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Agenda Item 4ACity of Atlantic Beach FINANCIAL REPORT JUNE 2011 Cash Balances Prior Current Dollar Fund(s) 05/31/11 06/30/11 Change General $6,591,066 $6,155,306 ($435,760) Tree Replacement 3,989 3,509 (480) Convention Development Tax 66,574 138,102 71,528 Local Option Gas Tax 50,044 20,807 (29,236) Better Jax 1/2 Cent Sales Tax 246,571 208,827 (37,744) Police Training, Forfeiture, Grants, etc. 147,487 133,575 (13,912) Community Development Block & ARRA Grants (7,325) (5,113) 2,213 Debt Service 53,241 54,853 1,612 Capital Projects 2,032,132 2,035,869 3,738 Utility 3,574,488 3,354,129 (220,359) Sanitation 699,775 714,829 15,054 Building Code Enforcement 49,594 44,245 (5,350) Storm Water 1,175,370 1,205,692 30,322 Pension - Police 22,299 8,573 (13,726) Pension - General 73,424 91,861 18,437 Investments - Unallocated Gains (Losses) (63,632) (130,111) (66,479) Total $14,715,098 $14,034,954 ($680,144) Total Restricted Cash $7,747,744 Total Unrestricted Cash $6,287,210 Cash and Investments AGENDA ITEM # 4A JULY 25, 2011 Account Prior Current 05/31/11 06/30/11 Dollar Interest Change Rate Bank of America - Depository Federal National Mortgage Association Bonds US Treasury Notes US Treasury Notes Federal Farm Credit Bank Consolidated Bonds Federal Home Loan Bank Consolidated Bonds Pimco Mutual Fund Putnam US Government Mutual Fund Eaton Vance Government Obligation Fund MorganStanley SmithBarney AA Money Trust SBA - Florida Prime Cash on Hand Subtotal $2,984,725 2,040,588 1,148, 387 2,151,229 1,164, 786 0 2,075,554 2,089,167 0 1,057,424 288 2,950 14,715,098 $2,339,895 2,042,274 1,147,157 2,143,018 1,160,288 0 2,052,831 2,081,972 994,660 69,624 286 2,950 14,034,954 ($644,830) 0.300% 1,687 4.300%(l) (1,230) 4.625% (1) (8,212) 3.625% (1) (4,498) 4.875% (1) 0 4.300% (1) (22,724) 2.054%(l) Total $33,330,238 (7,195) 5.076%(1) 994,660 4.085%(l) (987,801) 0.010% (2) 0.230% 0 N/A (680,144) (1) Rate of return is 1.6% as of 05/31/11 (2) Rate of return as of 05/31/11 Rate of Return Police Pension Investments 6,705,983 6,645,682 (60,301) - 0.410% (2) General Pension Investments 11,909,157 11,773,484 (135,673) - 0.080% (2) Subtotal 18,615,140 18,419,166 (195,974) Total $33,330,238 $32,454,120 ($876,118) (1) Rate of return is 1.6% as of 05/31/11 (2) Rate of return as of 05/31/11 City of Atlantic Beach FINANCIAL REPORT JUNE 2011 Revenues AGENDA ITEM # 4A JULY 25, 2011 Annual I YTD - 75% YTD Dollar Fund / (Footnote) Estimate of Estimate Actual Variance Percent Variance General (1) & (3) $11,515,549 $8,636,662 Convention Development Tax 264,857 198,643 Local Option Gas Tax 463,523 347,642 Better Jax 1/2 Ct Sales Tax 658,424 493,818 Police Training, Forfeiture & Grants, etc. 185,917 139,439 Grants (2) 647,352 485,514 Debt Service 68,650 51,488 Capital Projects 903,000 677,250 Utility (3) 19,061,825 14,296,369 Sanitation 1,837,500 1,378,125 Building Code Enforcement 317,850 238,388 Storm Water 669,124 501,843 Pension - Police (4) 964,726 723,545 Pension - General (4) 1,522,969 1,142,227 $29,310,953 Total $39,081,266 $9,717,945 $1,081,283 12.52% 128,012 (70,631) - 35.56% 339,842 (7,800) -2.24% 478,660 (15,158) -3.07% 210,077 70,638 50.66% 33,288 (452,226) - 93.14% 51,987 499 0.97% 728,544 51,294 7.57% 8,789,484 (5,506,885) - 38.52% 1,358,625 (19,500) -1.41% 216,168 (22,220) -9.32% 515,558 13,715 2.73% 966,734 243,189 33.61% 1,969,649 827,422 72.44% $25,504,573 ($3,806,380) Analysis of Major Variances (1) The $1,081,283 positive variance in the General Fund resulted from having received 99.7% 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 $452,226 negative variance in the Grant Funds resulted from having expended 4.8% 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 $5,506,885 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 13.2 %. (4) The $243,189 positive variance in the Police Employee Pension Fund & the $827,422 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 AGENDA ITEM # 4A FINANCIAL REPORT JULY 25, 2011 JUNE 2011 Expenses Annual YTD - 75% YTD Dollar Percent Department / (Footnote) Estimate of Estimate Actual Variance Variance Governing Body $42,260 $31,695 $30,402 $1,293 4.08% City Administration 2,522,102 1,891,577 1,776,240 115,337 6.10% General Government 986,780 740,086 455,653 284,433 38.43% Planning and Building 531,131 398,348 342,470 55,878 14.03% Public Safety (1) 6,105,153 4,578,867 4,228,000 350,867 7.66% Recreation and Special Events 392,160 294,120 281,261 12,859 4.37% Public Works (2) 6,751,017 5,063,263 4,362,815 700,448 13.83% Public Utilities (3) 19,695,451 14,771,588 10,140,190 4,631,398 31.35% Pension - Police 548,977 411,733 443,924 (32,191) -7.82% Pension - General 555,445 416,584 525,476 (108,892) - 26.14% Total $38,130,476 $28,597,861 $22,586,431 $6,011,430 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 and limited expenditures on the capital items budgeted. (2) The positive variance in the Public Works department resulted from: only 8 of 9 monthly payments have been paid on the Advanced Disposal Services contract; retiring employees being replaced with employees at a lower salary; only .4% 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 53% of the budget for repair & maintenance and 62% of the budget for professional & contractual services has been spent City wide. Annual YTD - 75% YTD Dollar Percent Resource Allocation Estimate of Estimate Actual Variance Variance Personal Services (1) - (3) $9,406,095 $7,054,572 $6,525,822 $528,750 7.50% Operating Expenses (1),(2) & (4) 10,150,913 7,613,185 7,046,740 566,445 7.44% Capital Outlay (1) - (3) 13,985,055 10,488,794 5,248,625 5,240,169 49.96% Debt Service 2,137,906 1,603,430 1,704,224 (100,794) -6.29% Transfers 2,450,507 1,837,880 2,061,020 (223,140) - 12.14% Total $38,130,476 $28,597,861 $22,586,431 $6,011,430 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 and limited expenditures on the capital items budgeted. (2) The positive variance in the Public Works department resulted from: only 8 of 9 monthly payments have been paid on the Advanced Disposal Services contract; retiring employees being replaced with employees at a lower salary; only .4% 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 53% of the budget for repair & maintenance and 62% of the budget for professional & contractual services has been spent City wide. City of Atlantic Beach FINANCIAL REPORT JUNE 2011 AGENDA ITEM # 4A JULY 25, 2011 Project Activity - Current Year Activity Only Project YTD YTD Project Name Number Budget Actual Balance Status Public Safety Lifeguard Building Roof Replacement Police Building Renovation /Design /Construction LG0901 8,000 0 8,000 PS0504 431,491 285,271 146,220 439,491 285,271 154,220 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 Security Camera - Donner Park Veteran's Park - Phase II - Memorial Garden 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 PUO304 287,018 212,550 74,468 PU0905 91,205 91,204 1 PU0906 1,708,709 1,493,266 215,443 PU1002 44,340 44,340 0 PU1004 27,788 27,789 (1) PU 1005 61,498 61,498 0 PU1006 48,183 48,183 0 PU1101 50,000 0 50,000 PU 1102 15,000 0 15,000 PU1103 40,000 0 40,000 PU1104 120,000 3,750 116,250 PU1105 300,000 286,727 13,273 PU1106 5,694,730 1,510,945 4,183,785 PU 1107 0 0 0 PU1108 40,000 0 40,000 PU1109 469,000 0 469,000 PU1110 2,263,667 115,751 2,147,916 I - Project In- progress N - Complete /Non - Capital R - Re- budget Next Fiscal Year X - Project Cancelled E le C C C C E C I X I E • • • C C I D C C I 11,261,138 3,896,002 7,365,136 PM0804 268,306 7,609 260,697 PM1001 20,000 0 20,000 PM1006 72,063 71,643 420 PM1008 27,800 26,448 1,352 PM1101 20,000 0 20,000 PM1102 22,000 11,465 10,535 PM 1103 1,400 0 1,400 PM 1104 32,000 0 32,000 PM 1105 20,000 0 20,000 PM1106 50,263 0 50,263 PM1107 5,000 0 5,000 PM1108 50,000 41,634 8,366 PM1109 5,500 4,380 1,120 PM1110 0 0 0 PWO808 3,294 3,294 0 PW0905 507,129 507,129 0 PW1005 9,472 9,472 0 PW1101 25,000 14,734 10,266 PW1102 50,000 0 50,000 1,189,227 697,809 491,418 $12,889,856 $4,879,082 $8,010,774 I - Project In- progress N - Complete /Non - Capital R - Re- budget Next Fiscal Year X - Project Cancelled E le C C C C E C I X I E • • • C C I D C C I At 4 * ' � flix- 7 1 Ma ll 7 7 T iL :kz ffm%d=n&Mlr*l q - ;l ik iL Rk 1 W 1.9 .7 AGENDA ITEM # 4A JULY 25, 2011 cd N O .--I � p bA U a M O a O [� .--I Q O° i U O U O i. 0 .a U N V 'C a p C v y �O C' h Cd en c O n V O b y bb L M O 'd t, ° bA O O cd - 11 - a 0 nn ot cd tD o ° o o w E� c V .. 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