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Home My WebLink About2010 08 09 Informational 102 Third Quarter Financial Report For 2010 Fiscal Year COMMISSION AGENDA CONSENT INFORMATIONAL X ITEM 102 PUBLIC HEARING REGULAR August 9, 2010 MGR /DEPT (6 Meeting Authorization REQUEST: City Manager and Finance Department transmitting the City's third quarter financial report for the 2010 fiscal year. SYNOPSIS: Transmission of the third quarter financial report for fiscal year 2010 CONSIDERATIONS: • The attached financial statements are unaudited and incorporate fiscal year activity from October 1, 2009 through June 30, 2010. Key points as follows: • The FY2010 budget included funding for $1.162 million capital projects /debt - reductions (Sr. Center loan pay -off) from General Fund reserves. As a result of a front - loading of ad valorem revenue, attrition and constrained spending, the third quarter financials positively reflect an actual appropriation from reserves of approximately $746,411. This positive variance between budget and actual is expected to continue for the remainder of FY2010. • In the Water and Sewer Fund, capital expenditures at June 30 are only 27% of budget due to deferment of projects to future dates which is the primary reason the appropriation to /from fund balance at 6/30/10 is considerably favorable when compared to budget. • Consistent with previous financial /budget discussions, a loan from the General Fund is necessary to sustain the Development Services Fund in fiscal year 2010. As of 6/30/10, an appropriation from fund balance of approximately $320,000 exists and is relatively consistent with the annual budget. The revenue trend is anticipated to be slightly upward as the fiscal year progresses. • In the Stormwater Fund, capital expenditures at June 30 are only 13% of budget and a budgeted transfer to a capital project fund is still pending which are the primary reasons the appropriation to /from fund balance at 6/30/10 is favorable when compared to budget. • FISCAL IMPACT: COMMUNICATION EFFORTS: • Financial Statements have been distributed to Directors, City Manager, Mayor and Commission. RECOMMENDATION: It is recommended that the City Commission receive the attached financial report. ATTACHMENTS: Fiscal year 2010 3rd quarter financial reports - General Fund Water & Sewer Utility Fund Development Services Fund Stormwater Fund • 080910_COMM lnformational_102_FY 10 _Third_Quarter_Financial_Report City of Winter Springs, Florida Quarterly Financial Report General Fund Fiscal Year -to -Date at June 30, 2010 • 75% 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 $4,307,777 100% 99% Franchise Fees 35,000 35,000 32,498 93% 81% Licenses and Permits: Business Tax Receipts 130,000 130,000 111,661 86% 31% Other 18,500 18,500 15,135 82% 53% Intergovernmental: State Revenue Sharing 865,943 865,943 554,630 64% 72% State Half Cent Sales Tax 1,844,156 1,844,156 1,392,616 76% 72% Miscellaneous 219,351 242,562 149,298 62% 63% Grant revenue 0 11,271 0 0% 0% Charges for Services: Parks and Receation 292,036 294,864 174,572 59% 66% Miscellaneous 123,384 123,384 88,828 72% 71% Fines and Forfeitures: Traffic Light Cameras 267,518 267,518 221,923 83% 16% Miscellaneous 231,000 231,000 104,691 45% 56% Miscellaneous 128,102 147,510 139,095 94% 132% Investment Income (includes unbudgeted unrealized gain /loss) 62,500 62,500 122,960 197% 9% Total Revenues $8,530,917 $8,587,635 $7,415,684 86% 82% Expenditures City Commission $112,750 $113,750 $78,438 69% 67% • City Boards 7,770 7,770 3,809 49% 78% City Manager 292,826 293,825 162,333 55% 86% City Clerk 227,455 227,455 157,335 69% 66% Finance 1,269,469 1,297,779 832,057 64% 68% General Government 547,605 566,131 291,645 52% 66% General Services 724,553 721,488 606,239 84% 75% Information Services 1,029,729 1,050,229 773,434 74% 66% Public Works 1,175,151 1,183,283 692,095 59% 54% Community Development 1,649,553 1,680,708 1,123,839 67% 62% Police 7,168,290 7,216,434 5,263,198 73% 68% Fire 0 0 0 0% 447% Parks & Recreation 2,208,422 2,232,978 1,439,969 65% 64% Total Expenditures $16,413,573 $16,591,830 $11,424,391 69% 66% Revenues Over (Under) Expenditures (7,882,656) (8,004,195) (4,008,707) Transfers In 7,446,711 7,373,963 5,421,401 74% 72% Transfers Out (726,328) (726,328) (666,285) 92% 73% Total Transfers 6,720,383 6,647,635 4,755,116 72% 72% Total Revenues Over (Under) Expenditures & Transfers ($1,162,273) ($1,356,560) $746,411 10/1/2009 Beginning Fund Balance (Audited) $8,778,814 Less: Budgeted Operating Coverage at 25% (per Onglnally approved budget) ($3,902,564) Subtotal $4,876,250 • FY 2010 Budgeted Appropriation FROM Fund Balance ($1,356,560) Accumulated Traffic Light Revenues (stated at gross) ($323,302) 9/30/2010 Budgeted Fund Balance - Available for Capital Projects and Economic Development $3,196,388 Informational 102; August 9, 2010; 3rd Qtr Financial Statements City of Winter Springs, Florida Quarterly Financial Report Water & Sewer Utility Fund Fiscal Year -to -Date at June 30, 2010 III 75% 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 $5,410,073 71% 66% Other Revenue 5,200 7,675 5,877 77% 156% Total Operating Revenues $7,683,300 $7,685,775 $5,415,950 71% 66% Operating Expenses Salaries and Benefits $2,472,957 $2,444,957 $1,642,776 67% 69% Materials and Supplies 889,300 985,012 599,529 61% 56% Depreciation and Amortization 20,530 20,530 0 0% 0% Capital 1,665,145 1,644,711 436,525 27% 35% Other Operating Expenses 1,146,300 1,190,300 773,659 65% 66% Total Operating Expenses $6,194,232 $6,285,510 $3,452,489 55% 57% Operating Income (Loss) $1,489,068 $1,400,265 $1,963,461 Nonoperatinq Revenue (Expenses) Investment Income (includes unbudgeted unrealized gain/loss) $28,400 $28,400 $68,850 242% 23% Bond Prinicpal Payments (1,035,000) (1,035,000) (700,000) 68% 68% Interest Expense (891,000) (891,000) (413,809) 46% 49% •otal Nonoperating Revenue (Expense) ($1,897,600) ($1,897,600) ($1,044,959) 55% 61% Income before Contributions and Transfers ($408,532) ($497,335) $918,502 Capital Contributions: Connection Fees 0 0 3,753 100% 1% Transfers In 256,000 256,000 192,000 75% 75% Transfers Out (1,756,385) (1,756,385) (1,317,289) 75% 75% Total Contributions and Transfers (1,500,385) (1,500,385) (1,121,536) 75% 90% Change in Net Assets ($1,908,917) ($1,997,720) ($203,034) • Informational 102; August 9, 2010; 3rd Qtr Financial Statements City of Winter Springs, Florida Quarterly Financial Report Development Services Fund Fiscal Year -to -Date at June 30, 2010 • 75% 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 $209,383 48% 21% Other Revenue 0 0 0 0% 128% Total Operating Revenues $441,000 $441,000 $209,383 48% 21% Operating Expenses Salaries and Benefits $344,241 $344,241 $223,833 65% 69% Materials and Supplies 12,694 12,694 3,753 30% 19% Depreciation and Amortization 0 0 0 0% 0% Capital 0 0 0 0% 39% Other Operating Expenses 35,915 35,915 8,477 24% 23% Total Operating Expenses $392,850 $392,850 $236,063 60% 47% Operating Income (Loss) $48,150 $48,150 ($26,680) Nonoperating Revenue (Expenses) Investment Income (includes unbudgeted unrealized gain/loss) $0 $0 ($211) 100% 16% Total Nonoperating Revenue (Expense) $0 $0 ($211) 100% 16% S come before Contributions and Transfers $48,150 $48,150 ($26,891) Transfers In 25,653 25,653 0 0% 75% Transfers Out (542,127) (542,127) (293,291) 54% 75% Total Contributions and Transfers (516,474) (516,474) (293,291) 57% 75% Change in Net Assets ($468,324) ($468,324) ($320,182) III Informational 102; August 9, 2010; 3rd Qtr Financial Statements City of Winter Springs, Florida Quarterly Financial Report Stormwater Utility Fund Fiscal Year -to -Date at June 30, 2010 III 75% 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 $718,674 69% 67% Other Revenue 10,000 10,000 3,152 32% 140% Total Operating Revenues $1,050,000 $1,050,000 $721,826 69% 68% Operating Expenses Salaries and Benefits $513,795 $513,795 $329,411 64% 66% Materials and Supplies 308,100 308,450 104,002 34% 70% Depreciation and Amortization 0 0 0 0% 0% Capital 220,000 1,832,313 230,818 13% 72% Other Operating Expenses 79,100 78,750 21,841 28% 33% Total Operating Expenses $1,120,995 $2,733,308 $686,072 25% 66% Operating Income (Loss) ($70,995) ($1,683,308) $35,754 Nonoperatinq Revenue (Expenses) Grants $0 $1,612,313 $197,119 12% 0% Investment Income (includes unbudgeted unrealized gain /loss) 5,900 5,900 8,659 147% 28% •otal Nonoperating Revenue (Expense) $5,900 $1,618,213 $205,778 13% 28% Income before Contributions and Transfers ($65,095) ($65,095) $241,532 Transfers In 61,725 61,725 46,294 75% 0% Transfers Out (210,220) (210,220) (82,665) 39% 0% Total Contributions and Transfers (148,495) (148,495) (36,371) 25% 75% Change in Net Assets ($213,590) ($213,590) $205,161 11111 Informational 102; August 9, 2010; 3rd Qtr Financial Statements