City Commission Conference Meeting on 2025-06-17 1:30 PM - Jun 17, 2025

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Fort Lauderdale City Commission 3h 29m 3 speakers 7 agenda items transcribed 3 days ago official recording ↗

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What is the purpose of the joint City Commission budget workshop and who introduces the presentation?

Dean Trantalis 0:00

Together Let's resume our Our joint city commission budget workshop Budget uh uh advisory board workshop. What's that? You can't hear me? You can hear me now? Okay. So Ivet uh could you please uh Bring us back to the uh

Yvette Matthews 0:27

Absolutely. And thank you for making the time this afternoon. So um with me is Kyle Stevens from Santec Consulting. And what Santec does is look at our current financial position and help us determine what we're going to look like over the next 10 years. This information is really intended to help you set the rates at the next meeting, the June 30th meeting. non ad valorum assessment rates. And so with that I'll turn it over to Kyle.

Unknown 0:58

Hello, Kyle.

Kyle Stevens 0:59

Good afternoon, Mayor and Commissioners. Um thank you for making time to to go through this information. As you Yvette mentioned, um really what we're trying to do here is dovetail with the conversations that you've been having today with regards to taking the fiscal year twenty six budget and providing that snapshot going forward of the next five or ten years and the dynamics that are in play with regards to ongoing sustainability. We're covering eight funds today. Um and feel free to ask questions as we go through if there's certain topics you want to dive further in. Uh in this first slide here, I just wanted to tee up why we really do this. And I was mentioning that it's really fundamentally to take a look outside of the budget about items we know about, future capital investments or future expenditure commitments that we have, integrate those into the model so that we're planning for those.

Dean Trantalis 1:43

Okay, just one second. This presentation has not been attached to our agenda, is that correct? I don't see it. Is it exhibit one? It's not Oh, and business too. Mm.

Yvette Matthews 1:59

It's under the joint workshop business too.

Dean Trantalis 2:01

Got it. Thank you so much.

Kyle Stevens 2:05

So as as I was mentioning, the big item here is financial sustainability and sensitivity testing, as well as uh really taking into account the current economic conditions that the city operates in. Um it really is a team effort. So we've spent the last few months integrating with staff, including the city manager's office, assistant city managers. department heads to really get the latest and greatest information on the ground with regards to the various funds that I'll cover today. Across all of the funds there are some common information uh that are included in the analysis. And I'll also highlight as we get to each individual fund the unique observations or planning assumptions we've made. So twenty twenty four uh unaudited actuals are included in our analysis, the twenty twenty five adopted budget, and the current draft budget as of June fourth.

Kyle Stevens 2:53

Uh additionally, we've integrated the latest numbers looking forward for the community investment plan, which is twenty twenty six through twenty thirty. Uh a key assumption that'll go across uh all funds as well will be the new city hall. So that's ten million dollars that we have currently as a placeholder for that, the majority of that being in the general fund. Um but other funds do have a share of that. And we've also recorded rent reductions um when that facility would come online.

Dean Trantalis 3:20

The s rent reduction because we'd be consolidated. Exactly. So within

Kyle Stevens 3:23

the funds we put that that order of magnitude estimate in. Got it. And so here are the funds that we'll be covering today. We'll be going through through them in order. Um, typically if we presented this historically, really concentrated on the first I'd say three or four as the larger funds that have some of the more dynamic uh investment decisions associated with them. And first, we'll go into the general fund. And these next two slides, I just want to list the key observations that we've included in this year's modeling. And so what we're looking at, and this has been mentioned today, is a full cost recovery of the fire assessment. That would be in fiscal year twenty one to six uh sixty one point eight million dollars over fiscal year twenty five's uh levels.

Kyle Stevens 4:03

Additionally, we've included placeholders. The city has a past practice of every