Item 3B1City of Southlake Quarter 2 Financial Report April 21, 2009
FY 2009 Budget Management Process
2008 June Retreat – Economic Update
November 24th Economic Summit
Ongoing Financial Performance Reviews
Regular interface with Texas Comptroller of Public Accounts
Discussion with top taxpayers
Discussions with local real estate experts
Meeting with Chief Appraiser, Tarrant Appraisal District
Economic reports to aid analysis
Ongoing staff discussions about budget performance
Financial updates to Council
Administrative cost reductions
Presentation Outline
Southlake economic update
FY 2009 Q2 Update
Revenue Update
Administrative Cost Reductions
Next Steps
Economic Update: Top Taxpayer Meetings
Southlake Town Square
Inland W Southlake Corners Ltd
Cencor Realty (Shops of Southlake)
Sabre Holdings
Verizon Wireless
Others
Economic Update – cont’d
Real estate professional feedback
Tarrant Appraisal District Chief Appraiser
Denton County Appraisal District
Bankruptcies, foreclosures
Regional impacts
FY 2009 General Fund Revenue Update
Revenue Assumptions & Performance
Property Tax
Sales Tax
Development Revenue
Interest Income
Other
FY 2009 General Fund Property Tax Revenues
Budget = $15,847,240
Assumed 98.5% collection rate
Comprises 49% of total GF budget
As of April 1, on target with assumptions
FY 2009 General Fund Sales Tax Revenues
Budget = $8,955,000
Comprises 28% of the budget
FY 2009 General Fund Other Revenues
Development fees
Interest Income
Other revenue
FY 2009 Other Funds
TIF Fund
Utility Fund
Storm Water Utility Fund
Southlake Parks Development Corp.
Crime Control & Prevention District
Hotel Occupancy Tax Fund
Administrative Cost Reductions
Vacancy Management
Vacancy rate adjustment
Delayed hiring
Economic Development Specialist
DPS Office Assistant
Public Works Maintenance Worker
Code Enforcement Officer (Building Inspections Cross Training)
Other (evaluated as vacancy occurs)
Cost drivers
Fuel cost reductions
Electric cost reductions
Training/Travel
Prior authorization required
Focus on required certifications
Deferred capital expenses
Reduced or eliminated certain capital expenses
Result: Structurally Balanced Budget
Next Steps
Ongoing financial reports to Council
Continued FPR sessions with staff
Ongoing budget stabilization initiatives, as required
Formal budget amendment (as needed)
FY 2010 planning