HomeMy WebLinkAboutAGENDA REPORT 2024 0403 CCSA REG ITEM 09B POWERPOINT-City of Moorpark
• Background
• Development & Review of Long -Term Financial
Plan Assumptions
• Long Term Financial Plan
• Financial Scenarios
• Recommendation
• City of Moorpark has a long history of financial stewardship.
— City Council direct fiscal policies
• Investment Policy
• Reserve Policy
• Purchasing Policy
— Strong Fiscal Management
• Retirement funded at 97% per 2022 actuarial
• Other Post Employment benefits super funded at 185% per
2022 actuarial
• Ended last 7 years with multi -million $ budget surpluses
• "Pay -go" philosophy on capital improvement projects = No
General Fund Debt Service
• Traditionally enjoyed strong General Fund (GF) reserves
— Recognized by GFOA for transparency, accuracy in reporting
and compliance
• Annual Comprehensive Financial Reporting (Awarded for
decades)
• Annual Budgeting (Awarded 2020)
• City of Moorpark faces fiscal threats
— Rising Expenses
• GF subsidies (Landscape & Parks maintenance)
• Service Contracts
• Human Resource expenses (compensation and benefits)
— Resources needed for:
• Public Safety
• Transportation / Infrastructure maintenance and
rehabilitation
• Addition services (trails, public facilities, parks etc)
— Other Factors
• Lagging regional economy
• Limited financial resources (no auto malls, big box stores)
• Revenue structure (low prop. tax)
• Goal 3, Objective 3.5: "Financial Sustainability"
• Tool designed to highlight and project financial
sustainability
• Not accounting, not budgeting
• Assist with projecting impacts of current and future policy
decisions.
• Flexible to economic uncertainty
• Reflective of local economy and resources
• Updated and presented annually
• Adopted and remain a "living document"
(cont'd)
Referred to Administration, Public
Safety and Finance Committee for
review, direction, finalization and
recommended to City Council
Committee met twice in Q1 2024 to
review and finalize LTFP.
Long -Term
Financial Plan
Assumptions
Assumptions are the most
important element of any LTFP
Ability to project into the
future
Assumptions —Population Growth
City of Moorpark Population
Changes —1990 to 2021
$ 4,500,000
$ 4,000,000
$ 3,500,000
$ 3,000,000
$ 2,500,000
$ 2,000,000
$ 1,500,000
$ 1,000,000
$ 500,000
$0
Property Taxes
O rH N m It Ln �.D r, m m O r-I N M It Ln t.0 r- W M 0 r-i N M d
O O O O O H -1 r-i N N cV cV N
m O c N M Ln .6 I, w m O r-I N M � 1 l0 n o0 c O N M
m O O O O O O O O O r -I -1 H � —i —I N N N f V
m O O O O O O O O O O O O O O O O O O O O O O O O
ri cV N fV N N N N N r4 r14 N N N N N N N rV N N N fV f'V N
$ 0.3350 Unified School General Moorpark
$ 0.1707 County General Fund
$ 0.1640 Fire Protection District
$ 0.0884 E.R.A.F. 93-94 Shift
$ 0.0837 Moorpark General Fund
$ 0.0581 Ventura Community College General
$ 0.0430 E.R.A.F.
$ 0.0257 CO SUPT of Schools
$ 0.0i255
CountyFlood : ore 03
$ 0.00899
Calleguas Municipal'Water
$ 0.00707
Moorpark Vector Control
$ 0.00202
County Flood Zone Abm
$ 0.00030
Ventura College Child Center
$1.0000
Assumptions —Sales tax (7.25%)
CITY OF MOORPARK - 10 YEARS SALES TAX HISTORY
1 $4,000,000
$3,000,000 - -
$2,000,000 -
$1,000,000
$0
2013-14 2014-15
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
WXWEIM $3,679,295 $3,992,211 $3,967,466 $4,088,872 $4,336,676 $4,040,141 $4,575,526 $5,219,884 $4,948,566
$1,800,000
$1,600,000
$1,400,000
$1,165,975
$1,200,000
v $1,000,000
$999,787
r'
$800,000
$600,000
$400,000
$200,000
GF Transfer
$1,360,393 --\ $1, 335,666
$1,202,407
$1,685,621
$1,469,077 —' $1,495,638
$1,340,430
$1,154,621
$1,196,027
$1,060,5
06/30/2013 06/30/2014 06/30/2015 06/30/2016 06/30/2017 06/30/2018 06/30/2019 06/30/2020 06/30/2021 06/30/2022 06/30/2023 06/30/2024
GF Transfer $999,787 $1,165,975 $1,202,407 $1,360,393 $1,469,077 $1,335,666 $1,685,621 $1,495,638 $1,340,430 $1,154,621 $1,196,027 $1,060,566 d
Assumptions —
Employee
Compensation
HISTORICAL COLA ADJUSTMENTS- MOORPARK
10 1
11 1
12L13
13 1
14 1
5
6
17 1
18 1
19 2
0 2
2212A
4 2
COLA
0.00%
0.009/
0.00%
1OT'
i.00%
1.001/
1.00°/
2.0C:'
2M%
1.00°/
0.00o
2.00%
2.00'
7.00
CPI - LA Mar
s jq
0
1.3M/
!M-N'
a.soi
1.70i
2.7M
3.80a/
2.70-
1.90°i
2.20r
8sor
3.70
Cost of Living Adjustment vs.
Consumer Price Index (LA Area) by Fiscal Year
10,/11 11/P 12/13 11/14 14(15 15/16 16117 17/18 18119 19/20 2011 21/22 22123 23/24 24125
—CDIA —CPI-IA NU,
3
Public Safety CostsTrend
10 Year Public Safety Historical Cost Trend
5s,aoo
57,0DO
$6,000
c
$S,OOD
O
F Se,000
S3,000
S2,000
51,000
i
5o
2613-14 2014-15 201SS-16 2016-17 2017-16 2018-19 201420 2Q20-21 2021-22 Est. 2022-23 Nec
:•fir �'�'��
• No General Fund Contributions to:
— Capital Improvements
• Street maintenance ($1.5M per year
target per Pavement Management
Program)
• Facility replacement
— No Service Enhancements
DETAILED OVERVIEW
REVENUES
Property Taxes
Sales Taxes
Other Taxis
Licenses and Permits
Fines and Forfeitures
Use of Eloney and Property
Revenue fsam Other Annlaies
Charges for Services
Misea-ilaassn, Rarmue
Int erfund Revenue
Transfers In
IOTAL RIIINL7F
EXTENDITIIRES
Salaries and Benefits
'Mmatenance and Operations
Capital
Charges -Other Depts. Or Funds
Tratsfers To Other Funds
TOTAL: ENTEnDIIURE S
10-IZ4R FI.VINCL4L PROJECTION'
GENERAiL FIEND SLTAIP4IARF
Actual
Actual
R OET
2021-22
2022-23
2023-24
2024-25
2025-26 2026-27
2027-28
2028-29
2029-2030
2030-31
2031-32
2032-33
2033-34
(5 9,759,621) (5
10.163:7116)
(5 9:635,4441 (S 10;2451)
(S 10,454,0%) (S 10:659.000) 5 10;172,000) (S
11:0991000) (S 11,310im) (5 11,536;000k (S
11,766,000)(S 12,0011000) (5
12,241,000)J
(5219;884)
(494$;566)
(5296,4001
(5,4421400)
(5,510,000) (5,620,000)
__.
(5,732;0(0}
(5;847;000)
(59640)ft}
(60831000}
(61205,000)
(6-:329,40))
(6,456,000)1
(4,840;l93)
{4:78l,044)
(4,877,000)
(4:975,000)(
(5,075,000)
(5,177,000)
(5 283,000)
(5:391;000)
(%501,000}
(5,61__.5,000)
(5,732000)
(5:853:000}'
(2512803)
(214,69))
(308,4001
(250,044)
(253,000} T (25b.400)
(?b0,0(0:}
(264,000)
(268-M)
_
(2?2,004),
(276,044:}
84,49)}
(84:440)
(l612+)9)
,
,0
.
(1i
8,0001
800(YO'416}
(7
(178:000)
{236127)
(1269? 9)
(5S0,848j
{ 52;000)
(65,04G} (7?8-000)
(792:0(0)
{SOb,000)
(8201000)
(83i,000?
(150,000)
_.
{8651000)
(880:000)
(101..556)
(83,951)
(515;000) -
- (8600q
(8 7;00(�) (88.900)
--(1,428,04C)
(89,000)
(90,000)
(91 000)
(92,000?
(93,000)
(94i 00))
(95;004)
(89,854)
(13 ,122,12)
(1,380,839),
(1,.d04:004)
1; t52,000)
(1,477,0{0}
(1,502;000)
(1:528:000)
(1:5541000y
(L.381,000.)
(12608,003)
(1,636:000)'
-
(130,967)
- I
- 1
-
-
-
-
-
-
-
(S 1.2,83 4I1}' (S 23,134,939) (:522,674,731) (S 23,194,000) (5 23,646,00C)" (S 14, 06,00fl) (S
24,577,0(0) (525,059,0010) (S 25,5R,000) (5
261051,000} {S .15;564:'100,, (S 27,087100)) (S
-17,623:000)'
S 4,880,945
S 5,314300
S 5,996,519
$ 6 205,199
S 6,421,138
S b 644.594
S 6,875,822
S 7,115,101
S 7,362,707
S 7,618 927
S 7,384.066
5 8,158 431
S 8,442,345
10,464385
11,140;392
12,345,275
12,622,702
13,073,948
13.341,396
14,027,182
14,330,460
13,052,421
13,59377 76
16,133,259
16,73 7:636
17 341705
127,361
566,899
1,235,321
432,973
443,695
454,787
466,157
477,910
499,756
502,000
514,550
527A14
540,599
2,51024
21516,420
2,794,604
2,987.665
3,072,136
3,159,101
3,248,573
3,340,646
3435,399
3,532,913
3,633269
3-736;552
3;342,850
S 17,485,215
S 19,333:010
$ 22,361 719
S 2y,248,439
S 23010,937
$23,800,373
S 24,617,734
$23,464,017
S 26,340,233
S 27,247,616
S 28,187,144
S 29,160,033
S 30;167:499
SURPLUS or (DEFICIT) 5 4,842j% S 3.596,929 S 313,012 S 945,561 S 635,063 S 305,622 ($ 40,734) ($ 405,417) (5790,233) �S 1,156,b16) (5 1,623,144) (5 2;073,033) (5-:544:499)
BEGINNING FUNDS AVAIL.3<BLE SO S 4 342;196 S 8.430.121 S 1,724A52 S 2,670.813 S 3305,076 S 3 G10;693 S 3;564,964 S 3;164,947 S 21374;664 S 1,173 048 (S 445 0%) (S 2.518,129)
•
ENDLNG FUNDS AVARMLE 5 4,942:196 S 8.439,125 S 1724:452 S 2,670,013 $ 3305,076 S3,610,698 S 3569,964 S 31164,947 S 2,374,664 S 1,1 i3,048 (5 445,Wl (S 2,518,129) (S 5:062:628)
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
Fiscal Year
Revenues
EHpefffeT
SUFPlusi [deficit]
2023 10-Year Financial Plan
Projected
Deficit (FY
27 28
-GF Revenues
-GF Expenses
AcW Actual EiJDGET PFOJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED=ROJECTED
2021-22 2022-23 2023.24 2024-25 2025-23 202E-27 2CQ7-23 2025-29 2029.'0 2035-31 2031-22 2032-33 2033.34
22.831,411 23.134,938 22,674,731 23,134,0[0 23,646000 24J06,000 24.577000 25,059.000 25.550.000 26,651.000 26,564.000 27,037.000 27,623,000
17,3&3,21i 1 5ADID 22,381713 22,2 0'O 23,g1R,337 23,904,373 2E,&17,734 25,484,017 2&,340233 27,24.7,6i6 2&,197,144 29.130,013 30,1'7,489
4,9t2,193 3,59029 313,012 945.591 635M 305,622 I40234
1,3%OOG,OM
&MOWIQM
sn,waw
2023 10-Year Financial Plan
: Projected
Deficit
-, icit (FY 28
�Gr Revenw;
—GF EYD*rdm
.ate.
Projected
/ Deficit(FY 27 28)
SLa,8�15
��F pt�etr�uas
GF EIS
'a1S,.=,ow
i
SQ
2021- -ze 2as3.24 200.4-26 -Ied 2aI64;, f-2n 2dz®-2!jt -ti 2n,31 M32-35 20s5.3
*ear I wm,j I'l! PkIl,
Projected
Deficit (FY
27/28)
SMPW.MCP
smow,aao
—GF Nercmim
--GF Ewtodes
1 2UI,22 2022.23 WZ3-24 W24�25 M2S-26 IW6.27 Xa7ln 2028%29 —., : ,- s .,': ., ': ..—, �l
Projected
/ Deficit(FY 27 28)
i
S2S,lCl+,Dtxl -
5219-DQD,D00
-GF F&Ve wlt
-GF Expen
'.35SCOp,000
:.7D,OCD,DD�
so
Wn-22 l0n-23 2023-:24 2OW2S 102-26 2026-27 M-t-2e 20211-A R129-30 2MO-31 2031-32, 2=-33 2033-34
Projected
Sy:b Deficit (FY
27 28)
�i�'P.9QQ44�
2W2-27 2=3-29 M25-24, 2024-n MrA: 2b 202b-2r 2027-2Y 2019r^29 21379:0 2OW-57. IW3-43 ZU32- 1 7i3 -3+B
*Direct staff to
integrate plan into
budget annually for
City Council review
and adoption
'r� C
it of Moorpark