Item 4A Financial ReportCity of Atlantic Beach
AGENDA ITEM #4A FINANCIAL REPORT JUNE 8, 2015
April 2015
Cash Balances
Prior Current Dollar Percent
Fund(s) 03/31/15 04/30/15 Change Change
General $ 8,949,430 $ 8,674,628 $ (274,802) -3.07%
Tree Replacement 17,837 19,306 1,469 8.24%
Convention Development Tax 77,142 70,370 (6,772) -8.78%
Local Option Gas Tax 221,107 248,602 27,496 12.44%
Better Jax 1/2 Cent Sales Tax 666,185 704,036 37,851 5.68%
Police Training, Forfeiture, Grants, etc. 139,584 136,135 (3,449) -2.47%
Capital Projects 3,055,777 3,066,568 10,791 0.35%
Utility 5,042,644 5, 174,124 131,480 2.61%
Sanitation 717,950 409,416 (308,534) -42.97%
Building Code Enforcement 1,605,293 1,591,568 (13,725) -0.85%
Storm Water 1,683,905 1,729,451 45,546 2.70%
Pension -Police 6,193 (6,193) -100.00%
Pension -General 85,897 68,769 {17,128} -19.94%
Total $ 22,268,943 $ 21,892,972 $ (375,970) -1.69%
Total Restricted Cash 7,054,738
Total Unrestricted Cash $14,838,235
Cash and Investments
Annual Prior Current Dollar Percent
Account Yield 03/31/15 04/30/15 Change Change
Bank of America -Depository $ 6,437,313 $ 5,963,323 $ (473,989) -7.36%
Delaware Diversified Inc. 2.64% 2,529,136 2,531,332 2,196 0.00%
Hartford Floating Rate Bond A 4.34% 1,538,937 1,556,624 17,687 1.15%
lnvesco Floating Rate A 4.05% 745,662 751,453 5,790 0.78%
MainStay Short Term Duration High Yield A 3.86% 2,611,851 2,637,821 25,970 0.99%
Lord Abbett St Duration Inc A 2.61% 3,007,529 3,017,402 9,872 0.33%
Putnam Diversified Inc. 4.23% 1,677,513 1,688,028 10,514 0.63%
Alliance Limited Duration High Income A 2.96% 1,207,121 1,215,532 8,411 0.70%
Voya Floating Rate 3.73% 2,507,933 2,525,511 17,578 0.00%
MSSB Money MarkeUCash 2,462 2,462 0 0.00%
SBA-Florida Prime 334 334 0 0.01%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 22,268,942 $ 21,892,972 $ (375,970) -1.69%
Police Pension Investments $ 8,829,504 $ 8,876,152 $ 46,648 0.53%
General Pension Investments 15,903,005 15,970,511 67,506 0.42%
Subtotal $ 24,732,509 $ 24,846,663 $ 114,154 0.46%
Total $ 47,001,450 $ 46,739,635 $ (261 ,816) -0.56%
• Denotes the 30 day SEC Yield Anualized
AGENDA ITEM #4A
City of Atlantic Beach JUNE 8,2015
FINANCIAL REPORT
April2015
Revenues
Annual YTD YTD Dollar
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,335,175 $ 6,609,673 $ 8,132,543 $ 1,522,870
Convention Development Tax 88,300 51,499 61,320 9,821
Local Option Gas Tax 435,909 254,275 258,610 4,335
Better Jax 1/2 Ct Sales Tax 714,864 416,997 436,565 19,568
Police Training, Forfeiture & Grants 99,954 57,469 40,042 (17,427)
Grants 91,386 53,305 (53,305)
Capital Projects 230,000 134,155 119,880 (14,275)
Utility 8,303,752 4,843,797 4,960,560 116,763
Sanitation 2,123,709 1 '171 ,584 1,076,675 (94,909)
Building Code Enforcement 446,000 260,148 216,993 (43,155)
Storm Water
Pension -Police
Pension -General
1,135,500 662,368 661,960 (408)
1,440,505 840,280 986,233 145,953
2,127,619 1,241 '100 1,764,397 523,297
Total $ 28,572,673 $ 16,596,650 $ 18,715,778 $ 2, 119,128
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 $1,522,870. 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 $53,305. FDLE withholds initial reimbursements
until certain criteria have been met. In May, FDLE began reimbursing for grant
expenditures. This variance will continue to decrease as the year progresses.
Utility Fund has a positive variance of $116,763. The positive variance is a result of
receiving grant reimbursement in current year for prior year expenditures.
Pension Funds reflect significant, year to date positive variances due to the increased
value of investments, $145,953 for Police Officers and $523,297 for General Employees.
Percent
Variance
23.04%
19.07%
1.70%
4.69%
-30.32%
-100.00%
-10.64%
2.41%
-8.10%
-16.59%
-0.06%
17.37%
42.16%
12.77%
City of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT JUNE 8,2015
April2015
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 41,665 $ 24,276 $ 22,026 $ 2,250
City Administration 2,691,488 1,569,764 1,287,653 282,111
General Government 965,031 495,608 355,757 139,851
Planning and Building 493,820 287,938 249,896 38,042
Public Safety 8,440,668 4,922,511 2,822,228 2,100,283
Recreation and Special Events 364,353 212,464 205,666 6,798
Public Works 8,328,143 4,875,227 3,294,230 1,580,997
Public Utilities 9,263,936 5,930,482 3,790,268 2,140,214
Pension -Police 753,119 439,278 369,347 69,931
Pension -General 957,880 558,740 645,457 (86,717}
Total $ 32,300,103 19,316,288 13,042,528 $6,273,760
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 9,754,374 $ 5,689,422 $ 4,978,653 $ 710,769
Operating Expenses 11,646,312 6,655,472 6,255,806 399,666
Capital Outlay 7,359,569 4,292,994 699,020 3,593,974
Debt Service 2,152,818 1,869,614 286,199 1,583,415
Grants and Aids 38,820 22,357 36,395 (14,038}
Transfers 1,348,210 786,429 786,455 (26}
Total $ 32,300,103 $ 19,316,288 $ 13,042,528 $ 6,273,760
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 $2,100,283 positive variance due primarily to the timing of capital expenditures
related to the new Public Safety building.
Public Works had a positive variance of $1,580,997. 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 $2,140,214. 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 $3,593,974. 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 $1,583,415. The budgeted principal and interest
payments for October of this year were paid on September 30, 2014.
Percent
Variance
9.27%
17.97%
28.22%
13.21%
42.67%
3.20%
32.43%
36.09%
15.92%
-15.52%
32.48%
Percent
Variance
12.49%
6.01%
83.72%
84.69%
-62.79%
0.00%
32.48%
City of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT JUNE8,2015
April2015
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 2,600,000 193,955 2,406,045 s
$2,600,000 $ $ 193,955 $ 2,406,045
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 19,651 16,599 265 I
Effluent Outfall Replacement PU1408 11,625 11,624 1 I
Effluent Pump at WWTP PU1409 14,478 14,478 0 I
Connect A 1 A 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 5,550 13,954 1 I
Lining of Wetwell at Fairway Villas Lift Station PU1506 20,341 6,200 14,141 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 2,990 690 16,321 s
Subtotal $ 1,566,243 $ 189,186 $ 92,956 $ 1 ,284,100
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 36,772 37,180 1,047 s
Dutton Island Road Improvements PM1505 25,000 25,000 s
Marsh Project Pedestrian Path PW1408 97,220 27,249 69,971 0 E
March Overlook & Kayak Launch PW1409 300,000 1,700 298,300 E
Subtotal $ 890,098 $ 173,422 $ 107,151 $ 609,525
Public Works:
Robert Street Ditch PW1404 14,213 14,212 I
Salt Air/Sturdivant Drainage and Sidewalk lmprovmts PW1406 132,700 132,700 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 16,252 16,252 s
Francis Avenue Drainage Improvements (CDBG) PW1502 94,200 94,199 1 E
Begonia Street W 6th toW 9th-Design Only PW1503 30,000 30,000 s
City Hall Parking Lot Lighting -Last Section PW1504 10,000 10,000 s
Subtotal $ 1,524,991 $ 19,923 $ 548,813 $ 956,255
Total $ 6,581,332 $ 382,531 $ 942,875 $ 5,255,926
Status Key
A -Bid/RFP Advertised I -Project In-progress
8 -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