Agenda Item 4ACity of Atlantic Beach
FINANCIAL REPORT
APRIL 2012
AGENDA ITEM # 4A
MAY 29, 2012
Cash Balances
Prior Current Dollar
Fund(s) 03/31/12 04/30/12 Change
General
$7,307,301
$7,060,979
($246,322)
Tree Replacement
3,509
3,509
0
Convention Development Tax
15,415
22,327
6,911
Local Option Gas Tax
211,441
234,787
23,347
Better Jax 1/2 Cent Sales Tax
118,744
106,165
(12,579)
Police Training, Forfeiture, Grants, etc.
142,528
139,350
(3,179)
Community Development Block & ARRA Grants
(95,027)
(73,031)
21,997
Debt Service
40,920
46,753
5,832
Capital Projects
2,467,506
2,511,628
44,122
Utility
5,169,768
4,363,679
(806,089)
Sanitation
692,320
687,764
(4,556)
Building Code Enforcement
40,503
39,190
(1,313)
Storm Water
1,172,798
1,154,685
(18,112)
Pension - Police
38,546
9,415
(29,131)
Pension - General
121,268
154,570
33,302
Investments - Unallocated Gains (Losses)
91,480
141,230
49,750
Total
$17,539,020
$16,603,000
($936,020)
Total Restricted Cash
$7,912,201
Total Unrestricted Cash
$8,690,799
Cash and Investments
Account
Bank of America - Depository
Eaton Vance Government Obligation Fund
Loomis Sayles Limited Term Government & Agency Fund
Delaware Corporate Bond Fund
Loomis Sayles Investment Grade Bond Fund
Lord Abbett Income Fund
Goldman Sachs Inflation Protected Secs Fund
Columbia Limited Duration Fund
Delaware Diversified Income Fund
Lord Abbett Short Duration Fund
Putnam Diversified Income Fund
Putnam Income Fund
SBA - Florida Prime
Cash on Hand
Police Pension Investments
General Pension Investments
Prior
03/31/12
$6,185,613
4,024,573
2,024,276
1,058,462
1,044,093
1,049,000
2,149,569
0
0
0
0
0
284
3,150
Subtotal 17,539,020
6,899,734
12,209,908
Subtotal 19,109,642
Total $36,648,663
Current Dollar
04/30/12 Change
$5,224,112
0
0
1,630,585
0
1,626,457
0
1,620,608
1,624,923
1,622,527
1,627,589
1,622,765
284
3,150
16,603,000
($961,501)
(4,024,573)
(2,024,276)
572,123
(1,044,093)
577,457
(2,149,569)
1,620,608
1,624, 923
1,622,527
1,627,589
1,622,765
0
0
(936,020)
6,876,843
12,145,690
19,022,533
$35,625,532
(22,891)
(64,218)
(87,110)
($1,023,130)
Interest
Rate
0.25%
N/A
N/A
3.63% (1)
N/A
3.66%(1)
N/A
1.47%(l)
2.76%(1)
2.44%(l)
6.57%(1)
2.18%(l)
0.33%
N/A
Rate of
Return
-0.34% (2)
-0.54%(2)
(1) 30 day SEC Yield as of 04/30/12
(2) Rate of return as of 04/30/12
Cit y of Atlantic Beach AGENDA ITEM # 4A FINANCIAL REPORT MAY 29, 2012
APRIL 2012
Revenues
Fund / (Footnote)
Annual
Estimate
YTD - 58%
of Estimate
YTD
Actual
Dollar
Variance
Percent
Variance
General (1)
$10,964,642
$6,392,386
$7,695,434
$1,303,048
20.38%
Convention Development Tax
72,000
41,976
111,443
69,467
165.49%
Local Option Gas Tax
472,612
275,533
245,190
(30,343)
- 11.01%
Better Jax 1/2 Ct Sales Tax
646,212
376,742
364,903
(11,839)
-3.14%
Police Training, Forfeiture & Grants, etc.
138,796
80,918
100,094
19,176
23.70%
Grants
373,850
217,955
266,411
48,456
22.23%
Debt Service
71,300
41,568
42,083
515
1.24%
Capital Projects (2)
2,266,207
1,321,199
310,302
(1,010,897)
-76.51%
Utility (3)
8,368,949
4,879,098
7,614,644
2,735,546
56.07%
Sanitation
1,804,500
1,052,024
1,026,903
(25,121)
-2.39%
Building Code Enforcement
265,900
155,020
141,677
(13,343)
-8.61%
Storm Water
972,200
566,793
555,285
(11,508)
-2.03%
Pension - Police (4)
1,232,311
718,437
1,113,826
395,389
55.03%
Pension - General (4)
2,122,019
1,237,137
2,301,078
1,063,941
86.00%
Total
$29,771,498
$17,356,786
$21,889,273
$4,532,487
Analysis of Major Variances
(1) The $1,303,048 positive variance in the General Fund resulted from having received
93.2% of the budgeted property taxes. Typically the majority of the property taxes are
received from the City of Jacksonville in December.
(2) The $1,010,897 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 4.1 %.
(3) The $2,735,546 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 1.6 %.
(4) The $395,389 positive variance in the Police Employee Pension Fund & the
$1,063,941 positive variance in the General Employee Pension Fund resulted from
changes in market values of the investments.
City of Atlantic Beach
FINANCIAL REPORT
APRIL 2012
Expenses
AGENDA ITEM # 4A
MAY 29, 20I2
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 8.9 %.
(2) The positive variance in the Public Works divisions resulted from 17% expended fiscal
year to date on the paving projects funded by the Local Option Gas Tax Fund & 13.5%
expended fiscal year to date on projects - see Project Activity Schedule.
(3) The positive variance in the Personnel Services resulted from vacant positions that
have not been filled or have been filled with employees at a lesser wage & benefits. The
vacancies &/or replacements include the following departments: Public Works, Painters,
City Manager, Planning & Development, Police, Public Utilities, Finance, Human
Resources & Lifeguards. The Lifeguards are typically seasonal employees working May
through September.
(4) The negative variance in the Debt Service accounts resulted from the payment of
principal and interest on the: Utility Revenue Bonds in October; State Revolving Fund
Loan in November; and SunTrust Revenue Refunding Bond in December. Additionally,
interest was paid on the Utility Revenue Bonds in April.
Annual
YTD - 58%
YTD
Dollar
Percent
Department / (Footnote)
Estimate
of Estimate
Actual
Variance
Variance
Governing Body
$41,986
$24,478
$23,809
$669
2.73%
City Administration
2,660,587
1,551,123
1,357,355
193,768
12.49%
General Government
784,675
457,465
396,830
60,635
13.25%
Planning and Building
475,867
277,430
239,944
37,486
13.51%
Public Safety (1) & (3)
10,078,968
5,876,040
2,956,653
2,919,387
49.68%
Recreation and Special Events
394,207
229,823
228,652
1,171
0.51%
Public Works (2) & (3)
6,075,845
3,542,218
3,088,847
453,371
12.80%
Public Utilities
14,271,501
8,320,285
8,744,795
(424,510)
-5.10%
Pension - Police
587,832
342,706
404,428
(61,722)
-18.01%
Pension - General
740,710
431,834
449,289
(17,455)
-4.04%
Total
$36,112,178
$21,053,402
$17,890,602
$3,162,800
Annual
YTD - 58%
YTD
Dollar
Percent
Resource Allocation
Estimate
of Estimate
Actual
Variance
Variance
Personnel Services (1) & (3)
$9,835,205
$5,733,924
$5,132,215
$601,709
10.49%
Operating Expenses
10,399,791
6,063,078
5,754,581
308,497
5.09%
Capital Outlay (1) & (2)
11,921,327
6,950,135
4,278,554
2,671,581
38.44%
Debt Service (4)
2,297,807
1,339,621
1,758,057
(418,436)
- 31.24%
Transfers
1,658,048
966,642
967,195
(553)
-0.06%
Total
$36,112,178
$21,053,400
$17,890,602
$3,162,798
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 8.9 %.
(2) The positive variance in the Public Works divisions resulted from 17% expended fiscal
year to date on the paving projects funded by the Local Option Gas Tax Fund & 13.5%
expended fiscal year to date on projects - see Project Activity Schedule.
(3) The positive variance in the Personnel Services resulted from vacant positions that
have not been filled or have been filled with employees at a lesser wage & benefits. The
vacancies &/or replacements include the following departments: Public Works, Painters,
City Manager, Planning & Development, Police, Public Utilities, Finance, Human
Resources & Lifeguards. The Lifeguards are typically seasonal employees working May
through September.
(4) The negative variance in the Debt Service accounts resulted from the payment of
principal and interest on the: Utility Revenue Bonds in October; State Revolving Fund
Loan in November; and SunTrust Revenue Refunding Bond in December. Additionally,
interest was paid on the Utility Revenue Bonds in April.
City of Atlantic Beach
FINANCIAL REPORT
APRIL 2012
Project Activity - Current Year Activity Only
AGENDA ITEM # 4A
MAY 29, 2012
Project Name
Project
Number Budget
YTD YTD
Actual Balance
Status
Public Safety
Retrofit HVAC Systems
Lifeguard Building Roof Replacement
Police Building Renovation /Design /Construction
G G 1201 190,414 10,939 179,475
LG0901 4,750 4,750 0
PS0504 4,432,582 0 4,432,582
4,627,746 15,689 4,612,057
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
Water Plant #1 - New Concrete Vault
Subtotal
Public Works:
Riverbranch Preserve - Kayak & Canoe Launch
Paving, Parking & Security Camera - Donner Park
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
Subtotal
Total
Status Key
A - Bid Advertised
B - Bid Awarded
C - Project Completed
D - Design Completed
E - Design Phase
PU0906
72,810
33,504
39,306
PU 1015
175,590
173,813
1,777
PU1104
61,283
43,355
17,928
PU1106
3,218,851
2,587,984
630,867
PU1110
2,392,785
985,595
1,407,190
PU1201
0
0
0
PU 1202
0
0
0
PU1203
50,000
0
50,000
PU1204
60,000
8,456
51,544
PU1205
140,000
8,363
131,637
PU 1206
380,000
181,145
198,855
PU 1207
13,275
0
13,275
I - Project In- progress
N - Complete /Non - Capital
R - Re- budget Next Fiscal Year
X - Project Cancelled
C
E
C
E
R
6,564,594
4,022,215
2,542,379
PM0804
16,113
14,906
1,207
PM1106
91,726
6,000
85,726
PM1110
13,102
0
13,102
PM1201
25,000
0
25,000
PM1202
40,000
0
40,000
PW1101
5,406
5,406
0
PW1201
25,000
9,606
15,394
PW1202
50,000
0
50,000
266,347
35,918
230,429
$11,458,687
$4,073,822
$7,384,865
I - Project In- progress
N - Complete /Non - Capital
R - Re- budget Next Fiscal Year
X - Project Cancelled
C
E
C
E
R