Item 4A City of Atlantic Beach AGENDA ITEM # 4A
FINANCIAL REPORT sEPTEMBER27,2ol0
AUGUST 2010
Cash Balances
Prior Current Dollar
Fund(s) 07/31/10 08/31/10 Change
General $5,247,313 $5,166,539 ($80,774)
Tree Replacement 3,989 3,989 0
Convention Development Tax 45,810 31,049 (14,761)
Local Option Gas Tax 99,692 99,181 (511)
Better Jax.1 /2-Cent Sales Tax 395,056 372,877 (22,179)
Police Training, Forfeiture & Grants 159,338 131,171 (28,167)
Community Development Block Grant 0 (22,616) (22,616)
Debt Service 60,288 66,077 5,789
Capital Projects 1,466,764 1,551,988 85,224
Utility 3,541,433 3,423,271 (118,162)
Sanitation 611,656 575,144 (36,512)
Building Code Enforcement 47,318 49,758 2,440
Storm Water 2,651,088 2,561,302 (89,786)
Pension - Police 855 84,183 83,328
Pension - General 124,397 147,029 22,632
Morgan Stanley Smith Barney Unrealized Gains 311,313 432,337 121,024
Total $14,766,310 $14,673,279 ($93,031)
Total Restricted Cash $7,608,800
Total Unrestricted Cash $7,064,479
Cash and Investments
Prior Current Dollar Rate of
Account 07/31/10 08/31/10 Change Return %
Bank of America - Depository $7,239,991 $7,040,047 ($199,944) 0.300
Federal National Mortgage Association Bonds 1,013,923 1,014,387 464 3.100
US Treasury Notes 1,160,275 1,186,736 26,461 4.625
US Treasury Notes 2,156,406 2,204,505 48,099 3.625
Federal Farm Credit Bank Consolidated Bonds 1,141,400 1,166,825 25,425 4.875
Federal Home Loan Mortgage Corporation 1,019,071 1,019,347 276 4.000
Federal Home Loan Bank Consolidated Bonds 1,032,111 1,038,294 6,183 4.300
Morgan Stanley Smith Barney Cash Balance 0 0 0 N/A
SBA - Florida Prime 233 238 5 0.350
Cash on Hand 2,900 2,900 0 N/A
Subtotal 14,766,310 14,673,279 (93,031)
Police Pension Investments 5,834,562 5,744,714 (89,848) (5.270) (1)
General Pension Investments 9,823,356 9,617,672 (205,684) (3.770) (1)
Subtotal 15,657,918 15,362,386 (295,532)
Total $30,424,228 $30,035,665 ($388,563)
(1) YTD rate of return through 06/30/10
City of Atlantic Beach AGENDA ER 7, 201
FINANCIAL REPORT
AUGUST 2010
Revenues
Annual YTD - 92% YTD Dollar Percent
Fund / (Footnote) Estimate of Estimate Actual Variance Variance
General (1) $11,483,348 $10,530,230 $10,946,311 $416,081 3.95%
Tree Replacement 0 0 3,989 3,989 100.00%
Convention Development Tax 80,500 73,819 69,499 (4,320) -5.85%
Local Option Gas Tax 455,764 417,936 419,656 1,720 0.41 %
Better Jax 1/2 Ct Sales Tax 612,334 561,510 568,859 7,349 1.31%
Police Training, Forfeiture & Grants 448,051 410,863 333,774 - (77,089) - 18.76%
Community Development Block Grants (2) 343,473 314,965 61,396 (253,569) -80.51%
Debt Service 69,000 63,273 63,027 (246) - 0.39%
Capital Projects 1,077,000 987,609 922,551 (65,058) -6.59%
Utility (3) 13,766,898 12,624,246 8,063,054 (4,561,192) - 36.13%
Sanitation 1,822,000 1,670,774 1,738,336 67,562 4.04%
Building Code Enforcement 308,050 282,482 257,689 (24,793) -8.78%
Storm Water 933,000 855,561 889,864 34,303 4.01%
Pension - Police (4) 910,823 835,225 757,725 (77,500) -9.28%
Pension - General (4) 1,449,292 1,329,001 1,037,188 (291,813) - 21.96%
•• Total $33,759,533 $30,957,494 $26,132,918 ($4,824,576)
Analysis of Major Variances
(1) The $416,081 positive variance in the General Fund resulted from having received
101% of the budgeted amount of property taxes to date. Typically the majority of the
property taxes are received from the City of Jacksonville in December & January.
(2) The $253,569 negative variance in the Community Development Block Grants
resulted from expenditures that are 39.0% of the budgeted year to date amounts. These
grants receive revenues on a reimbursement request basis - see Project Activity
Schedule.
(3) The $4,561,192 negative variance in the Utility Funds resulted from not having issued
the 2009 Revenue Notes, not having received the funds from the Local Mitigation
Strategy Grant and having received 33.8% of the funds from the SRF loan. If amounts to
be financed and the grant were not included in this calculation, the variance would be a
positive 4.0 %.
(4) The $77,500 negative variance in the Police Employee Pension Fund & the $291,813
negative variance in the General Employee Pension Fund resulted from changes in
market values of the investments.
•
City of Atlantic Beach AGENDA ITEM # 4A
- FINANCIAL REPORT SEPTEMBER 27, 2010
AUGUST 2010
Expenses
Annual YTD - 92% YTD Dollar Percent
Department / (Footnote) Estimate of Estimate Actual Variance Variance
Governing Body $43,303 $39,709 $42,519 ($2,810) -7.08%
City Administration 2,410,320 2,210,263 2,066,051 144,212 6.52%
General Government 675,834 619,740 579,566 40,174 6.48%
Planning and Building 508,068 465,898 461,599 4,299 0.92%
Public Safety (1) 6,475,117 5,937,683 5,116,274 821,409 13.83%
Recreation and Special Events 387,063 354,937 340,346 14,591 4.11%
Public Works (2) 9,061,299 8,309,211 7,111,291 1,197,920 14.42%
Public Utilities (3) 14,201,867 13,023,112 8,563,066 4,460,046 34.25%
Pension - Police 519,506 476,387 540,089 (63,702) - 13.37%
Pension - General 513,359 470,750 521,025 (50,275) - 10.68%
Total $34,795,736 $31,907,690 $25,341,826 $6,565,864
Annual YTD - 92% YTD Dollar Percent
Resource Allocation Estimate of Estimate Actual Variance Variance
Personal Services $9,198,753 $8,435,257 $8,305,265 $129,992 1.54%
Operating Expenses (1) - (2) 9,779,467 8,967,771 8,123,140 844,631 9.42%
Capital Outlay (1) - (3) 10,950,575 10,041,677 4,378,515 5,663,162 56.40%
Debt Service 1,755,495 1,609,789 1,679,951 (70,162) -4.36%
Transfers 3,111,446 2,853,196 2,854,955 (1,759) -0.06%
Total $34,795,736 $31,907,690 $25,341,826 $6,565,864
Analysis of Major Variances
(1) The positive variance in the Public Safety department resulted from: vacant positions
during the current fiscal year, purchases of capital items below budget and the Police
Building project has had. limited activity - see Project Activity Schedule. Also, the next
quarterly payment to the City of Jacksonville for fire & rescue services is due in
September, 2010 for July through September, 2010.
(2) The positive variance in the Public Works department resulted from limited activity on the
Royal Palms Stormwater and Park Improvement projects — see Project Activity Schedule.
(3) The positive variance in the Public Utilities department resulted from limited activity on
the projects budgeted in the Sewer Fund - see Project Activity Schedule.
City of Atlantic Beach AGENDA ITEM # 4A
FINANCIAL REPORT sErTEMSEaa�,2o10
AUGUST 2010
Project Activity - Current Year Activity Only
Project YTD YTD YTD
Project Name Number Budget Actual Balance Status
Public Safety
Lifeguard Building Roof Replacement LGO901 0 0 0 X
Police Building Renovation /Design /Construction PS0504 435,788 24,113 411,675 E
• 435,788 24,113 411,675
Public Utilities:
Replace Well at Water Plant #1 PUO304 752,834 446,596 306,238 I
Reclaimed Water Plant Construction PU0805 0 0 0 X
TMDL - WWTP #1 Design PU0905 566,125 398,520 167,605 E
TMDL - Lift Station /Main Transfer Flow PU0906 3,847,296 377,028 3,470,268 E
Generator - Mimosa Cove Lift Station PU0907 31,518 31,518 0 C
Elevated Tank - Water Plant #1 PU1001 40,588 1,500 39,088 I
Ground Storage Tank Rehab - Water Plant #1 PU1002 41,253 0 • 41,253 I
Water Main - Ocean Boulevard /10th to 14th Street PU1003 150,331 146,583 3,748 C
Salt Air Gravity Sewer Rehabilitation PU1004 400,000 205,940 194,060 I
Mimosa Cove Lift Station Upgrades PU1005 142,000 19,194 122,806 I
Lift Station E Upgrades PU1006 200,000 1,299 198,701 I
Gavagan Lift Station PU1007 8,338 7,571 767 C
Camelia & West 3rd Street Lift Station PU1008 12,000 12,000 0 C
Schooner's Bay Lift Station PU1009 12,972 11,909 1,063 C
Stewart Street Lift Station PU1010 17,190 16,239 951 C
Selva Norte Lift Station PU1011 5,318 5,262 56 C
Hydroscreen Replacement PU1012 6,000 0 6,000
Concrete to GRIT Container PU1013 8,500 0 8,500
Tank Rehab - Water Plant 4 PU1014 19,580 17,800 1,780 I
Donner Subdivision Sewer Rehabilitation PU1015 178,000 0 178,000
Subtotal 6,439,843 1,698,959 4,740,884
Public Works:
Riverbranch Preserve PM0804 74,804 45,850 28,954 E
Tennis Courts at Donner Community Center PM0905 13,354 4,912 8,442 C
Howell Park Bridge #5 PM0908 8,500 8,500 0 C
Howell Park Bridge Replacement PM1001 20,000 19,000 1,000 C
Jordan Park - Drainage & Parking PM1002 30,000 0 30,000 I
Jordan Park - Covered Shelter PM1004 30,150 150 30,000 l
Roof at Donner Park Community Center PM1005 50,000 0 50,000 R
Veteran's Park - Flag & Pavilion PM1006 85,196 10,196 75,000 I
Donner Park - Accessory Building PM1007 57,241 52,780 4,461 C
Dog Park - Hopkins Creek PM1008 20,800 0 20,800
Skate Park Lights PM1009 16,000 0 16,000 I
Royal Palms Design PW0808 37,026 33,162 3,864 I
Royal Palms Stormwater Project PW0905 3,162,257 1,935,292 1,226,965 I
Sidewalk - Dutton Island Road & Donner Park PW1001 43,732 43,732 0 C
• Sidewalk /Curb Replacement - FY 2010 PW1002 25,000 1,988 23,012 I
Manhole - Saturiba & Seminole Road PW1003 15,000 0 15,000
Subtotal 3,689,060 2,155,562 1,533,498
Total $10,564,691 $3,878,634 $6,686,057
Status Key
A - Bid Advertised I - Project In- progress
B - Bid Awarded N - Complete /Non - Capital
C - Project Completed R - Re- budget Next Fiscal Year
D - Design Completed X - Project Cancelled
E - Design Phase