Item 4A- Monthly Reports for October 2017City of Atlantic Beach
FINANCIAL REPORT
October 2017
Cash Balances
Prior Current Dollar Percent
Fund(s) 09/30/17 10/31/17 Change Change
General $ 6,488,405 $ 6,218,168 $ (270,235) -4.16%
Tree Replacement 45,460 43,567 (1 ,893) -4.16%
Convention Development Tax 242,651 232,545 (10,106) -4.16%
Local Option Gas Tax 383,164 367,206 (15,958) -4.16%
Better Jax 1/2 Cent Sales Tax 717,326 687,450 (29,876) -4.16%
Police Training, Forfeiture, Grants, etc. 104,499 100,147 (4,352) -4.16%
Capital Projects 267,447 256,308 (11,139) -4.16%
Utility 8,221,401 7,878,987 (342,414) -4.16%
Sanitation 150,353 144,091 (6,262) -4.16%
Building Code Enforcement 530,762 508,656 (22,106) -4.16%
Storm Water 2,000,444 1,917,127 (83,317) -4.16%
Pension -Police 10,790,217 10,861,297 71,080 0.00%
Pension -General 22,359,072 22,573,732 214,659 0.96%
Total $ 52,301,202 $ 51,789,282 $ (511,921) -0.98%
Total Restricted Cash 42,109,827
Total Unrestricted Cash $9,679,455
Cash and Investments
Prior Current Dollar Percent
Account 09/30/17 10/31/17 Change Change
Bank of America -Depository $ 3,432,612 $ 2,617,760 $ (814,852) -23.74%
Corporate Fixed Income -Morgan Stanley 4,928,188 4,991,143 62,955 1.28%
Government Securitites-Morgan Stanley 11,210,121 11,048,694 (161 ,426) -1.44%
Cash, BDP, MMF -Morgan Stanley 82,734 176,348 93,614 113.15%
SBA -Florida Prime 22,919 22,985 66 0.29%
Cash on Hand 3150 3,150 0.00%
Subtotal $ 19,679,723 $ 18,860,080 $ (819,643) -4.16%
Police Pension Investments $ 10,354,115 $ 10,443,358 $ 89,243 0.86%
General Pension Investments 22,267 365 22,485,844 218,479 0.98%
Subtotal $ 32,621,479 $ 32,929,202 $ 307,722 0.94%
Total $ 52,301,202 $ 51,789,282 $ ~511,921~ -0.98%
Agenda Item 4A
November 27, 2017
City of Atlantic Beach
FINANCIAL REPORT
October 2017
Revenues
Annual YTD YTD Dollar
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 12,829,454 $ 1,069,094 $ 304,204 $ (764,890)
Convention Development Tax 138,366 11,530 13,226 1,696
Local Option Gas Tax 471,901 39,325 39,537 212
Better Jax 1/2 Ct Sales Tax 939,898 78,324 62,905 (15,419)
Police Training, Forfeiture & Grants 87,636 7,299 12,094 4,795
Capital Projects 303,000 25,250 25,250
Utility 9,345,264 778,760 716,211 {62,549)
Sanitation 1,925,541 160,460 102,205 {58,255)
Building Code Enforcement 531,587 44,297 19,632 (24,665)
Storm Water 1,482,003 123,500 67,537 (55,963)
Pension -Police 1,113,197 92,762 97,941 5,179
Pension -General 2,595,711 216,308 185,739 (30,569}
Total $ 31,763,558 $ 2,646,909 $ 1,646,481 $ (1,000,428)
Analysis of Major Variances
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. Highlighted variance explanations
follow:
General Fund revenues show a net negative variance of ($764,890). Most of this
variance is due to the timing of receipt of ad valorem taxes, the majority of which will be
received in December.
Percent
Variance
-71.55%
14.71%
0.54%
-19.69%
65.69%
0.00%
-8.03%
-36.30%
-55.68%
-45.31%
5.58%
-14.13%
-37.80%
Agenda Item 4A
November 27, 2017
City of Atlantic Beach
FINANCIAL REPORT
October 2017
Expenses
Annual YTD YTD Dollar Percent
Department Estimate Estimate Actual Variance Variance
Governing Body $ 47,760 $ 3,976 $ 1,804 $ 2,172 54.63%
City Administration 2,984,938 248,710 167,976 80,734 32.46%
General Government 2,597,288 216,425 68,740 147,685 68.24%
Planning and Building 980,453 81,679 38,603 43,076 52.74%
Public Safety 6,270,852 522,529 290,975 231,554 44.31%
Recreation and Beautification 1,428,481 119,013 77,204 41,809 35.13%
Public Works 6,762,218 563,480 294,216 269,264 47.79%
Public Utilities 10,918,627 909,822 1,325,645 (415,823) -45.70%
Pension -Police 730,851 60,898 56,331 4,567 7.50%
Pension -General 1,398,424 116,531 90,432 26,099 22.40%
Total $ 34,119,892 $ 2,843,063 $ 2,411,926 $ 431,137 15.16%
Annual YTD YTD Dollar Percent
Resource Allocation Estimate Estimate Actual Variance Variance
Personnel Services $ 11,011,715 $ 917,551 $ 651,801 $ 265,750 28.96%
Operating Expenses 13,628,940 1,134,755 408,970 725,785 63.96%
Capital Outlay 5,709,324 476,603 22,553 454,050 95.27%
Debt Service 2,005,868 167,152 1,185,000 (1 ,017,848) -608.94%
Grants and Aids 40,800 3,400 3,400 100.00%
Transfers 1,723,245 143,602 143,602 0.00%
Total $ 34,119,892 $ 2,843,063 $ 2,411,926 $ 431,137 15.16%
Analysis of Major Variances
In general, the major variances are a result of timing differences created between the percentage of budget elapsed-to-date and actual
expenditures. Highlighted variance explanations follow:
General Government had a positive variance of $147,685. Most of the variance is the result of capital projects and contractual
services yet to get underway.
Public Safety had a positive variance of $231,554. Majority of the variance consists of positive variances in the City of Jacksonville
Fire Contract that is billed quarterly and large capital purchases.
Public Works had a positive variance of $269,264. Most of the variance is the result of project activity budgeted that has not been
started/completed.
Public Utilities had a negative variance of ($415,823) variance for the period. Most of the variance is the result of the City's largest
annual debt payment being paid on October 1st. $1,185,000
Personnel Services had a positive variance of $265,750 variance for the period. The variance is a result of the timing of payroll and
the first paycheck being partially accounted for in FY17.
Operating Expenses had a positive variance of $725,785. Various contractual services contribute to this balance. The largest
contracts are the Fire Contract (COJ), Sanitation Contract, and Road Paving.
Capital Outlay had a positive variance of $454,050. Most of the capital and project expenditures occur in the middle to latter part of
the fiscal year.
Debt Service had a negative variance of ($1,017,848). The variance is the result of the City's largest annual debt payment being paid
on October 151 • $1,185,000
Agenda Item 4A
November 27, 2017
AGENDA ITEM:
DATE:
STAFF REPORT
City of Atlantic Beach
Commission Meeting
Monthly Legal Report-October 2017
November 27,2017
SUBMITTED BY: Russell Caffey, Director of Finance & IT
October Year to Date
Commission $ 4,020 $ 4,020
City Manager 2,815 2,815
Planning And Zoning 2,158 2,158
Code Enforcement 1,583 1,583
General Government 1,232 1,232
Public Works 3,158 3,158
Public Utilities 1,583 1,583
$ 16,550 $ 16,550
REVIEWED BY CITY MANAGER:
Agenda Item 4A
November 27, 2017