Agenda Item 4ACity of Atlantic Beach
FINANCIAL REPORT
DECEMBER 2011
AGENDA ITEM # 4A
JANUARY 23, 2012
Cash Balances
Fund(s)
Prior Current Dollar
11/30/11 12/31/11 Change
General
$5,705,526
$7,749,976
$2,044,450
Tree Replacement
3,509
3,509
0
Convention Development Tax
(52,230)
23,881
76,111
Local Option Gas Tax
118,638
141,091
22,453
Better Jax 1/2 Cent Sales Tax
151,952
138,755
(13,197)
Police Training, Forfeiture, Grants, etc.
154,826
137,446
(17,380)
Community Development Block & ARRA Grants
(15,213)
(76,934)
(61,721)
Debt Service
85,212
23,204
(62,008)
Capital Projects
2,306,676
2,347,268
40,592
Utility
4,065,036
3,666,805
(398,231)
Sanitation
674,081
678,086
4,005
Building Code Enforcement
37,116
29,096
(8,020)
Storm Water
1,048,122
1,072,764
24,642
Pension - Police
32,370
38,313
5,943
Pension - General
103,173
154,439
51,266
Investments - Unallocated Gains (Losses)
(165,315)
(90,762)
74,553
Total
$14,253,479
$16,036,937
$1,783,458
0.29%
Cash on Hand
2,950
Total Restricted Cash
0
$7,709,107
Subtotal 14,253,479
Total Unrestricted Cash
1,783,458
$8,327,830
Total $31,875,331 $33,632,830 $1,757,499
(1) Securities sold December, 2011
(2) 30 day SEC Yield as of 11/30/11
(3) Rate of return as of 11/30/11
Cash and Investments
Prior
Current
Dollar
Interest
Account
11/30/11
12/31/11
Change
Rate
Bank of America - Depository
$4,139,890
$5,846,615
$1,706,725
0.25%
Pimco GNMA Fund
1,076,485
0
(1,076,485)
0.30%(l)
Putnam US Government Income Fund
1,059,444
0
(1,059,444)
. 2.47%(l)
Eaton Vance Government Obligation Fund
2,004,956
4,019,156
2,014,200
2.38%(2)
Loomis Sayles Limited Term Government & Agency Fund 1,002,813
2,005,525
1,002,711
1.56%(2)
Delaware Corporate Bond Fund
1,987,223
1,019,964
(967,259)
4.13% (2)
Loomis Sayles Investment Grade Bond Fund
986,721
998,877
12,156
3.68% (2)
Lord Abbett Income Fund
1,986,298
1,007,900
(978,398)
3.99% (2)
Goldman Sachs Inflation Protected Secs Fund
0
1,135,673
1,135,673
1.00% (2)
MorganStanley SmithBarney AA Money Trust
6,422
0
(6,422)
0.01%
SBA - Florida Prime
277
277
0
0.29%
Cash on Hand
2,950
2,950
0
N/A
Subtotal 14,253,479
16,036,937
1,783,458
Rate of
Return
Police Pension Investments
6,466,870
6,466,413
(457)
-0.01%(3)
General Pension Investments
11,154,982
11,129,480
(25,502)
-0.15%(3)
Subtotal 17,621,852
17,595,893
(25,959)
Total $31,875,331 $33,632,830 $1,757,499
(1) Securities sold December, 2011
(2) 30 day SEC Yield as of 11/30/11
(3) Rate of return as of 11/30/11
AGENDA ITEM # 4A
City of Atlantic Beach JANUARY 23, 2012
FINANCIAL REPORT
DECEMBER 2011
Revenues
Fund / (Footnote)
Annual
Estimate
YTD - 25%
of Estimate
YTD
Actual
Dollar
Variance
Percent
Variance
General (1)
$10,964,642
$2,741,161
$4,990,765
$2,249,604
82.07%
Convention Development Tax
72,000
18,000
88,997
70,997
394.43%
Local Option Gas Tax
472,612
118,153
108,561
(9,592)
-8.12%
Better Jax 1/2 Ct Sales Tax
646,212
161,553
154,160
(7,393)
-4.58%
Police Training, Forfeiture & Grants, etc.
134,974
33,744
47,082
13,338
39.53%
Grants
318,214
79,554
44,789
(34,765)
- 43.70%
Debt Service
71,300
17,825
18,534
709
3.98%
Capital Projects (2)
2,255,737
563,934
145,942
(417,992)
- 74.12%
Utility (3)
8,368,949
2,092,238
2,973,063
880,825
42.10%
Sanitation
1,804,500
451,125
441,917
(9,208)
-2.04%
Building Code Enforcement
265,900
66,475
50,000
(16,475)
- 24.78%
Storm Water
972,200
243,050
241,637
(1,413)
-0.58%
Pension - Police (4)
1,232,311
308,078
480,966
172,888
56.12%
Pension - General (4)
2,122,019
530,505
1,011,308
480,803
90.63%
Total
$29,701,570
$7,425,395
$10,797,721
$3,372,326
Analysis of Major Variances
(1) The $2,249,604 positive variance in the General Fund resulted from having received
79.6% of the budgeted property taxes. Typically the majority of the property taxes are
received from the City of Jacksonville in December & January
(2) The $417,992 negative variance in the Capital Projects Funds resulted from not having
received the proceeds from the proposed loan for the new Public Safety building. If the
loan was not included in this calculation, the variance would be a positive 3.7 %.
(3) The $880,825 positive variance in the Utility Funds resulted from receiving proceeds
from the State Revolving Fund Loan for the sewer plant improvements. If the loan was
not included in this calculation, the variance would be a positive 6.1 %.
(4) The $172,888 positive variance in the Police Employee Pension Fund & the $480,803
positive variance in the General Employee Pension Fund resulted from changes in
market values of the investments.
City of Atlantic Beach AGENDA ITEM # 4A
FINANCIAL REPORT JANUARY 23, 2012
DECEMBER 2011
Expenses
Analysis of Major Variances
(1) The positive variance in the Public Safety divisions resulted from no expenditures fiscal
year to date on the Police Building - see Project Activity Schedule. The variance without
the budget for the Police Building is a positive 13 %. Additionally, the quarterly payment
to the City of Jacksonville for fire & rescue services for October through December, 2011
should be paid in January, 2012.
(2) The negative variance in the Public Utilities department resulted from the October
payment of principal and interest on the Utility Revenue Bonds and the State Revolving
Fund Loan. If the Debt Service payments were not included in this calculation, the
variance would be a positive 6.5 %.
(3) The positive variance in the Personnel Services is typical for the first few months of the
new fiscal year due to the payroll expense only including two weeks of the month of
October. The last 2 weeks of October were paid in the first week of November. This
explains why approximately 6% of the budgeted payroll has not been expensed. Also, a
few vacant positions have not been filled.
Annual
YTD - 25%
YTD
Dollar
Percent
Department / (Footnote)
Estimate
of Estimate
Actual
Variance
Variance
Governing Body
$41,986
$10,497
$10,714
($217)
-2.07%
City Administration
2,673,887
668,472
641,880
26,592
3.98%
General Government
765,368
191,342
240,085
(48,743)
- 25.47%
Planning and Building
478,867
119,717
114,368
5,349
4.47%
Public Safety (1)
10,054,574
2,513,645
1,079,745
1,433,900
57.04%
Recreation and Special Events
394,207
98,552
125,733
(27,181)
- 27.58%
Public Works
5,976,228
1,494,059
1,362,612
131,447
8.80%
Public Utilities (2)
14,301,191
3,575,299
4,530,700
(955,401)
- 26.72%
Pension - Police
587,832
146,958
154,651
(7,693)
-5.23%
Pension - General
740,710
185,178
177,444
7,734
4.18%
Total
$36,014,850
$9,003,719
$8,437,932
$565,787
Annual
YTD - 25%
YTD
Dollar
Percent
Resource Allocation
Estimate
of Estimate
Actual
Variance
Variance
Personnel Services (3)
$9,868,255
$2,467,066
$2,310,677
$156,389
6.34%
Operating Expenses (1)
10,384,722
2,596,181
2,392,535
203,646
7.84%
Capital Outlay (1)
11,806,018
2,951,507
1,898,398
1,053,109
35.68%
Debt Service (2)
2,297,807
574,452
1,421,809
(847,357)
- 147.51%
Transfers
1,658,048
414,512
414,513
(1)
0.00%
Total
$36,014,850
$9,003,718
$8,437,932
$565,786
Analysis of Major Variances
(1) The positive variance in the Public Safety divisions resulted from no expenditures fiscal
year to date on the Police Building - see Project Activity Schedule. The variance without
the budget for the Police Building is a positive 13 %. Additionally, the quarterly payment
to the City of Jacksonville for fire & rescue services for October through December, 2011
should be paid in January, 2012.
(2) The negative variance in the Public Utilities department resulted from the October
payment of principal and interest on the Utility Revenue Bonds and the State Revolving
Fund Loan. If the Debt Service payments were not included in this calculation, the
variance would be a positive 6.5 %.
(3) The positive variance in the Personnel Services is typical for the first few months of the
new fiscal year due to the payroll expense only including two weeks of the month of
October. The last 2 weeks of October were paid in the first week of November. This
explains why approximately 6% of the budgeted payroll has not been expensed. Also, a
few vacant positions have not been filled.
City of Atlantic Beach
FINANCIAL REPORT
DECEMBER 2011
AGENDA ITEM # 4A
JANUARY 23, 2012
Project Activity - Current Year Activity Only
Project YTD YTD
Project Name Number Budget Actual Balance Status
Public Safety
Retrofit HVAC Systems
Lifeguard Building Roof Replacement
Police Building Renovation /Design /Construction
Public Utilities:
TMDL - Lift Station /Main Transfer Flow
Donner Subdivision Sewer Rehabilitation
Replace 2" Water Main - 11th Street
TMDL Upgrade /Construction - WWTP #1
TMDL Sludge /Odor Improvements
Elevated Tank #1 - Internal Rehabilitation
Ground Storage Tank WP #2 - Interior Rehabilitation
Ground Storage Tanks WP #3 - Recoat Interior
Water Main - 12th Street at Ocean Blvd /Beach Ave
Water Main - 14th & 15th Street at Ocean Boulevard
Sewer Rehabilitation - Area B
Public Works:
Riverbranch Preserve - Kayak & Canoe Launch
Veteran's Park - Phase II - Memorial Garden
Howell Park Bridge Replacement
Bull Park Playground Equipment Replacement
Sidewalk & Curb Replacement
Sidewalk & Curb Replacement
East Coast Drive Drainage Improvements
Status Key
A - Bid Advertised
B - Bid Awarded
C - Project Completed
D - Design Completed
E - Design Phase
Subtotal
Subtotal
Total
GG1201 190,414 0 190,414
LG0901 4,750 0 4,750
PS0504 4,432,582 0 4,432,582
P M0804
4,627,746
0
4,627,746
PU0906
72,810
15,981
56,829
PU 1015
175,590
0
175,590
PU1104
61,283
43,355
17,928
PU 1106
3,218,851
1,558,071
1,660,780
PU1110
2,392,784
153,668
2,239,116
PU1201
40,000
0
40,000
PU1202
40,000
0
40,000
PU1203
60,000
0
60,000
PU1204
60,000
0
60,000
PU 1205
140,000
0
140,000
PU1206
300,000
0
300,000
6,561,318
1,771,075
4,790,243
P M0804
16,113
14,906
1,207
PM1110
2,632
0
2,632
PM1201
25,000
0
25,000
PM1202
40,000
0
40,000
PW1101
5,406
5,406
0
PW1201
25,000
1,790
23,210
PW1202
50,000
0
50,000
164,151
22,102
142,049
$11,353,215
$1,793,177
$9,560,038
I - Project In- progress
N - Complete /Non - Capital
R - Re- budget Next Fiscal Year
X - Project Cancelled
C
C
C
I
AGENDA ITEM # 4A
JANUARY 23, 2012
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