Item Coversheet



Staff:
Agenda:
John Richbourg, Finance Director
8/18/2014

MEMORANDUM
Cape Girardeau City Council

14-26



SUBJECT
Semiannual Summary of the Public Safety Trust Fund

EXECUTIVE SUMMARY

The attached Exhibits ‘A’ and ‘B’ reflect the Public Safety Trust Fund’s activity through June 30, 2014 from its inception in October 1, 2004. The Public Safety Trust Fund was established to account for a ¼% fire sales tax. These exhibits combined with the comments below comprise the Summary of the Public Safety Trust Fund report for the period ended June 30, 2014.

BACKGROUND/DISCUSSION

On June 8, 2004 the voters approved a fire sales tax to fund various public safety capital and operating needs. The fires sales tax began being collected on October 1, 2004. Exhibit ‘A’, Summary of Public Safety Trust Fund, is divided into two sections. The top section shows actual expenditures, open encumbrances (contracts entered into but not spent), and total committed expenditures for each trust fund project since the inception of the fund. The bottom section gives actual and projected revenue and expense information for the fund.

Significant data from Exhibit ‘A’ show that the fund had committed to $16,643,363.48 in capital related expenditures and had transferred $10,826,379.29 to the general fund to support public safety salaries, 3 permanent firefighter positions, the City’s communications operation and a local match for a SAFER grant that funded 3 temporary firefighter positions. At the end of June the fund had an uncommitted balance of $61,669.70.

As of June 30, 2014 projected total revenues through the expiration of the capital portion of the fire sales tax were $29,206,440..03. Revenue projections assumed no annual future sales tax revenue growth and no future earnings from any other sources.  At June 30, 2014 expenditures to accomplish objectives of the public safety trust fund were projected to be $29,201,043.52.
 
Exhibit ‘B’ is the Summary of Committed and Projected Costs – Public Safety Trust Fund. This summary shows the original estimated costs, current estimated costs, current committed costs, and current remaining costs for each project.


GENERAL DIRECTION

ATTACHMENTS:
Name:Description:
EXHIBIT_A_-_PST_6-30-14.pdfEXHIBIT A
EXHIBIT_B_-_PST_6-30-14.pdfEXHIBIT B