Item 4A~*
CITY OF ATLANTIC BEACH
CITY COMMISSION STAFF REPORT
AGENDA ITEM: Monthly Financial Report
SUBMITTED BY: Nelson Van Liere, Finance Director
DATE: August 17, 2004
AGENDA ITEM #4A
AUGUST 23, 2004
BACKGROUND: The Finance Department had as a goal this year to create and
provide a monthly financial report for the City Commission_ This
report is intended to be a very high level summary indicating the
cash position of all the funds and the current status of the City's
budget year to date.
The cash is shown in two ways. The first schedule shows the cash
distributed among the various funds. The City has a pooled cash
system and all but the pension funds and the bond construction
funds are invested in the pool.
The next schedule shows where the funds are invested. The City
currently has most of the funds invested in the State Board
~ Administration investment pool. This is typical for a city our size
and has been the city's choice for many years.
„~ The next sections of the report give the budget variances and a
short narrative on some of the larger variances. The budget
variances are calculated by comparing the year to date actual
,,,,, revenues and expenses to the budget, prorated based on the number
of months elapsed.
Also provided is a project activity report-showing year to date
expenditures along with a simple code to indicate the stage of
completion for each. More details of the projects can be obtained
from the respective departmental reports. This report gives the
funding status that may or may not reflect the overall status of the
project. An example would be a project that has had good progress
but the contractor has not invoiced the City and therefore we have
not paid. This would be indicated on the report as funds not spent.
+~ BUDGET: No Budget Impact
RECOMMENDATION: Approve the July Financial Report
ATTACHMENTS: July Financial Report
~"' REVIEWED BY THE CITY MANA~ _ ~„_
~.
AGENDA ITEM #4A
AUGUST 23, 2004
~. City of Atlantic Beach
FINANCIAL REPORT
JULY 2004
Cash Balances
~, Prior Current Dollar
Fund(s) 6/30104 7131104 Change
,,,,," General $5,853,362 $5,869,428 $16,066
Tree Replacement 13,720 13,720 0
Convention Development Tax 140,993 148,709 7,716
Local Option Gas Tax 350,381 290,726 (59,655)
'~ Better Jax 1/2 Cent Sales Tax 1,018,529 1,043,984 25,455
Police Training, Forfeit, etc. 32,150 35,308 3,158
Grants (16,466) (30,137) (13,671)
""' Debt Service 56,640 62,624 5,984
Capital Project 39,755 39,796 41
Utility 3,947,739 4,068,218 120,479
+• Sanitation 714,742 792,014 77,272
Storm Water 1,068,686 1,059,057 (9,629)
Bond Construction 271,650 268,737 (2,913)
~,,, Pension -Police (1,767) (5,012) (3,245)
Pension -General 44,309 59,868 15,559
Total $13,534,423 $13,717,040 $182,617
Total Restricted Cash
Total Unrestricted Cash
$6,817,712
$6,899,328
Cash and Investments
Prior Current Dollar Rate of
Account 6130104 7131104 Change Return
~,,,,, Bank of America -Depository $242,229 $60,150 ($182,079) 0.41
SBA 13,010,322 13,386,103 375,781 1.42
Cash on Hand 2,050 2,050 0 -
SBA -Bond Construction 279,822 268,737 (11,085) 1.42
~ Subtotal 13,534,423 13,717,040 182,617
Suntrust-Pension-Police 3,948,266 3,857,494 (90,772) 7.40 (1)
'~'"' Merrill Lynch-Pension-Police 334,001 323,773 (10,228) 19.70 (1)
Suntrust-Pension-General 5,294,015 5,176,746 (117,269) 7.40 (1)
Merrill Lynch-Pension-General 688,549 667,464 (21,085) 19.70 (1)
~* Subtotal 10,264,831 10,025,477 (239,354)
Total $23,799,254 $23,742,517 ($56,737)
,~. (1) FYTD rate of return through 6/30/04
AGENDA ITEM #4A
AUGUST 23, 2004
City of Atlantic Beach
FINANCIAL REPORT
JULY 2004
Expenses
Annual YTD - 83% YTD Dollar Percent
Department / (Footnote) Estimate of Estimate Actual Variance Variance
Governing Body $44,484 $37,055 $36,298 $757 2.04%
City Administration 1,930,491 1,608,099 1,434,856 173,243 10.77%
General Government (1) 2,366,747 1,971,500 1,159,650 811,850 41.18%
Planning and Building (2) 677,228 564,130 399,774 164,356 29.13%
Public Safety (3) 4,162,286 3,467,186 2,998,014 469,172 13.53%
Parks and Recreation 924,890 770,433 675,622 94,811 12.31
Public Works (4) 5,693,899 4,743,018 3,966,016 777,002 16.38%
Public Utilities (5) 7,627,547 6,353,747 5,668,499 685,248 10.78%
Pension -Police 282,812 235,582 230,692 4,890 2.08%
Pension -General 344,297 286,799 253,631 33,168 11.56%
Total $24,054,681 $20,037,549 $16,823,052 $3,214,497
Annual YTD Estimate YTD Dollar Percent
Resource Allocation Estimate 83% Actual Variance Variance
Personal Services $7,316,636 $6,094,758 $5,756,537 $338,221 5.55%
Operating Expenses 8,230,930 6,856,364 5,634,536 1,221,828 17.82%
Capital Outlay 4,651,398 3,874,615 1,917,311 1,957,304 50.52%
Debt Service 1,751,509 1,459,007 1,751,376 (292,369) -20.04%
Transfers 2,104,208 1,752,805 1,763,292 10,487 -0.60%
Total $24,054,681 $20,037,549 $16,823,052 $3,214,497
Analysis of Major Variances
(1) The $811,850 positive variance in the General Government departments resulted
from delayed or deferred construction of various projects funded from this source
- See Project Schedule.
(2) The $164,356 positive variance in the Planning and Building departments reflects
the grant-related expenses budgeted for the CDBG drainage project that is
currently awaiting re-bid award.
(3) The $469,172 positive variance in the Public Safety departments is due to
position vacancies and / or turnover. In the Detective division, some expenses
budgeted are being charged to one or more of the Police Grants. Grant
expenditures budgeted to be spent will be expended by the end of the fiscal year.
(4) The $777,002 positive variance in the Public Works Departments was primarily
the result of the Hopkins Creek drainage improvement project land purchase and
construction has not yet begun.
(5) The $685,248 positive variance in the Public Utilities departments was due to: 1)
a reduction in infrastructure repairs and maintenance; 2) no contractual obligation
to pay the City of Jacksonville for the right-of--way franchise fees; and 3) delayed
or deferred construction of various projects funded from this source.
City of Atlantic Beach
FINANCIAL REPORT
JULY 2004
Project Activity
AGENDA ITEM #4A
AUGUST 23, 2004
Project Name
General Government:
City Hall Expansion
Parks and Recreation:
Veteran's Memorial Park
Skateboard Park
Public Works:
Core City Project
Core City Sewer Improvements
Core City Water Improvements
Plaza Entrance/Post Office
Hopkins Creek Basin Pond
Town Center-Phase III
Mayport Road Medians
Drainage-George & Dudley Streets
Sidewalk Replacements
Bike Paths on Seminole and Plaza
Welcome Sign and Landscaping
Concrete Pipe-Country Club Lane
YTD YTD YTD
Budget Actual Balance
$363,450 $54,735 $308,715
Subtotal 363,450 54,735 308,715
10,477 10,477
88,574 2,324 86,250
Subtotal 99,051 12,801 86,250
Subtotal
Public Utilities:
Sludge Holding Tank at WWTP2
Rehabilitate Well 5 at WTP3
Replace Well 2 at WWTP1
Security Upgrade/V1later Plants
Water Main-Ocean, Ahem-8th
Telemetry at Lift Stations
Switchgear at WWTP1
Headwork Improvements at WWTP2
Influent Screens at WWTP2
Relocate Elevated Storage Tank at WP2
Water Interties - AB & BUC
Fencing at WP2 and WTP3
Water Main -Park and Dudley Streets
Shelves at 902 Assisi Lane
Sewer Rehabilitation Mini-System B
Security Upgrades at WWTPs
Sludge Holding Tanks at WWTP2
Utility Relocation - Wonderwood Connector
Subtotal
Total
406, 300 149, 551 256, 749
17,673 17,673
60,758 60,758
67,200 67,200
730,465 24,711 705,754
141,845 140,544 1,301
231,000 8,676 222,324
121,403 11,845 109,558
50,000 13,144 36,856
217,650 15,082 202,568
18,800 18,800
84,056 84,056
2,147,150 526,040 1,621,110
58,053 57,980 73
19,257 19,257
178,405 142,117 36,288
105,000 105,000
14,912 14,912
120, 000 14, 406 105, 594
24,984 24,951 33
199,500 11,150 188,350
35,625 35,625
257,030 185,537 71,493
13,991 13,959 32
6,594 6,053 541
111,489 100, 342 11,147
8,000 3,414 4,586
150,000 29,377 120,623
40,000 29,554 10,446
95,000 85,190 9,810
117,258. 117,258
1,555,098 773,824 781,274
$4,164,749 $1,367,400 $2,797,349
Status Kev
B -Bid Awarded E -Design Phase
C -Project Completed I -Project tn-progress
D -Design Completed R - Re-budget Next Fiscal Year
Status
B
C
D
I
C
C
R
E
C
R
D
I
D
R
C
C
C
E
B
C
E
C
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C
I
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C
C
C
D
C
C
C
~*
AGENDA ITEM #4A
AUGUST 23, 2004
City of Atlantic Beach
FINANCIAL REPORT
JULY 2004
Revenues
Annual YTD - 83% YTD Dollar Percent
Fund / (Footnote) Estimate of Estimate Actual Variance Variance
General (1) $8,894,927
Tree Replacement 3,000
Convention Development Tax 77,000
Local Option Gas Tax 508,870
Better Jax 1/2 Ct Sales Tax (2) 605,442
Police Training, Forfeit, etc. 33,250
Grants (3) 433,342
Debt Service 72,086
Capital Project
Utility (4) 6,519,477
Sanitation 1,259,000
Storm Water 1,755,265
Bond Construction
Pension -Police 467,587
Pension -General (5) 686,518
Total $21,315,764
$7,409,472 $7,818,343 $408,871 5.52%
2,499 (2,499) -100.00%
64,141 67,308 3,167 4.94%
423,889 390,444 (33,445) -7.89%
504,333 600,437 96,104 19.06%
27,697 30,819 3,122 11.27%
360,975 135,237 (225,738) -62.54%
60,048 59,740 (308) -0.51
51,221 51,221 100.00%
5,430,725 5,198,036 (232,689) -4.28%
1,048,747 1,073,692 24,945 2.38%
1,462,136 1,501,597 39,461 2.70%
5,341 5,341 100.00%
389,500 396,031 6,531 1.68%
571,869 702,147 130,278 22.78%
$17,756,031 $18,030,393 $274,362
Analysis of Major Variances
(1) The $408,871 positive variance in the General Fund resulted from 90% of the
estimated property taxes being received from the Tax Collector by March 2004.
(2) The $96,104 positive variance in the Better Jacksonville Half Cent Sales Tax Fund
was due to higher than anticipated sales and earlier than expected receipt of the
grant reimbursement from the Florida Inland Navigation District for the Dutton
Island Park construction.
(3) The $225,738 negative variance in the Grant Funds was due to timing of
reimbursement receipts from the grantor agencies.
(4) The $232,689 negative variance in the Utility Funds was due to approximately
$408,000 lower than anticipated water and sewer sales, offset by a $175,000
positive variance in sewer impact fees.
(5) The $130,278 positive variance in the Pension Fund -General was a result of
conservative budgeting for investment earnings. A similar variance occurred in
the Pension Fund - Police, but Section 185 premium income was not yet
received, thereby offsetting the effects of the investment earnings variance in that
Fund.
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