2016 sfwmd preliminary budget
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Item # 36July 16, 2015
FY2016 Preliminary Budget
DRAFT
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2FY16 budget update: Ad Valorem Update Revenues/Expenditures Spend Down Plan Update Key Projects
Request Governing Board approval of proposed millage rates for certification to property appraisers
Todays Presentation
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3 December 11 presented preliminary FY16 budget to Governing Board
January 15 submit preliminary FY16 budget March 1 Legislative review comments due
Outcome of legislative review is basis for tentative budget submission on August 1
July 16 FY16 GB budget update & millage rate approval
Budget Review Timeline
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Updated Ad Valorem Estimates (in Millions)
Revenue CategoryFY16
PreliminaryFY16
Updated Variance
Baseline $ 262.4 $ 263.0 $ 0.6
New Construction $ 2.8 $ 3.9 $ 1.1
Total $ 265.2 $ 266.9 $ 1.7
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Value Adjustment Board Taxroll Impacts
Prior Year Taxable Value Certification
Tax Base (In Billions)
Miami-Dade (In Billions)
July 2014 (FY15) $ 741.023 $ 212.615 July 2015 (FY16) $ 733.051 $ 206.697 Change (in Billions) $ (7.972) $ (5.918)
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6Baseline Ad Valorem Revenues
-$11.2B -$8.6B
-$8.7B
600,000,000,000
620,000,000,000
640,000,000,000
660,000,000,000
680,000,000,000
700,000,000,000
720,000,000,000
740,000,000,000
760,000,000,000
FY12 FY12Revised
FY13 FY13Revised
FY14 FY14Revised
FY15 FY15Revised
SFWMD FY Taxable Value Changes
-$7.9B
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Ad Valorem Trend
FY12 FY13 FY14 FY15FY16
Certified
Baseline Revenue 270.7 270.7 268.1 266.6 265.9 Change in Baseline - (4.7) (3.5) (3.5) (2.9)
New Construction N/A 2.1 2.0 2.8 3.9
Total 270.7 268.1 266.6 265.9 266.9
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8Baseline Ad Valorem Revenues
240.0
245.0
250.0
255.0
260.0
265.0
270.0
275.0
280.0
285.0
FY12 FY13 FY14 FY15 FY16
AdValoremImpacts
ACTUAL/FY16UPDATED
W/OUTPYVAB
W/OUTRS
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9 Revise spend down & use funds to balance FY16 GB delay, reprioritize, cancel spend down projects Alter RS funding model & direct recurring $ to
baseline needs Redirect recurring funding from $50M C&SF
refurbishment and backfill with reserves GB could eliminate all funding for dispersed water
management/water farming except state approps GB could eliminate all local cooperative project
funding except state approps
Options for Balancing the FY16 Budget
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10FY16 Budget Update
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11
FY16 Tentative Budget
FY16 Tentative Revenues $753,816,288
AdValoremTax$266,942,829
35%
AgPrivTax$10,950,000
1%
StateSources$181,567,018
24%FederalSources$7,400,105
1%
LocalSources$866,158
0%
InvestmentEarnings$3,650,000
1%
FeesandOther$52,117,787
7%
BudgetedNonAdValoremFundBalances$49,399,808
7%
BudgetedAdValoremFundBalances$180,922,583
24%
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12
Ad Valorem Tax Revenue Trend
553.0 549.4525.2
459.9
399.0
270.7 268.1 266.6 265.9 266.9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
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FY16 Ad Valorem Budget Status
FY16PreliminaryBudgetAdValRecurringDeficit 8.7Changes/ReductionsbetweenJanuaryandJune (6.3)LandManagement 2.0OperationsSupport 2.7Recurringneedsfundedfromonetimebalances 7.9ShiftPicayuneO&MtoDistrictFunding 0.8
ShiftPicayuneRestorationProjecttoDistrictFunding 0.3RevisedAdValoremRecurringDeficit 16.1
LessRedirectofPYNewConstructionfromRS (4.5)BaselineRevenueChange (0.6)FY16NewConstruction (3.7)
RevisedAdValoremRecurringDeficit 7.3
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14
Restoration Strategies: $32.0M STA1-W Expansion #1 $25.4M G-341 & Conveyance Features $6.6M
CERP/Northern Everglades: $49.8M C-44 STA & Pump Station $40.0M C-43 West Storage Reservoir $9.8M
FY16 State Appropriations Funding $126.9M
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15
Kissimmee Restoration $20.0M Land Management $3.85M Alligator Alley Tolls $7.0M Dispersed Water Mgt $5.0M Debt Service $6.9M C-43 Reservoir $2M IRL Operations $350K
FY16 State Appropriations Funding $126.9M
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16
FY16 Tentative Budget
FY16 Tentative Expenditures $753,816,288
Land Stewardship$53,223,206
7%Mission Support
$36,819,671 5%
Modeling & Scientific Support
$13,655,415 2%
Operations & Maintenance$202,593,768
27%
Regulation$19,462,153
3%
Restoration$371,607,884
49%
Water Supply$18,884,684
2%
Internal Service Funds$37,569,507
5%
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10-Year FTE/Funded Positions Trend
1784 18081828 1842
1933
1647 1620 15881530 1530
0
500
1000
1500
2000
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
-403
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18
FY16 Everglades Ad Valorem Recurring Costs
FY16 Tentative Budget Ad Valorem Revenue Sources: $ 88.0 Ag Tax 10.9 Alligator Alley 1.0 Interest Earnings 1.0 Ad Valorem Property Taxes 75.1
ECP Ad Valorem 35.4 General Ad Valorem 28.0
Okeechobee Basin Ad Valorem 11.7
FY16 Tentative Budget Summary of Everglades Recurring Ad Valorem Budget $ 88.0 Debt Service 35.2Northern & Southern Everglades 50.9
Storm Water Treatment Areas O&M, Exotics, Monitoring, Science, Regulatory 31.8CERP Planning, O&M, Exotics, Monitoring, Science 10.7
Lake Okeechobee 5.7Kissimmee River Restoration 2.3
Estuaries 0.4Caloosahatchee & St. Lucie Estuaries 1.9
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19
S-5A Refurbishment/Automation Construction $9.6M North Shore Path Command/Control & Automation
Construction $7.4M IT Shelters Construction $4.1M S-46 Construction $3.7M C-4 Canal Bank Improvements Construction $3.5M G-123/S-34 Refurbishment Construction $2.9M SCADA System Replacement Project $2.0M Engineering Design $2.0M S-13 Repower $1.2M
FY16 O&M Capital Refurbishment Key Projects
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20
FY16 Key Restoration Projects Restoration Strategies $75.4M
Restoration Strategies Project State Funding District Cash Total FY16STA1-W Expansion #1 25,704,660$ 20,241,827$ 45,946,487$ G-341 & Conveyance Features 6,600,000$ 727,385$ 7,327,385$ G-716 (S-375) Structure Expansion 2,713,565$ 1,777,108$ 4,490,673$ Lainhart & Masten Conveyance 1,646,075$ 296,546$ 1,942,621$ S-5AS Divide Structure 103,918$ 244,114$ 348,032$ L-8 Divide Structure 103,918$ 267,487$ 371,405$ MECCA Replacement Features 100,000$ 4,835,891$ 4,935,891$ Science Plan Projects and Program Support -$ 8,976,635$ 8,976,635$ Source Control Projects -$ 1,037,230$ 1,037,230$ FY16 Restoration Strategies Total 36,972,136$ 38,404,223$ 75,376,359$
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21
C-44 STA - $45.6M Lakeside Ranch STA - $12.7M Picayune Strand - $9.3M L-31E Flowway - $1.8M Lake O BMAP Planning - $1.0M C-43 West Storage Reservoir - $27.7M Lake Hicpochee - $12.7M Kissimmee Restoration - $38.6M Ten Mile Creek - $7.0M C-111 South Dade - $20.0M Cooperative Funding Program - $9.0M
FY16 Key Restoration/Resource Projects
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22Dispersed Water Management
FundingSources FY16 FY17 FY18 FY19 FY20FY25 GrandTotalAdValorem 44,255 44,255FederalGrant(NRCSWetlandsReservePgm) 2,843,357 2,843,357LakeOkeechobeeTrustFund 955,180 955,180Balanceof2014StateAppropriation1622B 3,500,000 3,500,0002015StateAppropriation1616 5,000,000 5,000,000TotalFundingAvailable 12,342,792 12,342,792
DispersedWaterManagementProjects FY16 FY17 FY18 FY19 FY20FY25 TotalNicodemusSlough 2,512,683 2,576,063 2,641,345 2,708,585 8,102,658 18,541,334NorthernEvergladesPaymentforEnvironmentalServices 620,479 1,562,637 1,562,637 1,562,637 7,364,026 12,672,414PublicLandsProjects 3,581,357 220,000 220,000 270,000 20,000 4,311,357Monitoring/CapitalEquipment 355,810 180,931 210,000 210,000 1,250,000 2,206,741FloridaRanchlandsEnvironmentalServicesProgram 520,288 520,288WaterFarmingSLE 7,500 7,500
7,598,116 4,539,631 4,633,982 4,751,222 16,736,684 38,259,635
CumulativeCashSurplus/Shortage 4,744,675 205,045 (4,428,937) (9,180,159) (25,916,843)
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23New Works Costs
NewWorksCosts
FY16 FY17 FY18 FY19 FY20NewWorksTotal 10,039,553 10,952,438 12,722,480 13,481,330 18,361,744PicayuneNewWorks 1,796,205 2,088,094 1,969,309 2,228,968 2,997,288NewWorksGrandTotal 11,835,758 13,040,532 14,691,789 15,710,298 21,359,032
AnnualUSACEReimbursementRevenue 2,647,952 2,666,925 3,327,827 3,665,289 4,052,256PicayuneAnnualUSACEReimbursementRevenue 375,954 546,340 494,925 549,147 853,112AnnualUSACEReimbursementRevenueTOTAL 3,023,906 3,213,265 3,822,752 4,214,436 4,905,368
AnnualNetImpacttoSFWMD 8,811,852 9,827,267 10,869,037 11,495,862 16,453,664
RedirectionofPicayuneCoststoDistrictMillage
FY16 FY17 FY18 FY19 FY20PicayuneNewWorksCosts 1,137,026 1,485,475 1,280,243 1,539,902 2,426,309PicayuneRestorationProjectStaff 339,666 339,666 339,666 339,666 339,666
ExpenditureShift 1,476,692 1,825,141 1,619,909 1,879,568 2,765,975
PicayuneAnnualUSACEReimbursementRevenue 375,954 546,340 494,925 549,147 853,112
AnnualNetImpacttoDistrictwideMillage 1,100,738 1,278,801 1,124,984 1,330,421 1,912,863
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Spend Down Plan UpdateAdValoremFundBalance FY2016 FY2017 FY2018 FY2019 FY2020 TotalHurricane/EmergencyReserve $60,015,738 $60,015,738RestorationStrategies $35,875,956 $25,100,000 $22,983,526 $21,901,909 $105,861,391EvergladesRestoration $22,824,386 $45,000 $20,000 $20,000 $22,909,386CaloosahatcheeWatershed $10,696,224 $75,000 $10,771,224LakeOkeechobeeRestoration $10,159,255 $10,159,255Cooperative/LocalAgreements $9,015,000 $20,000 $9,035,000O&MOperations $7,328,300 $7,328,300RecurringAdValoremDeficit $7,289,279 $7,289,279KissimmeeRiverRestoration $4,548,404 $4,548,404CentralFloridaWatershedInitiative $3,144,500 $3,144,500TaxCollector&PropertyAppraiserFees $2,716,308 $2,716,308BigCypressBasinFundBalance $1,837,427 $2,251,244 $2,251,244 $2,251,244 $2,251,244 $10,842,402IRL/St.LucieRestoration $550,000 $150,000 $700,000LandManagement $220,000 $220,000PerformanceMeritBonus $4,700,000BudgetStabilization $3,897,477 $3,897,477 $3,897,475 $3,897,476 $15,589,905
AdValoremTotal $180,920,777 $31,538,721 $29,152,247 $28,070,628 $6,148,720 $271,131,092RestrictedFundBalanceMitigation Lakebelt/Wetland $26,609,336 $6,299,126 $6,299,126 $6,299,126 $6,299,126 $51,805,841EvergladesRestoration $12,636,303 $651,219 $113,201 $113,201 $113,201 $13,627,126DispersedWaterManagement $4,455,180 $4,455,180KissimmeeRiverRestoration $2,389,778 $2,389,778InternalServiceFunds(HealthInsurance&SelfInsurance) $1,700,931 $2,902,131 $2,902,131 $2,902,131 $2,902,131 $13,309,454LandManagement(LeaseRevenue) $1,451,014 $1,733,651 $1,733,651 $1,733,651 $1,733,651 $8,385,616IRL/St.LucieRestoration $159,072 $17,433 $176,505NonSpendable(InventoryReserves) $0(blank) $0COPSInterest $236,950 $236,950RestrictedTotal $49,401,614 $11,840,510 $11,048,109 $11,048,109 $11,048,109 $94,386,450
GrandTotalSpendDownPlan $230,322,391 $43,379,231 $40,200,356 $39,118,737 $17,196,829 $365,517,542
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SFWMD Ad Valorem Spend Down Plan (Millions of $)
120.9
31.5 29.1
28.1
6.10
20
40
60
80
100
120
140
FY16 FY17 FY18 FY19 FY20
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26
Revise spend down & use funds to balance FY16 GB delay, reprioritize, cancel spend down projects Alter RS funding model & direct recurring $ to
baseline needs Redirect recurring funding from $50M C&SF
refurbishment and backfill with reserves GB could eliminate all funding for dispersed water
management/water farming except state approps GB could eliminate all local cooperative project
funding except state approps
Options for Balancing the FY16 Budget
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27FY16 Decision Points/Guidance
Balancing FY16 with $7.3M fund balance Modification of Spend Down Plan Modification of Restoration Strategies funding
model Dispersed Water Management funded from state
appropriations District to pay for Picayune O&M/project costs
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Proposed Millage Rates Current Rolled Back Rate Calculations
Millage RateFY15
Adopted
FY16 Rolled Back Recommended
% Change from Rolled
Back
Change from FY15
AdoptedDistrict-wide 0.1577 0.1459 0.1459 0.00% -0.0118Okeechobee Basin 0.1717 0.1586 0.1586 0.00% -0.0131Everglades Construction Project 0.0548 0.0506 0.0506 0.00% -0.0042Total Okeechobee Basin 0.3842 0.3551 0.3551 N/A -0.0291
District-wide 0.1577 0.1459 0.1459 0.00% -0.0118
Big Cypress Basin 0.1520 0.1429 0.1429 0.00% -0.0091Total Big Cypress Basin 0.3097 0.2888 0.2888 N/A -0.0209
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Adopt rolled back millage rates for certification to county appraisers for Truth in Millage compliance purposes: District-at-large 0.1459 mills (0.00% above rolled back rate) Okeechobee Basin 0.1586 mills (0.00% above rolled back rate) Everglades Construction Project 0.0506 mills (0.00% above
rolled back rate) Big Cypress Basin 0.1429 mills (0.00% above rolled back rate)
Staff Recommendation
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30
July 16 FY16 GB budget update & millage rate approval
August 1 submit tentative FY16 budget August 25 Big Cypress Basin millage rate and
budget finalized September 10 public hearing to adopt tentative
millage rates, budget & ag privilege taxroll September 22 public hearing to adopt final
millage rates & budget
Budget Review Timeline
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Thank You
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