Item 4A - Financial ReportCity of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT JULY 13, 2015
May 2015
Cash Balances
Prior Current Dollar Percent
Fund(s) 04/30/15 05/31/15 Change Change
General $ 8,674,628 $ 8,385,874 $ (288,753) -3.33%
Tree Replacement 19,306 18,606 (700) -3.63%
Convention Development Tax 70,370 83,903 13,533 19.23%
Local Option Gas Tax 248,602 71,149 (177,453) -71.38%
Better Jax 1/2 Cent Sales Tax 704,036 641,011 (63,025) -8.95%
Police Training, Forfeiture, Grants, etc. 136,135 125,338 (10,797) -7.93%
Capital Projects 3,066,568 3,069,181 2,613 0.09%
Utility 5,174,124 4,962,925 (211 '199) -4.08%
Sanitation 409,416 405,962 (3,454) -0.84%
Building Code Enforcement 1,591,568 343,944 (1,247,625) -78.39%
Storm Water 1,729,451 1,723,595 (5,856) -0.34%
Pension -Police 10,549 6,516 (4,033) 0.00%
Pension -General 68,769 76,414 7,646 11.12%
Total $ 21,903,522 $ 19,914,417 $ (1,989,104) -9.08%
Total Restricted Cash 7,068,899
Total Unrestricted Cash $12,845,518
Cash and Investments
Annual Prior Current Dollar Percent
Account Yield 04/30/15 05/31/15 Change Change
Bank of America-Depository $ 5,973,872 $ 3,956,563 $ (2,017,310) -33.77%
Delaware Diversified Inc. 2.64% 2,531,332 2,527,441 (3,891) 0.00%
Hartford Floating Rate Bond A 4.17% 1,556,624 1,558,277 1,653 0.11%
lnvesco Floating Rate A 4.05% 751,453 753,369 1,916 0.25%
MainStay Short Term Duration High Yield A 3.66% 2,637,821 2,650,954 13,134 0.50%
Lord Abbett St Duration Inc A 2.61% * 3,017,402 3,027,335 9,933 0.33%
Putnam Diversified Inc. 3.97% 1,688,028 1,687,323 (705) -0.04%
Alliance Limited Duration High Income A 2.94% 1,215,532 1,221,639 6,107 0.50%
Voya Floating Rate 3.73% 2,525,511 2,525,569 58 0.00%
MSSB Money MarkeUCash 2,462 2,462 0 0.00%
SBA-Florida Prime 334 334 0 0.02%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 21,903,521 $ 19,914,417 $ (1 ,989, 1 04) -9.08%
Police Pension Investments $ 8,876,152 $ 8,928,684 $ 52,532 0.59%
General Pension Investments 15,970,511 16,049,480 78,969 0.49%
Subtotal $ 24,846,663 $ 24,978,164 $ 131,501 0.53%
Total $ 46,750,183 $ 44,892,581 $ (1,857,603) -3.97%
* Denotes the 30 day SEC Yield Anualized
City of Atlantic Beach
FINANCIAL REPORT
May 2015
AGENDA ITEM #4A
JULY 13, 2015
Revenues
Annual YTD YTD Dollar
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,335,175 $ 7,554,677 $ 8,846,543 $ 1,291,866
Convention Development Tax 88,300 58,856 81,935 23,079
Local Option Gas Tax 435,909 290,600 297,299 6,699
Better Jax 1/2 Ct Sales Tax 714,864 476,568 519,702 43,134
Police Training, Forfeiture & Grants 99,954 65,961 41,695 (24,266)
Grants 91,386 60,920 43,162 (17,758)
Capital Projects 230,000 153,320 130,619 (22,701)
Utility 8,303,752 5,535,768 5,752,648 216,880
Sanitation 2,123,709 1,362,004 1,224,209 (137,795)
Building Code Enforcement 446,000 297,312 272,730 (24,582)
Storm Water
Pension -Police
Pension -General
1,135,500 756,992 760,244 3,252
1,440,505 960,320 1,088,174 127,854
2,127,619 1,418,400 1,928,154 509,754
Total $ 28,572,673 $ 18,991,698 $ 20,987,114 $ 1,995,416
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 $1,291,866. 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.
Utility Fund has a positive variance of $216,880. 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, $127,854 for Police Officers and $509,754 for General Employees.
Percent
Variance
17.10%
39.21%
2.31%
9.05%
-36.79%
-29.15%
-14.81%
3.92%
-10.12%
-8.27%
0.43%
13.31%
35.94%
10.51%
City of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT JULY 13, 2015
May 2015
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 41,665 $ 27,744 $ 25,008 $ 2,736
City Administration 2,691,488 1,794,016 1,497,849 296,167
General Government 965,031 589,460 394,905 194,555
Planning and Building 493,820 329,072 300,609 28,463
Public Safety 8,440,668 5,626,009 3,291,783 2,334,226
Recreation and Special Events 364,353 242,816 239,463 3,353
Public Works 8,328,143 5,565,681 3,847,621 1,718,060
Public Utilities 9,263,936 6,821,800 4,701,148 2,120,652
Pension -Police 753,119 502,032 414,725 87,307
Pension -General 957,880 638,560 721,566 (83,006~
Total $ 32,300,103 22,137,190 15,434,677 $6,702,513
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 9,754,374 $ 6,502,165 $ 5,972,748 $ 529,417
Operating Expenses 11,657,197 7,653,323 6,906,693 746,630
Capital Outlay 7,348,684 4,906,295 846,014 4,060,281
Debt Service 2,152,818 2,150,985 774,021 1,376,964
Grants and Aids 38,820 25,646 36,395 (10,749)
Transfers 1,348,210 898,776 898,806 (30~
Total $ 32,300,103 $ 22,137,190 $ 15,434,677 $ 6,702,513
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 $2,334,226 positive variance due primarily to the timing of capital expenditures
related to the new Public Safety building.
Public Works had a positive variance of $1,718,060. 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 $2,120,652. 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 $4,060,281. 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 $1,376,964. The budgeted principal and interest
payments for October of this year were paid on September 30, 2014.
Percent
Variance
9.86%
16.51%
33.01%
8.65%
41.49%
1.38%
30.87%
31.09%
17.39%
-13.00%
30.28%
Percent
Variance
8.14%
9.76%
82.76%
64.02%
-41.91%
0.00%
30.28%
AGENDA ITEM #4A
City of Atlantic Beach JULY 13,2015
FINANCIAL REPORT
May 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 2,600,000 193,955 2,406,045 E
$2,600,000 $ $ 193,955 $ 2,406,045
Public Utilities:
Reclaim Water Facility PU0805 135,399 127,431 7,968 0 c
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 A1A at Mallard Cove PU1410 126,662 6,024 96,598 24,039 I
Well Logging -6 Wells PU1501 s
Update Models PU1502 60,000 11,838 48,162 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 c
Lining of Wetwell at Fairway Villas Lift Station PU1506 20,341 6,200 14,141 0 c
Clean and Televise Effluent Gravity Outfall to ICW PU1507 15,218 15,218 I
Fence/Wall at WWTP PU1508 80,000 80,000 s
Replace Irrigation System With Reuse System PU1509 20,000 3,755 2,190 14,056 s
Subtotal $ 1,566,243 $ 201,427 $ 178,292 $ 1 '186,524
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 c
Russell Park Renovation PM1501 250,000 755 249,245 A
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 73,953 (0) 1,047 c
Dutton Island Road Improvements PM1505 25,000 25,000 s
Marsh Project Pedestrian Path PW1408 97,220 35,155 62,065 0 E
March Overlook & Kayak Launch PW1409 300,000 1,700 298,300 B
Subtotal $ 890,098 $ 218,508 $ 62,820 $ 608,770
Public Works:
Robert Street Ditch PW1404 14,213 14,212 c
Salt Air/Sturdivant Drainage and Sidewalk lmprovmts PW1406 132,700 18,294 114,406 N
Seminole Streetscape PW1407 316,660 8,957 57,702 250,002 E
Saltair Drainage Improvements PW1411 250,000 35,183 214,817 I
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 9,529 6,723 B
Francis Avenue Drainage Improvements (CDBG) PW1502 94,200 94,699 (499) I
Begonia Street W 6th to W 9th -Design Only PW1503 30,000 30,000 c
City Hall Parking Lot Lighting -Last Section PW1504 10,000 10,000 B
Subtotal $ 1,524,991 $ 73,400 $ 505,365 $ 946,226
Total $ 6,581,332 $ 493,335 $ 940,431 $ 5,147,566
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