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Home My WebLink About2010 02 22 Informational 101 Fiscal Year 2011 First Quarter Financial COMMISSION AGENDA CONSENT INFORMATIONAL X ITEM 101 PUBLIC HEARING REGULAR February 22, 2010 MGR /DEPT K� Meeting A thorization REQUEST: City Manager transmitting the City's fiscal year 2010 1 quarter financial report. SYNOPSIS: Transmission of the 1st quarter financial report for fiscal year 2010 CONSIDERATIONS: The attached financial statements are unaudited and incorporate fiscal year activity from October 1 through December 31, 2009. Key points as follows: • Due to capital and debt - reduction expenditures, the General Fund was originally budgeted to appropriate $1.162 million from fund balance this fiscal year; the first quarter financials reflect an actual appropriation to fund balance of approximately $2.1 million in the first quarter. However, this is due to a front- loading of ad valorem revenues as the vast majority of these revenues are received in the first quarter of the fiscal year. • In the Water and Sewer Fund, the first debt service payment for FY 2010 is not slated until March 2010. • Consistent with previous financial/budget discussions, a loan from the General Fund will likely be necessary to sustain the Development Services Fund in fiscal year 2010. During the first quarter, an appropriation from fund balance of approximately $133,000 exists. This is consistent with the 2010 budget; the revenue trend is anticipated to be slightly upward as the fiscal year progresses. FISCAL IMPACT: N/A COMMUNICATIONS: None RECOMMENDATION: It is recommended that the City Commission receive the attached financial report. 022210_COM M_ Informational_I 01 _FY 10_ 1 st_Qtr_Financial_Report City of Winter Springs, Florida Quarterly Financial Report General Fund Fiscal Year -to -Date December 31, 2009 25% of the Fiscal Year Lapsed Prior FY Original Amended Year -to -Date % Actual to % Actual to Budget Budget Actual Budget Budget Revenues Taxes: Property Taxes $4,313,427 $4,313,427 $3,594,613 83% Franchise Fees 35,000 35,000 6,190 18% Licenses and Permits: Business Tax Receipts 130,000 130,000 89,509 69% Other 18,500 18,500 1,000 5% Intergovernmental: State Revenue Sharing 865,943 865,943 207,986 24% State Half Cent Sales Tax 1,844,156 1,844,156 451,119 25% Miscellaneous 219,351 219,351 31,989 15% Charges for Services: Parks and Receation 292,036 292,036 28,410 10% Miscellaneous 123,384 123,384 22,317 18% Fines and Forfeitures: Traffic Light Cameras 267,518 267,518 44,129 17% Miscellaneous 231,000 231,000 26,036 11% Miscellaneous 128,102 129,477 67,735 52% Investment Income (includes unbudgeted unrealized gain) 62,500 62,500 51,611 83% Total Revenues $8,530,917 $8,532,292 $4,622,644 54% Expenditures City Commission $112,750 $113,750 $23,420 21% City Boards 7,770 7,770 1,475 19% City Manager 292,826 292,826 47,219 16% City Clerk 227,455 227,455 48,086 21% Finance 1,269,469 1,297,779 256,318 20% General Government 547,605 556,605 99,325 18% General Services 724,553 724,553 227,658 31% Information Services 1,029,729 1,050,229 389,327 37% Public Works 1,175,151 1,176,001 209,407 18% Community Development 1,649,553 1,652,228 338,150 21% Police 7,168,290 7,190,644 1,647,995 23% Parks & Recreation 2,208,422 2,215,312 395,974 18% Total Expenditures $16,413,573 $16,505,152 $3,684,354 22% Revenues Over (Under) Expenditures ($7,882,656) ($7,972,860) $938,290 Transfers In $7,446,711 $7,446,711 $1,836,905 25% Transfers Out (726,328) (726,328) (663,557) 91% Total Transfers $6,720,383 $6,720,383 $1,173,348 18% Total Revenues Over (Under) Expenditures & Transfers ($1,162,273) ($1,252,477) $2,111,638 022210 COMM Informational 101 Attachment 1 City of Winter Springs, Florida Quarterly Financial Report Water & Sewer Utility Fund Fiscal Year -to -Date December 31, 2009 25% of the Fiscal Year Lapsed Prior FY Original Amended Year -to -Date % Actual to % Actual to Budget Budget Actual Budget Budget Operating Revenues User Charges $7,678,100 $7,678,100 $1,569,531 20% Other Revenue 5,200 7,675 $2,692 35% Total Operating Revenues $7,683,300 $7,685,775 $1,572,223 21% Operating Expenses Salaries and Benefits $2,472,957 $2,472,957 $522,844 21% Materials and Supplies 889,300 891,775 128,409 14% Depreciation and Amortization 20,530 20,530 0 0% Capital 1,665,145 1,742,145 26,717 2% Other Operating Expenses 1,146,300 1,146,300 239,580 21% Total Operating Expenses $6,194,232 $6,273,707 $917,550 15% Operating Income (Loss) $1,489,068 $1,412,068 $654,673 Nonoperatinq Revenue (Expenses) Investment Income (includes unbudgeted unrealized gain) $28,400 $28,400 $29,784 105% Bond Prinicpal Payments (1,035,000) (1,035,000) 0 0% Interest Expense (891,000) (891,000) (525) 0% Total Nonoperating Revenue (Expense) ($1,897,600) ($1,897,600) $29,259 Income before Contributions and Transfers ($408,532) ($485,532) $683,932 Capital Contributions: Connection Fees $0 $0 $1,036 N/A Developers 0 0 0 N/A Transfers In (inclusive of internal transfer) 256,000 256,000 64,000 25% Transfers Out (inclusive of internal transfer) (1,756,385) (1,756,385) (439,096) 25% Total Contributions and Transfers ($1,500,385) ($1,500,385) ($374,060) 25% Change in Net Assets ($1,908,917) ($1,985,917) $309,872 022210 COMM Informational 101 Attachment 1 City of Winter Springs, Florida Quarterly Financial Report Development Services Fund Fiscal Year -to -Date December 31, 2009 25% of the Fiscal Year Lapsed Prior FY Original Amended Year -to -Date % Actual to % Actual to Budget Budget Actual Budget Budget Operating Revenues User Charges $441,000 $441,000 $76,636 17% Operating Expenses Salaries and Benefits $344,241 $344,241 $77,494 23% Materials and Supplies 12,694 12,694 1,319 10% Other Operating Expenses 35,915 35,915 1,693 5% Total Operating Expenses $392,850 $392,850 $80,506 21% Operating Income (Loss) $48,150 $48,150 ($3,870) Nonoperatinq Revenue (Expenses) Investment Income $0 $0 ($210) N/A Total Nonoperating Revenue (Expense) $0 $0 ($210) N/A Income before Contributions and Transfers $48,150 $48,150 ($4,080) Capital Contributions: Connection Fees $0 $0 $0 0% Developers 0 0 0 0% Transfers In 25,653 25,653 6,413 25% Transfers Out (542,127) (542,127) (135,532) 25% Total Contributions and Transfers ($516,474) ($516,474) ($129,119) 25% Change in Net Assets ($468,324) ($468,324) $133,199) 022210 COMM Informational 101 Attachment 1 City of Winter Springs, Florida Quarterly Financial Report Stormwater Utility Fund Fiscal Year -to -Date December 31, 2009 25% of the Fiscal Year Lapsed Prior FY Original Amended Year -to -Date % Actual to % Actual to Budget Budget Actual Budget Budget Operating Revenues User Charges $1,040,000 $1,040,000 $195,346 19% Other Revenue 10,000 10,000 3,152 32% Total Operating Revenues $1,050,000 $1,050,000 $198,498 19% Operating Expenses Salaries and Benefits $513,795 $513,795 $109,331 21% Materials and Supplies 308,100 308,100 15,087 5% Capital 220,000 220,000 0 0% Other Operating Expenses 79,100 79,100 6,115 8% Total Operating Expenses $1,120,995 $1,120,995 $130,533 12% Operating Income (Loss) ($70,995) ($70,995) $67,965 Nonoperating Revenue (Expenses) Investment Income (includes unbudgeted unrealized gain) $5,900 $5,900 $3,283 56% Total Nonoperating Revenue (Expense) $5,900 $5,900 $3,283 56% Income before Contributions and Transfers ($65,095) ($65,095) $71,248 Capital Contributions: Connection Fees $0 $0 $0 0% Developers 0 0 0 0% Transfers In 61,725 61,725 15,431 25% Transfers Out (210,220) (210,220) (27,555) 13% Total Contributions and Transfers ($148,495) ($148,495) ($12,124) 8% Change in Net Assets ($213,590) ($213,590) $59,124 022210 COMM Informational 101 Attachment 1