Item 4A - Financial ReportCity of Atlantic Beach AGENDA ITEM #4A
FINANCIAL REPORT APRIL 25, 2016
March 2016
Cash Balances
Prior Current Dollar Percent
Fund(s) 02/29/16 03/31/16 Change Change
General $ 9,585,226 $ 9,401,973 $ (183,253) -1.91%
Tree Replacement 26,470 26,470 0.00%
Convention Development Tax 122,656 115,189 (7 ,466) -6.09%
Local Option Gas Tax 286,854 304,626 17,771 6.20%
Better Jax 1/2 Cent Sales Tax 501,823 517,420 15,598 3.11%
Police Training, Forfeiture, Grants, etc. 119,751 108,510 ( 11,240) -9.39%
Capital Projects 2,986,410 3,034,812 48,402 1.62%
Utility 6,022,066 6,304,748 282,683 4.69%
Sanitation 421,188 453,015 31,827 7.56%
Building Code Enforcement 464,017 453,809 (1 0,208) -2.20%
Storm Water 1,693,930 1,748,783 54,853 3.24%
Pension -Police 125,720 138,831 13,111 0.00%
Pension -General 52,107 55,589 3,482 6.68%
Total $ 22,408,217 $ 22,663,776 $ 255,559 1.14%
Total Restricted Cash 7,180,389
Total Unrestricted Cash $15,483,387
Cash and Investments
Prior Current Dollar Percent
Account 02/29/16 03/31/16 Change Change
Bank of America-Depository $ 6,654,241 $ 6,820,113 $ 165,872 2.49%
Delaware Limited-Term Diversified Inc A 2,504,730 2,516,890 12,159 0.49%
Global X Gold Explorers ETF 4,131,373 4,161,309 29,935 0.72%
lnvesco Floating Rate A 695,457 720,477 25,020 3.60%
Voya Short Term Bond Fund Class A 4,157,245 4,179,734 22,489 0.54%
MSSB Money Market/Cash 4,239,173 4,239,245 72 0.00%
SBA-Florida Prime 22,846 22,858 11 0.05%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 22,408,217 $ 22,663,776 $ 255,559 1.14%
Police Pension Investments $ 8,853,249 $ 8,856,909 $ 3,659 0.04%
General Pension Investments 15,624,700 15,610,046 (14,654} -0.09%
Subtotal $ 24,477,949 $ 24,466,955 $ (10,995) -0.04%
Total $ 46,886,165 $ 47,130,730 $ 244,565 0.52%
AGENDA ITEM #4A
City of Atlantic Beach APRIL 25, 2016
FINANCIAL REPORT
March 2016
Revenues
Annual YTD YTD Dollar Percent
Fund I (Footnote) Estimate Estimate Actual Variance Variance
General $ 11,762,799 $ 5,881,188 $ 7,814,141 $
Convention Development Tax 96,307 48,144 59,753
Local Option Gas Tax 461,611 230,802 231,035
Better Jax 112 Ct Sales Tax 790,128 395,058 390,358
Police Training, Forfeiture & Grants 89,150 46,800 39,612
Grants -CDBG 650,000 324,996
Capital Projects 855,000 427,488 440,377
Utility 8,335,711 4,167,774 4,295,292
Sanitation 1,840,330 920,154 985,876
Building Code Enforcement 439,134 219,546 259,288
Storm Water
Pension -Police
Pension -General
875,708 437,850 469,230
1,530,544 765,264 762,125
2,336,217 1,168,104 1,280,445
Total $ 30,062,639 $ 15,033,168 $ 17,027,532 $
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 positive variance of $1,932,953. Most of this variance
is due to the timing of receipt of ad valorem taxes, the majority of which are received in
December.
Grant Funds reflected a negative variance of $324,996. This variance is made up entirely
of CDBG Grant Activity. The grant recently kicked off, expenditures and reimbursements
will begin to cycle in as the project progresses.
1,932,953 32.87%
11,609 24.11%
233 0.10%
(4,700) -1.19%
(7,188) -15.36%
(324,996) -100.00%
12,889 3.02%
127,518 3.06%
65,722 7.14%
39,742 18.10%
31,380 7.17%
(3, 139) -0.41%
112,341 9.62%
1,994,364 13.27%
AGENDA ITEM #4A
APRIL 25, 2016
City of Atlantic Beach
FINANCIAL REPORT
March 2016
Expenses
Annual YTD YTD Dollar
Department Estimate Estimate Actual Variance
Governing Body $ 40,384 $ 20,172 $ 21,030 $ (858)
City Administration 2,418,498 1,272,048 1,170,564 101,484
General Government 5,115,740 2,720,130 587,048 2,133,082
Planning and Building 1,337,724 702,034 310,234 391,800
Public Safety 5,813,259 2,926,620 2,600,170 326,450
Recreation and Beautification 1,286,900 744,467 551,147 193,320
Public Works 5,368,085 2,769,786 1,948,971 820,815
Public Utilities 10,070,138 5,135,948 3,957,710 1,178,238
Pension -Police 621,607 310,770 292,169 18,601
Pension -General 986,941 493,452 759,040 (265,588)
Total $ 33,059,276 $ 17,095,427 $ 12,198,083 $ 4,897,344
Annual YTD YTD Dollar
Resource Allocation Estimate Estimate Actual Variance
Personnel Services $ 10,198,510 $ 5,090,172 $ 4,485,805 $ 604,367
Operating Expenses 11,089,341 5,721,816 4,694,556 1,027,260
Capital Outlay 8,159,330 4,477,451 649,777 3,827,674
Debt Service 1,964,401 982,176 1,533,550 (551,374)
Grants and Aids 36,820 18,402 28,955 (10,553)
Transfers 1,610,874 805,410 805,440 {30)
Total $ 33,059,276 $ 17,095,427 $ 12,198,083 $ 4,897,344
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:
General Government had a positive variance of $2,133,082. Most of the variance is the result of the Capital Project Fund -Public
Safety Building, Francis Ave Drainage and Marsh Preserve Path projects-see Project Activity Schedule.
Planning and Building had a positive variance of $391,800. Most of the variance is the result of the Francis Ave Drainage
Improvement Project (CDBG Grant)-see Project Activity Schedule.
Public Safety had a positive variance of $326,450. Majority of the variance consists of positive variances in Salaries ($250, 137).
Lifeguard Salaries total ($85,055), these salaries expense in the summer.
Public Works had a positive variance of $820,815. 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 $1,178,238 variance for the period. Most of the variance is the result of project activity budgeted that
has not been started/completed -see Project Activity Schedule
Pension-General shows a negative $265,588 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 $1,027,260. Various contractual services make up $784,190 of this balance. The
largest contracts are the Fire Contract (COJ), Tipping Contract, and Road Paving.
Capital Outlay had a positive variance of $3,827,674. 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 $551,374; this was the result of the largest Public Utility debt service payment being
made in October.
Percent
Variance
-4.25%
7.98%
78.42%
55.81%
11.15%
25.97%
29.63%
22.94%
5.99%
-53.82%
28.65%
Percent
Variance
11.87%
17.95%
85.49%
-56.14%
-57.35%
0.00%
28.65%
AGENDA ITEM #4A
City of Atlantic Beach APRIL 25, 2016
FINANCIAL REPORT
March 2016
Project Activity-Current Year Activity Only
Project YTD YTD
Project Name Number Budget Actual Encumbrances Balance Status
General Government
RUSSELL PK RENOVATION PM1501 $ 233,180 $ 55,588 $ 8,636 $ 168,956 I
DONNER PK PLAYGRND LIGHTS PM1503 6,500 6,146 354 E
BULL PK PLAYGRND EQUIPMT PM1504 35,000 5,300 (0) 29,700 I
DUTION ISLE RD IMPROVMENT PM1505 25,000 7,386 17,234 380 E
NEW POLICE BLDG-DES/CONST PS1501 3,026,667 66,881 67,086 2,892,700
SALTAIRISTURDIVAN SIDEWLK PW1406 32,090 2,080 2 30,008 I
SEMINOLE STREET SCAPE 1 PW1407 258,092 7,684 408 250,000 D
MARSH PROJECT PED PATH PW1408 56,504 11,635 44,869 1 I
BIKE RACKS & STREET LIGHT PW1501 6,789 6,789 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
MARSH PRESERVE PATH PHZ-1 PW1603 540,000 595 539,405 I
Subtotal $ 4,309,376 $ 179,637 $ 138,235 $ 3,991,504
Planing, Zoning & Building
FRANCIS AVE DRAINAGE IMPR PW1502 650,000 638,097 11,903
Subtotal $ 650,000 $ $ 638,097 $ 11,903
Public Works:
SEMINOLE STREET SCAPE 1 PW1407 $ 13,487 $ 12,807 $ 680 $ 0 D
SALTAIR DRAINAGE UPGRADE PW1411 61,707 4,000 (2) 57,709 I
SE SEMINOLE RD DRAIN IMPR PW1412 650,000 650,000 D
Subtotal $ 725,194 $ 16,807 $ 678 $ 707,709
Public Utilities:
INLINE VALVE INSTALLATION PU1404 $ 16,355 $ 16,253 $ $ 102 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 12,837 10,605 I
EFF OUTFALL@ SHERMAN PT PU1504 320,000 64 319,936 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 9,295 705 E
SOFTSTARTS -WTP1,2&3 PU1602 48,000 552 1,288 46,160 A
CHLORINE AUTO CONTROL VAL PU1603 31,000 356 24,273 6,371 A
CONTROL BUBBLER SYSTEM PU1604 15,000 172 402 14,426 A
REPLACE SEASPRAY H20 SERV PU1605 100,000 97,339 2,661 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 19,000 218 14,362 4,420 A
SOFTSTARTS LIFT ST. ABC&D PU1609 55,000 633 1,476 52,891 A
2 POINT REP. EFF GRAV ICW PU1610 30,000 30,000 E
PHORPHOROUS TREATMENT FAG PU1611 225,000 9,405 15,428 200,167 I
REPLACE DISKS KRUGER DISF PU1612 6,000 5,999 1 A
INFLUENT SCREENS (2} PU1613 20,000 230 537 19,232 A
REPLACE EFF PUMP #2 PU1614 50,000 575 1,341 48,084 A
REPLACE RAS PUMP & MOTOR PU1615 50,000 575 1,341 48,085 A
REPLAC INFLUENT PUMP WWTP PU1616 22,000 253 590 21 '158 A
SEMINOLE STREET SCAPE 1 PW1407 705,395 5,123 272 700,000 D
Subtotal $ 2,206,912 $ 150,584 $ 111,930 $ 1,944,399
Total $ 7,891,482 $ 347,028 $ 888,939 $ 6,655,515
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
1 -Seminole Road Street Scape Project totals $976,97 4