HomeMy WebLinkAboutItem 04 FY23 Supplemental Budget 3AGENDA ITEM SUMMARY Meeting Date:
3/13/2023
Meeting Type:
Regular Meeting
Staff Contact/Dept.:
Nathan Bell/Finance
Staff Phone No:
541.726.2364
Estimated Time:
10 Minutes
SPRINGFIELD Council Goals:
Provide Financially
CITY COUNCIL
Responsible and
Innovative Government
Services
ITEM TITLE: FY23 SUPPLEMENTAL BUDGET 3
FY23 supplemental budget requests to come before Council.
The purpose of this appropriation is to support the establishment of a Public
Employees Retirement System side account with the State of Oregon using funds
from the City's PERS Side Account Reserve. This is part of a program by the State
of Oregon to incentivize PERS employers to reduce their unfunded PERS liability
by providing matching dollars of 25%. Side accounts increase an employer's
actuarial assets, reducing the gap between actuarial assets and actuarial liabilities
with the intended purpose of reducing future PERS rates/expense for the City of
Springfield.
Conduct a public hearing and adopt/not adopt the following resolutions:
ACTION
REQUESTED:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
INSURANCE FUND.
At various times during the fiscal year, the Council is requested to adjust the annual
ISSUE
budget to reflect needed changes in planned activities, to recognize new revenues,
STATEMENT:
or to make other required changes. These adjustments to resources and
requirements change the current budget and are processed through supplemental
budget requests scheduled by the Finance Department. This is the third of four
FY23 supplemental budget requests to come before Council.
The City Council is asked to approve the attached Supplemental Budget Resolution.
ATTACHMENTS:
1. Supplemental Budget Resolution and Exhibit A
The overall financial impact of the Supplemental Budget Resolution is to increase
DISCUSSION/
Finance Department Operating Expenditures by $2,000,000 offset by a reduction in
FINANCIAL
the PERS Side Account Reserve of $2,000,000.
IMPACT:
The purpose of this appropriation is to support the establishment of a Public
Employees Retirement System side account with the State of Oregon using funds
from the City's PERS Side Account Reserve. This is part of a program by the State
of Oregon to incentivize PERS employers to reduce their unfunded PERS liability
by providing matching dollars of 25%. Side accounts increase an employer's
actuarial assets, reducing the gap between actuarial assets and actuarial liabilities
with the intended purpose of reducing future PERS rates/expense for the City of
Springfield.
CITY OF SPRINGFIELD, OREGON
RESOLUTION NO.
SUPPLEMENTAL BUDGET #3
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE INSURANCE FUND.
WHEREAS, the Common Council has adopted the budget and made appropriations for Fiscal Year
2022-2023 through Resolution No. 2022-25 adopted June 20, 2022 and as amended by Resolution No.
2023-04 adopted February 21, 2023;
WHEREAS, ORS 294.471(1)(a) permits a supplemental budget due to an occurrence or condition that
was not known at the time the budget was prepared or prior to a previous supplemental budget and
that requires a change in financial planning;
WHEREAS, the Common Council is requested to make adjustments to the Fiscal Year 2022-2023
budget and appropriations pursuant to ORS 294.471(1)(a) as justified in Exhibit A, which is attached
and incorporated by reference;
WHEREAS, this supplemental budget is being presented at a public hearing at which the public may
comment on such requests; and
WHEREAS, notice of a public hearing, including information regarding such revenues and
expenditures was published in a newspaper of general circulation not less than 5 days prior to the
public meeting,
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SPRINGFIELD:
Section 1: The Fiscal Year 2022-2023 budget and appropriations, as adopted by Resolution
No. 2022-25 and as amended by Resolution No. 2023-04 hereby adjusted as provided in Exhibit A.
Section 2: This Resolution will take effect upon adoption by the Council.
ADOPTED by the Common Council of the City of Springfield this day of ,
by a vote of for and against.
ATTEST:
City Recorder
Exhibit A Page 1 of 8
EXHIBIT A
FY2022-23
SUPPLEMENTAL BUDGET AND APPROPRIATIONS TRANSFER
Total General Fund $ 53,299,005 $ 15,374 $ 121,078 $ - $ - $ 53,435,457
General Fund Commentary:
- No current activity.
Appropriations
Appropriations
FY23
Supplemental Supplemental
FY23
Supplemental
Supplemental Supplemental
Transfers &
FY23
General Fund -100
Adopted Budget
Budget 1
Budget 2 Budget 3
Adiustments Revised Budget
Department Operating
$ $
$ $ $ 57,912
Development & Public Works
6,951,767
City Manager's Office
$ 1,599,228
$ 82,293
$ - $
$ (1,000) $
1,680,521
Development & Public Works
3,105,437
-
65,000
3,170,437
Finance
2,595,074
-
-
150,000
2,595,074
Fire and Life Safety
12,589,148
10,350
21,078
87,334
12,707,910
Human Resources
750,152
-
-
-
750,152
Information Technology
1,856,407
-
-
1,856,407
Legal Services
887,735
100,000
100,000
1,087,735
Library
2,062,570
12,420
-
2,074,990
Police
17,336,526
17,336,526
Total Department Operating
42,7829276
205,063
186,078
86,334
439259,751
Non -Departmental
Transfers
852,378
-
401,339
1,000
1,254,717
Contingency
1,000,000
-
-
(87,334)
912,666
Reserves*
8,664,351
(189,689)
(466,339)
-
8,008,323
Total Non -Departmental
10,516,729
(189,689)
(65,000)
(86,334)
10,175,706
Total General Fund $ 53,299,005 $ 15,374 $ 121,078 $ - $ - $ 53,435,457
General Fund Commentary:
- No current activity.
Total Street Fund $ 9,5959338 $ 69972 $ - $ - $ - $ 9,602,310
Street Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental Supplemental
Supplemental Transfers & FY23
Street Fund - 201
Adopted Budget
Budget 1 Budget 2
Budget 3 Adiustments Revised Budget
Department Operating
City Manager's Office
$ 57,912
$ $
$ $ $ 57,912
Development & Public Works
6,951,767
6,951,767
Finance
68,156
68,156
Total Department Operating
7,077,835
7,077,835
Non -Departmental
Transfers
150,000
150,000
Contingency
200,000
200,000
Reserves*
2,167,503
6,972
2,174,475
Total Non -Departmental
2,5179503
69972
2,524,475
Total Street Fund $ 9,5959338 $ 69972 $ - $ - $ - $ 9,602,310
Street Fund Commentary:
- No current activity.
Exhibit A Page 2 of 8
Total Development & Public Works Capital Projects
40,000
40,000
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Special Revenue Fund - 204
Adopted Budget
Budget 1
Budget 2
Budeet 3 Adjustments
Revised Budget
Department Operating
$ 1,000 $ 23,282,430
City Manager's Office
$ 273,934
$ 29,976
$ -
$ $ 1,000
$ 304,910
Development & Public Works
5,534,827
6,815,262
277,500
-
12,627,589
Finance
14,000
1,000,000
-
1,014,000
Fire and Life Safety
270,508
630,000
35,724
936,232
Human Resources
103,622
-
-
103,622
Information Technology
143,889
-
-
143,889
Library
125,180
141,740
38,163
305,083
Police
393,000
288,194
247,120
928,314
Total Department Operating
6,8589959
899059172
598,507
1,000
169363,638
Total Development & Public Works Capital Projects
40,000
40,000
Non -Departmental
FY23
Reserves*
4,325,763 3,161,253
(608,224)
6,878,792
Total Non -Departmental
4,325,763 3,161,253
(608,224)
6,878,792
Total Special Revenue Fund $
11,1849722 $ 1291069425
$ (9,717) $
$ 1,000 $ 23,282,430
Special Revenue Fund Commentary:
- No current activity.
Community Development Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Transient Room Tax Fund - 208
Adopted Budeet
Bucket 1
Budget 2
Budeet 3 Adiustments
Revised Budeet
Department Operating
City Manager's Office
$ 242,212
$
$
$ $
$ 242,212
Development & Public Works
32,874
32,874
Library
249,771
7,537
257,308
Total Department Operating
524,857
7,537
532,394
Non -Departmental
Transfers
944,444
-
944,444
Reserves*
1,772,561
240,730
2,013,291
Total Non -Departmental
2,717,005
2409730
2,957,735
Total Transient Room Tax Fund
$ 3,2419862
$ 2489267
$
$ $
$ 3,490,129
Transient Room Tax Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Adopted Budeet
Budeet 1
Budeet 2
Budget 3 Adjustments
Revised Budeet
Community Development Fund - 210
Department Operating
Development & Public Works
$ 1,321,783
$
$ 665,146
$ $
$ 1,986,929
Finance
26,041
-
26,041
Total Department Operating
1,347,824
665,146
2,012,970
Non -Departmental
Reserves*
6,991
199,652
-
206,643
Total Non -Departmental
6,991
199,652
206,643
Total Community Development Fund
$ 1,354,815
$ 1999652
$ 665,146
$ $
$ 2,219,613
Community Development Fund Commentary:
- No current activity.
Exhibit A Page 3 of 8
Total Building Fund
$ 5,218,813
$ 312,548
Appropriations
$ -
FY23
Supplemental Supplemental
Supplemental Transfers & FY23
Building Code Fund - 224
Adopted Buduct
Budget 1 Budgct 2
Budget 3 Adjustments Revised Budget
Department Operating
- No current activity.
City Manager's Office
$ 22,647
$ $
S $ $ 22,647
Development & Public Works
1,396,226
31,656
1,396,226
Fire & Life Safety
84,213
Appropriations
84,213
Total Department Operating
1,503,087
Supplemental
1,5039087
Non -Departmental
Transfers &
FY23
Fire Local Option Levy Fund - 235
Contingency
35,000
Budget 2
35,000
Reserves*
3,680,726
312,548
3,993,274
Total Non -Departmental
39715,726
3129548
49028,274
Total Building Fund
$ 5,218,813
$ 312,548
$ -
$ -
$ -
$ 5,531,361
Building Code Fund Commentary:
Bond Sinking Fund - 306
Adopted Budget
Budget 1 Budget 2
Budget 3 Adjustments Revised Budget
Non -Departmental
- No current activity.
Debt Service
$ 4,016,880
$ - $
$ $ $ 4,016,880
Unappropriated Ending Fund Balance*
425,458
31,656
457,114
Total Non -Departmental
4,442,338
Appropriations
4,473,994
FY23
Supplemental
Supplemental
Supplemental
Transfers &
FY23
Fire Local Option Levy Fund - 235
Adopted Budget
Budget 1
Budget 2
Budget 3
Adiustments
Revised Budget
Department Operating
Fire and Life Safety
$ 1,647,095
$
$ 8,917
$
$ 12,736
$ 1,668,748
Total Department Operating
1,647,095
8,917
12,736
1,668,748
Non -Departmental
Contingency
45000
-
(12,736)
32,264
Reserves*
1,639,130
27,207
1,666,337
Total Non -Departmental
1,684,130
27,207
(12,736)
1,698,601
Total Fire Local Option Levy Fund
$ 3,331,225
$ 27,207
$ 8,917
$
$
$ 3,367,349
Fire Local Option Levy Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental
Transfers &
FY23
Police Local Option Levy Fund - 236
Adopted Budget
Budget 1
Budget 2
Budget 3
Adjustments
Revised Budget
Department Operating
Finance
$ 701,355
$
$
$
$
$ 701,355
Legal Services
89,700
89,700
Police
7,134,929
492,000
7,626,929
Total Department Operating
7,9259984
492,000
8,417,984
Non -Departmental
Contingency
150,000
-
150,000
Reserves*
2,104,665
56,373
2,161,038
Total Non -Departmental
2,254,665
56,373
2,311,038
Total Police Local Option Levy Fund
$ 10,180,649
$ 548,373
$
$
$
$ 10,729,022
Police Local Option Levy Fund Commentary:
- No current activity.
Total Bond Sinking Fund $ 4,442,338 $ 31,656 $ - $ - $ - $ 4,473,994
Bond Sinking Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental Supplemental
Supplemental Transfers & FY23
Bond Sinking Fund - 306
Adopted Budget
Budget 1 Budget 2
Budget 3 Adjustments Revised Budget
Non -Departmental
Debt Service
$ 4,016,880
$ - $
$ $ $ 4,016,880
Unappropriated Ending Fund Balance*
425,458
31,656
457,114
Total Non -Departmental
4,442,338
31,656
4,473,994
Total Bond Sinking Fund $ 4,442,338 $ 31,656 $ - $ - $ - $ 4,473,994
Bond Sinking Fund Commentary:
- No current activity.
Exhibit A Page 4 of 8
Non -Departmental
Transfers 24,744 24,744
Reserves* 62,722,029 (9,277,729) (19,963,000) 33,481,300
Total Non -Departmental 62,746,773 (9,277,729) (19,963,000) 33,506,044
Total Regional Wastewater Capital Fund $ 97,542,773 $ 6,466,282 $ - $ - $ $ 104,009,055
Regional Wastewater Capital Fund Commentary:
- No current activity.
Appropriations
FY23 Supplemental Supplemental Supplemental Transfers & FY23
Street Capital Fund - 434 Adopted Budget Budget 1 Budget 2 Budget 3 Adiustments Revised Budget
Department Operating
Development & Public Works $ 137,069 $ $ $ $ $ 137,069
Total Department Operating 137,069 137,069
Total Development & Public Works Capital Projects 2,773,100 1,900,000 412,223 5,085,323
Non -Departmental
Reserves* 7,197,612 (2,621,260) (10,884) 4,565,468
Total Non -Departmental 7,197,612 (2,621,260) (10,884) 4,565,468
Total Street Capital Fund $ 10,107,781 $ (721,260) $ 401,339 $ $ $ 9,787,860
Street Capital Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Development Assessment Fund - 419
Adopted Buduct
Budget 1
Budget 2
Budget 3 Adjustments
Revised Budget
Non -Departmental
Reserves*
$ 798,816
$ (8,308)
$
S $
$ 790,508
Total Non -Departmental
798,816
(89308)
790,508
Total Development Assessment Fund
$ 7989816
$ (8,308)
$
$ $
$ 790,508
Development Assessment Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Development Projects Fund - 420
Adopted Budget
Budget 1
Budget 2
Budget 3 Adiustments
Revised Budget
Total Development & Public Works Capital Projects
$ 313,812
$
$
$ $
$ 313,812
Non -Departmental
Reserves*
3,674,469
557,162
4,231,631
Total Non -Departmental
3,674,469
557,162
4,231,631
Total Development Projects Fund
$ 3,988,281
$ 5579162
$
$ $
$ 4,545,443
Development Projects Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Regional Wastewater Capital Fund - 433
Adopted Budget
Budget 1
Budget 2
Budget 3 Adiustments
Revised Budget
Department Operating
Development & Public Works
$ 3,896,000
$ 1,331,580
$
$ $ (55,000)
$ 5,172,580
Total Department Operating
3,896,000
1,331,580
(55,000)
5,172,580
Total Development & Public Works Capital Projects
30,900,000
14,412,431
19,963,000
55,000
65,330,431
Non -Departmental
Transfers 24,744 24,744
Reserves* 62,722,029 (9,277,729) (19,963,000) 33,481,300
Total Non -Departmental 62,746,773 (9,277,729) (19,963,000) 33,506,044
Total Regional Wastewater Capital Fund $ 97,542,773 $ 6,466,282 $ - $ - $ $ 104,009,055
Regional Wastewater Capital Fund Commentary:
- No current activity.
Appropriations
FY23 Supplemental Supplemental Supplemental Transfers & FY23
Street Capital Fund - 434 Adopted Budget Budget 1 Budget 2 Budget 3 Adiustments Revised Budget
Department Operating
Development & Public Works $ 137,069 $ $ $ $ $ 137,069
Total Department Operating 137,069 137,069
Total Development & Public Works Capital Projects 2,773,100 1,900,000 412,223 5,085,323
Non -Departmental
Reserves* 7,197,612 (2,621,260) (10,884) 4,565,468
Total Non -Departmental 7,197,612 (2,621,260) (10,884) 4,565,468
Total Street Capital Fund $ 10,107,781 $ (721,260) $ 401,339 $ $ $ 9,787,860
Street Capital Fund Commentary:
- No current activity.
Exhibit A Page 5 of 8
Appropriations
FY23 Supplemental Supplemental Supplemental Transfers & FY23
Sanitary Sewer Operations Fund - 611 Adopted Budget Budget 1 Budgct 2 Budget 3 Adjustments Revised Budget
Department Operating
City Manager's Office $ 81,907 $ $ S $ $ 81,907
Development & Public Works 5,013,493 5,013,493
Finance 61,922 61,922
Total Department Operating 5,157,322 5,157,322
Total Development & Public Works Capital Projects 10,421,782 10,421,782
Non -Departmental
Debt Service 1,708,000 1,708,000
Contingency 150,000 - 150,000
Reserves* 25,632,532 874,715 26,507,247
Total Non -Departmental 27,490,532 8749715 28,365,247
Total Sewer Operations Fund $ 4390699636 $ 8749715 $ $ $ $ 43,944,351
Sanitary Sewer Operations Fund Commentary:
- No current activity.
Non -Departmental
Transfers 14,600,000 14,600,000
Debt Service 4,108,550 - - 4,108,550
Reserves* 10,760,277 1,320,719 (85,000) 11,995,996
Total Non -Departmental 29,468,827 1,320,719 (85,000) 30,704,546
Total Regional Wastewater Fund $ 51,788,723 $ 1,420,719 $ - $ $ $ 53,209,442
Regional Wastewater Fund Commentary:
- No current activity.
Appropriations
Appropriations
150,000
FY23
Supplemental
Supplemental Supplemental Transfers &
FY23
Regional Wastewater Fund - 612
Adopted Budget
Budget 1
Budget 2 Budget 3 Adiustments
Revised Budget
Department Operating
Budget 3 Adjustments
Revised Budget
Department Operating
$ - $ 7,082,830
City Manager's Office
$ 17,222
$ -
$ $ $
$ 17,222
Development & Public Works
22,115,080
100,000
85,000
22,300,080
Finance
187,593
-
194,438
187,593
Total Department Operating
22,319,896
100,000
85,000
22,504,896
Non -Departmental
Transfers 14,600,000 14,600,000
Debt Service 4,108,550 - - 4,108,550
Reserves* 10,760,277 1,320,719 (85,000) 11,995,996
Total Non -Departmental 29,468,827 1,320,719 (85,000) 30,704,546
Total Regional Wastewater Fund $ 51,788,723 $ 1,420,719 $ - $ $ $ 53,209,442
Regional Wastewater Fund Commentary:
- No current activity.
Non -Departmental
Appropriations
150,000
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Ambulance Fund - 615
Adopted Budget
Budget 1
Budget 2
Budget 3 Adjustments
Revised Budget
Department Operating
$ - $ 7,082,830
Fire and Life Safety
$ 6,781,261
$ 32,600
$ 194,438
$ $ 58,108
$ 7,066,407
Total Department Operating
6,781,261
32,600
194,438
58,108
7,066,407
Non -Departmental
Contingency
150,000
(58,108) 91,892
Reserves*
5,683
(81,152)
- (75,469)
Total Non -Departmental
155,683
(81,152)
(58,108) 16,423
Total Ambulance Fund
$ 6,936,944
$ (48,552) $ 194,438 $
$ - $ 7,082,830
Ambulance Fund Commentary:
- No current activity.
Exhibit A Page 6 of 8
Non -Departmental
Appropriations
Contingency
200,000
FY23
Supplemental
Supplemental Supplemental Transfers &
FY23
Storm Drainage Operating Fund - 617
Adopted Budget
Budget 1
Budgct 2 Budget 3 Adjustments
Revised Budget
Department Operating
Total Non -Departmental
17,9499140
(2359766) (35,000)
17,6789374
City Manager's Office
$ 82,228
$ -
$ - $ $
$ 82,228
Development & Public Works
6,969,180
198,000
35,000
7,202,180
Finance
61,923
-
61,923
Total Department Operating
7,1139330
198,000
35,000
7,346,330
Total Development & Public Works Capital Projects
699649464
600,000
190,000
7,564,464
Non -Departmental
Contingency
200,000
200,000
Debt Service
551,718
-
551,718
Reserves*
17,197,422
(235,766) (35,000)
16,926,656
Total Non -Departmental
17,9499140
(2359766) (35,000)
17,6789374
Total Drainage Operating Fund
$ 32,026,934
$ 562,234 $ - $ $
$ 32,589,168
Storm Drainage Operating Fund Commentary:
- No current activity.
Non -Departmental
Reserves* 413,282 63,031 476,313
Total Non -Departmental 413,282 63,031 476,313
Total Regional Fiber Consortium Fund $ 665,432 $ 63,031 $ $ $ $ 728,463
Regional Fiber Consortium Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Booth -Kelly Fund - 618
Adopted Budget
Budget 1
Budget 2
Budget 3 Adiustments
Revised Budget
Department Operating
City Manager's Office
$ 50,583
$ -
$
S $
$ 50,583
Development & Public Works
529,946
300,000
829,946
Total Department Operating
580,528
300,000
880,528
Total Development & Public Works Capital Projects
190,000
190,000
Non -Departmental
Transfers
84,237
84,237
Contingency
15,000
-
15,000
Reserves*
1,007,633
(40,366)
967,267
Total Non -Departmental
191069870
(409366)
1,066,504
Total Booth -Kelly Fund
$ 1,8779398
$ 2599634
$
$ $
$ 2,137,032
Booth -Kelly Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental
Supplemental Transfers &
FY23
Regional Fiber Consortium - 629
Adopted Budget
Budget 1
Budget 2
Budget 3 Adjustments
Revised Budget
Department Operating
Finance
$ 252,150
$
$
$ $
$ 252,150
Total Department Operating
252,150
252,150
Non -Departmental
Reserves* 413,282 63,031 476,313
Total Non -Departmental 413,282 63,031 476,313
Total Regional Fiber Consortium Fund $ 665,432 $ 63,031 $ $ $ $ 728,463
Regional Fiber Consortium Commentary:
- No current activity.
Exhibit A Page 7 of 8
Insurance Fund Commentary:
1.) Increase Finance department operating expense by $2,000,000 to support the establishment of a Public Employees Retirement System side account with the State of Oregon
using funds from the PERS Side Account Reserve. Side accounts increase an employer's actuarial assets, reducing the gap between actuarial assets and actuarial liabilities with
intended purpose of reducing future PERS rates/expense for the City of Springfield. The City's health insurance experience has outperformed the projected actuarial estimates
over multiple budget years. In an effort to keep the reserve within a target range, the City has implemented benefit holidays for employees with the employer portion of the
premium transfered to the PERS Side Account reserve. This better than anticipated performance has defied expectations and continued into FY22 and FY23. Following the
most recent supplemental budget, financial monitoring has highlighted a PERS Side Account reserve balance which has grown signifigantly and is projected to continue to
grow. The unexpected growth in the PERS Side Account Reserve fund results in it now being beneficial to the City to establish a side account with the state of Oregon before
the state deadline at the end of March 2023, which is a necessary change to the City's financial planning
Appropriations
FY23
Supplemental Supplemental
Supplemental Transfers &
FY23
Insurance Fund - 707
Adopted Budget
Budget 1 Budget 2
Budget 3 Adiustments
Revised Budget
Department Operating
Finance
$ -
$ $
$ 2,000,000 $
$ 2,000,000 (1)
Human Resources
877,871
-
-
877,871
Health Insurance
8,589,515
747,378
87,349
8,589,515
Property & Liability
1,687,609
-
-
1,687,609
Worker's Compensation
741,958
-
741,958
Total Department Operating
11,8969953
2,000,000
13,8969953
Non -Departmental
2,291,565
1,332,962
413,033
4,037,560
Contingency
200,000
-
200,000
Reserves*
14,014,211
(273,387)
(2,000,000)
11,740,824 (1)
Total Non -Departmental
1492149211
(273,387)
(2,000,000)
1199409824
Total Insurance Fund
$ 2691119164
$ (273,387) $
$ - $
$ 25,837,777
Insurance Fund Commentary:
1.) Increase Finance department operating expense by $2,000,000 to support the establishment of a Public Employees Retirement System side account with the State of Oregon
using funds from the PERS Side Account Reserve. Side accounts increase an employer's actuarial assets, reducing the gap between actuarial assets and actuarial liabilities with
intended purpose of reducing future PERS rates/expense for the City of Springfield. The City's health insurance experience has outperformed the projected actuarial estimates
over multiple budget years. In an effort to keep the reserve within a target range, the City has implemented benefit holidays for employees with the employer portion of the
premium transfered to the PERS Side Account reserve. This better than anticipated performance has defied expectations and continued into FY22 and FY23. Following the
most recent supplemental budget, financial monitoring has highlighted a PERS Side Account reserve balance which has grown signifigantly and is projected to continue to
grow. The unexpected growth in the PERS Side Account Reserve fund results in it now being beneficial to the City to establish a side account with the state of Oregon before
the state deadline at the end of March 2023, which is a necessary change to the City's financial planning
Vehicle and Equipment Fund Commentary:
- No current activity.
Appropriations
FY23
Supplemental
Supplemental Supplemental Transfers &
FY23
Vehicle and Equipment Fund - 713
Adopted Budget
Budget 1
Budget 2 Budget 3 Adjustments
Revised Budget
Department Operating
Development & Public Works
$ 948,400
$ 585,584
$ 64,684 $ S
$ 1,598,668
Finance
500
-
-
500
Fire & Life Safety
328,300
747,378
87,349
1,163,027
Information Technology
636,115
-
-
636,115
Library
8,000
-
8,000
Police
370,250
261,000
631,250
Total Department Operating
2,291,565
1,332,962
413,033
4,037,560
Non -Departmental
Transfers
-
36,500
-
36,500
Reserves*
8,830,184
517,462
(413,033)
8,934,613
Total Non -Departmental
8,830,184
553,962
(413,033)
8,971,113
Total Vehicle and Equipment Fund
$ 11,121,749
$ 1,886,924
$ - $ $
$ 13,008,673
Vehicle and Equipment Fund Commentary:
- No current activity.
Exhibit A Page 8 of 8
Appropriations
FY23 Supplemental Supplemental Supplemental Transfers & FY23
SDC Administration Fund - 719 Adopted Budact Budget 1 Bud¢ct 2 Budget 3 Adiustments Revised Budget
Department Operating
Development & Public Works $ 469,638 $ $ S $ $ 469,638
Finance 45,054 45,054
Total Department Operating 514,693 514,693
Non -Departmental
Contingency
Reserves*
Total Non -Departmental
Total SDC Administration Fund
SDC Administration Fund Commentary:
- No current activity.
TOTAL RESOLUTION
10,000 - 10,000
380,710 103,914 484,624
390,710 103,914 494,624
$ 905,403 $ 103,914 $ $ $ $ 1,009,317
$ 388,789,800 $ 24,639,582 $ 1,3819201 $ - $ 1,000 $ 414,811,583
*Reserves and Unappropriated Ending Fund Balance are not appropriated for spending and are shown for information purposes only.