2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013-2014 Biennial Budget City of Tukwila, WashingtonATTACHMENT A-1NOTES TO ATTACHMENT AREVENUES, EXPENDITURES AND FUND BALANCEGENERALPurposeThe purpose of the Financial Planning Model is to:Structure1. Assess the financial health of the City over a 6-year period.2. Demonstrate the impact of policy decisions on the City’s finances.3. Assist in the productive use of financial resources.4. Demonstrate compliance with the Reserve Policy.5. Determine the impact of changing economic conditions and assumptions on the planand the City’s financial stability.The General Fund receives most the City’s unrestricted revenues. Prior to 2011, retail sales taxwas allocated to other funds as a means of funding their expenditures and projects. To aidforecasting and financial management, this practice was changed so unrestricted revenues arereceived directly by the General Fund. These revenues are categorized into accounts andreporting groups according to rules established by the Washington State Auditor’s Office andcommunicated through the Budget and Reporting System (BARS). Attachment A of theFinancial Planning Model reflects the revenues and expenditures of the General Fund andselected other governmental funds. It is divided into the following sections:• General revenues• Dedicated revenues• Operating and maintenance expenditures• Transfers for operations, Reserve funding and debt service• Admin/Engineering overhead• Capital Projects• Change in fund balance, Ending fund balance• Reserve fund ending balanceGeneral revenues are revenues recorded into the General Fund. They support operations andare considered part of ordinary governmental activities and include revenues such as propertytax, sales tax and utility taxes. Special, one-time revenue sources include the sale of realproperty, land and buildings, and reimbursement of the City’s portion of the Tukwila AccessProject costs through Local Improvement District (LID) bond proceeds.Dedicated revenues are those taxes restricted as to use through legislation. They are recordedinto various capital funds based on the nature of the restriction and include revenues such as realestate excise tax (REET).Page 347
2013-2014 Biennial Budget City of Tukwila, WashingtonThe 2015-2018 revenue projection factors are shown below.General Revenues 2015 2016 2017 2018Sales taxRetail sales and other 1.5% 3.0% 3.0% 3.0%Sales tax mitigation 0.0% 0.0% 0.0% 0.0%Property Tax 2.5% 2.5% 2.5% 2.5%Utility tax 3.0% 3.0% 3.0% 3.0%RGRL 2.5% 2.5% 2.5% 2.5%One-Time revenue 0.0% 0.0% 0.0% 0.0%Interfund utility taxes 5.0% 5.0% 5.0% 5.0%Gambling taxes 1.0% 1.0% 1.0% 1.0%Contract Agreement - SCL 3.0% 3.0% 3.0% 3.0%Charges / Fees for Services 3.0% 3.0% 3.0% 3.0%Transfers In - Other Funds 3.0% 3.0% 3.0% 3.0%Intergovernmental Revenue 2.0% 2.0% 2.0% 2.0%Other Taxes / Miscellaneous 3.0% 3.0% 3.0% 3.0%Dedicated RevenuesReal Estate Excise Tax 3.0% 3.0% 3.0% 3.0%Motor vehicle tax 3.0% 3.0% 3.0% 3.0%Investment intersrtet / Misc 3.0% 3.0% 3.0% 3.0%Property tax-Greenbelt levy 3.0% 0.0% 0.0% 0.0%Parking Tax 3.0% 3.0% 3.0% 3.0%Operating and maintenance expenditures constitute General Fund expenditures, excludingtransfers to funds included in the Financial Planning Model. Expenditures by department areshown on Attachment B and summarized on Attachment A.Operating transfers are transfers from the General Fund to funds not included in the FinancialPlanning Model for operating purposes such as debt service, set asides for major purchases andother purposes.Admin/Engineering Overhead costs represent payroll and other costs charged to the capitalproject funds but not allocated to a specific capital project and therefore not included in theCapital Project costs, lines 28-33 on Attachment A, or on Attachment C.The Capital Project section provides an estimate of the City’s share of the capital project costs foreach capital fund over the 6 year plan period.The Change in Fund balance represents the amount revenues exceed or are less thanexpenditures for each year shown. The change in fund balance is added, when revenues exceedexpenditures, or subtracted, when expenditures exceed revenues, from the beginning fundbalance to arrive at the ending fund balance.The City’s Reserve policy states that the Reserve Fund balance shall reach a minimum balanceequal to or exceeding 10% of the previous year operating revenues no later than the end of 2014.Page 348
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2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013â2014 BIENNIAL BUDGET - the City of Tukwila