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HomeMy WebLinkAboutSupplemental Materials - Futures Committee - 12/14/2015 -Futures Committee – Revenue Priorities 12-16-15 Questions to Futures Committee 2 •Prioritization of Future Revenue Needs •Direction to Begin Planning and Implementation of Revenue Strategies Significant Revenue Needs 3 •KFCG Renewal •Transit Funding •Railroad Crossing – Vine/Lemay •City Asset Maintenance & Replacement – Infrastructure, Bridges, City Hall, Parks, etc. •CAP Financing •SCFD – Arts & Culture Funding •Lodging Tax – VRBO/Airbnb enforcement KFCG 4 •.85% Tax supports $26M in 2016 - $32m in 2020 •Funds: •Street Maintenance 33% $8M •Other Transportation 17% $4M •Police 17% $4M •Fire 11% $3M •Parks & Recreation 11% $3M •Other Community Priorities 11% $3m •CFC Revenue Diversification Efforts – find offsets to .35%....$11M in 2016 dollars: •Tax on Services •Transportation Fee •Occupational Tax Transit Funding 5 •2016 Annual Funding - $15M: •Transit Revenues $2.6M •Federal Funding $3.3M •General Fund $9.2M •Additional Needs to Support - $6M - $7M: •7 day week service •15-20 minute headways •Full coverage across the City •.20% to .25% Tax Rate to Meet Needs or Alternatives Railroad Crossings 6 •Vine / Lemay - $20M - $25M – •Funds Identified $6M to $7M: •Lemay / Riverside – $15M - $35M •Switching Relocation or Grade Separated Crossing •Vine / Timberline - $20M - $25M •Not required within next 10 years Other Needs 7 •City Asset Maintenance & Replacement – Infrastructure, Bridges, Parks, new City Hall, etc. •CIP efforts will help quantify requirements •Parks analysis in process – anticipate work session Q1 to review •CAP Financing – will be largely private capital •Debt capacity analysis complete – approximately $75M •Utility rate capacity for additional debt in process •Project scope and funding needs in development •SCFD – Arts & Culture Funding •Lodging Tax – VRBO/Airbnb enforcement Current Sales Tax Structure 8 Open Space Yes (20 yr) 2006-2030 KFCG (2011-2020) Community Improvement 2016-2025 Long-term Look at Current Tax Renewal Years Assume Community Improvement 2026-2035 Assume Community Improvement 2036-2045 Assume KFCG (10 yr) 2021-2030 Assume KFCG (10 yr) 2031-2040 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 YEAR Street Maintenance (10 yr) 2016-2025 Assume Street Maintenance (10 yr) 2026-2035 Assume Street Maintenance (10 yr) 2026-2035 Possible Prioritization / Timing 10 1.KFCG Renewal •Renewal of .85% - .50% based on revenue diversification efforts •2017 2.Transit Funding •2018 or 2019 3.Railroad Crossing – Vine/Lemay •2018 or 2019 4.Other Needs •Other Railroad Crossing Needs - TBD •City Asset Maintenance & Replacement – TBD •CAP Financing - TBD •SCFD – Arts & Culture Funding - TBD •Lodging Tax – VRBO/Airbnb enforcement - TBD Near Term Next Steps 11 1.Complete Revenue Diversification Analysis •Review with CFC by July 2016 •Determine appropriate KFCG renewal rate 2.Develop Community Engagement Plan on KFCG Renewal •Revenue alternatives •KFCG renewal 3.Continue Discussion on Timing and Source of Additional Revenue Alternatives Questions to Futures Committee 12 •Prioritization of Future Revenue Needs •Direction to Begin Planning and Implementation of Revenue Strategies