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Agenda Item 4ACity of Atlantic Beach FINANCIAL REPORT JANUARY 2011 AGENDA ITEM # 4A FEBRURAY 28, 2011 Cash Balances Prior Current Dollar Fund(s) 12/31/10 01/31/11 Change General $6,802,696 Tree Replacement 3,989 Convention Development Tax 42,616 Local Option Gas Tax 131,641 Better Jax 1/2 Cent Sales Tax 303,904 Police Training, Forfeiture, Grants, etc. 139,399 Community Development Block Grant 0 Debt Service 24,303 Capital Projects 1,822,032 Utility 4,269,033 Sanitation 639,688 Building Code Enforcement 42,924 Storm Water 1,806,090 Pension - Police 17,802 Pension - General 93,787 Investments - Unallocated Gains (Losses) (254,910) Total $15,884,994 Total Restricted Cash Total Unrestricted Cash $6,788,419 ($14,277) 3,989 0 41,587 (1,029) 124,405 (7,236) 286,645 (17,259) 133,777 (5,622) 0 0 30,052 5,749 1,979,798 157,766 4,338,120 69,087 658,477 18,789 42,004 (920) 1,549,052 (257,038) 14,233 (3,569) 120,798 27,011 (287,077) (32,167) $15,824,279 ($60,715) $7,596,438 $8,227,841 Cash and Investments Prior Current Dollar Interest Account 12/31/10 1/31/11 Change Rate Bank of America - Depository $4,519,802 Federal National Mortgage Association Bonds 2,005,560 US Treasury Notes 1,132,485 US Treasury Notes 2,103,005 Federal Farm Credit Bank Consolidated Bonds 1,142,538 Federal Home Loan Bank Consolidated Bonds 1,016,447 Pimco Mutual Fund 1,979,152 Putnam US Government Mutual Fund 1,982,780 MorganStanley SmithBarney Cash 0 SBA - Florida Prime 275 Cash on Hand 2,950 Subtotal 15,884,994 Police Pension Investments 6,409,036 General Pension Investments 11,078,916 Subtotal 17,487,952 Total $33,372,946 (1) Fiscal year to date rate of return is (2.1 %) $4,458,191 ($61,611) 0.300% 2,006,261 701 4.300%(1) 1,138,635 6,150 4.625%(l) 2,103,032 27 3.625%(l) 1,122,826 (19,712) 4.875%(l) 1,015,221 (1,226) 4.300%(l) 1,961,734 (17,418) 2.054%(l) 2,010,394 27,614 5.076%(1) 4,760 4,760 0.000% 275 0 0.260% 2,950 0 N/A 15,824,279 (60,715) Rate of Return 6,446,267 37,231 1.010% 11,171,391 92,475 0.940% 17,617,658 129,706 $33,441,937 $68,991 City of Atlantic Beach FINANCIAL REPORT JANUARY 2011 Revenues AGENDA ITEM # 4A FEBRURAY 28, 2011 Annual I YTD - 33% YTD Dollar Percent Fund / (Footnote) Estimate of Estimate Actual Variance Variance General (1) & (3) $11,515,549 $3,834,678 Convention Development Tax 192,857 64,221 Local Option Gas Tax 463,523 154,353 Better Jax 1/2 Ct Sales Tax 658,424 219,255 Police Training, Forfeiture & Grants, etc. 153,535 51,128 Grants (2) 647,352 215,568 Debt Service 68,650 22,860 Capital Projects 853,000 284,049 Utility (3) 19,061,825 6,347,588 Sanitation 1,837,500 611,888 Building Code Enforcement 317,850 105,844 Storm Water 669,124 222,818 Pension - Police (4) 964,726 321,254 Pension - General (4) 1,522,969 507,149 $12,962,653 Total $38,926,884 $6,336,867 $2,502,189 65.25% 25,646 (38,575) - 60.07% 151,262 (3,091) -2.00% 204,477 (14,778) -6.74% 102,808 51,680 101.08% 15,230 (200,338) - 92.93% 22,984 124 0.54% 375,401 91,352 32.16% 4,009,982 (2,337,606) - 36.83% 610,731 (1,157) -0.19% 95,341 (10,503) -9.92% 230,070 7,252 3.25% 511,772 190,518 59.30% 1,100,323 593,174 116.96% $13,79 $830,241 Analysis of Major Variances (1) The $2,502,189 positive variance in the General Fund resulted from having received 85% of the budgeted property taxes. Typically the majority of these taxes are received from the City of Jacksonville in December & January. Also, the TMDL related transfer of $892,560 from the Utility System Debt Service Fund was done due to the receipt of loan proceeds. (2) The $200,338 negative variance in the Grant Funds resulted from not having any expenditures fiscal year to date. All of these grants receive revenues when the related expenditures are made on the projects and a reimbursement request is filed with the granting agency. (3) The $2,337,606 negative variance in the Utility Funds resulted from not having received the budgeted fiscal year to date proceeds from the Bank - Qualified Loan. Partial receipt of the loan proceeds was received in December, 2010. The City will receive additional loan proceeds as needed when the related expenditures are made on the project. If the loan was not included in this calculation, the variance would be a positive 2.9 %. (3) The $190,518 positive variance in the Police Employee Pension Fund & the $593,174 positive variance in the General Employee Pension Fund resulted from changes in market values of the investments. City of Atlantic Beach FINANCIAL REPORT JANUARY 2011 Expenses AGENDA ITEM # 4A FEBRURAY 28, 2011 Analysis of Major Variances (1)The positive variance in the Public Safety Funds resulted from: open positions in the Patrol division, : the payment being due quarterly to the City of Jacksonville for fire & rescue services (the payment for October through December 2010 was paid in December 2010), the seasonality of the Lifeguards, and limited activity on the Public Safety Building — see Project Activity Schedule. (2)The positive variance in the Public Utilities department resulted from limited activity on the various projects funded from this source — see Project Activity Schedule. (3)The positive variance in the Operating Expenses is partially due to: only 3 of 4 monthly payments have been paid on the Advanced Disposal Services Jax LLC, and First Vehicle contracts; no monies have been spent on the Stormwater Master Plan and only 11 % of the budget for paving has been spent in the Local Option Gas Tax Fund. (4)The negative variance in the Debt Service Accounts resulted from the October and December payment of principal and interest on the Utility Revenue Bonds. (5)The positive variance in the Transfer Accounts resulted from the TMDL related transfer from the Utility System Debt Service Fund to the General Fund due to the receipt of loan proceeds. The accounts are now 73% of the budgeted amounts. Annual YTD - 33% YTD Dollar Percent Department / (Footnote) Estimate of Estimate Actual Variance Variance Governing Body $42,260 $14,073 $13,935 $138 0.98% City Administration 2,465,322 820,952 855,516 (34,564) -4.21% General Government 914,780 304,621 202,577 102,044 33.50% Planning and Building 531,131 176,866 147,485 29,381 16.61% Public Safety (1) 6,103,010 2,032,304 1,714,338 317,966 15.65% Recreation and Special Events 392,160 130,589 151,010 (20,421) - 15.64% Public Works 6,702,937 2,232,078 2,154,138 77,940 3.49% Public Utilities (2) & (4) 19,711,651 6,563,981 4,030,700 2,533,281 38.59% Pension - Police 548,977 182,809 182,685 124 0.07% Pension - General 555,445 184,963 225,943 (40,980) - 22.16% Total $37,967,673 $12,643,236 $9,678,327 $2,964,909 Annual YTD - 33% YTD Dollar Percent Resource Allocation Estimate of Estimate Actual Variance Variance Personal Services $9,416,977 $3,135,854 $2,905,557 $230,297 7.34% Operating Expenses (1) & (3) 10,157,451 3,382,431 2,918,470 463,961 13.72% Capital Outlay (2) 13,804,832 4,597,009 1,112,882 3,484,127 75.79% Debt Service (4) 2,137,906 711,923 1,329,542 (617,619) - 86.75% Transfers (5) 2,450,507 816,019 1,411,876 (595,857) - 73.02% Total $37,967,673 $12,643,236 $9,678,327 $2,964,909 Analysis of Major Variances (1)The positive variance in the Public Safety Funds resulted from: open positions in the Patrol division, : the payment being due quarterly to the City of Jacksonville for fire & rescue services (the payment for October through December 2010 was paid in December 2010), the seasonality of the Lifeguards, and limited activity on the Public Safety Building — see Project Activity Schedule. (2)The positive variance in the Public Utilities department resulted from limited activity on the various projects funded from this source — see Project Activity Schedule. (3)The positive variance in the Operating Expenses is partially due to: only 3 of 4 monthly payments have been paid on the Advanced Disposal Services Jax LLC, and First Vehicle contracts; no monies have been spent on the Stormwater Master Plan and only 11 % of the budget for paving has been spent in the Local Option Gas Tax Fund. (4)The negative variance in the Debt Service Accounts resulted from the October and December payment of principal and interest on the Utility Revenue Bonds. (5)The positive variance in the Transfer Accounts resulted from the TMDL related transfer from the Utility System Debt Service Fund to the General Fund due to the receipt of loan proceeds. The accounts are now 73% of the budgeted amounts. City of Atlantic Beach FINANCIAL REPORT JANUARY 2011 Project Activity - Current Year Activi Only AGENDA ITEM # 4A FEBRURAY 28, 2011 Project YTD YTD YTD Project Name Number Budget Actual Balance Status Public Safety Lifeguard Building Roof Replacement LG0901 8,000 0 8,000 Police Building Renovation /Design /Construction PS0504 401,697 31,716 369,981 409,697 31,716 377,981 Public Utilities: Replace Well at Water Plant #1 PUO304 287,018 94,652 192,366 TMDL - WWTP #1 Design PU0905 91,276 91,204 72 TMDL - Lift Station /Main Transfer Flow PU0906 1,708,740 53,888 1,654,852 Elevated Tank - Water Plant #1 PU 1001 1,688 0 1,688 Ground Storage Tank Rehab - Water Plant #1 PU1002 44,340 44,340 0 Collection System Inspection & Rehab PU1004 42,836 27,789 15,047 Mimosa Cove Lift Station Upgrades PU1005 48,590 0 48,590 Lift Station E Upgrades PU1006 48,183 48,183 0 Tank Rehab - Water Plant #4 PU1014 814 0 814 Well Rehab - Well # 1 @ Water Plant #1 PU1101 50,000 0 50,000 Elevated Tank Rehab - Water Plant #2 PU1102 15,000 0 15,000 Ground Storage Tank Rehab - Water Plant #4 PU1103 40,000 0 40,000 Replace 2" Water Main - 11th Street PU1104 120,000 0 120,000 Sewer Rehab - Sea Oats Drive PU1105 300,000 0 300,000 TMDL Upgrade /Construction - WWTP #1 PU1106 5,564,230 7,160 5,557,070 Valve Replacement - Davco & Clarifier PU1107 35,000 0 35,000 Replace Equipment - PW Yard Station PU1108 30,000 0 30,000 Plant Improvements - Master Plan PU1109 469,000 0 469,000 TMDL Sludge /Odor Improvements PU1110 234,914 0 234,914 Subtotal 9,131,629 367,216 8,764,413 Public Works: Riverbranch Preserve - Kayak & Canoe Launch PM0804 196,306 1,758 194,548 Howell Park Bridge Replacement PM1001 20,000 0 20,000 Veteran's Park - Flag & Pavilion PM1006 72,063 69,776 2,287 Dog Park - Hopkins Creek PM1008 27,800 18,578 9,222 Gate at Dutton Island PM1101 20,000 0 20,000 Lighting - Basketball Court PM1102 22,000 0 22,000 Lighting - Security at Community Center PM1103 20,188 0 20,188 Sod - Baseball Field PM1104 32,000 0 32,000 Sod - South End of Soccer Field PM1105 20,000 0 20,000 Parking - Paved PM1106 36,975 0 36,975 Water Fountain - Russell Park PM1107 5,000 0 5,000 Royal Palms Design PW0808 3,294 759 2,535 Royal Palms Stormwater Project PW0905 580,405 456,640 123,765 Bulkhead - Ditch @ Cavalla PW1005 9,472 9,472 0 Sidewalk & Curb Replacement PW1101 25,000 10,585 14,415 Drain Line - Atlantic Blvd /East Coast Dr /Ahern St PW1102 50,000 0 50,000 Subtotal 1,140,503 567,568 572,935 Total $10,681,829 $966,500 $9,715,329 Status Key E C C I C E E I C I 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.