January 25, 2017 Study Session Charting Our Path Presentation
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Study Session Charting Our Path Presentation
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January 25, 2017 Study Session Charting Our Path Presentation
- 2. Purpose of Discussion • Fiscal sustainability • Measures taken to date • Stakeholder ideas • Proposed process for analysis 2
- 3. Background 3
- 4. Fiscal Overview • Past 10 years – economic fluctuations • 10‐year forecast – growing gap • Operational shortfalls continue without action 4
- 5. Fiscal Overview • Past 10 years – economic fluctuations • 10‐year forecast – growing gap • Operational shortfalls continue without action 4 *$14.7M does not reflect the CalPERS recently reduced discount rate. *$14.7M
- 6. Gap Causes • Weak revenues – Recession – Changes in shopper’s behavior • Increased expenses – Pension – OPEB – Healthcare 5
- 9. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2008/2009 • $10.5 Million in reductions • 112 full / part time positions eliminated • 56 vehicles eliminated
- 10. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2010/2011 • $5.3 Million in reductions • 57 full / part time positions eliminated • 14 vehicles eliminated
- 11. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2011/2012 • $5 Million in reductions • PARS Early Retirement Incentive Plan • 72 full time positions eliminated • Refunded City Hall Bonds ($1.7M one‐time savings)
- 13. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2013/2014 • $900,000 in reductions • Consolidated departments to reduce costs and streamline operations • Maintenance Services • Recreation Services ‐ Library • 14 full / part time positions eliminated
- 14. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2007/2008 • $5 Million in reductions • 28 full time positions eliminated FY 2008/2009 • $10.5 Million in reductions • 112 full / part time positions eliminated • 56 vehicles eliminated FY 2010/2011 • $5.3 Million in reductions • 57 full / part time positions eliminated • 14 vehicles eliminated FY 2011/2012 • $5 Million in reductions • PARS Early Retirement Incentive Plan • 72 full time positions eliminated • Refunded City Hall Bonds ($1.7M one‐time savings) FY 2012/2013 • $700,000 in reductions • Eliminated and extended life cycle of fleet vehicles FY 2013/2014 • $900,000 in reductions • Consolidated departments to reduce costs and streamline operations • Maintenance Services • Recreation Services ‐ Library • 14 full / part time positions eliminated FY 2015/2016 • Non‐General Fund account savings • Department reorganizations to reduce operating costs • Administrative Services • DWP • Risk and Legal • 6 full time positions eliminated • Refunded Corporation Yard Bonds ($3.8M one‐time savings)
- 15. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 FY 2016/2017 • Implemented zero‐based budgeting • Cash flow savings from prepayment of PERS annual required contribution • Formed two citywide Community Facility Districts • CFD 2016‐1 – Public Services ‐ $2.2M potential annual revenue after build‐out • CFD 2016‐3 – Maintenance Services ‐ annual assessment will help to offset maintenance costs required for future development
- 16. Past ActionsFY 07/08 6 FY 08/09 FY 10/11 FY 11/12 FY 12/13 FY 15/16 FY 16/17 FY 13/14 10 Year Totals • $27.4 Million in reductions • $5.5 Million in one‐time savings • 247 positions eliminated (27.7%)
- 17. Other Actions Taken • Survey and benchmarking with comparable communities • Early Retirement Incentive Program (PARS) ‐ 2011 • Exploration of defined contribution plan and other options • Prepaying CalPERS – 2015 and 2016 • Commissioning independent analysis on pension, OPEB and healthcare obligations ‐ 2016 7
- 18. What’s Our Path Forward? • Solicit and research ideas focused on: – Revenue generation – Cost savings • Present findings and advice/recommendation • Form a consensus and seek Council direction • Incorporate into upcoming budget process 8
- 19. Budget Timeline Jan. – Feb.Jan. – Feb. Budget preparation Personnel budgeting and revenue forecasting Feb. – Mar.Feb. – Mar. City Manager budget meetings Award of one‐ time budget requests Mar. ‐ MayMar. ‐ May Budget consolidation Budget book development City Manager review MayMay City Council Budget Workshop 9
- 26. Proposed Analysis Rubric • Potential cost savings • Revenue generation Budget Impact • Is it legal? Any jurisdictional issues? • Potential litigation? Legality • Will public services be reduced? • Will services be unaffected/enhanced? Impact to Services • Helps achieve a Strategic Plan goal? • In line with City’s Mission Statement? Community Priorities • Is there a capital investment required? • How long until benefit is realized? Return on Investment 16
- 32. Idea Submission • Website: www.DiscoverCorona.com/OurPath • Phone: (951) 736‐2201 22
- 33. Questions? 23