Town of Chapel Hill Fiscal Conditions Report

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Information about Town of Chapel Hill Fiscal Conditions Report
Business & Mgmt

Published on March 6, 2014

Author: carolinachamber

Source: slideshare.net

Town of Chapel Hill Fiscal Conditions Report Roger Stancil, Town Manager March 2014 Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Agenda Big Picture Taxes Debt FY15 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Where Does the Town Keep its Money? Big Picture Taxes Debt FY15 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Transit General Fund ($20.0m) ($54.8M) Parking ($2.7m) Stormwater ($2.7m) Debt Service & Capital ($7.4m) Other Funds ($1.5m) Internal Service ($3.8m) Housing ($1.9m) Relative Size of Funds FY2013-14 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

How we slice the pie Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Where Town Revenues Come From FY2013-14 Budget: $94.9m Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

How the Town Spends its Revenues FY2013-14 Budget: $94.9m Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Fiscal Indicators Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Impact of Financial Crisis GF Revenues Less Expenditures* 2007-08 thru 2012-13 $2,000,000 $1,813,223 $1,826,340 $1,397,401 $1,500,000 $1,273,481 $1,000,000 $500,000 $365,912 $- Financial Results Rebounded after Fiscal Crisis $(500,000) $(1,000,000) ($1,124,342) $(1,500,000) 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 * Net of transfers to other funds Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Total GF Fund Balance FY2007-8 thru FY2012-13 Total Fund Balance in Millions $21.3 $22.3 $21.5 $23.5 25.4% 23.5% $20.4 $19.9 26.2% 23.5% 19.6% 14.9% * Unassigned fund balance is calculated as a percent of next year’s appropriations and Is not adjusted for debt service payments moved to Debt Management Fund in FY09 Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Sales Tax Receipts YR to YR Change 2006-07 thru 2012-13 Change from Prior Year $824,491 +9.2% $ 456,509 $ 163,556 $176,445 1.7% +2.0% $283,275 +2.9% -3.0% -7.4% ($268,477) ($724,613) Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Occupancy Tax YR to YR Change 2006-07 thru 2012-13 Change from Prior Year $ 207,310 $82,409 +10.4% +10.8% +2.9% $11,949 -1.7% ($6,892) $94,322 -9.5% -11.4% ($93,291) ($101,793) Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Facts About Tax Big Picture Taxes Debt FY15 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Property Tax Facts Tax increase of 2 cents for FY14 was the 1st Town tax increase in 5 years Town property taxes are split between Transit, Debt Service and General Fund Town Tax is 33% of total property tax burden for Chapel Hill Residents Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Property Taxes The Town’s property tax rate is divided into three parts: General Fund, Transit Fund and Debt Service Fund. Property Tax Rate (cents per $100) FY11-12 General Fund FY12-13 37.8 37.8 38.8 Debt Fund 7.5 7.5 7.5 Transit Fund 4.1 4.1 5.1 49.4 49.4 51.4 Total $3,720,000 For FY2013-14, rate increased 2 cents: 1 cent for GF and 1 for Transit FY13-14 $5,471,000 Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Chapel Hill Property Tax Burden Town taxes represent 33% of the total Chapel Hill tax burden Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Comparative Tax Rates (Municipality Only) Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Debt and Capital Financing Big Picture Taxes Debt FY15 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Capital Program $183,439,000 Requested capital projects for the next 15 years Public safety headquarters Fire Stations Bicycle and Pedestrian Plans Fire Apparatus Storm water Projects Public Building Renovations Transfer Station Parks Master Plan Streets & Sidewalks Parking Facility Improvements Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Debt Management Fund Debt Fund Balance 20 Year Debt Issuance Plan $1.7 million $20 million $20 million $20 million $20 million Debt Issuance Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Capital Improvements Small capital improvements are funded through annual pay-as-yougo. Budgeted Capital Improvements (Pay-Go) $1.17M $0.76M $0.59M Amounts fluctuate with availability of “one-time” money. Target $1.0 million per year $0.30M Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Debt Management Debt Levels have been stable since 2005 despite major projects (Library, Southern Community Park and Aquatics Center). Debt pay-down rate is high Total Outstanding Debt (Last 10 Fiscal Years) $1,125 $1,062 $1,140 $1,146 $1,041 $930 $1,124 $847 $608 Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

FY15 Budget Big Picture Taxes Debt FY15 Budget “I t ’s c l e a r l y a budge t . I t ’s g o t a l ot of n u mb e r s i n i t .” Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Budget Process Feb 7 – Mar 7 Departmental Budget Preparation Feb 22 – Mar 14 Staff Budget Review May 12 Mar 17 – Mar 26 Manager’s Budget Review Manager’s Recommended Budget June 9 May 12, 14, & 19 Council Budget Review Adopted Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Capital Challenges Matching financial and operating capacity with the need to invest in public assets Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Operating Challenges Balancing our services to achieve community goals and maximize value to the people we serve Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Policy Challenges Seeking long term sustainable solutions consistent with our community values Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

AddressPurposeChallenges Budget Capital Operating Policy Transfer Station Youth Services Transit Sustainability Asset Management CIP Funding Target Northside Community Town Hall Project Library Operating Rogers Road Ephesus Fordham Pay 4 Performance Affordable Housing Parks Master Plan Health Care Costs Referendum Bike & Pedestrian Plan Street Resurfacing Public Safety Facilities Recycling Parks & Rec. Facilities Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Align Budget with Council Goals Facilitate Getting Around Nurture Our Community Create a Place for Everyone Support Community Prosperity Develop Good Spaces, New Places Grow Town/Gown Collaboration Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Priorities ‟ Continue to build a nimble, strategic organization ‟ Enhance departmental collaborations and strategic partnerships for problem-solving TRENDS PRIORITIES Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Priorities ‟ Enhance organizational capacity „ Community outreach „ Data based long range planning „ Telling the story of thinking behind decisions and recommendations „ Understanding financial and policy tradeoffs TRENDS PRIORITIES Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Priorities FOCUS ‟ Affordable housing ‟ Sustainable recycling and solid waste management ‟ Sustainable transit services TRENDS PRIORITIES Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Priorities FOCUS ‟ Capital planning ‟ High speed, available community fiber TRENDS PRIORITIES Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Community Survey Results Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Community Survey Results Most of the residents surveyed were satisfied with Town service (85% satisfied with overall services provided) Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Community Survey Results Increase in emphasis: ‟ Traffic flow ‟ Preparing for the future ‟ Managing change ‟ Value for tax dollars ‟ Stormwater management Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

Questions? Big Picture Taxes Debt FY15 Budget Town of Chapel Hill | 405 Martin Luther King Jr. Blvd. | www.townofchapelhill.org

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