Title
Discussion: 2013 General Fund Year End Projection.
Executive Summary: Council requested an update of our year end projection for the General Fund.
Body
Legislative History
In December 2012, Council approved the 2013-2017 Five Year Plan in concept.
Purpose & Explanation
We used the original Five Year Plan as a basis for calculating the estimated 12/31/2013 year end General Fund balance. The following key changes were made:
- Updated the 1/1/2013 beginning balance to the actual amount.
- Adjusted the Income Tax revenue to reflect the current projection.
- Adjusted the Estate Tax revenue to reflect actual amounts that we have been notified that we will receive in 2013.
- Adjusted the Interest Income revenue to reflect the current projection.
- Added transfer out of the General Fund to reflect the Middleton Rd resurfacing project ($410,000) for 2013
- Beginning in 2014, reduced the transfer out of the General Fund to the annual street program and increased the transfer to the Debt Service due to the financing of the road reconstruction program.
- Added $1,200,000 for the YDC demolition project note payoff in 2014. This amount will vary based on the amount of grant proceeds available through the Summit County - Moving Ohio Forward program.
Attached are the original and updated General Fund Five Year Plan pages.
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Although the updated Five Year Plan reflects an improvement over the original Plan, it continues to reflect a declining fund balance that will take us below our target carryover balance of 40%. As noted in #7 above, we recommend paying off the YDC demolition note. Consequently, we recommend we don't commit to any additional significant expenditures for 2013.
Submitted by,
Anthony J. Bales, City Manager
Jeff Knoblauch, Finance Director