12-16-15
Futures Committee – Revenue Priorities
Questions to Futures Committee
• Prioritization of Future Revenue Needs
• Direction to Begin Planning and Implementation of
Revenue Strategies
2
Significant Revenue Needs
• 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
3
KFCG
• .85% Tax supports $26M in 2016 - $32m in 2020
• Funds:
•
•
•
•
•
•
Street Maintenance
Other Transportation
Police
Fire
Parks & Recreation
Other Community Priorities
33%
17%
17%
11%
11%
11%
$8M
$4M
$4M
$3M
$3M
$3m
• CFC Revenue Diversification Efforts – find offsets to
.35%....$11M in 2016 dollars:
• Tax on Services
• Transportation Fee
• Occupational Tax
4
Transit Funding
• 2016 Annual Funding - $15M:
• Transit Revenues
• Federal Funding
• General Fund
$2.6M
$3.3M
$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
5
Railroad Crossings
• 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
6
Other Needs
• 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
7
Current Sales Tax Structure
8
Long-term
Look at Current Tax Renewal Years
Community Improvement
2016-2025
Assume Community
Improvement
2026-2035
Assume Community
Improvement
2036-2045
Street Maintenance
(10 yr) 2016-2025
Assume Street Maintenance
(10 yr) 2026-2035
Assume Street Maintenance
(10 yr) 2026-2035
KFCG (2011-2020)
Assume KFCG (10 yr)
2021-2030
Assume KFCG (10 yr)
2031-2040
Open Space Yes (20 yr)
2006-2030
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
Possible Prioritization / Timing
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
10
Near Term Next Steps
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
11
Questions to Futures Committee
• Prioritization of Future Revenue Needs
• Direction to Begin Planning and Implementation of
Revenue Strategies
12