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Home My WebLink AboutAGENDA REPORT 2023 0524 CCSA SPC ITEM 05A POWERPOINTFY 2023/24 RECOMMENDED OPERATING AND CAPITAL BUDGET SUMMARY MAY 24, 2023 1 Outline of Contents •Budget Summary •Revenues •Expenses •General Fund •Reserves •Next Steps 2 3 BUDGET SUMMARY Budget Summary 4 FY2022-23 Estimated (does not include Fiduciary Funds) FY2023-24 Recommended (does not include Fiduciary Funds) Revenues $46,847,228 $60,910,152 Expenses (47,194,010)(65,577,454) Net Transfers 0 0 Surplus/(Deficit)(346,782)(4,667,302) Beginning Fund Balance 108,902,105 108,555,323 Surplus/(Deficit)(346,782)(4,667,302) Ending Fund Balance $108,555,323 $103,888,021 FY22-23 Current Estimate 5 General Fund Special Revenue Funds Capital Projects Funds Moorpark City (does not include Fiduciary Funds) Revenues $22,166,534 $24,189,598 $491,097 $46,847,228 Expenses (17,853,657)(28,014,679)(1,325,675)(47,194,010) Net Transfers (3,089,829)3,089,829 0 0 Surplus/(Deficit)1,223,048 (735,252)(834,578)(346,782) Beginning Fund Balance 1,724,452 70,828,224 36,349,428 108,902,105 Surplus/(Deficit)1,223,048 (735,252)(834,578)(346,782) Ending Fund Balance $2,947,500 $70,092,972 $35,514,850 $108,555,323 FY23-24 Recommended Budget 6 General Fund Special Revenue Funds Capital Projects Funds Moorpark City (does not include Fiduciary Funds) Revenues $22,664,731 $37,524,478 $720,943 $60,910,152 Expenses (19,319,633)(37,865,386)(8,392,435)(65,577,454) Net Transfers (2,691,949)2,691,949 0 0 Surplus/(Deficit)653,149 2,351,041 (7,671,492)(4,667,302) Beginning Fund Balance 2,947,500 70,092,972 35,514,851 108,555,323 Surplus/(Deficit)653,149 2,351,041 (7,671,492)(4,667,302) Ending Fund Balance $3,600,649 72,444,012 $27,843,359 $103,888,021 Annual City Surplus Analysis 7 8 REVENUES City Revenue Breakdown 9 Property Tax $ Breakdown 10 Moorpark Homes Sales History 11 Year Homes Sold Average Sale Price Median Sale Price Median % Change 2007 400 765,127$ 719,000$ NA 2008 305 586,028 550,000 -24% 2009 277 530,240 492,000 -11% 2010 278 511,559 494,500 1% 2011 288 516,828 495,000 0% 2012 342 513,762 479,750 -3% 2013 397 584,489 550,000 15% 2014 289 629,199 590,000 7% 2015 415 646,278 625,000 6% 2016 459 739,462 675,000 8% 2017 476 783,559 706,000 5% 2018 374 772,167 725,000 3% 2019 371 731,295 702,000 -3% 2020 403 820,756 770,000 10% 2021 393 947,625 860,000 12% 2022 307 1,008,029 930,625 8% 2023 32 913,469 904,500 -3% 2023 represents Q1 only. 0 50 100 150 200 250 300 350 400 450 500 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Moorpark Homes Sales History, 2007-2023 Average Sale Price Median Sale Price Homes Sold 12 Property Tax Trend Sales Tax Dollar Breakdown 13 Sales Tax & Transient Occupancy Tax 14 15 EXPENSES City Expenditure Breakdown 16 FY 23-24 Capital Projects Expenditures 17 Project Name FY22-23 Carry Over FY23-24 Addition Total Budget % of Total FY Budget New Moorpark City Library $8,615,081 $0 $8,615,081 28% Princeton Avenue Widening 6,664,285 0 6,664,285 22% Inclusive Playground at Tierra Rejada Park 1,830,644 150,000 1,980,644 6% Los Angeles Ave Widening at Spring Road to Moorpark Ave 1,652,505 0 1,652,505 5% High Street Improvements 1,420,000 0 1,420,000 5% Princeton Ave/Campus Park Dr Landscape Renovation 1,085,000 0 1,085,000 4% Los Angeles Ave Traffic Signals Upgrades 935,655 0 935,655 3% Arroyo Drive Bike/PED Project 894,177 0 894,177 3% Campus Park Playground Upgrades 460,000 325,000 785,000 3% Spring Road Widening 774,568 0 774,568 3% City Hall at 323 Science Drive 562,275 100,000 662,275 2% Los Angeles Avenue Landscape Renovation 545,000 0 545,000 2% Other Capital Improvement Projects 4,172,851 457,500 4,630,351 15% Total Capital Project Expenditures $29,612,041 $1,032,500 $30,644,541 100% Personnel Expenses 18 FY 23/24 Additional FTEs •Parks and Recreation •Landscape Maintenance Inspector •Recreation Coordinator I •Reclassify Administrative Assistant II to Administrative Specialist •Reclassify Community Services Manager to Deputy Parks & Recreation Director •Finance •Records Clerk (Part time) •Community Development •Reclassify Management Analyst to Economic Development Manager •Police Services •Police Cadet 19 Budgeted Positions by Department Total FTE Budgeted Positions, FY23-24: 76.48 FY22-23: 72.80 20 Public Safety Costs Trend 21 22 GENERAL FUND General Fund Summary Category Estimated Current Year 2022-23 Recommended FY 2023-24 Revenues $ 22,166,534 $22,664,731 Expenses (17,853,657)(19,319,633) Net Transfers (3,089,829)(2,691,949) Surplus/(Deficit)1,223,048 653,149 Beginning Unassigned Fund Balance 1,724,452 2,947,500 Surplus/(Deficit)1,223,048 653,149 Ending Unassigned Fund Balance $ 2,947,500 $ 3,600,649 23 General Fund Revenue by Category Revenue Category CY Estimate 2022-23 Recommended 2023-24 % Change Taxes 15,315,473$ 15,656,000$ 2% Intergovernmental 2,695,020 2,781,208 3% Charges for Services 1,474,210 1,570,275 7% Franchise Fees 1,366,600 1,400,600 2% Use of Money 630,347 591,348 -6% Licenses and Permits 300,000 300,000 0% Fines/Forfeitures 197,584 178,000 -10% Miscellaneous 187,300 187,300 0% Total 22,166,533$ 22,664,731$ 2% 24 General Fund Revenue by Category 25 General Fund Expenses by Category 26 Expense Category CY Estimate 2022-23 Recommended 2023-24 % Change Public Safety 7,974,946$ 8,422,926$ 6% Salaries and Benefits 5,631,960 5,739,145 2% Services and Supplies 2,398,755 2,708,411 13% Capital Projects 513,819 1,240,322 141% Utilities 347,324 354,418 2% Intergovernmental 514,180 477,952 -7% Maintenance 472,673 376,460 -20% Subtotal 17,853,657 19,319,633 8% Net Transfer 3,089,829 2,691,949 -13% Total 20,943,485$ 22,011,582$ 5% General Fund Expenses by Department 27 GF Transfers Out 28 29 RESERVES Reserves 30 •General Fund Reserves •Reserved = 20% of Projected Expenditures •Contingency = $.5 million + •Unassigned = $1 million + = $5.72 million @ FYE 2022-23 •Excess transferred to Special Projects Fund •All Other Funds •Minimum 10% of annual revenue (3 -yr average) •Special Projects, Endowment Balances •Pension Plan Status •Overfunded OPEB at 186% = $1.2 million asset •Anticipate nearly fully-funded CalPers pension this valuation cycle = potential asset GF Reserve Category FY 22/23 $ in millions Reserved $4.22 Contingency .50 Unassigned 1.00 Total:$5.72 Reserves 31 •As of FYE 22-23, total reserves = $44.71 M, projected $45.0 M for FYE 23 -24 Next Steps Budget Step Date Budget Study Session May 24 Finance Makes Final Changes to Budget Materials May 25 –June 2 Finance Compiles Final Budget Materials, Staff Report, and Resolutions June 5 –June 9 Finance Delivers Final Materials to City Clerk for Council Packets June 16 City Council Formally Adopts Budget and Appropriation Limit June 21 Fiscal Year 2023-24 Begins July 1 Final Budget Book Distribution Summer 2023 Post Adopted Budget on City Website September 1 32 33 QUESTIONS