Item 4A - Financial ReportCity of Atlantic Beach AGENDA ITEM :#4A
FINANCIAL REPORT APRIL 13, 2015
February 2015
Cash Balances
Prior Current Dollar Percent
Fund(s) 01/31/15 02/28/15 Change Change
General $ 8,798,938 $ 9,046,449 $ 247,510 2.81%
Tree Replacement 17,588 16,480 (1 ,108} -6.30%
Convention Development Tax 58,060 69,700 11,641 20.05%
Local Option Gas Tax 179,540 206,501 26,960 15.02%
Better Jax 1/2 Cent Sales Tax 563,710 636,119 72,410 12.85%
Police Training, Forfeiture, Grants, etc. 130,046 145,017 14,971 11.51%
Community Development Block & ARRA Grants 0.00%
Debt Service 0.00%
Capital Projects 3,023,279 3,056,814 33,535 1.11%
Utility 4,484,918 4,737,625 252,706 5.63%
Sanitation 699,899 682,917 (16,982} -2.43%
Building Code Enforcement 1,571,465 1,591,336 19,871 1.26%
Storm Water 1,562,363 1,612,544 50,181 3.21%
Pension -Police 10,886 11,727 841 7.73%
Pension -General 74 859 77 996 3 137 4.19%
Total $ 21,175,552 $ 21,891,225 $ 715,674 3.38%
Total Restricted Cash 7,075,692
Total Unrestricted Cash $14,815,533
Cash and Investments
Annual Prior Current Dollar Percent
Account Yield 01/31/15 02/28/15 Change Change
Bank of America -Depository 0.20% $ 5,522,515 $ 6,066,879 $ 544,364 9.86%
Guggenheim Floating Rate A 3.98% 1,534,917 (1 ,534,917} -100.00%
Delaware Diversified Inc. 2.70% 2,525,009 2,525,009 0.00%
Hartford Floating Rate Bond A 4.79% 1,507,312 1,535,833 28,521 1.89%
lnvesco Floating Rate A 4.05% 1,705,698 742,359 (963,338) -56.48%
MainStay Short Term Duration High Yield A 4.58% 2,565,430 2,609,580 44,150 1.72%
Lord Abbett St Duration Inc A 2.76% 2,988,455 2,997,933 9,478 0.32%
Putnam Diversified Inc. 4.43% 2,856,255 1,700,487 (1,155,768} -40.46%
Alliance Limited Duration High Income A 3.55% 2,424,023 1,205,403 (1,218,620} -50.27%
Voya Floating Rate 3.78% 2,502,480 2,502,480 0.00%
MSSB Money MarkeUCash 0.02% 7,395 1,778 (5,616) 0.00%
SBA -Florida Prime 0.19% 334 334 0 0.01%
Cash on Hand 3,150 3 150 0.00%
Subtotal $ 21,115,485 $ 21,891,224 $ 775,742 3.67%
Police Pension Investments $ 8,405,623 $ 8,878,300 $ 472,677 5.62%
General Pension Investments 15 145 784 16 015,438 869 654 5.74%
Subtotal $ 23,551,407 $ 24,893,737 $ 1,342,331 5.70%
Total $ 44,666,890 $ 46,784,962 $ 2,118,072 4.74%
* Denotes the 30 day SEC Yield Anualized
City of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT APRIL 13, 2015
February 2015
Revenues
Annual YTD YTD Dollar
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,335,175 $ 4,719,665 $ 6,839,910 $ 2,120,245
Convention Development Tax 88,300 36,785 46,483 9,698
Local Option Gas Tax 435,909 181,625 189,842 8,217
Better Jax 1/2 Ct Sales Tax 714,864 297,855 325,315 27,460
Police Training, Forfeiture & Grants 99,954 40,485 35,733 (4,752)
Grants 91,386 38,075 (38,075)
Capital Projects 230,000 95,825 92,701 (3,124)
Utility 8,303,752 3,459,855 3,567,746 107,891
Sanitation 2,123,709 790,744 767,507 (23,237)
Building Code Enforcement 446,000 185,820 164,417 (21 ,403)
Storm Water
Pension -Police
Pension -General
1,135,500 473,120 470,045 (3,075)
1,440,505 600,200 888,746 288,546
2 127 619 886 500 1 628 162 741 662
Total $ 28,572,673 $ 11,806,554 $ 15,016,607 $ 3,210,053
Analysis of Major Variances
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 has a positive variance of $2,120,245. Most of the variance is due to the
timing of receipt of ad valorem taxes, the majority of which are received in late November
and December.
Grant Fund has a negative variance of $38,075. Grant revenues are delayed as the initial
reimbursement request is fully audited before the state will disburse funds.
Utility Fund has a positive variance of $107,891. The positive variance is a result of
receiving grant reimbursement in current year for prior year expenditures.
Pension Funds reflected significant, positive variances this period from the increased
value of investments, $288,546 for Police Officers and $741,662 for General Employees.
Percent
Variance
44.92%
26.36%
4.52%
9.22%
-11.74%
-100.00%
-3.26%
3.12%
-2.94%
-11.52%
-0.65%
48.07%
83.66%
27.19%
City of Atlantic Beach AGENDA ITEM# 4A FINANCIAL REPORT APRIL 13,2015
February 2015
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 41,665 $ 17,340 $ 16,075 $ 1,265
City Administration 2,691,488 1 '121 ,260 929,935 191,325
General Government 965,031 307,904 274,093 33,811
Planning and Building 493,820 205,670 174,959 30,711
Public Safety 8,440,668 3,515,515 1,917,407 1,598,108
Recreation and Special Events 364,353 151,760 157,708 (5,948)
Public Works 8,325,329 3,456,135 1,937,390 1,518,745
Public Utilities 9,266,750 4,462,062 2,861,407 1,600,655
Pension-Police 753,119 313,770 247,439 66,331
Pension -General 957,880 399,100 454,035 (54,935}
Total $ 32,300,103 13,950,516 8,970,448 $4,980,068
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 9,754,170 $ 4,064,018 $ 3,530,573 $ 533,445
Operating Expenses 11,644,252 4,659,943 3,991,404 668,539
Capital Outlay 7,361,833 3,066,137 565,579 2,500,558
Debt Service 2,152,818 1,582,904 286,199 1,296,705
Grants and Aids 38,820 15,779 34,940 (19,161)
Transfers 1 348 210 561 735 561 753 (18}
Total $ 32,300,103 $ 13,950,516 $ 8,970,448 $ 4,980,068
Analysis of Major Variances
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:
Public Safety reflected a $1,598,101 positive variance due primarily to the timing of capital expenditures
related to the new Public Safety building.
Public Works had a positive variance of $1,518,745. Most of the variance is the result of project activity
budgeted that has not been started/completed -see Project Activity Schedule.
Public Utilities had a positive variance of $1,600,655. Most of the variance is the result of project activity
budgeted that has not been started/completed -see Project Activity Schedule.
Capital Outlay had a positive variance of $2,500,558. Most of the capital and project expenditures occur
in the middle to latter part of the fiscal year.
Debt Service reflects a significant variance of $1,296,705. The budget for the annual principal payment
was included 100% in October when paid, instead of allocating the amount over twelve months.
Percent
Variance
7.30%
17.06%
10.98%
14.93%
45.46%
-3.92%
43.94%
35.87%
21.14%
-13.76%
35.70%
Percent
Variance
13.13%
14.35%
81.55%
81.92%
-121.43%
0.00%
35.70%
City of Atlantic Beach
FINANCIAL REPORT AG~NDA ITEM #4A
February 2015 APRIL 13, 2015
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 2,600,000 188,702 2,411,298 s
$ 2,600,000 $ $ 188,702 $ 2,411,298
Public Utilities:
Reclaim Water Facility PU0805 135,399 121,330 14,069 0 I
PT Repair at Lift Station C PU1306 6,500 6,500 c
lnline Valve Installation PU1404 36,515 36,514 1 I
Effluent Outfall Replacement PU1408 11,625 11,624 1 I
Effluent Pump at WWTP PU1409 14,478 14,478 0 I
Connect A1A at Mallard Cove PU1410 126,662 650 6,662 119,350 D
Well Logging-6 Wells PU1501 30,000 30,000 s
Update Models PU1502 30,000 11,838 18,162 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 I
Lining of Wetwell at Mimosa Cove Lift Station PU1505 19,505 19,504 1 I
Lining of Wetwell at Fairway Villas Lift Station PU1506 20,341 20,341 0 I
Clean and Televise Effluent Gravity Outfall to ICW PU1507 15,218 15,218 s
Fence/Wall at WWTP PU1508 80,000 80,000 s
Replace Irrigation System With Reuse System PU1509 20,000 2,600 17,400 s
Subtotal $ 1,566,243 $ 131,080 $ 150,247 $ 1,284,916
Parks Maintenance:
Rose Park Development PM1302 5,276 5,293 (17) c
Russell Park Tennis Courts 1-2 PM1401 98,136 98,136 0 c
Electric Gate at Dutton Island Park PM1404 4,466 4,272 194 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 9,824 87,395 0 E
March Overlook & Kayak Launch PW1409 300,000 1,700 298,300 E
Subtotal $ 890,098 $ 119,225 $ 87,395 $ 683,478
Public Works:
Robert Street Ditch PW1404 14,213 14,212 1 I
Salt Air/Sturdivant Drainage and Sidewalk lmprovmts PW1406 132,700 2,700 130,000 E
Seminole Streetscape PW1407 316,660 8,957 57,702 250,002 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 $ 19,923 $ 74,614 $ 1,431,389
Total $ 6,582,266 $ 270,228 $ 500,958 $ 5,811,080
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