Topic:

Proposed "Bankruptcy Budget"

Supporting Memos and Analysis
Appendix E-3: Proposed Debt Service
Appendix E-2: Reductions in Non-Employee Departmental Expenditures
Appendix E-4: Proposed Staffing Plan
Appendix E-1: City Pension
Appendix R-1: Increases in PILOT Payments

Anticipated Release Date:

8/4/2012
8/6/2012
8/6/2012
8/8/2012
8/9/2012
8/11/2012
8/9/2012

Total Salary:
Total Insurance - Helath and Life:
I.A.M. Pension:
Early Retirement Incentive:
City Pension:
Police - Education Allowance:
Social Security:
Unemployment Ins:
Total Non-Employee Departmental Expenditures:
Total Commissions & Boards:
Total Debt Service:

{A}
{B}
{C}
{D}
{E}
{F}
{G}
{H}
{I}

$
$
$
$
$
$
$
$
$
$
$
$

2012 Budget
24,992,217.98
15,384,748.39
305,656.00
284,657.42
4,215,385.00
57,589.80
953,250.00
932,498.75
12,755,180.15
115,300.00
8,168,536.25
68,165,019.74

2013 Proposal
$ 19,993,774.38
$ 12,884,748.39
$
$
$ 2,500,000.00
$
45,000.00
$
762,600.00
$
932,498.75
$ 11,864,851.61
$
$ 4,500,000.00
$ 53,483,473.13

{I}
{A}
{B}
{C}
{D}
{E}
{F}
{G}
{H}

Additional information on this item is required. Payment suspended in 2013 but may be valid expense?
E.R.I. payent suspended for 2012. To be included in new contract negotions and may return in 2014.
See "Appendix E-1: City Pension"
2010 Actuals were approximately $20,000. 2011 Actual is unknown.
Due to the reduction in salaries, savings are also realized on Social Security expense.
See "Appendix E-2: Reductions in N.D.E."
Nature of this item is unknown. Expense is suspended for 2013, but may return at a reduced rate in 2014.
See "Appendix E-3: Proposed Debt Service"
See "Appendix E-4: Proposed Staffing Plan"

Note on Methodology
All amounts are calculated using the most recent financial information available (2010 Audit and 2012 Budget)
The "Realization Factor" represents an adjusted Realization Rate for each item which takes into account the Actual
2010 Realization Rate and the collection rate through 9/30/11.

Real Estate Taxes:

Local Tax:
Licenses and Permits:
Departmental Earnings:
Landfill/Refuse Fees:
Misc/Cable TV:
Fines, Forfeitures and Violations:
Interest Earnings:
Rents and Concessions:
PILOT Payments:
Utility Tax:
Parking Meter Revenue:

{A}
{B}
{C}
{D}

Realization Factor
87.00%
99.02%
48.43%
46.60%
77.85%
73.00%
38.45%
28.65%
0.00%
100.00%
100.00%
100.00%

$
$
$
$
$
$
$
$
$
$
$
$
$

2012 Budget
15,870,012.98
30,745,106.50
2,681,230.00
1,821,000.00
5,100,000.00
1,731,534.00
1,169,200.00
10,000.00
28,000.00
183,250.00
58,626.00
1,239,107.00
60,637,066.48

2013 Estimated Receipts

$
13,806,911.29
$
30,443,804.46
$
1,298,385.63
$
848,586.00
$
3,970,350.00
$
1,264,019.82
$
449,557.40
$
2,865.00
$
$
250,000.00
$
58,626.00
$
1,239,107.00
$
53,632,212.60

{C}
{C}
{D}

{A}
{B}

See "Appendix R-1: Increases in PILOT Payments"

Anticipated to increase by $300,000 in 2014 due to enhancements to parking program
Based on historical realization rates, future budgets should include budgeted revenues no more than 2013 Est'd Receipts
Recommend more aggressive collection practices to increase rate to 85%, generating $450,000 in 2014