HomeMy WebLinkAbout4/16/2019 Item 13, Grigsby
City of San Luis Obispo, Council Memorandum
DATE: April 10, 2019
TO: City Council
FROM: Daryl Grigsby, Public Works Director
VIA: Derek Johnson, City Manager DJ
SUBJECT: Item #13 on 4/16/19 Council Agenda; Strategic Budget Direction and Major
City Goal Work Programs For the 2019-21 Financial Plan
Attached are the Five-Year Fund Forecasts for the Parking Fund and the Transit Fund. These items
are included for Council consideration during deliberations relative to the Strategic Budget
Direction for the 2019-21 Financial Plan. Both documents should be viewed as sections of
Attachment A (2019-21 Financial Plan Five-Year Forecasts). The index of that document notes
the Transit Fund on Page 4 and the Parking Fund on Page 5. Those items are not in Attachment A
but are included in this Agenda Correspondence.
PARKING FUND
The five-year analysis for the parking fund shows that there will be substantial draw down of
financial resources to address deferred maintenance projects and fund the Palm Nipomo Parking
Structure. The forecast does not assume rate increases beyond the 2019-2021 Fiscal Year and
parking rates will need to be adjusted to support new parking facilities and address long-term
maintenance and increased operational needs. More detailed information will be presented during
the Council meeting.
TRANSIT FUND
The five-year transit fund analysis shows that the fund will maintain a balance of revenues and
expenditures assuming consistent and moderate increases in federal and state funding. Slight fare
box increases will be required to maintain the mandated ratio of fare box to federal and state
funding sources and to address a moderate imbalance. More information will be presented at the
Council meeting.
If you have any questions, please contact Daryl Grigsby at (805) 781-7207 or
dgrigsby@slocity.org.
PARKING FUND - FIVE-YEAR ANALYSIS
FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
Revenues
Investment and Property Revenues 61,100$ 59,400$ 17,800$ 15,200$ 11,400$
Fines and Forfeitures 631,700$ 647,400$ 647,400$ 647,400$ 647,400$
Service Charges
Parking Meter Collections
Lots 119,400$ 124,400$ 110,400$ 110,400$ 110,400$
Streets 1,974,100$ 2,289,700$ 2,289,700$ 2,289,700$ 2,289,700$
Parking Structure Collections 1,473,600$ 1,768,300$ 2,013,300$ 2,015,800$ 2,018,300$
Long-Term Parking Revenues 947,500$ 1,011,000$ 1,046,700$ 1,046,700$ 1,046,700$
Lease Revenues 283,100$ 283,100$ 283,100$ 283,100$ 283,100$
Parking In-Lieu Fees 20,600$ 20,600$ 20,600$ 20,600$ 20,600$
Other Service Charges (127,300)$ (173,500)$ (173,500)$ (173,500)$ (173,500)$
Total Service Charges 4,691,000$ 5,323,600$ 5,590,300$ 5,592,800$ 5,595,300$
Other Revenues 13,300$ 13,300$ 13,700$ 13,700$ 14,100$
Total Revenues 5,397,100$ 6,043,700$ 6,269,200$ 6,269,100$ 6,268,200$
Expenditures
Operating Expenses 2,546,681$ 2,616,853$ 2,653,253$ 2,822,562$ 3,011,106$
General Government 604,900$ 626,300$ 642,100$ 658,200$ 674,400$
Capital Improvement Plan Projects 1,552,200$ 30,114,000$ 1,251,700$ 1,286,800$ 1,282,500$
Debt Service 856,800$ 855,500$ 2,104,200$ 2,100,500$ 2,101,000$
Total Expenditures 5,560,581$ 34,212,653$ 6,651,253$ 6,868,062$ 7,069,006$
Other Sources (Uses)
Proceeds from Debt Financing 20,000,000$ -$ -$ -$
Other (175,000)$ (145,000)$ (145,480)$ (148,390)$ (151,357)$
Total Other Sources (Uses)(175,000)$ 19,855,000$ (145,480)$ (148,390)$ (151,357)$
Working Capital, Beginning of Year 13,193,568$ 12,855,087$ 4,541,134$ 4,013,601$ 3,266,249$
Revenues Over (Under) Expenses (338,481)$ (8,313,953)$ (527,533)$ (747,352)$ (952,163)$
Working Capital, End of Year 12,855,087$ 4,541,134$ 4,013,601$ 3,266,249$ 2,314,086$
Operating Reserve 2,571,017$ 908,227$ 802,720$ 653,250$ 462,817$
CalPERS Downpayment 81,440$ 58,172$ 58,172$ 38,781$ 38,781$
Unreserved Working Capital 10,202,629$ 3,574,735$ 3,152,709$ 2,574,218$ 1,812,487$
Projected
TRANSIT FUND ANALYSIS
2019-20 2020-21 2021-22 2022-23 2023-24
REVENUES
Federal 1,488,983$ 1,511,318$ 1,533,988$ 1,556,998$ 1,580,353$
State 1,803,544$ 1,830,597$ 1,858,056$ 1,885,927$ 1,914,216$
Local 822,991$ 845,634$ 868,941$ 892,934$ 917,533$
Total:4,115,518$ 4,187,549$ 4,260,985$ 4,335,859$ 4,412,102$
EXPENDITURES
Purchased Transportation 2,683,962$ 2,738,224$ 2,792,617$ 2,847,143$ 2,902,051$
Fuel & Maintenance 550,754$ 553,578$ 556,444$ 559,353$ 562,306$
Overhead/Admin 591,119$ 595,591$ 600,951$ 606,457$ 612,073$
Cost Allocation 326,387$ 328,019$ 331,299$ 334,612$ 337,958$
Total:4,152,222$ 4,215,412$ 4,281,311$ 4,347,565$ 4,414,388$
Beginning Working Capital 2,686,863$ 2,650,159$ 2,622,297$ 2,601,970$ 2,590,264$
Revenues Over/Under Expenditures (36,704)$ (27,863)$ (20,326)$ (11,706)$ (2,286)$
Ending Working Capital 2,650,159$ 2,622,297$ 2,601,970$ 2,590,264$ 2,587,978$
Operating Reserve 823,104$ 837,510$ 852,197$ 867,172$ 882,420$
CalPERS Downpayment 19,778$ 14,127$ 14,127$ 9,418$ 9,418$
Unreserved Working Capital 1,807,277$ 1,770,659$ 1,735,646$ 1,713,674$ 1,696,139$