Item 6A - Monthly Legal Report for March 2018 and Financial Report April 2018City of Atlantic Beach
FINANCIAL REPORT
April 2018
Cash Balances
Prior Current Dollar Percent
Fund(s) 03/31/18 04/30/18 Change Change
General
Tree Replacement
Convention Development Tax
Local Option Gas Tax
Better Jax 1/2 Cent Sales Tax
Police Training, Forfeiture, Grants, etc.
Capital Projects
Utility
Building Code Enforcement
Storm Water
Pension - Police
Pension - General
Account
$ 8,845,551
$ 8,581,371 $
(264,179)
-2.99%
74,023
74,023
-
0.00%
253,456
249,215
(4,242)
-1.67%
256,525
272,591
16,066
6.26%
820,177
817,828
(2,349)
-0.29%
54,566
48,724
(5,841)
-10.71%
291,746
316,912
25,166
8.63%
8,137,845
8,331,777
193,933
2.38%
632,615
645,136
12,520
1.98%
1,751,315
1,794,619
43,304
2.47%
11,223,451
11,355,625
132,174
0.00%
19,088,758
19,104,485
15,726
0.08%
Total $ 51,430,028
$ 51,592,305 $
162,278
0.32%
Total Restricted Cash 39,134,907
Total Unrestricted Cash $12,457,398
Bank of America - Depository
Corporate Fixed Income - Morgan Stanley
Government Securitites - Morgan Stanley
Cash, BDP, MMF - Morgan Stanley
SBA - Florida Prime
Cash on Hand
Subtotal
Police Pension Investments
General Pension Investments
Subtotal
Total
Cash and Investments
Prior Current Dollar
03/31/18 04/30/18 Change
$ 5,722,106
$ 5,917,353 $
195,247
5,018,359
5,086,944
68,585
11,060,893
10,726,666
(334,227)
62,259
298,927
236,668
23,363
23,401
38
3,150
3,150
-
$ 21,890,130
$ 22,056,441 $
166,311
Percent
Change
3.41%
1.37%
-3.02%
380.13%
0.16%
0.00%
$ 10,693,609 $ 10,697,255 $ 3,646 0.03%
18,846,289 18,838,609 (7,680) -0.04%
$ 29,539,898 $ 29,535,864 $ (4,034) -0.01%
$ 51,430,028 $ 51,592,305 $ 162,278 0.32%
City of Atlantic Beach
FINANCIAL REPORT
April 2018
Revenues
Annual YTD YTD Dollar Percent
Fund / (Footnote) Estimate Estimate Actual Variance Variance
General
Convention Development Tax
Local Option Gas Tax
Better Jax 1/2 Ct Sales Tax
Police Training, Forfeiture & Grants
Capital Projects
Utility
Sanitation
Building Code Enforcement
Storm Water
Pension - Police
Pension - General
$ 12,829,454
$ 7,483,658
$ 9,396,365
$ 1,912,707
25.56%
138,366
80,710
63,044
(17,666)
-21.89%
471,901
275,275
271,687
(3,588)
-1.30%
939,898
548,268
604,663
56,395
10.29%
87,636
51,093
26,747
(24,346)
-47.65%
333,569
194,579
176,594
(17,985)
-9.24%
9,345,264
5,451,320
5,156,797
(294,523)
-5.40%
1,925,541
1,123,220
1,127,330
4,110
0.37%
531,587
310,079
366,536
56,457
18.21%
1,482,003
864,500
668,822
(195,678)
-22.63%
1,113,197
649,334
973,753
324,419
49.96%
2,595,711
1,514,156
1,532,383
18,227
1.20%
Total $ 31,794,127
$ 18,546,192
$ 20,364,721
$ 1,818,529
9.81%
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 $ 1,912,707. Most of this
variance is due to the timing of receipt of ad valorem taxes, the majority of which are
received in December.
Utility Fund reflected a negative variance of $ 294,523. Variance is only -5.4%. Mostly
composed to smaller amounts in multiple revenue accounts.
Pension Funds reflected positive variances of $ 324,419. This variance is a result of
market performance above the 7% assumed rate of return.
City of Atlantic Beach
FINANCIAL REPORT
Expenses
Annual YTD YTD Dollar Percent
Department Estimate Estimate Actual Variance Variance
Governing Body
City Administration
General Government
Planning and Building
Public Safety
Recreation and Beautification
Public Works
Public Utilities
Pension - Police
Pension - General
$ 47,760 $
27,832 $
26,087 $
(1,745)
-6.27%
2,888,987
1,684, 991
1,604,810
80,181
4.76%
2,116,407
1,260,222
1,040,158
220,064
17.46%
972,832
570,227
422,289
147,938
25.94%
6,146,304
3,577,534
3,296,535
280,999
7.85%
1,404,703
819,217
616,842
202,375
24.70%
5,952,781
4,238,782
3,884,557
354,225
8.36%
10,606,693
6,186,810
4,938,632
1,248,178
20.17%
730,851
426,286
437,189
(10,903)
-2.56%
1,398,424
815,717
713,468
102,249
12.53%
Total $ 32,265,742 $
19,607,618 $
16,980,567 $
2,623,561
13.38%
Annual YTD YTD Dollar Percent
Resource Allocation Estimate Estimate Actual Variance Variance
Personnel Services
$ 10,938,208 $
6,425,482 $
5,810,244 $
615,238
9.57%
Operating Expenses
12,857,421
8,346,849
7,139,090
1,207,759
14.47%
Capital Outlay
4,741,000
2,660,009
1,301,050
1,358,959
51.09%
Debt Service
2,005,868
1,170,064
1,724,955
(554,891)
-47.42%
Transfers
1,723,245
1,005,214
1,005,228
(14)
0.00%
Total $ 32,265,742 $
19,607,618 $
16,980,567 $
2,627,051
13.40%
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 $220,064. Majority of the variance consists of the new Enterprise Software
Project which was advertised 4/18, the balance is salary lapse.
Public Safety had a positive variance of $280,999. 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.
Recreation and Beautification had a positive variance of $202,375. Majority of the variance consists of contractual services.
Public Works had a positive $354,225 variance for the period. Most of the variance is the result of project activity budgeted that
has not been started/completed.
Public Utilities had a positive $1,248,178 variance for the period. Most of the variance is the result of project activity budgeted
that has not been started/completed.
Personnel Services had a positive variance of $615,238. Variance is a result of salary lapse.
Operating Expenses had a positive variance of $1,207,759. 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 $1,358,959. Most of the capital and project expenditures occur in the middle to latter
part of the fiscal year.
Debt Service had a negative variance of ($554,891). The variance is the result of the City's largest annual debt payment being
paid on October 18t