OFFICE OF THE CITY COUNCIL
CHERYL L. BROWN 117 WEST DUVAL STREET, SUITE 425
DIRECTOR 4TH FLOOR,
OFFICE (904) 630-1452 JACKSONVILLE,
FAX (904) 630-2906
June 3, 2010
CITY COUNCIL MID-YEAR BUDGET REVIEW MEETING
May 20, 2010
Location: City Council Chamber, 1st floor, City
Hall – St. James Building;
117 West Duval Street
In attendance: Council Members Bishop, Brown, Clark,
Corrigan, Crescimbeni, Davis, Gaffney, Graham, Holt, Johnson, Jones. Joost,
Lee, Redman, Shad, Webb and Yarborough
Members Fussell and Hyde
Meeting Convened: 11:38 a.m.
Chief Financial Officer
Mickey Miller presented the mid-year budget review document, mandated by
ordinance to this year be presented to the full council rather than to just the
Finance Committee as in previous years.
The following major points were presented:
- There has been an increase in property tax
revenues over budget by approximately $7 million due to a slight increase
in the Property Appraiser’s final reported taxable value base in the final
October 2009 report over the July number used to develop the budget.
- State shared revenues (sales tax, city and county
revenue sharing) are projected to be down $10 million from the budget, and
utility service taxes are down $4.3 million from budget.
- The current projections show a $12.5 million
shortfall in the overall General Fund budget at mid-year.
- The gap will be filled in several ways. One is a $4.9 million positive balance
in the risk management (self insurance) fund based on the audit of last
year’s performance in that fund. Another
is $2 million in departmental cuts to be identified before the end of the
fiscal year. The third is use of
$5-6 million of fund balance reserves.
- The $2 million in departmental cuts is in
addition to the existing normal and extraordinary lapse factors already
included in the budget.
- The City’s 2 major reserve funds (operating and
emergency) total approximately $84-85 million; the $5-6 million being
considered for transfer from the operating reserve would leave approximately
$32 million in that fund.
- The choice of whether or not to do an actuarial
study on the employee pension funds this year does not have any impact on
the FY09-10 budget.
- The Trail Ridge Landfill settlement agreement
will have only a small impact, if any, on the current year budget because
of the timing of the transition process to the new contract; the full
effects will be felt in FY10-11 and thereafter.
Meeting Adjourned: 11:57 a.m.
Minutes: Jeff Clements, Chief of Research
Tapes: Seaport/Airport Committee meeting – LSD
Materials: Mid-year budget review packet - LSD