Gahanna financials

2011 Financial Overview

Finance Department Presentation to Council Presentation to Council February 27, 2012

Items to be Discussed General Fund Revenues & Expenditures How did we do compared to plan? p How did we do compared to 2010?

General Fund Balance

Other Funds Overview Other Funds Overview Looking Forward

General Fund Revenue Collected

Planned

Variance

Pct Diff

$25,095,862

$22,419,142

$2,676,720

11.9%

2010 Revenue

Variance

Pct Diff

$23,514,850 $ , ,

$1,581,012 $ , ,

6.7%

Note: N t IIn fall f ll 2011 2011, we estimated ti t d our 2012 revenue would be $22,445,209

General Fund Revenue Over Time $30,000,000 $29,214,302 $29,000,000

* Bond Proceeds of $7.2M not incld

$28,000,000 $27,000,000 $26,000,000 $25,294,402

$25,095,862

$25,000,000 $23,898,384

$24 000 000 $24,000,000

$23,514,850

$23,000,000 $22,445,208 $22,000,000 $21,000,000 $20,000,000 200 2007

2008

2009

20 0 2010

20 2011

20 2 l 2012 Plan

General Fund Revenue by Source INCOME TAX‐62% REAL ESTATE TAXES‐7% 3%

3%

3%

2% 1% 1%

LOCAL GOVERNMENT FUND‐6%

4%

FINES & FEES‐4%

4%

ADMINISTRATIVE/SERVICE / CHARGES‐4% RECREATIONAL INCOME‐4%

4% 6% 7%

62%

TRANSFERS‐3% OTHER TAXES‐3% INTEREST & INVESTMENT INCOME‐3% GRANTS‐2% LICENSES & PERMITS‐1% MISCELLANEOUS INCOME 1% MISCELLANEOUS INCOME‐1%

General Fund Revenue by Source Category

2011 Plan

2011 Actual

Var

Income Tax

$13,500,000

$15,438,208

14%

Real Estate Taxes

1,714,852

1,735,137

1%

Local Government Fund

1,365,000

1,381,552

1%

Fines, Fees, Licenses & Permits*

3,695,523

3,512,686 <0.5%>

Transfers

306,000

871,045

185%

Other Taxes Other Taxes

499 305 499,305

721 316 721,316

44%

Interest & Investment Income

1,130,000 , 92,591

554,239 ,

499%

165,871

213,277

29%

$22,419,142

$25,095,862

12%

Grants Misc. Income TOTAL

668,402 <41%>

* Includes Recreation Income and Administrative/Service Charges

Income Tax Collections 2011 Collected: $15,438,208 2011 Collected: $15,438,208 • 5.4% ($834K) greater than all‐time‐high in 2007

14.4% ($1.9M) greater than planned • 2011 plan was $13,500,000 2011 plan was $13 500 000

21.5% ($2.7M) greater than 2010* • 2010 actual was $12,702,272 • *included only 11 months of cash collections y

Income Tax Collections $16,000,000

$15,438,208 $15 000 000 $15,000,000

$14,604,175 $14,328,342 $14,000,000

$13,359,721

RITA Transition Year 11 months of collections

$13,000,000

$12,702,272

$12,000,000

$11,000,000

$10 000 000 $10,000,000 2007

2008

2009

2010

2011

2011 Income Tax Distribution Net Profit $1,957,225 13% Resident $3,644,771 23% Withholding $9,836,990 $ , , 64%

Income Tax Distribution $12,000,000

$10,000,000 $10,000,000

$1.4M ‐ 16% Increase

$8,000,000

$6,000,000 $301K‐ 9% Increase $4 000 000 $4,000,000 $1M – 124% Increase

$2,000,000

$‐

Withholding

Resident 2010

2011

Net Profit

General Fund Expense Summary Expended

Appropriated

Variance

Pct Diff

$22,755,877

$25,712,206

<$2,956,329>

<11%>

2010 Expended Variance

Pct Diff

$23,173,612 $ , ,

<1.8%>

<$417,735> $ ,

“Appropriated” includes original appropriation, and supplemental appropriations throughout the year.

General Fund Expenses Over Time $34,000,000 $34 000 000 $31,445,102

$32,000,000 $30 000 000 $30,000,000

$30,490,055

$30,030,450

$28,000,000 $26 000 000 $26,000,000 $24,000,000

$23,173,612

$22,755,877

$23,024,277

2011

2012 Plan

$22 000 000 $22,000,000 $20,000,000

2007

2008

2009

2010

Expenditures by Type Total Expenditures by Type: $22,755,877 Capital Outlay Transfer $ $1,042,770 $1,960,701 5% 9% Supplies & Materials $2,699,868 12%

Contractual Services $2,821,404 12% Benefits $4,148,385 18%

Salaries $10,082,749 $10 082 749 44%

Expenditures by Function Total Expenditures by Function: $22,755,877 Transfers $1,960,701 Community & Economic 9% Development $2,801,237 12%

Public Safety $8,559,799 38%

Public Service $2,833,399 12%

General Government $3,170,215 14%

Parks & Recreation $3,430,525 15%

General Fund‐Summary In 2011, General Fund revenues exceeded expenses by $2.3 million

Revenue E Expense Variance

$25,095,862 <$22,755,877> $22 755 877 $ 2,339,985 $ ,339,985

General Fund Balance Beginning Fund Balance $16 333 711 $16,333,711

Revenue

Expenditure

Encumbrance

$25,095,862 , ,

$22,755,877 , ,

$3,406,061 , ,

2011 Ending Fund Balance: $15,267,635 Mandatory Reserve based on 25% of planned revenue: $5,585,888 $5 585 888 Amount in Excess of Reserve: $9,681,747 $

Ending Fund Balance $15 267 635 $15,267,635

General Fund: Ending Fund Balance Mandatory Reserve Reserve $5,585,888

Excess of Reserve $9,681,747

2011 Ending General Fund Balance $15,267,635

M Millions

General Fund Balance Over Time $16 $14 $12 $9.7M

$10 $10

$ $8.2M $6.0M $3.7M

$8

$4.7M

$6 $6 $4 $5.5M

$6.0M

$6.0M

$5.9M

$5.6M

$2 $2 $‐ 2007

2008 Mandatory 25% Reserve Mandatory 25% Reserve

2009

2010

Amount in Excess of Reserve Amount in Excess of Reserve

2011

Other Major Governmental Funds Capital Improvements Fund Street Fund Street Fund State Highway

Capital Improvements Fund Revenue Sources

Allowable Expenses ll bl

• No No dedicated funding dedicated funding stream • Periodic transfers from General Fund • Grants

• Acquiring, Acquiring, purchasing purchasing or constructing permanent i improvements t • Paying for property improvements for any improvements for any public purpose

Capital Improvements Fund Cash Flow Cash Flow

Accomplishments

Beginning Fund Balance: $3,154,886 2011 Revenue: $1,007,726 2011 Expense: $1,760,443 Ending Balance: di l $2,402,170

Beginning Fund Balance

Revenue

• Hamilton/Granville Intersection • Big Walnut Trail Sections 1 & 2 • TechCenter & Science Blvd & Science Blvd Connector

Expenditure

Encumbrance

Ending Fund Balance

Street Fund Revenue Sources • Municipal Distributions of: • Gas Tax • Motor Vehicle Motor Vehicle Registrations

Allowable Allowable Expenses • Planning, Construction & Maintenance of g Roads & Bridges

Street Fund Cash Flow Cash Flow

Accomplishments

Beginning Fund Balance: $495,261 2011 Revenue: $1,682,593 2011 Expense: $1,738,584 Ending Balance: $439,270 di l $

Beginning Fund Balance

Revenue

• Street Maintenance Staff and Operating Expenses • Street Improvement Program • Traffic Light Repairs Traffic Light Repairs

Expenditure

Encumbrance

Ending Fund Balance

State Highway Fund Revenue Sources • State Distributions of: • Gas Tax • Motor Vehicle Motor Vehicle Registrations

Allowable Allowable Expenses • Maintenance and Repair of p Designated g y State Highways

State Highway Fund Cash Flow Cash Flow

Accomplishments

Beginning Fund Balance: $108,823 2011 Revenue: $105,917 2011 Expense: $75,381 Ending Balance: $138,910 di l $

Beginning Fund Balance

Revenue

• Overtime and materials costs associated with maintenance of State Highways Traffic & pedestrian light • Traffic & pedestrian light upgrades

Expenditure

Encumbrance

Ending Fund Balance

Revenue Trends Income Tax • Revisit planned collections after Tax Day

Real Estate Tax • Property valuations down 6% based on revaluation vs. initial plan of 9% • Net effect approximately $52K • May see County distribution of Creekside delinquencies in 2012

Local Government Fund • No further reductions to allocation method after 2012

Estate Tax • Final year of tax • Already at 50% of plan reported Already at 50% of plan reported

Expenditure Trends Community Investment • Administration to release two‐year Capital Improvement Plan in coming weeks

Increasing Cost of Maintenance • Additions to infrastructure base • Aging assets

Cost of Operations p • Uncertain inflation outlook • Anticipate rising costs of contracts

Upcoming Plans for Finance • 2011 official Financial Statements and Audit are in progress • Reviewing RFQ for capital financing strategy • Council/Leadership strategic planning session • Administration’s Capital Improvement Program • Q1 financial report to Council in April • Administration will kick‐off 2013 budget in March/April

Questions?

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