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.