Agenda Item #4A- Financial Report for October 2014City of Atlantic Beach
AGENDA ITEM# 4A FINANCIAL REPORT DECEMBER 8, 2014
October 2014
Cash Balances
Prior Current Dollar Percent
Fund(s) 09/30/14 10/31/14 Change Change
General $ 6,925,797 $ 6,338,811 $ (586,986) -8.48%
Tree Replacement 14,673 14,673 0.00%
Convention Development Tax 58,632 62,297 3,665 6.25%
Local Option Gas Tax 82,381 108,807 26,426 32.08%
Better Jax 1/2 Cent Sales Tax 425,292 454,072 28,780 6.77%
Police Training, Forfeiture, Grants, etc. 161,710 161,187 (523) -0.32%
Community Development Block & ARRA Grants 0.00%
Debt Service 0.00%
Capital Projects 2,990,979 3,000,387 9,408 0.31%
Utility 4,484,645 4,261,887 (222,758) -4.97%
Sanitation 676,623 686,125 9,502 1.40%
Building Code Enforcement 288,882 1,203,626 914,744 316.65%
Storm Water 1,518,181 1,526,898 8,717 0.57%
Pension -Police 9,581 9,899 318 3.32%
Pension -General 27,899 47,168 19,269 69.07%
Total $ 17,665,275 $ 17,875,837 $ 210,562 1.19%
Total Restricted Cash 7,043,036
Total Unrestricted Cash $10,832,801
Cash and Investments
Annual Prior Current Dollar Percent
Account Yield 09/30/14 10/31/14 Change Change
Bank of America -Depository 0.20% $ 1,914,527 $ 2,107,612 $ 193,085 10.09%
Guggenheim Floating Rate A 3.51% * 1,521,915 1,532,070 10,155 0.67%
Hartford Floating Rate Bond A 4.01% * 1,527,314 1,535,500 8,186 0.54%
lnvesco Floating Rate A 3.92% * 1,712,213 1,723,202 10,989 0.64%
MainStay Short Term Duration High Yield A 3.70% * 2,567,593 2,575,311 7,718 0.30%
Lord Abbett St Duration Inc A 2.60% * 2,993,363 2,993,678 315 0.01%
Putnam Diversified Inc. 4.24% * 2,998,316 2,955,468 (42,848) -1.43%
Alliance Limited Duration High Income A 2.89% * 2,424,772 2,442,118 17,346 0.72%
MSSB Money MarkeUCash 0.05% * 1,778 7,394 5,616 0.00%
SBA-Florida Prime 0.16% 334 334 0 0.01%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 17,665,275 $ 17,875,837 $ 210,562 1.19%
Police Pension Investments $ 8,239,137 $ 8,479,431 $ 240,294 2.92%
General Pension Investments 14,891,523 15,321,027 429,504 2.88%
Subtotal $ 23,130,660 $ 23,800,458 $ 669,797 2.90%
Total $ 40,795,935 $ 41,676,295 $ 880,360 2.16%
* Denotes the 30 day SEC Yield Anualized
City of Atlantic Beach
FINANCIAL REPORT
October 2014
AGENDA ITEM # 4A
DECEMBER 8, 2014
Revenues
Annual YTD-8.33% YTD Dollar
Fund I (Footnote) Estimate of Estimate Actual Variance
General $ 11,327,675 $ 943,933 $ 644,178 $ (299,755)
Convention Development Tax 88,300 7,357 10,748 3,391
Local Option Gas Tax 435,909 36,325 39,897 3,572
Better Jax 1/2 Ct Sales Tax 714,864 59,571 54,538 (5,033)
Police Training, Forfeiture & Grants 97,190 8,097 8,128 31
Grants 91,386 7,615 -(7,615)
Capital Projects 230,000 19,165 9,408 (9,757)
Utility 8,303,752 691,971 822,770 130,799
Sanitation 1,801,000 150,081 157,159 7,078
Building Code Enforcement 446,000 37,164 29,415 (7,749)
Storm Water 1,135,500 94,624 93,962 (662)
Pension -Police 1,440,505 120,040 297,913 177,873
Pension -General
Total $
2,127,619 177,300 588,114
28,239,700 $ 2,353,243 $ 2,756,230
Analysis of Major Variances
(Variances >$25,000 AND 1 0.00%)
410,814
$ 402,987
In general, the major variances are created when the actual funds received-to-date are
different from the percentage of the budget elapsed-to-date. Highlighted variance
explanations follow:
General Fund revenues show a net decrease of $299,766. Most of this decrease is due
to the timing of receipt of ad valorem taxes, the majority of which are received in late
November and December, and the quarterly reimbursement by COJ for lifeguard/beach
maintenance and mutual aid assistance. These decreases were partially offset by higher
than anticipated receipt of electric public service taxes from JEA and local business tax
receipts; and timing of the receipt of the annual County allocation of business tax receipts;
and the annual 10% true-up of the prior year's JEA franchise fees.
Utility Fund revenues were higher than anticipated by $130,799. The final cost-share
reimbursement from the SJRWMD for the reuse sanitary sewer project, the annual
antenna tower lease rental payment, and effluent outfall expense reimbursements from
COJB and NB were all received in the month of October.
Pension Funds reflected significant, positive variances this month, $177,873 and
$410,814, respectively, from the increased value of investments.
Percent
Variance
-31.76%
46.09%
9.83%
-8.45%
0.38%
-100.00%
-50.91%
18.90%
4.72%
-20.85%
-0.70%
148.18%
231.71%
17.12%
City of Atlantic Beach
FINANCIAL REPORT
October 2014
AGENDA ITEM# 4A
DECEMBER 8, 2014
Department
Annual
Estimate
Expenses
YTD-8.33%
of Estimate
YTD
Actual
Dollar
Variance
Percent
Variance
Governing Body $ 41,665 $ 3,468 $ 4,082 $ (614) -17.70%
City Administration 2,691,488 224,252 183,836 40,416 18.02%
General Government 642,322 53,513 160,244 (106,731) -199.45%
Planning and Building 493,820 41 '134 34,914 6,220 15.12%
Public Safety 8,437,904 703,103 320,214 382,889 54.46%
Recreation and Special Events 364,353 30,352 44,868 (14,516) -47.83%
Public Works 7,995,120 821,228 367,551 453,677 55.24%
Public Utilities 9,266,750 1,737,933 700,089 1,037,844 59.72%
Pension -Police 753,119 62,754 57,301 5,453 8.69%
Pension -General 957,880 79,820 139,228 (59,408) -74.43%
Total $ 31,644,421 3,757,557 2,012,327 $1,745,230 46.45%
Annual YTD-8.33% YTD Dollar Percent
Resource Allocation Estimate of Estimate Actual Variance Variance
Personnel Services $ 9,754,570 $ 813,170 $ 687,518 $ 125,652 15.45%
Operating Expenses 11,002,516 916,370 940,331 (23,961) -2.61%
Capital Outlay 7,349,487 612,432 249,844 362,588 59.20%
Debt Service 2,152,818 1,300,171 5,283 1,294,888 99.59%
Grants and Aids 36,820 3,067 17,000 (13,933) -454.29%
Transfers 1,348,210 112,347 112,351 (4} 0.00%
Total $ 31,644,421 $ 3,757,557 $ 2,012,327 $ 1,745,230 46.45%
Analysis of Major Variances
(Variances >$25,000 AND 10.00%)
In general, the major variances are a result of timing differences created between the percentage of budget
elapsed-to-date and actual expenditures. Highlighted variance explanations follow:
City Administration positive variance of $40,416 expense savings are related to the Finance Director
vacancy; recognition of the utility bill printing and postage expense for October being recorded on a cash
basis when paid in November; and, the timing of capital outlay expenditures for the IT Department.
General Government had a $106,731 negative variance for the period. Premiums for property and
liability insurance are paid for the fiscal year and expensed in the month of October, while the budget
allocates these expenditures evenly over the entire fiscal year.
Public Safety reflects a $382,889 positive variance due primarily to the timing of capital expenditures
related to the new Public Safety building, the COJ quarterly fire contract expenditures, and seasonality of
lifeguard expenditures.
Public Works positive variance of $463,677 was due to project activity budgeted that has not been
started or completed and the recognition of the sanitation contract hauler expense for October being
recorded on a cash basis when paid in November.
Public Utilities positive variance of $1,037,844 was a combination of savings from debt refunding, offset
by premiums for property insurance paid for the fiscal year and expensed in October.
Pension-General shows a negative $69,408 variance for the period. A change in accounting for the
DROP plans will now reflect expense when the DROP participant terminates service with the City. Due
to the unpredictable nature of terminating participants, budget will vary.
Personnel Services had a $126,654 positive variance for the period. The Finance Director, Public
Safety Director, and patrol vacancies, in addition to savings in the lifeguard division due to seasonality,
contributed to this variance.
Capital Outlay has a positive variance of $362,688. Purchase orders are issued during the first few
months of the fiscal year, with actual capital and project expenditures occurring in the middle or latter part
of the fiscal year.
Debt Service reflects a significant savings of $1,294,888, since debt was refunded and the expenditures
originally budgeted are not being incurred.
City of Atlantic Beach
FINANCIAL REPORT AGENDA ITEM# 4A
October 2014 DECEMBER 8, 2014
Project Activity -Current Year Activity Only
Project YTD YTD
Project Name Number Budget Actual Encumbrances Balance Status
Public Safety:
Design & Construct New Police Building PS1501 2,600,000 2,600,000 s
$ 2,600,000 $ $ $ 2,600,000
Public Utilities:
Reclaim Water Facility PU0805 135,399 89,399 46,000 I
PT Repair at Lift Station C PU1306 6,500 6,500 c
lnline Valve Installation PU1404 36,515 36,515 I
Effluent Outfall Replacement PU1408 11,625 11,625 I
Effluent Pump at WWTP PU1409 14,478 14,478 I
Connect A 1 A at Mallard Cove PU1410 126,662 6,662 120,000 D
Well Logging -6 Wells PU1501 30,000 30,000 s
Update Models PU1502 30,000 30,000 E
Replace WM on Seminole Rd 5-Way to Atlantic Blvd PU1503 700,000 700,000 E
Replace Effluent Outfall Line-Sherman Point (Cost Share) PU1504 320,000 320,000 D
Lining of Wetwell at Mimosa Cove Lift Station PU1505 15,000 15,000 s
Lining of Wetwell at Fairway Villas Lift Station PU1506 15,000 15,000 s
Clean and Televise Effluent Gravity Outfall to ICW PU1507 15,000 15,000 s
Fence/Wall at WWTP PU1508 80,000 80,000 s
Replace Irrigation System With Reuse System PU1509 20,000 20,000 s
Subtotal $ 1,556,179 $ 95,899 $ 115,280 $ 1,345,000
Parks Maintenance:
Rose Park Development PM1302 5,276 5,293 (17) c
Russell Park Tennis Courts 1-2 PM1401 98,136 98,136 c
Electric Gate at Dutton Island Park PM1404 4,466 4,171 295 I
Russell Park Renovation PM1501 250,000 250,000 s
Howell Park Parking Lot lmprovemens PM1502 25,000 25,000 s
Donner Park Playground Lights PM1503 10,000 10,000 s
Bull Park Playground Equipment & Swing PM1504 75,000 75,000 s
Dutton Island Road Improvements PM1505 25,000 25,000 s
Marsh Project Pedestrian Path PW1408 97,220 97,220 E
March Overlook & Kayak Launch PW1409 300,000 300,000 E
Subtotal $ 890,098 $ 107,600 $ 97,220 $ 685,278
Public Works:
Robert Street Ditch PW1404 14,213 14,213 E
Salt Air/Sturdivant Drainage and Sidewalk lmprovmts PW1406 132,700 2,700 130,000 E
Seminole Streetscape PW1407 316,660 66,660 250,000 E
Saltair Drainage Improvements PW1411 250,000 250,000 E
South End of Seminole Road Drainage CIP PW1412 650,000 650,000 E
Batting Cage Mat I Russell Park PW1416 10,966 10,966 c
Bike Racks & Street Lights PW1501 20,000 20,000 s
Francis Avenue Drainage Improvements (CDBG) PW1502 91,386 91,386 E
Begonia Street W 6th to W 9th -Design Only PW1503 30,000 30,000 s
City Hall Parking Lot Lighting -Last Section PW1504 10,000 10,000 s
Subtotal $ 1,525,925 $ 10,966 $ 83,573 $ 1,431,386
Total $ 6,572,202 $ 214,465 $ 296,1)73 $ 6,06~,664
Status Key
A-Bid/RFP Advertised I -Project In-progress
B -Bid Awarded N -Complete/Non-Capital
C -Project Completed R-Re-budget Next Fiscal Year OR Re-Evaluated
D -Design Completed S -Staff Researching
DE -Deferred X -Project Cancelled
E -Design Phase