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Agenda Item 4A-111L WN 0" i�irwll �-Tli OL r I t Mmv— " L 4 Z. t I ri O"m r 4M WO Ski PEI, , A jouspe City of Atlantic Beach FINANCIAL REPORT FEBRUARY 2012 AGENDA ITEM # 4A MARCH 26, 2012 Cash Balances Prior Current Dollar Fund(s) 01/31/12 02/29/12 Change General $7,474,725 $7,450,717 ($24,008) Tree Replacement 3,509 3,509 0 Convention Development Tax 17,791 21,393 3,602 Local Option Gas Tax 164,215 187,572 23,357 Better Jax 1/2 Cent Sales Tax 126,698 134,037 7,339 Police Training, Forfeiture, Grants, etc. 132,070 146,991 14,921 Community Development Block & ARRA Grants (86,431) (266,284) (179,853) Debt Service 28,973 34,943 5,970 Capital Projects 2,376,845 2,422,207 45,362 Utility 5,108,570 5,167,975 59,405 Sanitation 677,781 683,832 6,051 Building Code Enforcement 27,058 26,613 (445) Storm Water 1,082,594 1,130,953 48,359 Pension - Police 41,279 37,803 (3,476) Pension - General 47,904 81,052 33,148 Investments - Unallocated Gains (Losses) 140,600 148,792 8,192 Total $17,364,181 $17,412,105 $47,924 7 0.33% Total Restricted Cash Cash on Hand $7,948,151 3,150 Total Unrestricted Cash N/A $9,463,954 Total $35,839,505 $36,346,078 $506,573 (1) 30 day SEC Yield as of 01/31/12 (2) Rate of return as of 01/31/12 Cash and Investments Prior Current Dollar Interest Account 01/31/12 02/29/12 Change Rate Bank of America - Depository $6,020,216 $6,030,079 $9,863 0.25% Eaton Vance Government Obligation Fund 4,021,893 4,023,637 1,744 2.38%(l) Loomis Sayles Limited Term Government & Agency Fund 2,019,738 2,023,782 4,044 1.55%(l) Delaware Corporate Bond Fund 1,048,538 1,063,296 14,758 4.13%(l) Loomis Sayles Investment Grade Bond Fund 1,033,177 1,047,917 14,740 3.18%(l) Lord Abbett Income Fund 1,036,485 1,048,110 11,625 3.99%(1) Goldman Sachs Inflation Protected Secs Fund 2,180,907 2,171,850 (9,057) 1.00%(l) MorganStanley SmithBarney AA Money Trust 0 0 0 0.01% SBA - Florida Prime 277 284 7 0.33% Cash on Hand 2,950 3,150 200 N/A Subtotal 17,364,181 17,412,105 47,924 Rate of Return Police Pension Investments 6,698,142 6,844,168 146,026 3.58%(2) General Pension Investments 11,777,182 12,089,805 312,623 4.39%(2) Subtotal 18,475,324 18,933,973 458,649 Total $35,839,505 $36,346,078 $506,573 (1) 30 day SEC Yield as of 01/31/12 (2) Rate of return as of 01/31/12 City of Atlantic Beach AGENDA ITEM # 4A FINANCIAL REPORT MARCH 26, 2012 FEBRUARY 2012 Revenues Fund / (Footnote) General (1) Convention Development Tax Local Option Gas Tax Better Jax 112 Ct Sales Tax Police Training, Forfeiture & Grants, etc. Grants Debt Service Capital Projects (2) Utility (3) Sanitation Building Code Enforcement Storm Water Pension - Police (4) Pension - General (4) Total Annual Estimate YTD - 42% of Estimate YTD Actual Dollar Variance Percent Variance $10,964,642 $4,572,256 $6,410,021 $1,837,765 40.19% 72,000 30,024 98,509 68,485 228.10% 472,612 197,079 180,074 (17,005) -8.63% 646,212 269,470 271,108 1,638 0.61% 138,796 57,879 78,359 20,480 35.38% 318,214 132,695 44,789 (87,906) - 66.25% 71,300 29,732 30,273 541 1.82% 2,255,737 940,642 220,880 (719,762) - 76.52% 8,368,949 3,489,852 5,844,519 2,354,667 67.47% 1,804,500 752,477 733,358 (19,119) -2.54% 265,900 110,880 88,917 (21,963) - 19.81% 972,200 405,407 397,930 (7,477) -1.84% 1,232,311 513,874 969,613 455,739 88.69% 2,122,019 884,882 $12,387,149 2,032,239 $17,400,589 1,147,357 $5,013,440 129.66% $29,705,392 Analysis of Major Variances (1) The $1,837,765 positive variance in the General Fund resulted from having received 87.8% of the budgeted property taxes. Typically the majority of the property taxes are received from the City of Jacksonville in December. (2) The $719,762 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 5.9 %. (3) The $2,354,667 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 2.3 %. (4) The $455,739 positive variance in the Police Employee Pension Fund & the $1,147,357 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 MARCH 26, 2012 FEBRUARY 2012 Expenses Department / (Footnote) Governing Body City Administration General Government Planning and Building Public Safety (1) Recreation and Special Events Public Works (2) & (3) Public Utilities Pension - Police Pension - General Total Resource Allocation Personnel Services (3) Operating Expenses (1) & (2) Capital Outlay (1) Debt Service (4) Transfers Total Annual Estimate YTD - 42% of Estimate YTD Actual Dollar Variance Percent Variance $41,986 $17,508 $17,655 ($147) -0.84% 2,660,587 1,109,464 1,019,021 90,443 8.15% 850,668 354,729 312,857 41,872 11.80% 478,867 199,688 172,998 26,690 13.37% 10,064,396 4,196,851 1,978,150 2,218,701 52.87% 394,207 164,384 176,123 (11,739) -7.14% 5,933,918 2,474,444 2,128,174 346,270 13.99% 14,271,501 5,951,216 6,130,659 (179,443) -3.02% 587,832 245,126 264,501 (19,375) -7.90% 740,710 308,876 309,852 (976) -0.32% $36,024,672 $15,022,286 $12,509,990 $2,512,296 Annual Estimate YTD - 42% of Estimate YTD Actual Dollar Variance Percent Variance $9,842,955 $4,104,513 $3,741,643 $362,870 8.84% 10,372,582 4,325,367 3,975,898 349,469 8.08% 11,853,280 4,942,814 2,679,787 2,263,027 45.78% 2,297,807 958,186 1,421,809 (463,623) - 48.39% 1,658,048 691,406 690,853 553 0.08% $36,024,672 $15,022,286 $12,509,990 $2,512,296 Analysis of Major Variances (1) The positive variance in the Public Safety divisions resulted from the payment being due quarterly to the City of Jacksonville for fire & rescue services (the next payment is due March, 2012) & 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 8.9 %. (2) The positive variance in the Public Works divisions resulted from only 4 of 5 monthly payments have been paid on the Advanced Disposal Services contract & no expenditures fiscal year to date on the paving projects funded by the Local Option Gas Tax Fund. (3) The positive variance in the Personnel Services resulted from vacant positions that have not been filled. The current vacancies include the following departments: Public Works, Painters, City Manager, Police Patrol & Lifeguards. The Lifeguards are typically seasonal employees working May through September. (4) The negative variance in the Debt Service accounts resulted from the October payment of principal and interest on the Utility Revenue Bonds and the State Revolving Fund Loan. City of Atlantic Beach FINANCIAL REPORT FEBRUARY 2012 Project Activity - Current Year Activity Only AGENDA ITEM # 4A MARCH 26, 2012 Project Name Project Number Budget YTD Actual YTD Balance Status Public Safety X - Project Cancelled E - Design Phase Retrofit HVAC Systems GG1201 190,414 0 190,414 Lifeguard Building Roof Replacement LG0901 4,750 0 4,750 1 Police Building Renovation /Design /Construction PS0504 4,432,582 0 4,432,582 E 4,627,746 0 4,627,746 Public Utilities: TMDL - Lift Station /Main Transfer Flow PU0906 72,810 20,623 52,187 1 Donner Subdivision Sewer Rehabilitation PU1015 175,590 173,813 1,777 C Replace 2" Water Main - 11th Street PU1104 61,283 43,355 17,928 1 TMDL Upgrade /Construction - WWTP #1 PU1106 3,218,851 1,935,484 1,283,367 1 TMDL Sludge /Odor Improvements PU1110 2,392,784 321,929 2,070,855 1 Elevated Tank #1 - Internal Rehabilitation PU1201 40,000 0 40,000 Ground Storage Tank WP #2 - Interior Rehabilitation PU1202 40,000 0 40,000 Ground Storage Tanks WP #3 - Recoat Interior PU1203 60,000 0 60,000 Water Main - 12th Street at Ocean Blvd /Beach Ave PU1204 60,000 0 60,000 E Water Main - 14th & 15th Street at Ocean Boulevard PU1205 140,000 0 140,000 Sewer Rehabilitation - Area B PU1206 300,000 31,330 268,670 1 Subtotal 6,561,318 2,526,534 4,034,784 Public Works: Riverbranch Preserve- Kayak & Canoe Launch PM0804 16,113 14,906 1,207 C Lighted Parking - Donner Park PM1106 35,090 0 35,090 E Security Cameras - Donner Park PM1109 1,000 0 1,000 Veteran's Park - Phase II - Memorial Garden PM1110 2,632 0 2,632 Howell Park Bridge Replacement PM1201 25,000 0 25,000 Bull Park Playground Equipment Replacement PM1202 40,000 0 40,000 Sidewalk & Curb Replacement PW1101 5,406 5,406 0 C Sidewalk & Curb Replacement PW1201 25,000 9,606 15,394 1 East Coast Drive Drainage Improvements PW1202 50,000 0 50,000 Subtotal 200,241 29,918 170,323 Total $11,389,305 $2,556,452 $8,832,853 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 MARCH 26, 2012 w 0 0 O Cq Cq W o .. b d U c b U tn o o cp cd F z C ' ° a a a a a mss H , 'o 8 0 0 '� ¢ - � •o 0 "8 x �a w•�a a w va u u u U w�a z wa A o II b � ci a U a O H� c z bo ti Ln V bo y y a`"i ✓� cd WVU yyWP" U O O U t" b V U U bA bA a w Q U W U ^ '� -� W W. bU 7a ° U W U Q -d II II a a z ti it�S�, a �m�^a,�� i a4 ti II II U b °� it II II II II II II II II II Q >u u a)CZu Quu u v r. 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