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HomeMy WebLinkAboutCommittee of the Whole - 27 Jun 2022 - Agenda - Pdf CITY OF RENTON AGENDA - Committee of the Whole Meeting 5:15 PM - Monday, June 27, 2022 7th Floor Conferencing Center 1. RENEWAL OF CITY'S PROPERTY, POLLUTION, AND CYBER INSURANCE POLICIES a) Presentation 2. RENAMING OF THE RENTON SENIOR ACTIVITY CENTER 3. 2023/2024 BIENNIAL BUDGET UPDATE a) Presentation If you would like to attend this week's meeting remotely, you can do so by going to https://us02web.zoom.us/j/86753290028?pwd=M2pOc09HWWNrY05uVnlIWnpGS1E4UT09 Zoom Meeting ID: 867 5329 0028, Passcode: 881839 You can call through Zoom at (253) 215-8782 and use the Meeting ID. July 1, 2022 –July 1, 2023 Property, Cyber, Pollution Insurance Renewal June 27, 2022 Kelsey Urban Risk Manager AGENDA ITEM #1. a) Property, Cyber, Pollution Insurance •Seeking Council Approval •Expenditure Required: $944,498.03 •Property insurance premium rates have increased by 23.8% from $757,792. •Prior year: 34.9% from $561,749.AGENDA ITEM #1. a) 1. Insurance Market: Losses since 1970 AGENDA ITEM #1. a) 2. Value Increasing •Total Insured City Property: $380,758,568 •6.93% increase in value over last year AGENDA ITEM #1. a) 2. Costs Increasing •Replacement Value •Cost of Construction AGENDA ITEM #1. a) What is within our control? •Broker Alliant: Go out to bid on every policy every year •Alliant Property Insurance Program (APIP) •Higher deductible? AGENDA ITEM #1. a) Summary of Rates & Premium AGENDA ITEM #1. a) Summary & Questions •Seeking Council Approval •Expenditure: $944,498.03 What questions may I answer?AGENDA ITEM #1. a) 2023/2024 BUDGET UPDATEJune 27, 2022AGENDA ITEM #3. a) Budget Timeline2Committee of the WholeJUNRegular Council MeetingJUL AUG SEPT NOVOCTJUN JUL AUG SEPT OCTNOVBudget Advisory CommitteeJune 15, 22, 29Department PresentationsOctober 10, 17, 24Public Hearing #1June 27Mayor delivers budget message;Preliminary budget presented to CouncilOctober 3Public Hearing #2 on Revenue Sources & Proposed Budget (as required by RCW 35A.34)October 17Public Hearing #3October 24AGENDA ITEM #3. a) Budget Development•One‐time revenue or reserves should not be used to fund ongoing expenditures.•Compare spend from prior years to inform budget requests; analyze whether it makes sense to still need the amount of budget allocated in baseline•If additional budget is needed in an area, consider re‐allocating budget from historically unspent accounts to help offset costs•New investments should consider ongoing operating and maintenance costs, as well as replacement funding•New program requests should align with the City’s business plan vision, mission and goalsAGENDA ITEM #3. a) Public Engagement•Three Public Hearings•17 Budget Advisory Committee (BAC) community members •Survey conducted to identify top priorities •Three workshops planned in June to discuss City priorities•Finance to formulate recommendation to Mayor on proposed budget needs based on BAC feedbackAGENDA ITEM #3. a) Areas of Focus: Budget Advisory Committee FeedbackPUBLIC SAFETYBUSINESS DEVELOPMENTHUMAN SERVICESCITY CLEANLINESSDOWNTOWN REVITALIZATIONAGENDA ITEM #3. a) Budget Considerations•B&O tax changes estimated to bring in $3.3M of additional revenue for 2023•Inflation continues to rise; currently at 8.3% (for 12‐months ended 5/31/22), resulting in an increase in cost of services, materials, and supplies•Personnel costs increase due to cost‐of‐living adjustments directly attributed to rising inflation costs, and competitive job market driving higher introductory salaries•Declining fund balance projected long‐term AGENDA ITEM #3. a) Primary Revenue Sources2023 EstimatedGeneral Fund Revenue: $117.3M2022 Budgeted2023 EstimatedIncrease(decrease)Sales Tax 33,876,025$                          34,704,516$          828,491$                           Property Tax 22,709,653                             23,390,943            681,290                             Utility Tax 15,733,912                             16,004,639            270,727                             B&O Taxes 12,000,000                             15,540,000            3,540,000                          Other 44,697,102                             27,625,488            (17,071,614)                      129,016,692$                        117,265,586$       (11,751,106)$                   AGENDA ITEM #3. a) Long Range Financial ProjectionAGENDA ITEM #3. a) *Figures based on 2022 Adopted BudgetGeneral Fund Allocation of ResourcesAGENDA ITEM #3. a) General Fund thru Q1 20222022 Annual BudgetActual Thru Q1 2022Sales Taxes33.1               9.7               Property Taxes22.7               1.1               Utility Taxes15.7               4.7               B&O Taxes12.0               2.5               Other Revenues45.5               8.1               Total Revenues 129.0             26.1             Personnel74.3               15.8             Contracted Services30.5               4.2               Other29.4               4.9               Total Expenditures 134.2             24.9             Gain (Use) Fund Balance (5.2)                1.2               In Millions2022 Annual BudgetActual Thru Q1 2022Sales Taxes33.1               9.7               Property Taxes22.7               1.1               Utility Taxes15.7               4.7               B&O Taxes12.0               2.5               Other Revenues45.5               8.1               Total Revenues 129.0             26.1             Personnel74.3               15.8             Contracted Services30.5               4.2               Other29.4               4.9               Total Expenditures 134.2             24.9             Gain (Use) Fund Balance (5.2)                1.2               In MillionsAGENDA ITEM #3. a) QUESTIONSAGENDA ITEM #3. a)