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City of Atlantic Beach
FINANCIAL REPORT
FEBRUARY 2011
AGENDA ITEM # 4A
MARCH 28, 2011
Cash Balances
Cash and Investments
Prior
Current
Dollar
Fund(s)
01/31/11
02/28/11
Change
Interest
General
$6,788,419
$6,998,366
$209,947
Tree Replacement
3,989
3,989
0
Convention Development Tax
41,587
50,751
9,164
Local Option Gas Tax
124,405
9,889
(114,516)
Better Jax 1/2 Cent Sales Tax
286,645
287,906
1,261
Police Training, Forfeiture, Grants, etc.
133,777
149,691
15,914
Community Development Block Grant
0
0
0
Debt Service
30,052
35,826
5,774
Capital Projects
1,979,798
2,048,407
68,609
Utility
4,338,120
4,187,113
(151,007)
Sanitation
658,477
663,369
4,892
Building Code Enforcement
42,004
45,095
3,091
Storm Water
1,549,052
1,542,851
(6,201)
Pension - Police
14,233
13,221
(1,012)
Pension - General
120,798
148,496
27,698
Investments - Unallocated Gains (Losses)
(287,077)
(301,152)
(14,075)
Total
$15,824,279
$15,883,818
$59,539
2,950
2,950
0
Total Restricted Cash
$7,581,351
15,824,279
15,883,818
Total Unrestricted Cash
$8,302,467
Cash and Investments
Prior
Current
Dollar
Interest
Account
01/31/11
02/28/11
Change
Rate
Bank of America - Depository
$4,458,191
$4,496,159
$37,968
0.300%
Federal National Mortgage Association Bonds
2,006,261
2,008,588
2,327
4.300%(l)
US Treasury Notes
1,138,635
1,134,563
(4,072)
4.625%(l)
US Treasury Notes
2,103,032
2,062,484
(40,548)
3.625%(l)
Federal Farm Credit Bank Consolidated Bonds
1,122,826
1,125,058
2,232
4.875%(l)
Federal Home Loan Bank Consolidated Bonds
1,015,221
1,017,354
2,133
4.300%(l)
Pimco Mutual Fund
1,961,734
1,971,994
10,260
2.054%(1)
Putnam US Government Mutual Fund
2,010,394
2,014,529
4,135
5.076%(1)
MorganStanley SmithBarney Cash
4,760
49,856
45,096
0.000%
SBA - Florida Prime
275
283
8
0.270%
Cash on Hand
2,950
2,950
0
N/A
Subtotal
15,824,279
15,883,818
59,539
Rate of
Retu rn
Police Pension Investments
6,446,267
6,596,229
149,962
2.270%
General Pension Investments
11,171,391
11,486,421
315,030
1.890%
Subtotal
17,617,658
18,082,650
464,992
Total $33,441,937 $33,966,468 $524,531
(1) Fiscal year to date rate of return is (1.8 %)
City of Atlantic Beach
FINANCIAL REPORT
FEBRUARY 2011
Revenues
AGENDA ITEM # 4A
MARCH 28, 2011
Annual ( YTD - 42% YTD Dollar
Fund / (Footnote) Estimate of Estimate Actual Variance
Percent
Variance
General (1) & (3)
$11,515,549
$4,801,984
Convention Development Tax
192,857
80,421
Local Option Gas Tax
463,523
193,289
Better Jax 1/2 Ct Sales Tax
658,424
274,563
Police Training, Forfeiture & Grants, etc.
185,917
77,527
Grants (2)
647,352
269,946
Debt Service
68,650
28,627
Capital Projects
903,000
376,551
Utility (3)
19,061,825
7,948,782
Sanitation
1,837,500
766,238
Building Code Enforcement
317,850
132,543
Storm Water
669,124
279,025
Pension - Police (4)
964,726
402,291
Pension - General (4)
1,522,969
635,078
$16,266,865
Total $39,009,266
$7,191,617
$2,389,633
49.76%
34,809
(45,612)
- 56.72%
188,670
(4,619)
-2.39%
272,239
(2,324)
-0.85%
141,263
63,736
82.21%
15,230
(254,716)
- 94.36%
28,759
132
0.46%
445,877
69,326
18.41%
4,730,119
(3,218,663)
- 40.49%
756,533
(9,705)
-1.27%
122,166
(10,377)
-7.83%
275,540
(3,485)
-1.25%
700,903
298,612
74.23%
1,490,243
855,165
134.66%
$16,393,968
$127,103
Analysis of Major Variances
(1) The $2,389,633 positive variance in the General Fund resulted from having received
87.5% 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 $254,716 ne gative 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 $3,218,663 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 1.25 %.
(4) The $298,612 positive variance in the Police Employee Pension Fund & the $855,165
positive variance in the General Employee Pension Fund resulted from changes in
market values of the investments.
City of Atlantic Beach
FINANCIAL REPORT
FEBRUARY 2011
AGENDA ITEM # 4A
MARCH 28, 2011
Expenses
Department I (Footnote)
Governing Body
City Administration
General Government
Planning and Building
Public Safety (1)
Recreation and Special Events
Public Works
Public Utilities (2) & (4)
Pension - Police
Pension - General
Total
Annual
Estimate
YTD - 42%
of Estimate
YTD
Actual
Dollar
Variance
Percent
Variance
$42,260
$17,622
$18,453
($831)
-4.72%
2,465,322
1,028,039
1,038,093
(10,054)
-0.98%
914,780
381,463
239,850
141,613
37.12%
531,131
221,482
185,622
35,860
16.19%
6,135,392
2,558,457
2,086,096
472,361
18.46%
392,160
163,531
175,467
(11,936)
-7.30%
6,752,937
2,815,976
2,785,383
30,593
1.09%
19,711,651
8,219,758
5,328,058
2,891,700
35.18%
548,977
228,923
222,864
6,059
2.65%
555,445
231,621
273,133
(41,512)
- 17.92%
$38,050,055
$15,866,872
$12,353,019
$3,513,853
Resource Allocation
Personal Services
Operating Expenses (1) & (3)
Capital Outlay (1) & (2)
Debt Service (4)
Transfers (5)
Total
Annual YTD - 42% YTD Dollar Percent
Estimate of Estimate Actual Variance Variance
$9,449,359
$3,940,382
$3,585,915
$354,467
9.00%
10,157,451
4,235,657
3,856,756
378,901
8.95%
13,854,832
5,777,465
2,051,018
3,726,447
64.50%
2,137,906
891,507
1,329,542
(438,035)
- 49.13%
2,450,507
1 021 861
1,529,788
(507,927)
- 49.71%
$38,050,055
$15,866,872
$12,353,019
$3,513,853
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 4
of 5 monthly payments have been paid on the First Vehicle contract; no
monies have been spent on the Stormwater Master Plan and only 27.7% of
the budget for professional & contractual services has been spent in the
Utility Funds.
(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 98% of the
budgeted amounts.
City of Atlantic Beach
FINANCIAL REPORT
FEBRUARY 2011
Project Activity - Current Year Activity Only
AGENDA ITEM # 4A
MARCH 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
66,220
335,477
Veteran's Park- Flag & Pavilion
PM1006
409,697
66,220
343,477
Public Utilities:
PM1008
27,800
18,578
9,222
Replace Well at Water Plant #1
PUO304
287,018
141,638
145,380
TMDL - WWTP #1 Design
PU0905
91,276
91,204
72
TMDL - Lift Station /Main Transfer Flow
PU0906
1,708,740
784,789
923,951
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
44,078
4,512
Lift Station E Upgrades
PU1006
48,183
48,183
0
Tank Rehab - Water Plant #4
PU 1014
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
5,693,230
21,999
5,671,231
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
25,678
209,236
Subtotal
9,260,629
1,229,698
8,030,931
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
71,576
487
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
Veteran's Park - Phase II - Stage
PM1108
50,000
1,000
49,000
Royal Palms Design
PW0808
3,294
3,294
(0)
Royal Palms Stormwater Project
PWO905
580,405
456,641
123,764
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
1,190,503
572,904
617,599
Total
$10,860,829
$1,868,822
$8,992,007
Status Key
E
C
C
I
C
E
C
I
D
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