Page 377

299

$21,090,510

$28,658,479

3.3¢ 963,705

67,121,239 63,925,585

(3,195,654) 0

11,393,065 9,549,478 66,005,907 5,440,086 14,942,882 63,207,928 11,803,003 7,170,555 1,124,150 659,200 26,259,841 1,728,079 4,521,384 1,545,573 614,499 225,965,629 3.2%

184,133,334 9,754,944 26,185,766 2,695,930 0 222,769,974 1.7%

Projection 2021

$20,931,000

8.5¢ 987,797

63,925,585 55,553,821

(8,371,765) 0

11,734,857 9,835,962 67,986,084 5,603,289 15,391,168 65,104,165 12,157,093 7,385,672 1,157,875 678,976 24,623,325 5,024,420 4,866,609 1,591,940 2,847,511 235,988,946 4.4%

188,736,667 9,998,818 26,185,766 2,695,930 0 227,617,181 2.2%

Projection 2022

28,400,000

13.1¢ 1,012,492

55,553,821 42,263,809

(13,290,013) 0

12,086,902 10,131,041 70,025,667 5,771,387 15,852,903 67,057,290 12,521,806 7,607,242 1,192,611 699,345 24,998,614 7,827,597 4,854,965 1,639,698 3,608,511 245,875,581 4.2%

193,455,084 10,248,789 26,185,766 2,695,930 0 232,585,568 2.2%

Projection 2023

22,380,000

17.7¢ 1,037,805

42,263,809 23,854,563

(18,409,246) 0

12,449,510 10,434,973 72,126,437 5,944,529 16,328,490 69,069,009 12,897,460 7,835,459 1,228,389 720,326 24,257,160 9,845,025 4,854,965 1,688,889 6,406,791 256,087,411 4.2%

198,291,461 10,505,008 26,185,766 2,695,930 0 237,678,165 2.2%

Projection 2024

(7) Value of 1¢ assumed to grow by 2.5% per year after FY 2020.

(6) Proposed capital funding figures (lines 25 & 27) are based on projection from the FY 2020 CIP. Updated projections will be prepared during FY 2021 budget development based upon updated expenditure assumptions.

(5) New Debt Service (line 24) consists of FY 2020-2024 CIP bond issuances and projected vehicle leases issued in FY 2020-2024. All CIP bond issuances are based on a 20 year repayment with 2 years of interest only followed by 19 years of principal repayment. Updated projections will be prepared during fiscal year 2021 budget development based upon updated expenditure assumptions.

(4) Existing Debt Service (line 23) includes General Fund debt service net of payments on EDA HHS debt, Section 108 debt, Route 17 debt, the 2014 GO Operations Center Road Maintenance bonds, payments on the 2015 GO bonds issued for IT, payments on the 2015 GO and 2016A GO bonds for Fleet, and the 2018 GO Bonds that termed out the Refuse portion of the 2015 BAN. Includes annual proffer revenues to offset debt service in FY 20202022. Includes an estimated Bond Handling/Coupon Expense each year.

(3) All projected expenditures (i.e. FY 2021 and beyond) are based on the recommended FY 2020 budget. Updated projections for FY 2021 and beyond will be completed during development of the FY 2021 budget. For projection purposes, all expenditures assume 3% growth per year, except Debt Service, Cash Funded Capital, and Caital Projects, which are per the CIP.

(2) Transfer of $1 million of Unassigned Fund Balance to the Capital Projects Fund to contribute to the Capital Pay-Go requirement.

TBD

18.8¢ 1,063,750

23,854,563 3,875,012

(19,979,551) 0

12,822,995 10,748,022 74,290,230 6,122,865 16,818,345 71,141,079 13,284,384 8,070,523 1,265,241 741,935 23,273,932 11,296,766 4,854,965 1,739,556 6,406,791 262,877,628 2.7%

203,248,748 10,767,633 26,185,766 2,695,930 0 242,898,077 2.2%

Projection 2025

(1) All projected revenues (i.e. FY 2021 and beyond) are based on the adopted FY 2020 budget. Updated projections for FY 2021 and beyond will be completed during development of the FY 2021 budget. For projection purposes, Local Tax Revenue and Fees and Charges are assumed to grow at 2.5% per year. All other revenues assume no growth after FY 2020.

Bond Funded Projects

0.0¢ 940,200

68,121,239 67,121,239

Beginning Unassigned Fund Balance Ending Unassigned Fund Balance

Equivalent Real Estate Tax Impact (¢) Value of 1¢(7)

0 (1,000,000)

-

11,061,228 9,271,338 64,083,405 5,281,637 14,507,652 61,366,920 11,459,226 6,961,704 1,091,408 640,000 26,309,505 631,021 4,875,391 1,500,556 0 219,040,993

EXPENDITURES (3) General Government Judicial Public Safety Public Works Health & Welfare Education (Transfer to School Board) Parks, Recreation & Cultural Community Development Other Public Service Non-departmental Transfers to Debt Service (Existing Debt)(4) Transfers to Debt Service (New Debt)(5) Transfers to Capital Projects (Cash Funded)(6) Other Transfers Operating Impact - From CIP Projects(6) Total Expenditures Annual Growth

Excess (Deficiency) Revenues over Expenditures Appropriations from Unassigned Fund Balance(2)

-

179,642,277 9,517,019 26,185,766 2,695,930 1,000,000 219,040,993

Budget 2020

REVENUES(1) Local Tax Revenue Fees and Charges Intergovernmental (Commonwealth/Federal) Fund Transfers (2) Fund Balance Transfer for Capital (Unassigned FB) Total Revenues Annual Growth

Prepared by Davenport & Company LLC - June 14, 2019

32 33 34 35 36 37 38 39 40

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

1 Fiscal Year Ended June 30 of

Projected Operating Budget City of Suffolk, Virginia

Page 1

Profile for City of Suffolk, Virginia

Adopted FY20 Operating and Capital Budget  

Adopted FY20 Operating and Capital Budget