Item 4A- Financial Report for May 2016... City of Atlantic Beach AGENDA ITEM 4A
FINANCIAL REPORT JUNE 27,2016
May 2016
Cash Balances
Prior Current Dollar Percent
Fund(s) 04/30/16 05/31/16 Change Change
General $ 8,885,074 $ 7,880,820 $ (1 ,004,253) -11.30%
Tree Replacement 26,470 26,470 0.00%
Convention Development Tax 107,556 99,758 (7,798) -7.25%
Local Option Gas Tax 326,658 351,534 24,876 7.62%
Better Jax 1/2 Cent Sales Tax 606,550 647,324 40,775 6.72%
Police Training, Forfeiture, Grants, etc. 129,555 140,036 10,481 8.09%
Capital Projects 3,088,792 3,711,999 623,207 20.18%
Utility 6,363,165 6,374,379 11,214 0.18%
Sanitation 461,474 464,355 2,881 0.62%
Building Code Enforcement 458,231 464,266 6,034 1.32%
Storm Water 1,760,847 1,794,452 33,605 1.91%
Pension -Police 143,312 156,865 13,553 0.00%
Pension -General 67965 88,759 20,794 30.59%
Total $ 22,425,649 $ 22,201,017 $ (224,631) -1.00%
Total Restricted Cash 7,231,593
Total Unrestricted Cash $14,969,424
Cash and Investments
Prior Current Dollar Percent
Account 04/30/16 05/31/16 Change Change
Bank of America -Depository $ 6,521,310 $ 6,268,325 $ (252,985) -3.88%
Delaware Limited-Term Diversified Inc A 2,523,445 2,526,878 3,433 0.14%
Global X Gold Explorers ETF 4,188,064 4,210,115 22,051 0.53%
lnvesco Floating Rate A 737,571 743,422 5,852 0.79%
Voya Short Term Bond Fund Class A 4,189,925 4,186,932 (2,994) -0.07%
MSSB Money MarkeUCash 4,239,314 4,239,314 0.00%
SBA -Florida Prime 22,869 22,880 12 0.05%
Cash on Hand 3,150 3,150 0.00%
Subtotal $ 22,425,649 $ 22,201,017 $ (224,631) -1.00%
Police Pension Investments $ 8,918,469 $ 9,007,677 $ 89,208 1.00%
General Pension Investments 15,620,319 15,800,290 179,971 1.15%
Subtotal $ 24,538,788 $ 24,807,967 $ 269,179 1.10%
Total $ 46,964,435 $ 47,008,984 $ 44,548 0.09%
AGENDA ITEM 4A
JUNE 27, 2016
City of Atlantic Beach
FINANCIAL REPORT
May 2016
Revenues
Annual YTD YTD Dollar
Fund I (Footnote) Estimate Estimate Actual Variance
General $ 11,762,799 $ 7,841,584 $ 9,105,833 $ 1,264,249
Convention Development Tax 96,307 64,192 60,156 (4,036)
Local Option Gas Tax 461,611 307,736 309,611 1,875
Better Jax 1/2 Ct Sales Tax 790,128 526,744 539,593 12,849
Police Training, Forfeiture & Grants 89,150 64,648 61,923 (2,725)
Grants -CDBG 650,000 433,328 (433,328)
Capital Projects 855,000 685,044 1,121,230 436,186
Utility 8,335,711 5,557,032 5,709,206 152,174
Sanitation 1,840,330 1,226,872 1,303,519 76,647
Building Code Enforcement 439,134 292,728 338,890 46,162
Storm Water 875,708 583,800 622,664 38,864
Pension -Police 1,530,544 1,020,352 1,069,275 48,923
Pension -General 2,336,217 1,557,472 1,809,090 251,618
Total $ 30,062,639 $ 20,161,532 $ 22,050,990 $ 1,889,458
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 $1,264,249. 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 $433,328, Grant revenue is reimbursement
based, revenue was billed in April and will be collected in May.
Capital Project Fund reflected a positive variance of $436,186. This variance is a result of
a mid year budget modification and subsequent transfer of funding to the Public Safety
Building Project.
Percent
Variance
16.12%
-6.29%
0.61%
2.44%
-4.22%
-100.00%
63.67%
2.74%
6.25%
15.77%
6.66%
4.79%
16.16%
9.37%
City of Atlantic Beach
FINANCIAL REPORT
May 2016
Expenses
Annual YTD
Department Estimate Estimate
Governing Body $ 40,384 $ 26,896 $
City Administration 2,418,498 1,696,064
General Government 5,115,740 4,317,200
Planning and Building 1,337,724 947,984
Public Safety 5,813,259 3,904,654
Recreation and Beautification 1,286,900 998,699
Public Works 5,368,085 3,693,048
Public Utilities 10,070,138 6,846,264
Pension -Police 621,607 414,360
Pension -General 986,941 657,936
Total $ 33,059,276 $ 23,503,105 $
Annual YTD
Resource Allocation Estimate Estimate
Personnel Services $ 10,198,510 $ 6,770,397 $
Operating Expenses 11,089,341 7,654,157
Capital Outlay 8,159,330 6,095,267
Debt Service 1,964,401 1,309,568
Grants and Aids 36,820 24,536
Transfers 1,610,874 1,649,180
Total $ 33,059,276 $ 23,503,105 $
Analysis of Major Variances
YTD
Actual
28,517 $
1,609,812
1,316,428
572,918
3,422,836
953,050
2,635,351
5,212,268
397,854
933,588
17,082,622 $
YTD
Actual
6,249,556 $
6,058,950
1,127,105
1,964,401
33,390
1,649,220
17,082,622 $
AGENDA ITEM 4A
JUNE 27, 2016
Dollar Percent
Variance Variance
(1 ,621) -6.03%
86,252 5.09%
3,000,772 69.51%
375,066 39.56%
481,818 12.34%
45,649 4.57%
1,057,697 28.64%
1,633,996 23.87%
16,506 3.98%
(275,652) -41.90%
6,420,483 27.32%
Dollar Percent
Variance Variance
520,841 7.69%
1,595,207 20.84%
4,968,162 81.51%
(654,833) -50.00%
(8,854) -36.09%
(40} 0.00%
6,420,483 27.32%
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 $3,000,772. 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 $375,066. 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 $481 ,818. Majority of the variance consists of positive variances in Salaries, City of
Jacksonville Fire Contract that is billed quarterly and Lifeguard Salaries that expense in the summer.
Public Works had a positive variance of $1,057,697. 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 $1,633,996 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 $275,652 variance for the period. In October, a large payout of $207,381.11 was made to a
fonmer employee's beneficiary.
Operating Expenses had a positive variance of $1,595,207. Various contractual services contribute to this balance. The largest
contracts are the Fire Contract (COJ), Sanitation Contract, and Road Paving.
'
Capital Outlay had a positive variance of $4,968,162. 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 $654,833; this was the result of the largest Public Utility debt service payment being
made in October.
City of Atlantic Beach AGENDA ITEM 4A
FINANCIAL REPORT JUNE 27, 2016
May 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 $ 61,844 $ 5,980 $ 165,356 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 3,601,967 69,881 3,532,086
SALTAIRISTURDIVAN SIDEWLK PW1406 32,090 2,080 2 30,008 I
SEMINOLE STREET SCAPE 1 PW1407 258,092 7,684 11,383 239,025 D
MARSH PROJECT PED PATH PW1408 56,504 12,075 44,429 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 540,000 820 458,840 80,340
Subtotal $ 4,884,676 $ 189,559 $ 4,069,954 $ 625,163
Planing, Zoning & Building
FRANCIS AVE DRAINAGE IMPR PW1502 650,000 145,155 492,942 11,903
Subtotal $ 650,000 $ 145 155 $ 492,942 $ 11,903
Public Works:
SEMINOLE STREET SCAPE 1 PW1407 $ 13,487 $ 12,807 $ 680 $ 0 D
SAL TAIR DRAINAGE UPGRADE PW1411 61,707 4,000 (2) 57,709 I
SE SEMINOLE RD DRAIN IMPR PW1412 650,000 650,000 D
Subtotal $ 725194 $ 16 807 $ 678 $ 707 709
Public Utilities:
INLINE VALVE INSTALLATION PU1404 $ 16,355 $ 16,253 $ $ 102 D
EFFLUENT OUTFALL REPLCMT PU1408 2,625 3,653 (1,028) I
WELL LOGGING-6 WELLS PU1501 130,000 130,000 s
UPDATE MODELS PU1502 23,442 16,831 6,611 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
SOFT STARTS -WTP1, 2 &3 PU1602 48,000 552 (1) 47,449 A
CHLORINE AUTO CONTROL VAL PU1603 31,000 356 23,441 7,202 A
CONTROL BUBBLER SYSTEM PU1604 15,000 172 14,828 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 13,853 4,929 A
SOFTSTARTS LIFT ST. ABC&D PU1609 55,000 6,310 13,821 34,869 A
2 POINT REP. EFF GRAV ICW PU1610 30,000 30,000 E
PHORPHOROUS TREATMENT FAG PU1611 225,000 17,658 7,174 200,167 I
REPLACE DISKS KRUGER DISF PU1612 6,000 5,999 1 A
INFLUENT SCREENS (2) PU1613 20,000 230 0 19,770 A
REPLACE EFF PUMP #2 PU1614 50,000 575 0 49,425 A
REPLACE RAS PUMP & MOTOR PU1615 50,000 575 49,425 A
REPLAC INFLUENT PUMP WWTP PU1616 22,000 253 21,747 A
SEMINOLE STREET SCAPE 1 PW1407 705,395 5,123 11,247 689,025 D
Subtotal $ 2,206,912 $ 181,457 $ 103,213 $ 1,922,242
Total $ 8,466,782 $ 532,977 $ 4,666,787 $ 3,267,018
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 $976,974