4A- Financial ReportCity of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT APRIL 14, 2014
February 2014
Cash Balances
Prior Current Dollar Percent
Fund(s) 01/31/14 02/28/14 Change Change
General $ 8,698,244 $ 8,795,295 $ 97,050 1.12%
Tree Replacement 6,493 10,949 4,456 68.63%
Convention Development Tax 82,149 71,958 (10,191) -12.41%
Local Option Gas Tax 112,159 134,837 22,678 20.22%
Better Jax 1/2 Cent Sales Tax 331,680 355,147 23,467 7.08%
Police Training, Forfeiture, Grants, etc. 116,209 131,434 15,226 13.10%
Community Development Block & ARRA Grants (952) (952) 0.00%
Debt Service 0.00%
Capital Projects 2,835,483 2,868,746 33,263 1.17%
Utility 5,176,099 5,294,866 118,767 2.29%
Sanitation 704,730 705,708 978 0.14%
Building Code Enforcement 148,875 200,120 51,245 34.42%
Storm Water 1,649,010 1,722,067 73,057 4.43%
Pension -Police 71,855 64,772 (7,083) -9.86%
Pension -General 120,476 132,764 12,288 10.20%
Total $ 20,052,511 $ 20,487,713 $ 435,202 2.17%
Total Restricted Cash 7,595,997
Total Unrestricted Cash $12,891,715
Cash and Investments
Annual Prior Current Dollar Percent
Account Yield 01/31/14 02/28/14 Change Change
Bank of America -Depository $ 3,237,808 $ 3,593,151 $ 355,343 10.97%
Guggenheim Floating Rate A 3.93% * 3,654,393 3,666,453 12,060 0.33%
Hartford Floating Rate Bond A 3.31% 2,516,296 2,518,751 2,455 0.10%
lnvesco Floating Rate A 3.70% 3,642,234 3,639,028 (3,206) -0.09%
Main Stay Short Term Duration High Yield A 2.97% 2,513,098 2,536,787 23,689 0.94%
Legg Mason WA Cash Reserve Fund 1,777 1,777 0.00%
First Trust Short Duration High Income A 3.27% 2,000,590 2,010,949 10,359 0.52%
Putnam Diversified Inc. 4.10% * 1,238,268 1,258,405 20,137 1.63%
Alliance Limited Duration High Income A 2.38% * 1,244,550 1,258,914 14,364 1.15%
MSSB Money MarkeUCash 0.00%
SBA-Florida Prime 348 348 0.00%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 20,052,511 $ 20,487,713 $ 435,202 2.17%
Police Pension Investments $ 7,834,758 $ 8,097,085 $ 262,327 3.35%
General Pension Investments 14,256,991 14,740,788 483,797 3.39%
Subtotal $ 22,091,749 $ 22,837,873 $ 746,124 3.38%
Total $ 42,144,259 $ 43,325,586 $ 1,181,326 2.80%
* Denotes the 30 day SEC Yield Anualized
City of Atlantic Beach
FINANCIAL REPORT
February 2014
AGENDA ITEM# 4A
APRIL I4, 20I4
Revenues
Annual YTD -42.00% YTD Dollar
Fund I (Footnote) Estimate of Estimate Actual Variance
General (1) $ 10,931,117 $ 4,554,632 $ 6)59,153 $ 2,204,521
Convention Development Tax 80,300 33A58 39,100 5,641
Local Option Gas Tax 421,009 175A20 176,958 1,538
Better Jax 1/2 Ct Sales Tax 694,870 289,529 307,360 17,831
Police Training, Fotfeiture & Grants, etc. 110,041 45,850 47,960 2,110
Grants 75,000 31,250 7,641 (23,609)
Capital Projects (2) 495,000 206,250 172A15 (33,835)
Utility 8,611,203 3,588,001 3A49,932 (138,070)
Sanitation 1)89,000 745A17 752,897 7A81
Building Code Enforcement (3) 281,550 117,313 196A23 79,111
Storm Water (4) 1,155,000 481,250 530,846 49,596
Pension -Police (5) 1,329,681 554,034 801,855 247,822
Pension-General (5)
Total $
2,190,980 912,908
28,164,751 $ 11,735,313 $
Analysis of Major Variances
(Variances >$25,000 AND 10.00%)
1,389,615 476,707
14,632,156 $ 2,896,843
In general, the major variances are created when the actual funds received-to-date are
different from the percentage of the budget elapsed-to-date. They are as follows:
(1) The positive variance in the General Fund is mostly due to the timing of property tax
receipts. The bulk of the receipts come in November and December.
(2) The city has not received expected grant monies from the State of Florida nor the City
of Jacksonville; therefore there is a negative variance in Capital Projects.
(3) Building Code Enforcement permit activity is running above projected revenues,
similar to surrounding jurisdictions and counties.
(4) The positive variance in the Storm Water Fund is due to unanticipated revenues from
fixed asset auction sales and interest income.
(5) The $247,822 and $476,707 positive variances in the Pension Fund-Police and
Pension Fund-General, respectively, resulted from changes in market values of the
investments of more than the anticipated amount.
Percent
Variance
48.40%
16.86%
0.88%
6.16%
4.60%
-75.55%
-16.41%
-3.85%
1.00%
67.44%
10.31%
44.73%
52.22%
24.68%
City of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT APRIL 14, 2014
February 2014
Expenses
Annual YTD -42.00% YTD Dollar
Department I (Footnote) Estimate of Estimate Actual Variance
Governing Body $ 42,933 $ 17,889 $ 16,922 $ 967
City Administration 2,647,727 1,103,220 1,057,112 46,108
General Government (1) 640,370 266,821 350,074 (83,254)
Planning and Building (2) 434,709 181 '129 143,356 37,772
Public Safety (3) 5,692,612 2,371,922 1,665,485 706,436
Recreation and Special Events 396,901 165,375 151 '182 14,193
Public Works (4) 7,877,621 3,282,342 2,156,296 1,126,046
Public Utilities (5) 10,793,308 4,497,212 3,903,583 593,629
Pension -Police 751,628 313,178 325,957 (12,779)
Pension -General (6) 852,850 355,354 424,157 (68,803}
Total $ 30,130,659 12,554,441 10,194,126 $2,360,315
Annual YTD -42.00% YTD Dollar
Resource Allocation Estimate of Estimate Actual Variance
Personnel Services (1 ,3) $ 9,541,493 $ 3,975,622 $ 3,609,863 $ 365,759
Operating Expenses (1-4) 10,726,368 4,469,320 3,601 '157 868,163
Capital Outlay (1 ,4) 5,785,010 2,410,421 576,282 1,834,139
Debt Service (2,4) 2,448,768 1,020,320 1,728,064 (707,744)
Transfers
Total $
1,629,020 678,759
30,130,659 $ 12,554,442 $
Analysis of Major Variances
(Variances >$25,000 AND 1 0.00%)
678,760
10,194,126 $ 2,360,317
In general, the major variances are a result of timing differences created between the
percentage of budget elapsed-to-date and actual expenditures. They are as follows:
(1) The negative variance in General Government resulted from the budget for insurance
premiums, other than health, and debt service being prorated over twelve months when
budgeted, but expensed when paid -insurance in October and SunTrust '99 debt
payoff in December.
(2) The positive variance in Planning and Building resulted from a vacant position for a
Redevelopment and Zoning Coordinator. The position has been vacant since the
beginning of the fiscal year.
(3) The positive variance in Public Safety was partially due to the budget proration
practice mentioned above -Fire contract with COJ is billed quarterly in arrears
(approximately $260,000 in January); and, lifeguard expenditures will appear
seasonally during April-September. The remaining variance is due to turnover/unfilled
positions in the Police Patrol and Crime Suppression divisions.
(4) The variance in the Public Works Department was due to: project activity budgeted
that has not been started/completed -see Project Activity schedule; only three
payments recorded to the trash hauler and fleet maintenance provider (October
payments for September activity were recorded in FY13 for year -end cut-off); Storm
Water Fund debt payments were expensed in October when paid, but prorated for
budget purposes; and minimal expenses have been incurred towards the Parks Master
Plan consultant or the resurfacing/street paving program.
(5) The positive variance in the Public Utilities Department is due to budgeted project
activity that has not been started/completed.
(6) The negative variance in Pension -General resulted from a doubling from three to six
DROP participants with higher benefits.
Percent
Variance
5.41%
4.18%
-31.20%
20.85%
29.78%
8.58%
34.31%
13.20%
-4.08%
-19.36%
18.80%
Percent
Variance
9.20%
19.42%
76.09%
-69.36%
0.00%
18.80%
City of Atlantic Beach AGENDA ITEM# 4A FINANCIAL REPORT APRIL 14, 2014
February 2014
Project Activity-Current Year Activity Only
Project YTD YTD
Project Name Number Budget Actual Balance Status
Public Safety:
Kennel Improvements PS1401 40,000 40,000 s
Life Guard Building Improvements PS1402 6,000 6,000 s
$ 46,000 $ $ 46,000
Public Utilities:
Reclaim Water Plant PU0805 1,352,858 137,774 1,215,084 I
Replace the Water Main on Pine Street PU1304 53,199 40,962 12,237 c
Replace 4" Water Main at Wonde!Wood and Finegan PU1305 82,567 30,196 52,372 c
PT Repair at Lift Station C PU1306 10,280 10,280 B
Repair 24" Effluent Force Main PU1308 5,260 5,260 0 c
Repair 12" Force Main PU1309 3,363 3,363 0 c
Water Plant #2 Tank Rehabilitation PU1401 125,000 125,000 E
Water Plant #2 Rehabilitation GST PU1402 100,000 100,000 A
AC Main Sea Oats PU1403 390,000 390,000 R
In line Valve Installations PU1404 50,000 50,000 s
Manhole Replace Saturiba PU1405 86,000 86,000 A
Sewer Rehabilitation Saturiba PU1406 27,264 27,264 E
Donner Subd Sewer Upgrade PU1407 155,000 155,000 E
Effluent Outfall Replacement PU1408 300,000 300,000 E
Effluent Pump at WWTP PU1409 50,000 50,000 I
Subtotal $ 2,790,791 $ 217,554 $ 2,573,237
Parks Maintenance:
Marsh Master Plan Signs PM1301 625 625 c
Rose Park Development PM1302 197,357 190,699 6,658 I
Russell Park Tennis Courts 1-2 PM1401 100,000 100,000 s
Bull Park Gazebo PM1402 40,000 40,000 X
Donner Park Ball field Improvements PM1403 75,000 103 74,897 B
Electric Gate at Dutton Island Park PM1404 8,000 I
Marsh Project Pedestrian Path PW1408 150,000 150,000 E
March Overlook and Kayak Launch PW1409 295,000 295,000 E
Marsh Preserve Path PHZ-1 PW1410 40,000 30,998 9,002 c
Subtotal $ 905,982 $ 222,425 $ 675,557
Public Works:
Dutton Isle Road Sidewalks PW1301 65,263 849 64,414 A
East Coast Drive Drainage Improvements PW1306 319,046 77 318,969 B
East Coast Drive Improvements PW1401 79,000 79,000 B
Fountain PW1402 7,500 7,500 E
Welcome Sign PW1403 11,000 1,750 9,250 E
Robert Street Ditch PW1404 50,000 50,000 E
Sidewalk and Curbs PW1405 25,000 25,000 I
Salt Air Drainage and Sidewalk Improvements PW1406 380,000 51 379,949 E
Seminole Road Improvements PW1407 490,000 54 489,946 E
Subtotal $ 1,426,809 $ 2,781 $ 1,424,029
Total $5,169,582 $ 442,760 $ 4,718,823
Status Key
A-Bid/RFP Advertised I -Project In-progress
B -Bid Awarded N -Complete/Non-Capital
C -Project Completed R-Re-budget Next Fiscal Year OR Re-Evaluated
D -Design Completed S -Staff Researching
DE -Deferred X -Project Cancelled
E -Design Phase