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Item 3C: Resolution on FY11 CAFR
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Item 3C: Resolution on FY11 CAFR
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Agenda Item Summary
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1/9/2012
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Total business-type net assets increased $5.1 million in the current fiscal year. Significant issues regarding proprietary <br />funds are as follows: <br /> The Ambulance Transport Fund reported a $1.2 million increase in net assets. The increase was mainly due to <br />$1.5 million in operating income that was offset by $0.3 million in transfers out. <br /> The Municipal Airport Fund reported a $1.2 million increase in net assets. The increase was due to a $4.3 million in <br />contributions related to FAA grants offset by $3.2 million in operating losses. <br /> The Parking Services Fund reported a $2.9 million increase in net assets. The increase was due to net transfers of <br />$3.4 million offset by losses of $0.5 million. <br /> The Stormwater Utility Fund reported a $0.7 million increase in net assets. The increase was principally due to <br />$0.4 million in operating losses offset by $1.1 million in capital contributions. <br /> The Wastewater Utility Fund reported a $0.9 million decrease in net assets. The decrease was mainly due to $1.5 <br />million in operating losses that were offset by $0.6 million in capital contributions. <br />Other factors concerning the finances of proprietary funds can be found in the previous discussion of the City’s <br />business-type activities. <br />General Fund Budgetary Highlights <br />The City’s final budget differs from the original budget in that it contains carry-forward appropriations for various <br />programs and projects, and supplemental appropriations approved during the fiscal year. The final fiscal year 2011 <br />budget for the General Fund was increased by $6.0 million. The primary reasons for this increase are as follows: <br /> $2.8 million increase to police, including $1.6 million for grant-funded activities, $0.7 million in fire dispatch <br />services, and $0.4 million in carry-forward appropriations. <br /> $0.7 million increase to central services, including $0.4 million in carry-forward appropriations and $0.2 <br />million for additional jail funding. <br /> $0.4 million increase to library, recreation, and cultural services, including $0.2 million for grant funded- <br />activities and $0.1 million in carry-forward appropriations. <br /> $0.3 million increase in carry-forward appropriations in planning and development. <br />These changes were funded primarily by an increase of $2.0 million in intergovernmental revenues and $3.1 million in <br />unspent resources from the prior year. <br />The net increase of $5.8 million in budget-basis fund balance for the year ended June 30, 2011 was a significant <br />improvement over the projected deficit of $1.5 million in the General Fund final amended budget. Actual revenues were <br />$1.3 million lower than budget. Although tax revenues were $1.2 million higher than anticipated, intergovernmental <br />revenues were $1.3 million below budget projections and charges for services and licenses and permits revenues both <br />came in $0.7 million below budget. On the expenditure side, departments underspent their budgets by a total of $8.5 <br />million. The significant changes were in Police ($2.9 million), Fire and Emergency Medical Services ($1.7 million), <br />Central Services ($1.6 million), and Planning and Development ($0.7 million). <br />Economic Factors and Next Year’s Budgets and Rates <br />During the preparation of the budget for the ensuing fiscal year, the long-term impacts of the local economy were <br />examined in conjunction with business decisions made by the City. The following are the major assumptions used in <br />developing the FY 2012 budget: <br /> Interest rates on investments will be 0.65%. <br /> Property tax revenue is expected to decrease 2.7% in FY 2012 due to expiration of the Library Local Option Levy. <br /> Salaries for non-represented employees and the other collectively bargained agreements will increase 1.0% - 2.1%. <br /> Health benefit rates will increase by 8.7%. <br /> PERS and OPSRP costs are expected to be 25.5% and 21.7% of payroll, respectively. <br />21 <br />
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