City of Deerfield Beach, Florida. Financial Overview

Transcription

1 City of Deerfield Beach, Florida Financial Overview

2 Financial Overview Current Financial Condition of City Revenue Trends Economic Trends

3 Deerfield Beach, Florida - Financial Condition General Fund - Fund balance is healthy at $24.9 million Combined unrestricted net position of Water & Sewer and Solid Waste Enterprise Funds is fairly healthy at $29.1 million. AA for GOB Bonds from both S&P and Fitch Ratings City has relatively low debt burden Dedicated funding source for ongoing capital projects program City is essentially built-out

4 Fund Balance History General Fund $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Unassigned $3,885,412 $4,600,367 $4,193,717 $4,502,471 $11,631,572 $16,512,401 $16,400,894 Total Fund Balance $9,391,541 $7,017,210 $7,712,721 $13,948,118 $18,871,274 $24,614,270 $24,900,370

5 Millage Rate History Total Debt Operating

6 FY Estimated General Fund Revenue - $107.9 Million Intergovernmental 7% Permits Fees & Assessments 21% Charges for Services/Admin. Fees 17% Misc. Other 4% Taxes 51% Taxes - Ad Valorem $41.9M Utility Taxes - $8.5M Comm. Svcs Taxes - $2.3M Other - $2.2M Permits, Fees & Assessments Bldg Permits - $5.1M Franchise Fees - $5.9M Fire Assess. Fees - $11.2M Intergovernmental State Revenue-Sharing - $2.0M Half-cent Sales Tax - $5.5M Other - $0.4M Charges for Services/Admin Fees Charges for Services - $9.6M Administrative Fees - $8.5M Misc. Other Fines/Forfeits - $1.2M Interfund Transfers - $2.2M Capital Leases/Other - $1.4M

7 City of Deerfield Beach, Florida Ad Valorem Tax Estimate FY2019 Total citywide estimated tax collections - $43,742,732 Tax incremental revenue (CRA s allocation) - $1,864,451 Projected net General Fund tax collections - $41,878,281

8 City of Deerfield Beach, Florida Ad Valorem Tax Revenue $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000, (Est.) 2019(Est.) Ad Valorem Taxes $32,870,366 $25,670,839 $26,185,412 $31,347,644 $32,924,539 $34,887,088 $36,633,074 $39,017,738 $41,878,281

9 City of Deerfield Beach, Florida Average Values of Single Family Homes Average Assessed Value 2017 Average Assessed Value 2016 Deerfield Beach $164,151 $154,511 Broward County $239,059 $225,395 Source: Broward County Property Appraiser

10 Florida Additional Homestead Exemption Will increase homestead exemption from $50K to $75K for homesteaded properties Ballot question is scheduled for vote during November 2018 general election Will eliminate an additional $201 million from City s total homesteaded tax base of $2 billion Will reduce the City s ad valorem tax revenue by $1.3 million Will take effect in FY2020, if passed

11 Florida Additional Homestead Exemption (Continued) Originally proposed for $75K - $100K; Senate amendment shifted range to $100K - $125K Average taxpayer will benefit by only $136 Will not apply to School Board portion of tax bill

12 Effect of Additional Homestead Exemption Assessed Value 1 st Homestead Exemption ($0 - $25K) 2 nd Homestead Exemption ($50K - $75K) 3 rd Homestead Exemption ($100K - $125K) Total Homestead Exemption Homeowner A $50,000 $25, $25,000 Homeowner B $50,005 $25,000 $5-0- $25,005 Homeowner C $100,000 $25,000 $25, $50,000 Homeowner D $126,000 $25,000 $25,000 $25,000 $75,000

13 Broward County, Florida - Fire Assessment Fee Comparison Southwest Ranches Lauderhill West Park Weston Miramar Tamarac Lauderdale Lakes Margate Pembroke Pines Broward County Average Fort Lauderdale Dania Beach Hollywood Parkland North Lauderdale Wilton Manors Sunrise Oakland Park Hallandale Beach Davie Unincorporated Coral Springs Coconut Creek Deerfield Beach Pompano Beach Cooper City Lauderdale by the Sea Lighthouse Point $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

14 Economic Indicators

15 Economic Indicators Unemployment rates (May, 2018): City 3.4% Broward County 3.2% State 3.4% Increase for month of May, 2018 in Florida consumer confidence from 98.0 to Median sales price of single-family homes for May has increased by 7.7% for the Broward region (from $325K to $350K)

16 Economic Indicators (continued) Number of closed sales of single-family homes decreased by 8.5% for Broward region Real GDP increased at an annual rate of 2.2% in 1Q 2018 Per capita personal income for South Florida region was $52,210 Gross Deerfield Beach retail sales - $8.9 billion Taxable Deerfield Beach retail sales - $1.3 billion

17 Questions?