Item 4A - Financial ReportCity of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT JANUARY 25, 2016
November 2015
Cash Balances
Prior Current Dollar Percent
Fund(s) 10/31/15 11/30/15 Change Change
General $ 6,677,139 $ 6,790,282 $ 113,143 1.69%
Tree Replacement 18,955 18,955 0.00%
Convention Development Tax 104,147 121,735 17,588 16.89%
Local Option Gas Tax 194,752 217,430 22,679 11.65%
Better Jax 1/2 Cent Sales Tax 486,003 480,809 (5,194) -1.07%
Police Training, Forfeiture, Grants, etc. 124,308 90,550 (33,758) -27.16%
Capital Projects 2,732,876 2,787,621 54,745 2.00%
Utility 5,247,133 5,256,472 9,339 0.18%
Sanitation 414,218 417,367 3,149 0.76%
Building Code Enforcement 403,346 417,094 13,749 3.41%
Storm Water 1,613,765 1,620,298 6,533 0.40%
Pension -Police 82,380 95,741 13,361 0.00%
Pension -General 12,541 23,587 11,046 88.08%
Total $ 18,111,563 $ 18,337,941 $ 226,379 1.25%
Total Restricted Cash 7,105,297
Total Unrestricted Cash $11,232,645
Cash and Investments
Prior Current Dollar Percent
Account 10/31/15 11/30/15 Change Change
Bank of America-Depository $ 2,300,474 $ 2,537,914 $ 237,440 10.32%
Delaware Limited-Term Diversified Inc A 2,488,868 2,483,321 (5,547) -0.22%
Global X Gold Explorers ETF 4,168,445 4,169,603 1,158 0.03%
lnvesco Floating Rate A 727,863 720,146 (7,717) -1.06%
Voya Short Term Bond Fund Class A 4,167,119 4,162,016 (5,103) -0.12%
MSSB Money Market/Cash 4,232,821 4,238,963 6,141 0.15%
SBA-Florida Prime 22,822 22,827 5 0.02%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 18,111,563 $ 18,337,941 $ 226,378 1.25%
Police Pension Investments $ 8,795,765 $ 8,887,690 $ 91,925 1.05%
General Pension Investments 15,618,470 15!781 ,008 162,538 1.04%'-
Subtotal $ 24,414,236 $ 24,668,699 $ 254,463 1.04'lfo
Total $ 42,525,797 $ 43,006,640 $ 480,841 1.13%
City of Atlantic Beach AGENDA ITEM # 4A
JANUARY 25, 2016
FINANCIAL REPORT
November 2015
Revenues
Annual YTD YTD Dollar Percent
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,762,799 $ 1,960,396 $ 1,718,091 $
Convention Development Tax 96,307 16,048 34,630
Local Option Gas Tax 461,611 76,934 79,302
Better Jax 1/2 Ct Sales Tax 790,128 131 ,686 133,402
Police Training, Forfeiture & Grants 89,150 14,854 14,120
Grants 650,000 108,332
Capital Projects 855,000 142,496 106,690
Utility 8,335,711 1,389,258 1,465,270
Sanitation 1,840,330 306,718 316,608
Building Code Enforcement 439,134 73,182 76,024
Storm Water
Pension -Police
Pension -General
875,708 145,950 152,328
1,530,544 255,088 590,933
2,336,217 389,368 1,063,744
Total $ 30,062,639 $ 5,010,310 $ 5,751,142 $
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 revenues show a net negative variance of $242,305. Most of this variance
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 variances were partially offset by local
business tax receipts; and timing of the receipt of the annual County allocation of business
tax receipts.
Grant Funds reflected a negative variance of $108,332, Grant revenue is reimbursement
based, revenue will begin being collected in February.
Pension Funds reflected significant, positive variances this month, $335,845 and
$674,376, respectively, from the increased value of investments.
(242,305)
18,582
2,368
1,716
(734)
(108,332)
(35,806)
76,012
9,890
2,842
6,378
335,845
674,376
740,832
Variance
-12.36%
115.79%
3.08%
1.30%
-4.94%
-100.00%
-25.13%
5.47%
3.22%
3.88%
4.37%
131.66%
173.20%
14.79%
City of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT
JANUARY 25, 2016
November 2015
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 40,384 $ 6,724 $ 6,377 $ 347
City Administration 2,544,554 424,016 438,137 (14,121)
General Government 587,118 97,818 62,844 34,974
Planning and Building 607,232 101,172 78,852 22,320
Public Safety 9,414,454 1,568,972 796,819 772,153
Recreation and Special Events 574,568 80,551 48,122 32,429
Public Works 8,491,734 1 ,415,162 839,238 575,924
Public Utilities 10,277,628 1,712,816 2,188,265 (475,449)
Pension -Police 621,607 103,590 108,867 (5,277)
Pension -General 986,941 164,484 388,249 {223,765}
Total $ 34,146,220 5,675,305 4,955,770 $719,535
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 10,194,342 $ 1,699,530 $ 1,507,702 $ 191,828
Operating Expenses 11,375,635 1,896,530 1,428,808 467,722
Capital Outlay 8,964,148 1,477,249 217,230 1,260,019
Debt Service 1,964,401 327,392 1,533,550 (1 ,206, 158)
Grants and Aids 36,820 6,134 6,134
Transfers 1,610,874 268,470 268,480 {10}
Total $ 34,146,220 $ 5,675,305 $ 4,955,770 $ 719,535
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 had a positive variance of $772,153. Most of the variance is the result of the Public Safety
Building project-see Project Activity Schedule.
Public Works had a positive variance of $575,924. 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 negative variance of $475,449. Most of the variance is the result of large debt
payments made in October ($1 ,073, 708).
Pension-General shows a negative $223,765 variance for the period. In October, a large payout of
$207,381.11 was made to a former employee's beneficiary.
Operating Expenses had a positive variance of $467,722. The largest part of the variance is made up of
a quarterly payment made to the City of Jacksonville for the Fire Department.
Capital Outlay had a positive variance of $1,260,019. Most of the capital and project expenditures occur
in the middle to latter part of the fiscal year-see Project Activity Schedule.
Debt Service reflects a negative variance of $1,206,158; this was the result of the largest Public Utility
debt service payment being made in October.
Percent
Variance
5.16%
-3.33%
35.75%
22.06%
49.21%
40.26%
40.70%
-27.76%
-5.09%
-136.04%
12.68%
Percent
Variance
11.29%
24.66%
85.29%
-368.41%
100.00%
0.00%
12.68%
City of Atlantic Beach AGENDA ITEM# 4A
FINANCIAL REPORT JANUARY 25, 2016
November 2015
Project Activity-Current Year Activity Only
Project YTD YTD
Project Name Number Budget Actual Encumbrances Balance Status
Public Safety:
NEW POLICE BLDG-DES/CONST PS1501 3,026,667 133,967 2,892,700
$ 3,026,667 $ $ 133,967 $ 2,892,700
Public Utilities:
INLINE VALVE INSTALLATION PU1404 16,355 16,355 (0) D
EFFLUENT OUTFALL REPLCMT PU1408 2,625 2,625 I
WELL LOGGING-6 WELLS PU1501 130,000 130,000 s
UPDATE MODELS PU1502 23,442 3,020 20,422 I
EFF OUTFALL@ SHERMAN PT PU1504 320,000 320,000 I
WETWLL LINE-MIM COVE LS PU1505 13,954 13,954 (0) I
WETWELL LINE-FAIRWAY V LS PU1506 14,141 14,141 0 I
NORTH FENCE REPLACE WTP2 PU1601 10,000 10,000 E
SOFT STARTS -WTP1, 2 &3 PU1602 48,000 48,000 A
CHLORINE AUTO CONTROL VAL PU1603 31,000 31,000 A
CONTROL BUBBLER SYSTEM PU1604 15,000 15,000 A
REPLACE SEASPRAY H20 SERV PU1605 100,000 100,000 A
ATLANTIC WATER MAIN REPLA PU1606 100,000 100,000 E
SEWER SYSTEM REHAB SEAOAT PU1607 200,000 200,000 E
CONTROL PANEL LIFT STA WW PU1608 19,000 19,000 A
SOFTSTARTS LIFT ST. ABC&D PU1609 55,000 55,000 A
2 POINT REP. EFF GRAV ICW PU1610 30,000 30,000 E
PHORPHOROUS TREATMENT FAC PU1611 225,000 24,833 200,167 I
REPLACE DISKS KRUGER DISF PU1612 6,000 6,000 A
INFLUENT SCREENS (2) PU1613 20,000 20,000 A
REPLACE EFF PUMP #2 PU1614 50,000 50,000 A
REPLACE RAS PUMP & MOTOR PU1615 50,000 50,000 A
REPLAC INFLUENT PUMP WWTP PU1616 22,000 22,000 A
Subtotal $ 1,501,517 $ 3,020 $ 92,330 $ 1 ,406,167
Parks Maintenance:
RUSSELL PK RENOVATION PM1501 233,180 28,813 29,155 175,212 I
DONNER PK PLAYGRND LIGHTS PM1503 6,500 6,146 354 E
BULL PK PLAYGRND EQUIPMT PM1504 35,000 (0) 35,000 I
DUTTON ISLE RD IMPROVMENT PM1505 25,000 24,620 380 E
Subtotal $ 299,680 $ 28,813 $ 59,921 $ 210,946
Public Works:
SAL TAIRISTURDIVAN SIDEWLK PW1406 32,090 2,080 2 30,008 I
SEMINOLE STREET SCAPE PW1407 976,974 25,614 1,359 950,001 D
Marsh Project Ped Path PW1408 56,504 56,504 1 I
SAL TAIR DRAINAGE UPGRADE PW1411 61,707 4,000 (2) 57,709 I
SE SEMINOLE RD DRAIN IMPR PW1412 650,000 650,000 D
BIKE RACKS & STREET LIGHT PW1501 6,789 6,789 I
FRANCIS AVE DRAINAGE IMPR PW1502 650,000 650,000 I
CH PARK LOT LIGHTS-LAST PW1504 9,554 9,554 (0) I
TOWNCENTER IMPR DECK & BR PW1601 40,000 40,000 E
VET PARK PLAYSET PW1602 40,000 40,000 E
Subtotal $ 2,523,618 $ 48,037 $ 57,863 $ 2,417,718
Total $ 7,351,482 $ 79,870 $ 344,080 $ 6,927,531
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