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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
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