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Agenda Item 4ACity of Atlantic Beach FINANCIAL REPORT AUGUST 2011 AGENDA ITEM # 4A SEPTEMBER 26, 2011 Cash Balances Total Restricted Cash $8,003,804 Total Unrestricted Cash $7,716,546 Prior Current Dollar Fund(s) 07/31/11 08/31/11 Change General $5,909,892 $5,699,517 ($210,375) Tree Replacement 3,509 3,509 0 Convention Development Tax 158,971 193,115 34,144 Local Option Gas Tax 40,234 58,371 18,137 Better Jax 1/2 Cent Sales Tax 190,037 186,621 (3,416) Police Training, Forfeiture, Grants, etc. 153,182 142,029 (11,153) Community Development Block & ARRA Grants (2,125) (14,393) (12,268) Debt Service 60,657 66,658 6,001 Capital Projects 2,077,117 2,150,405 73,288 Utility 3,380,364 5,052,150 1,671,786 Sanitation 716,182 659,508 (56,674) Building Code Enforcement 42,910 51,989 9,079 Storm Water 1,195,492 1,195,439 (53) Pension - Police 3,291 81,439 78,148 Pension - General 119,288 140,910 21,622 Investments - Unallocated Gains (Losses) 21,677 53,083 31,406 SBA - Florida Prime Total $14,070,678 $15,720,350 $1,649,672 Total Restricted Cash $8,003,804 Total Unrestricted Cash $7,716,546 Total $32,365,565 $33,210,026 $844,461 (1) Rate of return is 3.9% as of 08/31/11 (2) Rate of return as of 08/31/11 Cash and Investments Prior Current Dollar Interest Account 07/31/11 08/31/11 Change Rate Bank of America - Depository $2,195,951 $11,568,213 $9,372,262 0.270% US Treasury Notes 1,171,443 0 (1,171,443) 4.625% US Treasury Notes 2,206,566 0 (2,206,566) 3.625% Federal Farm Credit Bank Consolidated Bonds 1,148,496 0 (1,148,496) 4.875% Pimco Mutual Fund 2,098,716 1,067,500 (1,031,216) 2.054%(l) Putnam US Government Mutual Fund 2,096,980 1,073,643 (1,023,337) 5.076% (1) Eaton Vance Government Obligation Fund 999,055 1,007,762 8,707 4.085% (1) Loomis Sayles Limited Term Government & Agency Fund 0 1,000,000 1,000,000 3.380% (1) MorganStanley SmithBarney AA Money Trust 2,150,239 0 (2,150,239) 0.010% SBA - Florida Prime 282 282 0 0.230% Cash on Hand 2,950 2,950 0 N/A Subtotal 14,070,678 15,720,350 1,649,672 Rate of Return Police Pension Investments 6,629,021 6,411,544 (217,477) -3.66%(2) General Pension Investments 11,665,866 11,078,132 (587,734) -2.80%(2) Subtotal 18,294,887 17,489,676 (805,211) Total $32,365,565 $33,210,026 $844,461 (1) Rate of return is 3.9% as of 08/31/11 (2) Rate of return as of 08/31/11 City of Atlantic Beach FINANCIAL REPORT AUGUST 2011 Revenues AGENDA ITEM # 4A SEPTEMBER 26, 2011 Annual Fund / (Footnote) Estimate YTD - 92% YTD Dollar of Estimate Actual Variance Percent Variance General (1) & (3) $11,515,549 $10,559,758 Convention Development Tax 264,857 242,874 Local Option Gas Tax 463,523 425,051 Better Jax 1/2 Ct Sales Tax 658,424 603,775 Police Training, Forfeiture & Grants, etc. 185,917 170,486 Grants (2) 647,352 593,622 Debt Service 68,650 62,952 Capital Projects 903,000 828,051 Utility (3) 19,061,825 17,479,694 Sanitation 1,837,500 1,684,988 Building Code Enforcement 317,850 291,468 Storm Water 669,124 613,587 Pension - Police 964,726 884,654 Pension - General 1,522,969 1 1,396,563 $35,837,523 Total $39,081,266 $11,049,834 $490,076 4.64% 187,696 (55,178) - 22.72% 413,658 (11,393) -2.68% 594,033 (9,742) -1.61% 258,794 88,308 51.80% 39,061 (554,561) - 93.42% 65,744 2,792 4.44% 937,120 109,069 13.17% 12,904,665 (4,575,029) - 26.17% 1,647,110 (37,878) -2.25% 279,178 (12,290) -4.22% 759,264 145,677 23.74% 910,485 25,831 2.92% 1,452,394 55,831 4.00% $31,499,036 ($4,338,487) Analysis of Major Variances (1) The $490,076 positive variance in the General Fund resulted from having received 104.6% of the fiscal year to date budgeted property taxes. Also, the interest earnings from the City investments are 114.6% of the fiscal year to date budgeted amount. (2) The $554,761 negative variance in the Grant Funds resulted from having expended 6.4% 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 $4,575,029 negative variance in the Utility Funds resulted from not having received the budgeted fiscal year to date loan proceeds. Partial receipts were received in December, 2010 and August, 2011. 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 9.7 %. City of Atlantic Beach FINANCIAL REPORT AUGUST 2011 Expenses AGENDA ITEM # 4A SEPTEMBER 26, 201 I Department I (Footnote) Governing Body City Administration General Government Planning and Building Public Safety Recreation and Special Events Public Works (1) & (3) Public Utilities (2) & (3) Pension - Police Pension - General Total Annual YTD - 92% YTD Dollar Percent Estimate of Estimate Actual Variance Variance $42,260 $38,752 $36,523 $2,229 5.75% 2,522,102 2,312,766 2,205,903 106,863 4.62% 910,895 835,291 569,442 265,849 31.83% 531,131 487,047 425,910 61,137 12.55% 6,128,038 5,619,414 5,106,795 512,619 9.12% 392,160 359,611 348,175 11,436 3.18% 6,804,017 6,239,284 5,225,859 1,013,425 16.24% 19,695,451 18,060,726 11,786,361 6,274,365 34.74% 548,977 503,412 548,411 (44,999) -8.94% 555,445 509,343 647,274 (137,931) - 27.08% $38,130,476 $34,965,646 $26,900,653 $8,064,993 Resource Allocation Personal Services (1) & (2) Operating Expenses (1) - (3) Capital Outlay (1) & (2) Debt Service Transfers Total Annual Estimate YTD - 92% of Estimate YTD Actual Dollar Variance Percent Variance $9,330,895 $8,556,430 $8,150,127 $406,303 4.75% 10,260,855 9,409,204 8,531,751 877,453 9.33% 13,878,313 12,726,413 6,108,873 6,617,540 52.00% 2,137,906 1,960,460 1,717,223 243,237 12.41% 2,522,507 2,313,139 2,392,679 (79,540) -3.44% $38,130,476 $34,965,646 $26,900,653 $8,064,993 Analysis of Major Variances (1) The positive variance in the Public Works department resulted from: only 10 of 11 monthly payments have been paid on the Advanced Disposal Services contract; retiring employees positions being vacant until replaced with employees at a lower salary; only 33.3% of the budget has been expended for the Stormwater Master Plan; and limited activity on the various Parks projects funded from this source — see Project Activity Schedule. (2) The positive variance in the Public Utilities department resulted from retiring employees positions being vacant until 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 63.2% of the budget for repair & maintenance and 75.5% of the budget for professional & contractual services has been spent City wide. City of Atlantic Beach FINANCIAL REPORT AUGUST 2011 Project Activity - Current Year Activity Only AGENDA ITEM # 4A SEPTEMBER 26, 2011 Project Name Project Number Budget YTD Actual YTD Balance Status Public Safety PUO304 287,018 212,550 74,468 1 Lifeguard Building Roof Replacement LG0901 8,000 0 8,000 1 Police Building Renovation /Design /Construction PS0504 431,491 316,545 114,946 E Ground Storage Tank Rehab - Water Plant #1 PU1002 439,491 316,545 122,946 Public Utilities: Replace Well at Water Plant #1 PUO304 287,018 212,550 74,468 1 TMDL - WWTP #1 Design PU0905 91,205 91,204 1 C TMDL - Lift Station /Main Transfer Flow PU0906 1,708,709 1,515,531 193,178 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 61,498 0 C Lift Station E Upgrades PU1006 48,183 48,183 0 C Well Rehab - Well # 1 @ Water Plant #1 PU1101 51,026 51,025 1 C Elevated Tank Rehab - Water Plant #2 PU1102 10,500 10,500 0 C Ground Storage Tank Rehab - Water Plant #4 PU1103 75,915 59,800 16,115 1 Replace 2" Water Main - 11th Street PU1104 79,875 15,021 64,854 D Sewer Rehab - Sea Oats Drive PU1105 300,000 286,727 13,273 C TMDL Upgrade /Construction - WWTP #1 PU1106 5,694,730 2,087,892 3,606,838 1 Replace Equipment - PW Yard Station PU1108 40,000 17,611 22,389 1 Plant Improvements - Master Plan PU1109 1,753 0 1,753 TMDL Sludge /Odor Improvements PU1110 2,659,914 170,858 2,489,056 1 Subtotal 11,182,454 4,700,529 6,481,925 Public Works: Riverbranch Preserve - Kayak & Canoe Launch PM0804 268,306 7,319 260,987 1 Howell Park Bridge Replacement PM1001 20,000 0 20,000 R Veteran's Park - Flag & Pavilion PM1006 70,263 69,843 420 C Dog Park - Hopkins Creek PM1008 27,800 26,448 1,352 C Gate at Dutton Island PM1101 20,000 19,558 442 C Lighting - Basketball Court PM1102 11,466 11,465 1 C Lighting - Security at Community Center PM1103 1,400 1,392 8 C Sod - Baseball Field PM1104 45,534 0 45,534 1 Sod - South End of Soccer Field PM1105 17,000 13,500 3,500 C Parking - Paved PM1106 50,263 0 50,263 R Water Fountain - Russell Park PM1107 5,000 0 5,000 X Veteran's Park - Phase II - Stage PM1108 43,435 43,434 1 C Security Camera - Donner Park PM1109 5,500 4,380 1,120 C Veteran's Park - Phase II - Memorial Garden PM1110 8,365 0 8,365 1 Royal Palms Design PW0808 3,294 3,294 0 D Royal Palms Stormwater Project PW0905 507,129 507,131 (2) 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 R Subtotal 1,189,227 731,970 457,257 Total $12,811,172 $5,749,044 $7,062,128 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 SEPTEMBER 26, 20I 1 City of Atlantic Beach, Fl. Utility Sales Report Gallons Water Plant Production Gallons 0000 August 2011 Gallons 62,834 August 2010 Revenue 19,787 Total Production Revenue Gallons Actual Revenue 64,249 Gallons Actual Revenue Water Sales Accounts 0000 Revenue Per 1,000 gi Accounts 0000 Revenue Per 1,000 gi Atlantic Beach 37,246 5,289 45,192 $165,634 $3.67 5,613 51,290 $188,442 $3.67 Buccaneer $8.61 2,432 19,057 $104,165 $5.47 2,447 18,143 $90,770 $5.00 Total Water Sales 7,721 64,249 $269,799 $4.20 8,060 69,433 $279,212 $4.02 Gallons Water Plant Production Gallons 0000 Atlantic Beach Gallons 62,834 Buccaneer Revenue 19,787 Total Production Revenue 82,621 Total Water Billed 0000 64,249 Water Loss for month: 18,372 Percentage Loss 22.24% Total 12 mo. Avg. Loss $250,591 16.88% Sewer Sales Atlantic Beach Buccaneer Total Sewer Sales Sewer Treatment Atlantic Beach Buccaneer Total Sewer Treated Gallons 0000 50,284 18,984 69,268 69,433 -165 - 0.24% 16.72% Gallons Gallons Actual Revenue Gallons Gallons Actual Revenue Accounts 0000 Revenue Per 1,000 gi Accounts 0000 Revenue Per 1,000 gi 47.680 $250,591 $5.26 5,140 34,116 $250,591 $7.35 5,149 37,246 $244,673 $6.57 2,359 19,867 $186,090 $9.37 2,329 19,238 $165,689 $8.61 7.499 53.983 $436,681 $8.09 N 7,478 56,484 $410,362 $7.27 Gallons Actual Revenue Gallons Actual Revenue 0000 Revenue Per 1,000 gI 0000 Revenue Per 1,000 gi 47.680 $250,591 $5.26 45.533 $244,673 $5.37 19.905 $186,090 $9.35 17.963 $165,689 $9.22 67.585 $436,681 $6.46 63.496 $410,362 $6.46