HomeMy Public PortalAbout120_040_Agenda Item - Sept 22 2016 - FY2016 Net Earnings and City Hall Building Renovations.pdfMAYOR
Jason Buelterman CITY COUNCIL Barry Brown, Mayor Pro Tem Wanda Doyle, Barry Brown
Monty Parks Bill Garbett Julie Livingston
John Majors
CITY OF TYBEE ISLAND
CITY MANAGER
Diane Schleicher CLERK OF COUNCIL Janet LeViner CITY ATTORNEY Edward M. Hughes
P.O. Box 2749 – 403 Butler Avenue, Tybee Island, Georgia 31328-2749 (866) 786-4573 – FAX (866) 786-5737 www.cityoftybee.org
City Council Agenda Item Request
Council Meeting Date for Request: September 22, 2016
Item: To receive directives from the City Council regarding amending the FY2017 General Fund budget to
renovate the city hall building upon their review of the FY2016 General Fund’s net earnings of $1,298,627.
Explanation: In June of 2016 during the budget process, the City Council considered placing money in the fiscal
year 2016-2017 General Fund budget to renovate the interior of the city hall building. The City Council decided
to reconsider going forward with the building renovations based upon net earnings for fiscal year ending June 30,
2016. The purpose of this agenda item is to present the City Council with (92% sure) yearend earnings for the
General Fund and receive directives from the City Council regarding amending the FY2017 General Fund’s for
city hall renovations. If the City Council decides to proceed with the project, I will present them with a budget
amendment in the first City Council meeting in October.
The General Funds fiscal year 2016 net earnings is $1,298,627. This increases the fund balance from $6,759,174
to $8,057,801. The balance includes a $1,560,968 transfer in from the Hotel-Motel Excise Tax Fund. The
General Fund cash on hand at June 30, 2016 is $7,694,398.
The city hall building’s appraised value is $931,970 which means that the City may spend a maximum of
$465,985 for construction renovations.
The General Fund’s fiscal year 2016-2017 budget is $11,440,011. The revenue budget includes a hotel-motel
transfer of $1,385,000. In addition, the budget includes a $1,358,110 that the City plans to take out of the fund
balance. The table below shows how renovating the city hall building may impact the General Fund’s net
position.
Paper Work: X___ Attached* Already Distributed
Submitted by: Angela Hudson, Finance Director September 15, 2016 Date given to Clerk of Council
Fund Balance Explanation
8,057,801 Fund balance at June 30, 2016
(1,358,110) planned use in the FY2017 budget
6,699,691
(465,985) Estimated Max - Construction
(500,000)Dirtt Wall Material & Furniture
(965,985) Estimated Cost of City Hall Renovation
5,733,706 Adjusted Fund Balance
D = B + C G = E + F H = D + G I = A + G
A B C D E F G H I
FY2015 FY2016 FY2016 FY2016 FY2016 FY2016 FY2016 FY2016 FY2016
FY2016 Beginning Balance Revenues Expenses Net Earnings Transfers In Transfers Out
Net Other
Changes
Total Net
Changes
Ending Fund
Balance
GENERAL OPERATING FUND 6,759,174 8,690,721 (8,634,786)55,935 1,560,968 (318,276)1,242,692 1,298,627 8,057,801
SPECIAL REVENUE FUNDS
Confiscated Assets Fund 1,459 0 0 0 0 0 0 0 1,459
Emergency 911 Telephone Fund 7,210 51,488 (361,181)(309,693)318,276 0 318,276 8,583 15,793
Hotel-Motel Fund 0 3,121,936 (1,560,968)1,560,968 0 (1,560,968)(1,560,968)(0)(0)
TOTAL 8,669 3,173,424 (1,922,149)1,251,274 318,276 (1,560,968)(1,242,692)8,582 17,251
CAPITAL PROJECT FUNDS
SPLOST 2003 485,852 194 (35,397)(35,203)0 0 0 (35,203)450,649
SPLOST 2008 158,081 63 (12,483)(12,419)0 0 0 (12,419)145,662
SPLOST 2014 350,207 742,988 (769,994)(27,006)0 0 0 (27,006)323,201
Chatham County SPLOST IV 21,146 909,128 (1,062,044)(152,915)0 0 0 (152,915)(131,769)
Capital Grant Fund 2,025,335 624 (2,025,334)(2,024,710)0 0 0 (2,024,710)625
TOTAL 3,040,621 1,652,998 (3,905,251)(2,252,254)0 0 0 (2,252,254)788,368
TOTAL GOVERNMENTAL FUNDS 9,808,464 13,517,142 (14,462,187)(945,044)1,879,244 (1,879,244)0 (945,044)8,863,420
CITY OF TYBEE ISLAND
June 30, 2016 YEAR END EQUITY REPORT Status as of September 15, 2016
GOVERMENTAL FUNDS