Budget Highlights Tax rate Fiscal Year 2013
Introduc on The Fiscal Year 2013 Annual Budget, which was adopted on September 18, 2012, is a numerical re ec on of the Fiscal Year 2013 Business Plan. By alloca ng our resources through a balanced alignment with the City Commission’s seven strategic priori es and departmental performance indicators, we believe this budget will successfully meet the challenges we have before us and set the stage for our con nued success in the future.
General Opera ng Millage
$4.5697
Debt Service Millage
$0.2906
Combined City Millage Rate
$4.8603
Budget in Brief The adopted opera ng net budget for Fiscal Year 2013 for all funds totals $151,766,237. This represents a decrease of $386,661 or 0.3% less than the Fiscal Year 2012 net budget. The Fiscal Year 2013 budget is balanced, prudent and responsive to community needs as iden ed in the Fiscal Years 2012 - 2013 Strategic Plan.
Opera ng millage rate
Some features of the Fiscal Year 2013 budget that deserve special a en on are: • The adopted opera ng millage rate will increase from $4.3939 to $4.5697, an increase of $0.1758 or 4%. This increase will allow the City to collect approximately $1,729,000 addi onal property tax revenue than last year. • The voter-approved debt service millage rate will decrease from $0.2915 to $0.2906, a decrease of $0.0009 or 0.3%. • The combined general opera ng and debt service millage rate is $4.8603 per $1,000 of assessed value, an increase of $0.1749 or 3.7%. • An increase of $9.33 per single family residence for Fire Special Assessment fees.
$8.0000 $7.0000 $6.0000 $5.0000 $4.0000
• General Fund debt service for franchise and capital revenue bonds, as a percentage of total
City of Coral Springs, Florida
$3.8866 $3.3651 $3.3651
$2.0000 $1.0000 $0.0000 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
The adopted opera ng millage rate will increase from $4.3939 to $4.5697 or 4% in Fiscal Year 2013. This property tax rate will generate approximately $1,729,000 more than last year. A 13% decrease in Fiscal Year 2008 was in response to property tax legisla on.
Voter-approved debt service millage rate $1.0000 $0.8000
$0.5228 $0.4131
$0.4000
$0.3924 $0.2510
$0.2000
• Solid Waste Special Assessment will decrease $6.48 for a single family residence.
$4.3559 $4.3939 $4.5697
$3.8715
$3.0000
$0.6000
• A Water and Sewer fee increase of approximately $1.82 per month for an average single family residence.
$3.8715 $3.8715 $3.8715 $3.8715
$0.2915 $0.2906 $0.2134 $0.1774 $0.1763 $0.1763 $0.1763
$0.0000 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
The debt millage rate will decrease from $0.2915 to $0.2906 or 0.3% in Fiscal Year 2013. This debt millage rate will re ect the actual debt service approved by voter referendum. In prior years, fund balance was used to subsidize the annual debt service payment.
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budget, will equal 3.6% in Fiscal Year 2013 as compared to 2.4% in the current year, well within its General Fund debt service policy limita on of 12.5% of total General Fund expenditures.
Full- me posi ons added in Fiscal Year 2013 General Fund: Addi ons: Law Enforcement O cer Parks Technician Parks Maintenance Worker
• With a General Obliga on bond indebtedness of 0.25% of total taxable assessed value, the City is well below its debt policy limit of 5%.
3 3 1
Sta ng Changes
Code Enforcement
2
• Total adopted full- me posi ons in all funds for Fiscal Year 2013 is 767 (excludes the Fire/EMS services contract sta ).
Sub-Total
9
• Added thirteen full- me posi ons, nine in the General Fund and four in the Fire Fund. General Fund added three Law Enforcement O cers in Police Patrol, three Parks’ Technicians and one Parks Maintenance Worker, and two Code Enforcement posi ons. The Fire Fund added three Fire ghter/Paramedics to the Suppression Division and one Senior O ce Assistant to the Training Division. Capital Improvements
These changes re ect our con nued emphasis to maximize customer sa sfac on by providing the same quality service levels as last year to the City’s businesses, residents, and employees during di cult economic mes.
Opera ng millage rate comparison Fiscal $7.4479
Addi ons: Fire ghter/Paramedic
3
Senior O ce Assistant Training Center
1
Sub-Total
4
Net New Posi ons
13
Financial Condi on
• The City will invest $23,841,975 in Fiscal Year 2013 to address its capital needs. For more on capital, refer to Capital Improvement Program included in this document.
$8.0000
Fire Fund:
Despite four years of downward pressure on revenues due to residen al build-out, tax relief legisla on, and the economic recession, Coral Springs con nues to lead the na on in scal management and stability. Bond Ra ngs
We are proud of achieving the highest nancial honor bestowed on any municipality—earning a ‘AAA’ from Standard and Poors, ‘Aaa’ ra ng from Moody’s Investors Service, and ‘AAA’ ra ng from Fitch Ra ngs. Such ra ngs mean the City’s general obliga on bonds are considered to be of excellent investment quality, which translates into lower interest rates and corresponding lower interest Year 2013 payments.
$7.2899
$7.0000
Revenue $6.4654
$6.1142
$6.0000
Coral Springs
$6.0543 $5.6368 $5.1856
$5.0000
$4.9700 $4.8122 $4.5697
$4.1193
$4.0000 $3.0000 $2.0000 $1.0000
Da vi e Co ra l S pr in gs Ft . L au de rd al e
Su nr Pe ise m br ok e Pi ne De s er fie ld B ea Po ch m pa no B ea ch
ar Pl an ta ti o n
ira m M
Ta m ar ac
Ho lly
w oo d
$0.0000
When comparing Broward County ci es with popula ons greater than 55,000, Coral Springs’ opera ng millage rate is one of the lowest of the 11 municipali es.
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To ensure its long-term nancial success, the City will adopt an ad valorem millage rate that is 5.63 percent higher than the rolledback millage rate of $4.3260 in Fiscal Year 2013. This higher millage rate translates to $1.729 million in addi onal revenue the City will use to renovate Sartory Hall, design a permanent Safety Town building, and hire three addi onal police o cers. Intergovernmental Revenue Most economists are expec ng the economy to grow at a modest rate during the coming year. However, rather than growth returning to
Fiscal Year 2013 Annual Budget
normal levels quickly, the economy will move slowly but steadily upward. We have, therefore, adopted a moderate growth philosophy for Fiscal Year 2013 revenue es mates. To hedge against being too op mis c, we have adopted a con ngency that is higher than we otherwise would simply to counterbalance this risk.
commercial areas such as the Corporate Park, and inves ng in educa on. In addi on, the City will work to a ract businesses and increase property values by inves ng in the appearance and the safety of our community.
For many years, fund balances improved as a result of growth-related revenues, improved produc vity, and prudent nancial management policies. Those fund balances have been leveraged to avoid future debt service by equity nancing capital purchases for Fiscal Year 2012. For further informa on on our fund balances, refer to the Appendix sec on of this document.
The City has adopted a targeted-industries approach which will replace the old model of economic development that was essen ally driven by land developers. We will proac vely target the industries that are projected to have the highest growth in our area: health care, medical devices, medical informa on technology, global informa on technology, and distribu on. Our biggest challenge, however, is to ll exis ng vacant industrial and o ce space. Once absorp on occurs we can set our sights on new development and expansion.
Major Policy Considera ons Although we expect the economic recovery to hold center stage, the City’s strategy to invest in its community, as well as a number of other issues will also be part of the conversa on. Inves ng in the Community During the depths of the recession, the City adopted a three-pronged nancial strategy. While this was an appropriate strategy for the me, a new nancial strategy is necessary to place the City in the most advantageous posi on to embrace the economic recovery.
Economic Development Strategy
Upgrade Technology Infrastructure The City will con nue to invest in tools that allow its employees to achieve high levels of produc vity as well as provide customer service that is second to none. A state of the art technology infrastructure is a crucial element in allowing the City to meet its service delivery goals now and in the future. This objec ve must be balanced against the need to protect ci zen con den ality, integrity, and availability of informa on and at the same me control costs. It is also important that all City departments par cipate in the e orts to u lize technology in an e cient and e ec ve manner.
Although the recession has o cially ended, the return to pre-recession economic growth rates is not on the horizon. Since the fuel that powered the City’s economic engine (popula on growth and new construc on) will not return to previous levels quickly, if at all, we must expect and plan for a new normal. For example, having Annual net opera ng budget and capital reached build-out the City can no FY 2012 FY 2013 longer count on development of Budget Budget vacant parcels to spur economic Net Operating Budget $152,152,898 $151,766,237 growth. The City Commission has set the stage for this vision by incorpora ng language in the 2012-2013 Strategic Plan direc ng the City to take a leadership role in crea ng its future by inves ng in our community. In partnership with the Economic Development Founda on, Community Redevelopment Agency, the Chamber of Commerce, and other stakeholders, the City will proac vely prime the engine of economic growth by assis ng our exis ng business community, devo ng resources to encourage the redevelopment of the City’s
City of Coral Springs, Florida
Capital Improvements (CIP) Total Financial Program
Net Operating Budget General Fund Special Revenue Funds Fire Fund C.S. Charter School Fund Public Art Fund Enterprise Funds Water and Sewer Fund Internal Service Funds Health Fund/Gen. Ins. Fund Equipment Services Fund Pension Fund Debt Service Fund Total Net Operating Budget
26,951,988 23,841,975 $179,104,886 $175,608,212
FY 2012 Budget $64,888,412
FY 2013 Budget $66,913,902
10,852,069 10,483,260 76,500
11,098,592 10,046,480 86,500
17,626,865
19,176,769
15,120,020 15,888,674 10,794,794 8,671,101 16,425,088 13,859,067 5,885,890 6,025,152 $152,152,898 $151,766,237
$ % Change Change ($386,661) Ͳ0.3% (3,110,013) Ͳ11.5% ($3,496,674) Ͳ2.0%
$ % Change Change $2,025,490 3.1% 246,523 (436,780) 10,000 1,549,904
2.3% Ͳ4.2% 13.1% 8.8%
768,654 5.1% (2,123,693) Ͳ19.7% (2,566,021) Ͳ15.6% 139,262 2.4% ($386,661) Ͳ0.3%
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Fund Structure Overview
325
FY 2013 Total Net Budget $175,608,212
FY 2013 Net Opera ng Budget $151,766,237
General Fund $66,913,902
Special Revenue Funds $21,231,572
Enterprise Funds $19,176,769
Internal Services Funds $24,559,775
Fire $11,098,592 Charter School $10,046,480 Public Art $86,500
Water and Sewer $19,176,769
Insurance Funds $15,888,674 Equipment Services $8,671,101
Trust and Agency Funds $13,859,067 Pension $13,859,067
Capital Projects Funds $6,025,152 Debt Service $6,025,152
Major Funds Fund Name
Fund Type
General Fund*
City Opera ng Fund
Fire Fund*
Special Revenue Fund
Water and Sewer Fund*
Enterprise Fund
Health and General Insurance Funds* Internal Service Funds
Fund Descrip on Accounts for police, code enforcement, parks and recrea on, public works, building, emergency medical services, and administra on services Covers the re department and subsequent divisions, including administra on, suppression, inspec on, training, and communica ons Provides water and wastewater services to approximately 51% of Coral Springs residents Contribute to the City’s insured general liability, property, workers’ compensa on, life and employee medical bene ts Includes the revenues and expenses incurred in the opera on of the Coral Springs Charter School Accounts for the costs of maintaining the City’s eet Includes the Public Art fee receipts collected during the permi ng process for new construc on and renova ons of exis ng structures
Coral Springs Charter School Fund*
Special Revenue Fund
Equipment Services Fund*
Internal Service Fund
Public Art Fund*
Special Revenue Fund
Pension Fund
Trust and Agency Fund
Accounts for the accumula on of resources to be used for re rement bene t payments to the City’s employees
Debt Service Fund*
Debt Service Fund
Covers the revenues and payment of voter approved long-term general obliga on debt and revenue bond debt
*Indicates appropriated funds in accordance with the Budget Ordinance. Refer to the Appendix sec on of this document.
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Fiscal Year 2013 Annual Budget
FY 2013 Capital Budget $23,841,975
General Fund $11,121,865
Enterprise Funds $7,961,000
Water and Sewer $7,961,000
City of Coral Springs, Florida
Special Revenue Funds $1,596,953
Internal Services Funds $3,162,157
Fire $389,800 Charter School $645,653 Public Art $86,500 Tree Trust $475,000
Equipment Services $3,162,157
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Combined Budget Summary Appropriated Funds Budget—Fiscal Year 2013
Debt Service Fund
General Fund CASH BALANCE BROUGHT FORWARD
$1,750,000
Capital Projects Fund $0
Public Art Fund
$189,000
Water and Sewer Fund $0
Fire Fund
$3,190,000
$0
Charter School Fund
FY 2013 Total Budget
$1,086,035
$6,215,035
Revenues By Type: Taxes: Millage Per $1,000 Ad Valorem Taxes $4.5697 Ad Valorem Taxes $0.2906 (VOTED DEBT) Solid Waste Assessment Fire Fund Special Assessment Sales and Use Taxes Franchise Fees Utility Service Taxes Licenses and Permits Intergovernmental Revenue Charges for Services Fines and Forfeitures Miscellaneous Revenues Other Financing Sources
32,428,839 2,062,241 1,864,900 9,728,904 7,230,104 9,614,259 10,162,079 3,661,531 12,358,624 12,658,085 1,979,940 4,088,628 1,017,293
3,248 3,959,663
10,128,940
86,500
97,064,282
6,025,152
10,128,940
86,500
Grand Total Revenues and Balances
$98,814,282
$6,025,152
$10,317,940
$86,500
Expenditures By Type: General Governmental Services Education Public Safety Physical Environment Economic Environment Culture and Recreation Debt Service Capital Improvement Program (Excluding Opeating CIP) Other Financing Sources (Uses)
$13,636,165 566,942 55,137,496 6,784,449 250,000 14,341,495 3,596,864 0 4,500,871
Total Revenues and Other Financing Sources
Total Expenditures and Other Financing Uses Reserves Total Appropriated Expenditures and Reserves
5,324,469 2,023,073 53,000 172,500 25,938
10,380,445
19,523,254
17,327,884
10,380,445
$22,713,254
$17,327,884
19,453,254 70,000
14,803,729 16,633,049 281,840 86,500 4,311,338
232,860
1,487,027
2,291,295
160,536,457
$11,466,480 $166,751,492
11,466,480
6,025,152
32,428,839 2,062,241 1,864,900 9,728,904 7,230,104 9,614,259 10,162,079 3,661,531 28,063,538 34,134,412 2,032,940 4,334,376 15,218,334
10,317,940
$13,636,165 12,033,422 69,941,225 23,417,498 531,840 14,427,995 14,166,214 10,317,940 8,279,193
98,814,282
6,025,152
10,317,940
86,500
22,713,254
17,327,884
11,466,480
166,751,492
0
0
0
0
0
0
0
0
$98,814,282
$6,025,152
$10,317,940
$86,500
$22,713,254
$17,327,884
$11,466,480 $166,751,492
Note: Revenues (sources) and Expenses (uses) for Equipment Services, Health, and General Insurance funds are incorporated within all other appropriated funds included in this summary and thus, not listed separately.
Note: In accordance with standard budge ng prac ce, the main di erence between the “Summary of Net Budgeted Revenues/Expenditures” on pages 28 and 29 and the “Fiscal Year 2013 Combined Budget Summary” on this page is that the la er does not include internal service funds to avoid double-coun ng interfund transfers (movement of money from one fund to another).
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Fiscal Year 2013 Annual Budget
Where the money comes from by source (all funds) Capital Projects 6.1%
Reserves 3.7%
Fines & Forfeitures 1.2%
Licenses and Permits 2.2%
Ad Valorem Taxes and Assessments 27.6%
Intergovernmental 16.8% Utilities Service Taxes 6.1% Other 5.7%
Charges for Services 20.5%
Franchise Fees 5.8%
Sales and Use Taxes 4.3%
Where the money goes by type of program (all funds) Capital Projects 6.2% Debt Service 8.5%
General Government 8.2% Other Financing Sources 5.0%
Culture and Recreation 8.6%
Education 7.2%
Physical and Economical Environment 14.4%
Public Safety 41.9%
Where the money goes by category (General Fund only) Debt Service 3.6%
Supplies/Services 24.5%
Personal Services/Benefits 71.9%
City of Coral Springs, Florida
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