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
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C
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