349 20% Restricted Cash for System Im- $9616,894 $7,514,153 $3,321,672 -56% provements The Governmental Accounting Standards Board (GASB) has issued a statement regarding the classification of fund balance. Fund balance in the Governmental Funds is classified as non -spendable, restricted, committed, assigned, and unassigned. The City currently has no fund balance classified as non -spendable. Amounts classi- fied as non -spendable in FY 14 were for EDC/CDC loans receivable. Restricted funds include those restricted to a specific purpose such as park trust fees. Committed funds are those committed by council action as contingency appropriation performed by ordinance. Assigned funds are those intended for specific projects and are not restricted or committed. The assigned fund balance is for fu- ture capital projects not yet determined. The Utility Fund does not report fund balance; the focus in the Utility Fund is working capital, or the short term assets available after covering short term liabilities. For the purposes of this schedule, restricted cash for system improvements includes impact/developer fees and bond proceeds from the 2012 and 2014 bond issue to fund water and sewer system improvements. 27 2014 Audited Fund Balance 2015 Projected Fund Balance 2016 Proposed Fund Balance % CHANGE FY 15 to FY 16 Total Governmental Funds $3,586,482 $2,852,438 $2,925,601 3% Non -spendable $35,642 $0 $0 N/A Restricted $1,265,399 $517,480 $565,919 9% Committed—Contingency $135,286 $157,477 $162,201 3% Committed—Other $26,224 $0 $0 N/A Assigned $144,175 $80,000 $100,000 25% Unassigned $1,979,756 $2,097,481 $2,097,481 0% Utility Fund $9,957,707 $7,882,815 $3,764,021 -52% Working Capital $340,813 $368,662 $442,349 20% Restricted Cash for System Im- $9616,894 $7,514,153 $3,321,672 -56% provements The Governmental Accounting Standards Board (GASB) has issued a statement regarding the classification of fund balance. Fund balance in the Governmental Funds is classified as non -spendable, restricted, committed, assigned, and unassigned. The City currently has no fund balance classified as non -spendable. Amounts classi- fied as non -spendable in FY 14 were for EDC/CDC loans receivable. Restricted funds include those restricted to a specific purpose such as park trust fees. Committed funds are those committed by council action as contingency appropriation performed by ordinance. Assigned funds are those intended for specific projects and are not restricted or committed. The assigned fund balance is for fu- ture capital projects not yet determined. The Utility Fund does not report fund balance; the focus in the Utility Fund is working capital, or the short term assets available after covering short term liabilities. For the purposes of this schedule, restricted cash for system improvements includes impact/developer fees and bond proceeds from the 2012 and 2014 bond issue to fund water and sewer system improvements. 27