Agenda Item 4AAGENDA
ITEM
# 4A
MAY
23,
2011
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City of Atlantic Beach AGENDA ITEM # 4A
FINANCIAL REPORT MAY 23, 2011
APRIL 2011
Cash Balances
Prior Current Dollar
Fund(s) 03/31/11 04/30111 Change
General
$6,633,026
$6,700,848
$67,822
Tree Replacement
3,989
3,989
0
Convention Development Tax
50,858
52,847
1,989
Local Option Gas Tax
15,827
16,319
492
Better Jax 1/2 Cent Sales Tax
265,512
247,930
(17,582)
Police Training, Forfeiture, Grants, etc.
139,157
149,699
10,542
Community Development Block Grant
0
0
0
Debt Service
41,617
47,431
5,814
Capital Projects
2,036,561
2,047,732
11,171
Utility
3,881,942
3,039,800
(842,142)
Sanitation
684,602
686,627
2,025
Building Code Enforcement
45,653
47,294
1,641
Storm Water
1,492,996
1,183,578
(309,418)
Pension - Police
53,129
26,087
(27,042)
Pension - General
46,192
52,802
6,610
Investments - Unallocated Gains (Losses)
(331,088)
(204,703)
126,385
Total
$15,059,973
$14,098,280
($961,693)
0.000%
Total Restricted Cash
287
$7,690,665
0
Total Unrestricted Cash
$6,407,615
2,950
Cash and Investments
Prior
Current
Dollar
Interest
Account
03/31111
04/30111
Change
Rate
Bank of America - Depository
$3,665,408
$2,541,491
($1,123,917)
0.300%
Federal National Mortgage Association Bonds
2,007,434
2,034,201
26,767
4.300%(l)
US Treasury Notes
1,132,273
1,149,856
17,583
4.625%(l)
US Treasury Notes
2,063,392
2,094,561
31,169
3.625%(l)
Federal Farm Credit Bank Consolidated Bonds
1,126,461
1,144,683
18,222
4.875%
(1)
Federal Home Loan Bank Consolidated Bonds
1,019,817
1,021,141
1,324
4.300%(l)
Pimco Mutual Fund
1,995,849
2,033,738
37,889
2.054%(l)
Putnam US Government Mutual Fund
2,036,497
2,075,522
39,025
5.076%(l)
MorganStanley SmithBarney Cash
9,605
(150)
(9,755)
0.000%
SBA - Florida Prime
287
287
0
0.260%
Cash on Hand
2,950
2,950
0
N/A
Subtotal
15,059,973
14,098,280
(961,693)
Rate of
Return
Police Pension Investments
6,576,046
6,721,925
145,879
2.560%
General Pension Investments
11,700,397
12,007,461
307,064
2.280%
Subtotal
18,276,443
18,729,386
452,943
Total $33,336,416 $32,827,666 ($508,750)
(1) Fiscal year to date rate of return is (.1 %)
City of Atlantic Beach AGENDA ITEM # 4A
MAY 23, 2011
FINANCIAL REPORT
APRIL 2011
Revenues
Fund / (Footnote)
Annual
Estimate
YTD - 58%
of Estimate
YTD
Actual
Dollar
Variance
Percent
Variance
General (1) & (3)
$11,515,549
$6,713,565
$8,487,805
$1,774,240
26.43%
Convention Development Tax
192,857
112,436
40,611
(71,825)
- 63.88%
Local Option Gas Tax
463,523
270,234
260,882
(9,352)
-3.46%
Better Jax 1/2 Ct Sales Tax
658,424
383,861
365,262
(18,599)
-4.85%
Police Training, Forfeiture & Grants, etc.
185,917
108,390
193,807
85,417
78.81%
Grants (2)
647,352
377,406
15,230
(362,176)
- 95.96%
Debt Service
68,650
40,023
40,364
341
0.85%
Capital Projects
903,000
526,449
587,503
61,054
11.60%
Utility (3)
19,061,825
11,113,044
6,324,946
(4,788,098)
- 43.09%
Sanitation
1,837,500
1,071,263
1,057,241
(14,022)
-1.31%
Building Code Enforcement
317,850
185,307
171,540
(13,767)
-7.43%
Storm Water
669,124
390,099
402,138
12,039
3.09%
Pension - Police (4)
964,726
562,435
964,660
402,225
71.51%
Pension - General (4)
1,522,969
887,891
2,053,523
1,165,632
131.28%
Total
$39,009,266
$22,742,403
$20,965,512
($1,776,891)
Analysis of Major Variances
(1) The $1,774,240 positive variance in the General Fund resulted from having received
93.2% 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 $362,176 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 $4,788,098 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 2.7 %.
(4) The $402,225 positive variance in the Police Employee Pension Fund & the
$1,165,632 positive variance in the General Employee Pension Fund resulted from
changes in market values of the investments.
City of Atlantic Beach
FINANCIAL REPORT
APRIL 2011
Expenses
AGENDA ITEM # 4A
MAY 23, 2011
Analysis of Major Variances
(1) The positive variance in the Public Safety Funds resulted from: open positions in the
Patrol division, the seasonality of the Lifeguards, the payment being due quarterly to the
City of Jacksonville for fire & rescue services (the payment for January through March,
2011 was paid in March 2011) and limited activity on the Public Safety Building — see
Project Activity Schedule.
(2) The positive variance in the Public Utilities department resulted from retiring employees
being replaced with employees at a lower salary and 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 6 of 7 monthly
payments have been paid on the First Vehicle contract; no monies have been spent on
the Stormwater Master Plan and only 51.8% of the budget for professional & contractual
services has been spent City wide.
(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. Also, interest
only on the Utility Revenue Bonds was paid in April.
(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 98.6% of the budgeted amounts.
Annual
YTD - 58%
YTD
Dollar
Percent
Department / (Footnote)
Estimate
of Estimate
Actual
Variance
Variance
Governing Body
$42,260
$24,638
$24,135
$503
2.04%
City Administration
2,522,102
1,470,386
1,405,333
65,053
4.42%
General Government
914,780
533,317
306,918
226,399
42.45%
Planning and Building
531,131
309,649
263,192
46,457
15.00%
Public Safety (1)
6,098,153
3,555,225
3,090,014
465,211
13.09%
Recreation and Special Events
392,160
228,629
227,145
1,484
0.65%
Public Works
6,679,017
3,893,866
3,610,651
283,215
7.27%
Public Utilities (2) & (4)
19,695,451
11,482,448
7,802,889
3,679,559
32.05%
Pension - Police
548,977
320,054
348,062
(28,008)
-8.75%
Pension - General
555,445
323,824
414,117
(90,293)
- 27.88%
Total
$37,979,476
$22,142,036
$17,492,456
$4,649,580
Annual
YTD - 58%
YTD
Dollar
Percent
Resource Allocation
Estimate
of Estimate
Actual
Variance
Variance
Personal Services (1) & (2)
$9,433,359
$5,499,649
$4,960,347
$539,302
9.81%
Operating Expenses (1) & (3)
10,131,151
5,906,461
5,498,783
407,678
6.90%
Capital Outlay (1) & (2)
13,826,553
8,060,881
3,563,437
4,497,444
55.79%
Debt Service (4)
2,137,906
1,246,399
1,668,526
(422,127)
- 33.87%
Transfers (5)
2,450,507
1,428,646
1,801,363
(372,717)
- 26.09%
Total
$37,979,476
$22,142,036
$17,492,456
$4,649,580
Analysis of Major Variances
(1) The positive variance in the Public Safety Funds resulted from: open positions in the
Patrol division, the seasonality of the Lifeguards, the payment being due quarterly to the
City of Jacksonville for fire & rescue services (the payment for January through March,
2011 was paid in March 2011) and limited activity on the Public Safety Building — see
Project Activity Schedule.
(2) The positive variance in the Public Utilities department resulted from retiring employees
being replaced with employees at a lower salary and 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 6 of 7 monthly
payments have been paid on the First Vehicle contract; no monies have been spent on
the Stormwater Master Plan and only 51.8% of the budget for professional & contractual
services has been spent City wide.
(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. Also, interest
only on the Utility Revenue Bonds was paid in April.
(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 98.6% of the budgeted amounts.
City of Atlantic Beach
FINANCIAL REPORT
APRIL 2011
Project Activity Current Year Activity Only
AGENDA ITEM # 4A
MAY 23, 2011
Project YTD YTD
Project Name Number Budget Actual Balance Status
Public Safety
Lifeguard Building Roof Replacement
Police Building Renovation /Design /Construction
Public Utilities:
Replace Well at Water Plant #1
TMDL - WWTP #1 Design
TMDL - Lift Station /Main Transfer Flow
Ground Storage Tank Rehab - Water Plant #1
Collection System Inspection & Rehab
Mimosa Cove Lift Station Upgrades
Lift Station E Upgrades
Well Rehab - Well # 1 @ Water Plant #1
Elevated Tank Rehab - Water Plant #2
Ground Storage Tank Rehab - Water Plant #4
Replace 2" Water Main - 11th Street
Sewer Rehab - Sea Oats Drive
TMDL Upgrade /Construction - WWTP #1
Valve Replacement - Davco & Clarifier
Replace Equipment - PW Yard Station
Plant Improvements - Master Plan
TMDL Sludge /Odor Improvements
Subtotal
Public Works:
Riverbranch Preserve - Kayak & Canoe Launch
Howell Park Bridge Replacement
Veteran's Park - Flag & Pavilion
Dog Park - Hopkins Creek
Gate at Dutton Island
Lighting - Basketball Court
Lighting - Security at Community Center
Sod - Baseball Field
Sod - South End of Soccer Field
Parking - Paved
Water Fountain - Russell Park
Veteran's Park - Phase II - Stage
Royal Palms Design
Royal Palms Stormwater Project
Bulkhead - Ditch @ Cavalla
Sidewalk & Curb Replacement
Drain Line - Atlantic Blvd /East Coast Dr /Ahern St
Subtotal
Total
Status Key
A - Bid Advertised
B - Bid Awarded
C - Project Completed
D - Design Completed
E - Design Phase
LG0901
PS0504
8,000
426,491
0
170,456
8,000
256,035
PM1001
434,491
170,456
264,035
PUO304
287,018
194,757
92,261
PU0905
91,205
91,204
1
PU0906
1,708,709
1,257,323
451,386
PU1002
44,340
44,340
0
PU1004
27,788
27,789
0
PU1005
61,498
48,498
13,000
PU1006
48,183
48,183
0
P1.11101
50,000
0
50,000
PU1102
15,000
0
15,000
PU1103
40,000
0
40,000
PU1104
120,000
3,750
116,250
PU1105
300,000
264,937
35,063
PU1106
5,693,230
426,768
5,266,462
PU1107
35,000
0
35,000
PU1108
30,000
0
30,000
PU1109
469,000
0
469,000
P1.11110
241,414
73,183
168,231
9,262,385 2,480,732 6,781,653
PM0804
196,306
5,465
190,841
PM1001
20,000
0
20,000
PM1006
72,063
71,576
487
PM1008
27,800
18,578
9,222
PM1101
20,000
0
20,000
PM1102
22,000
0
22,000
PM1103
20,188
0
20,188
PM1104
32,000
0
32,000
PM1105
20,000
0
20,000
PM1106
36,975
0
36,975
PM1107
5,000
0
5,000
PM1108
50,000
3,560
46,440
PW0808
3,294
3,294
0
PW0905
507,129
507,129
0
PW1005
9,472
9,472
0
PW1101
25,000
12,235
12,765
PW1102
50,000
0
50,000
1,117,227
631,309
485,918
$10,814,103
$3,282,497
$7,531,606
I - Project In- progress
N - Complete /Non - Capital
R - Re- budget Next Fiscal Year
X - Project Cancelled
E
I
C
I
C
C
I
C
E
I
D
C
C
I
AGENDA ITEM # 4A
MAY 23, 2011
City of Atlantic Beach, Fl.
Utility Sales Report
April 2011
April 2010
w
�
Gallons
Actual
Revenue 03
Gallons
Actual
Revenue k
Water Sales
rAccounts
0000
Revenue
Per 1,000 Accounts
0000
Rev en u e
Per 1,000 gi
s,
Atlantic Beach
5,670
40,308
$148,944
$3.70 5,606
35,392
$131,633
$3.72
Buccaneer
2,461
18,462
$86,455
$4.68 �} 2,458
18,407
$82,600
$4.49
Total Water Sales
8
58,770
$235,399
$4.01 8,064
53,799
$214,233
$3.98 -
2
Gallons
Gallons
Water Plant Production
0000
0000
Atlantic Beach
53,413
53,181
Buccaneer
i
21,084
"�
18,277
Total Production
74,497
71,458
Total Water Billed
58,770
53,799
Water Loss for month:
'
15,727
17,659
Percentage Loss
21.11%
24.71%
Total 12 mo. Avg. Loss
14.39%
14.50%
Gallons
Actual
Revenue € J
Gallons
Actual
Revenue
Sewer Sales
Accounts
0000
Revenue
Per 1,000 gi Accounts
0000
Revenue
Per 1,000 gi b
f
S
4�
Atlantic Beach
5,124
31,921
$239,418
$7.50; 5,142
30,277
$210,358
$6.95
Buccaneer
2,341
17,912
$170,554
$9.52 2,331
16,927
$151,999
$8.98 EN
Total Sewer Sales
E
7,465
49,833
$409,972
$8.23 a 7,473
47,204
$362,357
$7.68 v
r
a
�=
Gallons
Actual
Revenue
Gallons
Actual
Revenue Y
Sewer Treatment
0000
Revenue
Per 1,000 gi
0000
Revenue
Per 1,000 gi
3
Atlantic Beach
0_5
45,983
$239,418
$5.21 r
44.529
$210,358
$4.72
Buccaneer
17.179
$170,554
$9.93
16.650
$151,999
$9.13
Total Sewer Treated
63.162
$409,972
$6.49M
61.179
$362,357
$5.92
,