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City of Atlantic Beach
FINANCIAL REPORT
MAY 2011
AGENDA ITEM # 4A
JUNE 27, 2011
Cash Balances
Fund(s
General
Tree Replacement
Convention Development Tax
Local Option Gas Tax
Better Jax 1/2 Cent Sales Tax
Police Training, Forfeiture, Grants, etc.
Community Development Block & ARRA Grants
Debt Service
Capital Projects
Utility
Sanitation
Building Code Enforcement
Storm Water
Pension - Police
Pension - General
Investments - Unallocated Gains (Losses)
Total
Total Restricted Cash
Total Unrestricted Cash
Prior Current
04/30/11 05/31/11
$6,700,848
3,989
52,847
16,319
247,930
149,699
0
47,431
2,047,732
3,039,800
686,627
47,294
1,183, 578
26,087
52,802
(204,703)
$14,098,280
$6,591,067
3,989
66,574
50,044
246,571
147,487
(7,325)
53,241
2,032,132
3,574,488
699,775
49,594
1,175, 370
22,299
73,424
(63,632)
$14,715,098
$7,827,949
$6,887,149
Dollar
Change
($109,781)
0
13,727
33,725
(1,359)
(2,212)
(7,325)
5,810
(15,600)
534,688
13,148
2,300
(8,208)
(3,788)
20,622
141,071
$616,818
Cash and Investments
Account
Prior Current
04/30/11 05/31/11
Bank of America - Depository
$2,541,491
Federal National Mortgage Association Bonds
2,034,201
US Treasury Notes
1,149,856
US Treasury Notes
2,094,561
Federal Farm Credit Bank Consolidated Bonds
1,144,683
Federal Home Loan Bank Consolidated Bonds
1,021,141
Pimco Mutual Fund
2,033,738
Putnam US Government Mutual Fund
2,075,522
MorganStanley SmithBarney AA Money Trust
(150)
SBA - Florida Prime
287
Cash on Hand
2,950
Subtotal 14,098,280
Police Pension Investments
General Pension Investments
6,721,925
12,007,461
Subtotal 18,729,386
$2,984,725
2,040,588
1,148, 387
2,151,229
1,164,786
0
2,075,554
2,089,167
1,057,424
288
2,950
14.715.098
6,705,983
11, 909,157
18,615,140
Dollar Interest
Change
$443,234
6,387
(1,469)
56,668
20,103
(1,021,141)
41,816
13,645
1,057,574
1
0
Rate
0.300%
4.300%(l)
4.625%(l)
3.625%(l)
4.875%(1)
4.300%(l)
2.054%(l)
5.076%(l)
0.010%
0.240%
N/A
616,818
Total $32,827,666 $33,330,238 $502,572
(1) Fiscal year to date rate of return is 1.6%
Rate of
Return
(15,942)
- 0.410%
(98,304)
- 0.080%
(114, 246)
Total $32,827,666 $33,330,238 $502,572
(1) Fiscal year to date rate of return is 1.6%
City of Atlantic Beach
FINANCIAL REPORT
MAY 2011
Revenues
AGENDA ITEM # 4A
JUNE 27, 2011
Annual I YTD - 67% YTD Dollar Percent
Fund / (Footnote) Estimate of Estimate Actual Variance Variance
General (1) & (3)
$11,515,549
$7,680,871
$9,032,757
$1,351,886
17.60%
Convention Development Tax
192,857
128,636
55,793
(72,843)
- 56.63%
Local Option Gas Tax
463,523
309,170
300,314
(8,856)
-2.86%
Better Jax 1/2 Ct Sales Tax
658,424
439,169
430,403
(8,766)
-2.00%
Police Training, Forfeiture & Grants, etc.
185,917
124,006
205,091
81,085
65.39%
Grants (2)
647,352
431,784
15,230
(416,554)
- 96.47%
Debt Service
68,650
45,790
46,174
384
0.84%
Capital Projects
903,000
602,301
658,027
55,726
9.25%
Utility (3)
19,061,825
12,714,238
7,658,975
(5,055,263)
- 39.76%
Sanitation
1,837,500
1,225,613
1,206,423
(19,190)
-1.57%
Building Code Enforcement
317,850
212,006
197,011
(14,995)
-7.07%
Storm Water
669,124
446,306
446,894
588
0.13%
Pension - Police (4)
964,726
643,472
987,749
344,277
53.50%
Pension - General (4)
1,522,969
1,015,820
2,030,276
1,014,456
99.87%
Total
$39,009,266
$26,019,182
$23,271,117
($2,748,065)
Analysis of Major Variances
(1) The $1,351,886 positive variance in the General Fund resulted from having received
94.3% 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 $416,554 negative variance in the Grant Funds resulted from having expended
1.7% of the budgeted fiscal year to date amounts. 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 $5,055,263 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 8.5 %.
(4) The $344,277 positive variance in the Police Employee Pension Fund & the
$1,014,456 positive variance in the General Employee Pension Fund resulted from
changes in the market values of the investments & realized gains from the sales of
investments fiscal year to date.
City of Atlantic Beach
FINANCIAL REPORT
MAY 2011
AGENDA ITEM # 4A
JUNE 27, 2011
Department / (Footnote)
Annual YTD - 67% YTD Dollar Percent
Estimate of Estimate Actual Variance Variance
Governing Body
City Administration
General Government
Planning and Building
Public Safety (1)
Recreation and Special Events
Public Works (2)
Public Utilities (3)
Pension - Police
Pension - General
Total
Resource Allocation
Personal Services (1) - (3)
Operating Expenses (1),(2) & (4)
Capital Outlay (1) - (3)
Debt Service
Transfers
Total
$42,260
$28,187
$26,713
$1,474
5.23%
2,522,102
1,682,242
1,580,571
101,671
6.04%
914,780
610,159
346,615
263,544
43.19%
531,131
354,265
301,902
52,363
14.78%
6,098,153
4,067,469
3,504,750
562,719
13.83%
392,160
261,571
254,401
7,170
2.74%
6,679,017
4,454,905
3,917,123
537,782
12.07%
19,695,451
13,136,866
8,996,186
4,140,680
31.52%
548,977
366,168
390,879
(24,711)
-6.75%
555,445
370,482
465,502
(95,020)
- 25.65%
$37,979,476
$25,332,314
$19,784,642
$5,547,672
Annual YTD - 67% YTD Dollar Percent
Estimate of Estimate Actual Variance Variance
$9,402,595
$6,271,531
$5,658,267
$613,264
9.78%
10,171,968
6,784,703
6,144,069
640,634
9.44%
13,816,500
9,215,609
4,368,257
4,847,352
52.60%
2,137,906
1,425,983
1,694,774
(268,791)
- 18.85%
2,450,507
1,634,488
1,919,275
(284,787)
- 17.42%
$37,979,476
$25,332,314
$19,784,642
$5,547,672
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 April through June, 2011
is due in June 2011) and limited activity on the Public Safety Building — see Project
Activity Schedule.
(2) The positive variance in the Public Works department resulted from: only 6 of 7 monthly
payments have been paid on the Advanced Disposal Services contract; retiring
employees being replaced with employees at a lower salary; only .3% of the budget for
the Stormwater Master Plan has been expended and limited activity on the various Parks
projects funded from this source — see Project Activity Schedule.
(3) 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.
(4) The positive variance in the Operating Expenses is partially due to only 57% of the
budget for professional & contractual services has been spent City wide.
City of Atlantic Beach
FINANCIAL REPORT
MAY 2011
Project Activity - Current Year Activity Only
AGENDA ITEM # 4A
JUNE 27, 2011
Project
Project Name Number
Budget
YTD
Actual
YTD
Balance Status
Public Safety
Replace Well at Water Plant #1
PUO304
287,018
Lifeguard Building Roof Replacement LG0901
8,000
0
8,000
Police Building Renovation /Design /Construction PS0504
426,491
256,566
169,925 E
PU0906
434,491
256,566
177,925
Public Utilities:
Replace Well at Water Plant #1
PUO304
287,018
204,238
82,780 1
TMDL - WWTP #1 Design
PU0905
91,205
91,204
1 C
TMDL - Lift Station /Main Transfer Flow
PU0906
1,708,709
1,257,323
451,386 1
Ground Storage Tank Rehab - Water Plant #1
PU1002
44,340
44,340
0 C
Collection System Inspection & Rehab
PU1004
27,788
27,789
(1) C
Mimosa Cove Lift Station Upgrades
PU1005
61,498
48,498
13,000 1
Lift Station E Upgrades
PU1006
48,183
48,183
0 C
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 1
Ground Storage Tank Rehab - Water Plant #4
PU1103
40,000
0
40,000
Replace 2" Water Main - 11th Street
PU1104
120,000
3,750
116,250 E
Sewer Rehab - Sea Oats Drive
PU1105
300,000
267,847
32,153 1
TMDL Upgrade /Construction - WWTP #1
PU1106
5,693,230
1,101,157
4,592,073 1
Valve Replacement - Davco & Clarifier
PU1107
10,000
0
10,000
Replace Equipment - PW Yard Station
PU1108
30,000
0
30,000 1
Plant Improvements - Master Plan
PU1109
469,000
0
469,000
TMDL Sludge /Odor Improvements
PU1110
241,414
76,133
165,281 1
Subtotal
9,237,385
3,170,462
6,066 923
Public Works:
Riverbranch Preserve - Kayak & Canoe Launch
PM0804
196,306
6,918
189,388 E
Howell Park Bridge Replacement
PM1001
20,000
0
20,000
Veteran's Park - Flag & Pavilion
PM1006
72,063
71,576
487 C
Dog Park - Hopkins Creek
PM1008
27,800
25,748
2,052 1
Gate at Dutton Island
PM1101
20,000
0
20,000 1
Lighting - Basketball Court
PM1102
22,000
0
22,000 1
Lighting - Security at Community Center
PM1103
1,400
0
1,400 1
Sod - Baseball Field
PM1104
32,000
0
32,000
Sod - South End of Soccer Field
PM1105
20,000
0
20,000
Parking - Paved
PM1106
50,263
0
50,263
Water Fountain - Russell Park
PM1107
5,000
0
5,000
Veteran's Park - Phase II - Stage
PM1108
50,000
5,963
44,037 1
Security Camera - Donner Park
PM1109
5,500
0
5,500 1
Royal Palms Design
PW0808
3,294
3,294
0 D
Royal Palms Stormwater Project
PW0905
507,129
507,129
0 C
Bulkhead - Ditch @ Cavalla
PW1005
9,472
9,472
0 C
Sidewalk & Curb Replacement
PW1101
25,000
14,734
10,266 1
Drain Line - Atlantic Blvd /East Coast Dr /Ahern St
PW1102
50,000
0
50,000
Subtotal
472,393
1,117,227
644,834
Total
$10,789,103
$4,071,862
$6,717,241
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
AGENDA ITEM # 4A
JUNE 27, 2011
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