HomeMy WebLinkAbout05-21-07 Item 2B, Financial Mgmt Plan
~
/]'\~ HILLS
MEMORANDUM
DATE:
May 16, 2007
Agenda Item 2.B.
TO:
Honorable Mayor and City Council
Sue Iverson, Finance Director if
FROM:
SUBJECT:
Financial Management Plan Update
BACKGROUND:
In late 2006, the City contracted with Ehlers & Associates, Inc. to develop a Financial
Management Plan. This tool will help us assess our current financial status, assist with budget
decisions, and provide a foundation for future planning. Part of this process involves the Council
setting goals and parameters for future budgets. These goals help to guide decisions on uses of
budgeted, one-time, and unexpected revenues. The plan also helps to prioritize capital
expenditures and guide the use of debt as a financing tool.
Mark Ruff from Ehlers and Associates presented the plan at a Council work session on
November 20, 2006. In that discussion, a number of issues were presented for consideration.
(Memo and Financial Plan are attached)
DISCUSSION:
To use this tool in the current budget process and more importantly, in TCAAP discussions, staff
needs Council direction on the issues that were presented at the November 20, 2006 meeting.
1) General Fund Balance - The City is currently at the recommended 50% of expenditures.
This will drop as the budget increases in future years. Does Council want to consider
using excess funds as the end of each year to maintain this level? Would the Council like
to budget for contingency? Staff would recommend setting a fund balance policy of 50%
as recommended by the State Auditor. This could be sent to the FP AC.
2) Use of Land Sale Proceeds from the Old City Hall Site - The preliminary model shows
the proceeds deposited in the Public Safety Capital Fund in anticipation of the
new/renovated fire station in 2012. The $40,000 down payment on the sale which fell
through last fall was deposited in the Permanent Revolving Fund. Where should these
funds be allocated?
Memo
Financial Management Plan Update
2
3) Future Cash Flows of Streets and Equipment (PIR Fund) - The preliminary cash flow
shows that the balance in the PIR Fund will decline from over $6M to $3M. What is a
reasonable minimum balance in this fund? What revenue sources should be utilized in
this fund in the future? Does the Council want to budget a transfer to this fund as a
regular operating transfer?
4) Establishment of a separate Capital Equipment Fund and Park Improvement Fund. Most
cities have a separate fund and budget specifically for capital equipment replacement
from the general fund. Combining the construction projects for streets, park
improvements, and equipment in one fund, makes it unclear what the funds are being
used for and makes it difficult to budget. By separating these funds, staff will be better
able to manage these funds and answer questions, and it will give the Council a better
planning tool in CIP discussions. Once we establish a reserve policy for capital
equipment, annual transfers would make certain that we would have the funds when the
equipment was needed, thus avoiding the peaks and valleys in the budgets from year to
year. Does the Council want to establish these types of capital funds? Staff
recommendation is to establish separate funds.
5) Conservative estimates were used as assumptions in the model.
a. Investment interest - 2%
b. Intergovernmental revenues were left flat - no increase
c. Fiscal disparities were left flat - no increase
d. Revenue inflation rate 3%
e. Expenditure inflation rate 5%
Is the Council comfortable with these assumptions?
6) Policy decisions will need to be made on what to do when the TIF districts are
decertified. Does the Council want to let the increment revert back to the general tax
rolls as a reduction or do they want to budget that amount for a special purpose? One
district will decertify in 2009 and the other will decertify in 2015. Nothing need be done
now, but it should be discussed. (These could be possible funding sources for capital
reserves or parks.)
7) Policy decisions will also have to be made on where the City tax rate should be.
Direction from the Council has been that the new Financial Planning and Analysis
Committee (FP AC) is to work on this. Does the Council have any direction or
parameters for the FP AC?
8) Final work to be completed on the plan is in regard to the utility fund analysis. A rate
study was completed in 2004; however the financial plan will update and assist us in
determining whether additional changes are needed in 2008. An analysis of the current
funds and estimates will be provided at the work session. Staff is completing work on the
2007 1 st quarter results now that the unaudited 2006 numbers are available. Staff is also
studying the impact of the senior citizen discount and the possibility of a tier rate
structure. Currently the City does not charge a connection fee for either the water or the
sewer on new construction, only the Met Council fees are charged. Staff will bring a
comparison of other cities' connections charges to the work session for discussion. Once
staff has Council direction, this part of the plan can be completed and a rate study done.
Memo
Financial Management Plan Update
3
RECOMMENDED ACTION:
Staff is seeking input on the Financial Management Plan assumptions and issues.
o
:E
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:E
EHLERS
& ASSOCIATES INC
To:
City of Arden HilIs
Mark Ruff
November 15,2006
Update on Financial Management Plan
From:
Date:
Subject:
We look forward to discussing the progress on the financial management plan with the City
Council.
Part of the process of a financial management is for the Council to set goals and parameters
for future budgets. These goals wiII help guide decisions on use of budgeted, one-time, and
unexpected revenues. The plan wiII also help prioritize capital expenditures and guide the
use of debt, if any, as a tool.
We wanted to raise a few issues prior to Monday's meeting for consideration:
General Fund Balance: The Office of the State Auditor recommends general fund balances
of35% to 50% of expenditures for cash flow and contingency purposes. The City is
currently at approximately 50%, which meets rating agency recommendation. The balance
as a percentage will drop as the budget increases in future years. The Council may want to
consider using excess funds at the end of the each year to maintain this level.
Use of Land Sale Proceeds from the Old City Hall Site: We have preliminarily shown the
majority of the expected land sale proceeds as transferred into public safety capital in
anticipation ofa new/renovated fire station in 2012. This may avoid the use of debt in the
future, but we should discuss these options on Monday.
Future Cash Flows of Streets and Equipment: Attached is a preliminary cash flow for street
and capital replacement over the next ten years. The balance in this fund is expected to
decline from over $6M to $3M. We look forward to a discussion on what is a reasonable
minimum balance in this fund and what general fund sources should be utilized in the future.
Establishment of Separate Capital Equipment Fund: Most cities eventually establish a
separate fund for capital equipment and budget specifically for replacement of equipment out
of the general fund. Our cash flows do not separate out these funding sources and uses, but
we have anticipated a budget line item for equipment and would recommend a discussion on
this topic.
Please let us know if you need additional information
LEADERS IN PUBLIC FINANCE
3-060-Cen-tre"P61nfe-bd;;"e--
Roseville, MN 55113-1105
t
""" ""Phone,"65f69j:8505 Fax'65j:697-8555
mark@ehlers~lnc.com
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