Item 4A - Financial ReportCity of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT OCTOBER 26, 2015
August 2015
Cash Balances
Prior Current Dollar Percent
Fund(s) 07/31/15 08/30/15 Change Change
General $ 7,967,494 $ 7,560,547 $ (406,946) -5.11%
Tree Replacement 19,001 18,955 (46) -0.24%
Convention Development Tax 95,643 98,593 2,950 3.08%
Local Option Gas Tax 118,586 144,674 26,089 22.00%
Better Jax 1/2 Cent Sales Tax 646,049 678,858 32,810 5.08%
Police Training, Forfeiture, Grants, etc. 135,829 145,948 10,118 7.45%
Capital Projects 3,042,939 2,896,626 (146,312) -4.81%
Utility 5,661,761 5,897,775 236,014 4.17%
Sanitation 391,306 393,212 1,906 0.49%
Building Code Enforcement 395,106 409,620 14,514 3.67%
Storm Water 1,782,024 1,809,979 27,955 1.57%
Pension -Police 4,730 4,730 0.00%
Pension -General 73,857 73,787 (70} -0.09%
Total $ 20,334,323 $ 20,133,305 $ (201 ,018) -0.99%
Total Restricted Cash 7,064,486
Total Unrestricted Cash $13,068,819
Cash and Investments
Prior Current Dollar Percent
Account 07/31/15 08/30/15 Change Change
Bank of America -Depository $ 4,412,236 $ 4,291,232 $ (121 ,004) -2.74%
Alliance Limited Duration High Income A 1,213,884 1,205,820 (8,064) -0.66%
Delaware Diversified Inc. 2,500,365 2,485,240 (15,125) 0.00%
Guggenheim Floating Rate Strategies Fund 4,203,200 4,181,533 (21 ,667) 100.00%
lnvesco Floating Rate A 746,351 738,472 (7,879) -1.06%
Voya Floating Rate 4,206,066 4,189,726 4,189,726 0.00%
Lord Abbett St Duration Inc A 3,019,298 3,008,152 3,008,152 99.63%
MSSB Money Market/Cash 6,967 7,168 202 0.00%
SBA-Florida Prime 22,808 22,813 5 0.02%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 20,334,323 $ 20,133,305 $ 7,024,346 34.54%
Police Pension Investments $ 9,135,163 $ 8,650,609 $ (484,554) -5.30%
General Pension Investments 16,398,657 15,466,545 (932, 112} -5.68%
Subtotal $ 25,533,820 $ 24,117,154 $ (1,416,666) -5.55%
Total $ 45,868,142 $ 44,250,459 $ 5,607,680 12.23%
City of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT OCTOBER 26, 2015
August 2015
Revenues
Annual YTD YTD Dollar Percent
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,335,175 $ 10,389,689 $ 10,598,264 $
Convention Development Tax 88,300 80,927 117,874
Local Option Gas Tax 435,909 399,575 410,824
Better Jax 1/2 Ct Sales Tax 714,864 655,281 703,313
Police Training, Forfeiture & Grants 99,954 91,437 89,964
Grants 91,386 83,765
Capital Projects 230,000 210,815 135,081
Utility 8,303,752 7,611,681 7,913,614
Sanitation 2,123,709 1,933,264 1,678,118
Building Code Enforcement 446,000 408,804 424,786
Storm Water
Pension -Police
Pension -General
1,135,500 1,040,864 1,030,082
1,440,505 1,320,440 956,113
2,127,619 1,950,300 1,604,037
Total $ 28,572,673 $ 26,176,842 $ 25,662,070 $
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:
Utility Fund has a positive variance of $301,933. The positive variance is a result of
receiving grant reimbursement in current year for prior year expenditures.
Pension Funds reflect, year to date negative variances to estimated revenue due to a
sharp decrease in market value based on the events effecting the global economy and all
investments worldwide. Year to date negative variance is $364,327 for Police Officers
and $346,263 for General Employees. In August alone the actual market values
decreased $440,583 for Police and $853,116 for the General Employees.
208,575
36,947
11,249
48,032
(1 ,473)
(83,765)
(75,734)
301,933
(255,146)
15,982
(10,782)
(364,327)
346,263
(514,772)
Variance
2.01%
45.65%
2.82%
7.33%
-1.61%
-100.00%
-35.92%
3.97%
-13.20%
3.91%
-1.04%
-27.59%
-17.75%
-1.97%
City of Atlantic Beach
AGENDA ITEM #4A FINANCIAL REPORT OCTOBER 26, 2015
August2015
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 41,665 $ 38,148 $ 35,687 $ 2,461
City Administration 2,691,488 2,466,772 2,134,724 332,048
General Government 965,031 871,016 528,779 342,237
Planning and Building 586,267 452,474 420,973 31,501
Public Safety 8,440,668 7,736,503 4,824,486 2,912,017
Recreation and Special Events 364,353 333,870 312,107 21,763
Public Works 8,328,143 7,637,044 5,593,031 2,044,013
Public Utilities 9,263,936 8,653,003 6,042,862 2,610,141
Pension -Police 753,119 690,294 583,441 106,853
Pension -General 957,880 878,020 983,011 (104,991}
Total $ 32,392,550 29,757,144 21,459,101 $8,298,043
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 9,727,030 $ 8,917,348 $ 8,212,335 $ 705,013
Operating Expenses 11,777,863 10,664,305 9,275,365 1,388,940
Capital Outlay 7,347,809 6,751,814 1,923,186 4,828,628
Debt Service 2,152,818 2,152,347 2,050,465 101,882
Grants and Aids 38,820 35,513 38,335 (2,822)
Transfers 1,348,210 1,235,817 1,235,859 (42}
Total $ 32,392,550 $ 29,757,144 $ 22,735,545 $ 7,021,599
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 $2,912,017 positive variance due primarily to the timing of capital expenditures
related to the new Public Safety building.
Public Works had a positive variance of $2,044,013. 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 $2,610,141. 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 $4,828,882. Most of the capital and project expenditures occur
in the middle to latter part of the fiscal year.
Percent
Variance
6.45%
13.46%
39.29%
6.96%
37.64%
6.52%
26.76%
30.16%
15.48%
-11.96%
27.89%
Percent
Variance
7.91%
13.02%
71.52%
4.73%
-7.95%
0.00%
23.60%
City of Atlantic Beach AGENDA ITEM# 4A FINANCIAL REPORT OCTOBER 26, 2015
August 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 46,368 170,587 2,383,045 E
$2,600,000 $ 46,368 $ 170,587 $ 2,383,045
Public Utilities:
Reclaim Water Facility PU0805 135,399 133,686 1,713 c
lnline Valve Installation PU1404 36,515 19,651 16,355 509 I
Effluent Outfall Replacement PU1408 11,625 1 '107 10,517 1 I
Connect A 1A at Mallard Cove PU1410 126,662 92,356 34,306 I
Well Logging -6 Wells PU1501 s
Update Models PU1502 48,000 11,838 35,191 971 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 14,658 560 I
Fence/Wall at WWTP PU1508 80,000 80,000 s
Replace Irrigation System With Reuse System PU1509 11,000 9,714 1,286 s
Subtotal $ 1,524,265 $ 294,761 $ 90,158 $ 1 '139,346
Parks Maintenance:
Electric Gate at Dutton Island Park PM1404 4,466 4,272 194 c
Russell Park Renovation PM1501 250,000 18,677 189,161 42,162 A
Howell Park Parking Lot lmprovemens PM1502 15,000 15,000 s
Donner Park Playground Lights PM1503 10,000 10,000 s
Bull Park Playground Equipment & Swing PM1504 75,000 74,300 (0) 700 c
Dutton Island Road Improvements PM1505 23,500 23,500 s
Marsh Project Pedestrian Path PW1408 97,220 40,716 56,504 0 E
March Overlook & Kayak Launch PW1409 311,500 311,483 17 B
Subtotal $ 786,686 $ 449,449 $ 245,665 $ 91,573
Public Works:
Salt Air/Sturdivant Drainage and Sidewalk lmprovmts PW1406 132,700 82,391 48,609 1,700 N
Seminole Streetscape PW1407 316,660 39,685 26,973 250,002 E
Saltair Drainage Improvements PW1411 250,000 158,447 91,553 I
South End of Seminole Road Drainage CIP PW1412 650,000 650,000 E
Bike Racks & Street Lights PW1501 16,252 2,740 6,789 6,723 B
Francis Avenue Drainage Improvements (CDBG) PW1502 94,200 94,699 (500) 1 I
Begonia Street W 6th toW 9th -Design Only PW1503 30,000 30,000 c
City Hall Parking Lot Lighting -Last Section PW1504 10,000 9,554 446 B
Subtotal $ 1,499,812 $ 377,963 $ 182,978 $ 938,871
Total $ 6,410,763 $ 1,168,540 $ 689,388 $ 4,552,835
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