The line chart is easy to understand. The town’s more than $27 million in unfunded pension liabilities has affected the town’s operating fund budget in a big way.
One week ago, Town Manager Dave Bullock provided to the Longboat Key Town Commission a revenues-and-expenses line chart that shows general fund expenditures and revenues with and without those pension costs.
Without the pension costs, expenditures would hover at $11.5 million for fiscal year 2013. With those pension responsibilities, though, the actual number is approaching $14.5 million.
Bullock showed charts earlier this summer that reveal the town’s general fund balance running out by 2017 if the status quo for revenues and expenditures remains.
“This year, I want to discuss a fund-balance policy that everyone is comfortable with moving forward,” said Bullock, who wants policies put in place for all of the town’s balances. Bullock currently operates with a budget that has at least 90-to-120 days of general fund balance to run the town in case of an emergency.
Bullock will present his recommended budget to the commission Aug. 1, and the commission will adopt the budget on first and second reading and public hearing in September. The 2013-14 budget takes effect Oct. 1.
To view a chart showing town revenues and expenses with and without pension for fiscal years 2007 projected to 2018, click here.
Contact Kurt Schultheis at firstname.lastname@example.org.
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