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HomeMy WebLinkAbout08-01-22 FCA                   !                                         " #$%&#'  """"()'#&# ( &'%$''&#  )'#&# * +$# 7/29/2022 1 2023 – 2024 Budget Overview October 8, 2018 Review CityCouncil/FinancialCommissionJointWork Session,August1,2022 Agenda •Work SessionObjectives •OperatingBudget/RevenuePolicies •CityVision,Values,Priorities&Outcomes •LocalGovernmentAid(LGA) •DebtServiceLevy •MarketValue Trends •PreliminaryPropertyTax Implications •NextSteps •Levylimitdiscussion 2 7/29/2022 2 Work Session Objectives Thedraftbudgetassumesthatwehavethenecessarymajorprograms inplaceandour2023budgetrequestswillcontinuetoprovidethe servicesneeded,withadditionaladvancementsasweworktowards ourstrategicgoals. 3 2023Ͳ2024BudgeOverview Long&IntermediaryOutcomesand StrategicPriorities 4 7/29/2022 3 City Vision and Mission VisionStatement •We envisionBrooklynCenterasathriving,diversecommunitywithafullrange ofhousing,business,culturalandrecreationalofferings.Itisasafeandinclusive placethatpeopleofallageslovetocallhome,andvisitorsenjoyduetoits convenientlocationandcommitmenttoahealthyenvironment. MissionStatement •ThemissionoftheCityofBrooklynCenteristoensureanattractive,clean, safe,andinclusivecommunitythatenhancesthequalityoflifefor allpeople andpreservesthepublictrust. 5 Outcomes LongTerm Outcomes(10–15Years) 1. HealthyResidents(ExperiencedEquitably) 2. HealthyYouth andTheirEnvironmentfor7Generations 3. ExistenceofEquitable&DiverseBusinesses(i.e.size,ethnic,and culture) 4. DiverseTax Base(i.e.typeofproperties,incomes) 6 7/29/2022 4 Goals & Outcomes IntermediateTerm (5Ͳ10Years) 5. PublicTrust 6. PeopleFeelWelcomed 7. ResidentsFeelaSenseofCommunityPride 8. ExistenceofEquitable&DiverseHousing(i.e.typeandcost) WithoutGentrificationorDisplacement 9. IncreasedHouseholdMedianIncomeWithoutHarm 10.CleanandSafeHumanEnvironment(i.e.bikeroutes,streetlight, parklights) 7 Outcomes Consensus OutcomeConsensus(modificationsandfinalizationto becontinuedto2024)? 8 7/29/2022 5 Strategic Priorities •EnhancedCommunityImage •ResidentEconomicStability •InclusiveCommunityEngagement •Targeted Redevelopment •Safe,Secure,StableCommunity •KeyTransportationInvestments 9 2023Ͳ2024FiscalPolicies LocalGovernmentAid(LGA),DebtServiceLevy,Market ValueTrends,PreliminaryPropertyTax Implications 10 7/29/2022 6 Budget Policies Purpose:Providesbasicframeworkandassistsinthedecisionmaking process •BalancedBudget •Currentrevenueshouldpayfor currentexpenses •Contingencyofuptofivepercentofbudget •Provideadequatefundingforcapitalreplacement&maintenance •Budgetshoulddescribegoals,servicesandprograms •Targeted unassignedGeneralFundbalanceof50– 52%ofthenext year’sGeneralFundbudget 11 Revenue Policies Purpose:DirecthowtheCitymaintainstheabilitytopayforservicesit providesitscustomers •Maintaindiversifiedandstablerevenuesystem •Annualrevenueestimatescompletedthroughanobjectiveconservative analyticalprocess •Userfeesshouldbereviewedandrevisedonanannualbasis •FeesanduserchargesforEnterpriseFundsshouldfullysupporttotaldirect andindirectcosts •UserfeesforCityserviceswillgenerallybeestablishedatalevelwhichwill recoverthefullcostofprovidingtheservice 12 7/29/2022 7 2023Ͳ2024FiscalRealities LocalGovernmentAid(LGA),DebtServiceLevy,Market ValueTrends,PreliminaryPropertyTax Implications 13 Local Government Aid (LGA) •2022LGAincreaseof$74,654(50%goestoGeneralFund) 14 7/29/2022 8 LGA as a Percentage of General Fund Operations 15 Debt Service (paid from property tax levy) 16 7/29/2022 9 Taxable Market Value (preliminary estimates) 17 Tax Capacity (preliminary estimates) 18 7/29/2022 10 Tax Capacity Estimates 19 Median Value Home 20 7/29/2022 11 Median Value Home Comparison DataprovidedfromHennepinCounty2022AssessmentReport Crystal$279,000 GoldenValley $411,000 NewHope $325,000 Richfield $308,000 Robbinsdale $286,000 CamdenAreaCommunityMinneapolis $213,000 NearNorthAreaCommunityMinneapolis $212,000 21 Preliminary Estimates – Property Taxes 22 7/29/2022 12 2023Ͳ2024Tax Levy OutcomesandPriorities 23 City Vision and Mission VisionStatement •We envisionBrooklynCenterasathriving,diversecommunitywithafullrange ofhousing,business,culturalandrecreationalofferings.Itisasafeandinclusive placethatpeopleofallageslovetocallhome,andvisitorsenjoyduetoits convenientlocationandcommitmenttoahealthyenvironment. MissionStatement •ThemissionoftheCityofBrooklynCenteristoensureanattractive,clean, safe,andinclusivecommunitythatenhancesthequalityoflifefor allpeople andpreservesthepublictrust. 24 7/29/2022 13 City Values •CustomerIntimacy–Ourprimaryvaluepropositionisacommitmentto servingeachcustomerwithdignityandrespect.Thisrequiresthatwe seektounderstandtheneedsofeachcustomeranddeliverquality servicethatwillbeunderstoodandappreciated. •OperationalExcellence–Inadditionwewillcommitourselvesto deliveringqualityservicesinacosteffectiveandefficientmanner.We will begoodstewardsofthelimitedresourcesmadeavailabletousbythe citizensweserve. 25 Property tax levy Discussrangefor preliminarymaximumlevy 26 7/29/2022 14 Next Steps August15,2022 GeneralFundbudgetrequests(PublicWorks,Community Development,Finance,OtherRevenues) August29,2022 GeneralFundbudgetrequests(Fire,Police,OfficeofCommunity Prevention,Safety,andHealth,Administration,Recreation) September12,2022 CityManager’sRecommendedPreliminaryLevy 27