HomeMy WebLinkAbout2010 12 13 Informational 101 Fiscal Fourth Quarter Year End Financial Report For 2010 Fiscal Year COMMISSION AGENDA
Consent
ITEM 101 informational X
Public Hearing
Regular
December 13, 2010 MGR. /DEPT.
Regular Meeting thorization
REQUEST: City Manager and Finance Department transmitting the City's fiscal fourth
quarter / year -end financial report for the 2010 fiscal year.
SYNOPSIS: Transmission of the fiscal fourth quartei / year -end financial report for fiscal year
2010.
CONSIDERATIONS:
The attached financial statements are unaudited and incorporate fiscal year activity from
October 1, 2009 through September 30, 2010. Additional year -end adjustments have yet to be
completed, but at this time, the 2010 fiscal year is materially complete (i.e., no additional
material adjustments are anticipated).
Fiscal Year 2010 Financial Highlights:
• General Fund. The original adopted FY2010 General Fund Budget included a $1,162K "net
loss ", primarily due to utilization of General Fund Reserves for Capital Expenditures and for
pay -off of the outstanding balance on the Senior Center Therapy Pool Loan. Additionally,
during FY2010, $440K in General Fund Reserves was appropriated for General Fund costs
related to the employee pension fund. However, due primarily to proactive fiscal
management which resulted in Personnel Cost Savings ("head count" reductions,
reorganizations) and due also to a positive variance in Utility Franchise Fee and CST
Revenues, the General Fund was managed to a "net gain" of $6,400 for FY2010. The
following reflects a high level summary of the major components that contributed to
"overcoming" the budgeted $1,162K "net loss'':
Original FY2010 Budgeted "Net Loss" ($1,162,000)
Additional Utilization of Reserves during FY f .r Pension Costs ($440,000)
Personnel /Operating Expenditures — Net Positive Variance $935,000
(exclusive of Add'1 Pension Costs)
Capital Expenditures — Net Positive Variance $36,000
Electric Franchise & Communication Services Tax Revenues $682,000
Other Revenues /Transfers — Net Negative Variance ($44,600)
Unaudited Actual FY 2010 "Net Gain" $6,400
• Water and Sewer Fund. Capital expenditures at September 30 were approximately 55% of
budget due to project deferments. Aside from capital considerations, the positive budget
variance results from revenues which slightly over - performed (104 %) and expenses /transfers
out which were constrained at 97% of budget.
• Development Services Fund. Consistent with previous financial/budget discussions, a loan
from the General Fund was necessary to sustain the Development Services Fund in fiscal
year 2010. The fiscal 2010 appropriation from fund balance is currently at $330,000 which
is slightly better than budgeted projections of $375K.
• Stormwater Fund. The large favorable differer e between the final amended budget and
actuals results from asset capitalization of approximately $3M. Of this amount, $1,820,000
was contributed capital in the form of land from St John's River Water Management District
(SJRWMD) and $1M was grant - related expenditures for Solary Canals. Additionally, a
$100,000 expenditure which was budgeted for the Administrative Building for Utility/Public
Works was deemed not warranted this fiscal year.
FISCAL IMPACT:
The General Fund will not require any funding out of reserves for FY10 operations.
COMMUNICATION EFFORTS:
This Agenda Item has been forwarded to the Mayor and City Commission; City Manager; City
Attorney /Staff; placed in Press Packets; placed in the City Hall (Lobby) City Commission
Meeting binder; and will be available on the City's Website, LaserFiche, and the City's Server.
Additionally, information related to this Agenda Item has been sent to media/press
representatives who have requested Agendas /Agenda Item information, all Homeowner's
Associations on file with the City, all individuals who have requested Agendas /Agenda Item
information, Department Directors; and also posted outside City Hall; posted inside City Hall
with additional copies available for the general public; and posted at five (5) different locations
around the City.
RECOMMENDATION:
It is recommended that the City Commission review and receive the attached financial report.
ATTACHMENTS:
• Fiscal year 2010 4th Quarter Financial Reports:
• General Fund
• Water & Sewer Utility Fund
• Development Services Fund
• Stormwater Fund
12.13.10_COMM_lnformational_ 101 _FY 10_Fourth_Quarter_Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
General Fund
Fiscal Year -to -Date at September 30, 2010
100% of the 2010 Fiscal Year Lapsed
UNAUDITED Prior FY
Original Amended Sept 30, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Revenues
Taxes:
Property Taxes $4,313,427 $4,313,427 $4,344,729 101% 100%
Franchise Fees 35,000 35,000 40,663 116% 77%
Licenses and Permits:
Business Tax Receipts 130,000 130,000 204,153 157% 71%
Other 18,500 18,500 24,330 132% 72%
Intergovernmental:
State Revenue Sharing 865,943 865,943 893,066 103% 104%
State Half Cent Sales Tax 1,844,156 1,844,156 1,852,200 100% 95%
Miscellaneous 219,351 253,833 253,991 100% 76%
Charges for Services:
Parks and Receation 292,036 294,864 292,974 99% 94%
Miscellaneous 123,384 123,384 131,507 107% 101%
Fines and Forfeitures:
Traffic Light Cameras 267,518 267,518 151,669 57% 51%
Miscellaneous 231,000 231,000 257,020 111% 79%
Miscellaneous 128,102 172,997 280,342 162% 108%
Investment Income (includes unbudgeted
unrealized gain) 62,500 62,500 150,134 240% 10%
Total Revenues $8,530,917 $8,613,122 $8,876,779 103% 94%
Expenditures
City Commission $112,750 $113,750 $105,780 93% 84%
City Boards 7,770 7,770 3,713 48% 93%
City Manager 292,826 283,825 236,433 83% 105%
City Clerk 227,455 227,455 227,847 100% 90%
Finance 1,269,469 1,297,779 1,203,212 93% 92%
GeneralGovemment 547,605 441,131 402,844 91% 85%
General Services 724,553 721,488 681,529 95% 86%
Information Services 1,029,729 1,050,229 1,029,040 98% 85%
Public Works 1,175,151 1,153,383 978,173 85% 80%
Community Development 1,649,553 1,669,437 1,595,877 96% 88%
Police 7,168,290 7,468,126 7,429,920 100% 95%
Parks & Recreation 2,208,422 2,209,025 2,006,007 91% 91%
Total Expenditures $16,413,573 $16,643,398 $15,900,375 96% 91%
Reveres Over (Under) E (7,882656) (8,030,276) = (7,023,596)
Transfers In 7,446,711 7,887,109 7,738,183 98% 97%
Transfers Out (726,328) (700,675) (708,104) 101% 82%
Total Transfers 6,720,383 7,186,434 7,030,079 98% 98%
Taal Revenues Over (Under) _ & Taunters ($1.162,273) ($843,842) $6,483
121310_CO M M_I nformati on a I_101_FY 10_4th_Qtr_Fi na ncia I_Repo rt
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Water & Sewer Utility Fund
Fiscal Year -to -Date at September 30, 2010
100% of the 2010 Fiscal Year Lapsed
UNAUDITED Prior FY
Original Amended Sept 30, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $7,678,100 $7,678,100 $8,014,508 104% 95%
Service Availability $50,190 $50,190 $0 0% N/A
Other Revenue 5,200 7,675 8,053 105% 143%
Total Operating Revenues $7,733,490 $7,735,965 $8,022,561 104% 95%
Operating Expenses
Salaries and Benefits $2,472,957 $2,435,301 $2,307,449 95% 94%
Materials and Supplies 889,300 1,015,862 950,886 94% 85%
Amortization (year -end entry) 20,530 20,530 20,530 N/A N/A
Other Operating Expenses 1,146,300 1,194,731 1,264,666 106% 91%
Total Operating Expenses $4,529,087 $4,666,424 $4,543,531 97% 80%
Operating Income (Loss) 53,204,403 $3.069,541 $3,479,030
Nonoperating Revenue (Expenses)
Investment Income (includes unbudgeted
unrealized gain) $28,400 $28,400 $84,124 296% 19%
Bond Prinicpal Payments (1,035,000) (1,035,000) (1,035,000) 100% 100%
Interest Expense (891,000) (891,000) (870,710) 98% 96%
Total Nonoperating Revenue (Expense) (1,897,600) (1,897,600) (1.821,586)
Income before ConbtuGans and Transfers 31,306,803 _ $1,171,941 31,657,444
Capital Contributions:
Connection Fees $0 $0 $3,753 N/A 6%
Developers 0 0 44,000 N/A N/A
Transfers In (inclusive of internal transfer) 256,000 256,000 264,590 103% 100%
Transfers Out (inclusive of interna transfer) (1,756,385) (1,756,385) (1,695,236) 97% 100%
Total Contributions and Transfers (1,500,385) (1,500,385) (1,382,893) 92% 120%
Chang! in Net Assists (Inclusive or sapit - rued erdrisl ($193,582) ($328,444) = $274,551
Capital (1,665,145) (1,619,086) capitalized 1 N/A N/A
Depreciation (year-end entry) not budgeted not budgeted 1,642,414 N/A N/A
Budgeted approp (Col tae) / Change in Net Assets (1,858,727) (1,947,530) 1 (1,367,863)
1 Capital expenditures totaled approximately $900K; however, this does not serve to reduce net assets since they are capitalized on the balance sheet.
121310_COMM_ Informational_ 101 _FY10_4th_Qtr_Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Development Services Fund
Fiscal Year -to -Date at September 30, 2010
100% of the 2010 Fiscal Year Lapsed
UNAUDITED Prior FY
Original Amended Sept 30, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $441,000 $336,000 $331,061 99% 96%
Operating Expenses
Salaries and Benefits $344,241 $334,241 $297,784 89% 98%
Materials and Supplies 12,694 12,644 5,383 43% 27%
Other Operating Expenses $35,915 $45,965 $37,405 81% 92%
Total Operating Expenses $392,850 $392,850 $340,572 87% 96%
Operafing frame (Loss) $4$,150 ($56,850) ($9,511)
Nonoperating Revenue (Expenses)
Investment Income (includes unbudgeted
unrealized gain) $0 $0 ($211) N/A 153%
Total Nonoperating Revenue (Expense) $0 $0 ($211)
income before Contributions and Transfers $48,150 ($56,850) ($9,722)
Transfers In $25,653 $0 $0 N/A 78%
Transfers Out (542,127) (316,921) (316,863) 100% 100%
Total Contributions and Transfers (516,474) (316,921) (316,863) 100% 105%
Change in Net Assets ($468,324) ($373,771) ($326,585)
Depreciation (year -end entry) not budgeted not budgeted 4,863 N/A N/A
Budgeted approp (ca lea) / Change in Net Assets (468,324) (373,771) (331,448)
121310_COMM_ Informational_ 101 _FY10_4th_Qtr_Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Stormwater Utility Fund
Fiscal Year -to -Date at September 30, 2010
100% of the 2010 Fiscal Year Lapsed
UNAUDITED Prior FY
Original Amended Sept 30, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $1,040,000 $1,040,000 $1,047,278 101% 100%
Other Revenue 10,000 10,000 3,412 34% 140%
Total Operating Revenues $1,050,000 $1,050,000 $1,050,690 100% 100%
Operating Expenses
Salaries and Benefits $513,795 $513,795 $474,550 92% 92%
Materials and Supplies 308,100 301,210 166,383 55% 92%
Other Operating Expenses 79,100 79,690 25,543 32% 44%
Total Operating Expenses $900,995 $894,695 $666,476 75% 84%
Operating Income (Loss) $149005 $155305 $384,214
Nonoperating Revenue (Expenses)
Grants $0 $1,612,313 $1,017,169 63% N/A
Investment Income (includes unbudgeted
unrealized gain) 5,900 5,900 10,978 186% 31%
Total Nonoperating Revenue (Expense) $5,900 $1,618,213 $1,028,147
Income before Contr*utions and Transfers $154,905 *1,773,518 ° $1,412,361
Capital Contributions:
Developers $0 $1,820,000 $1,820,000 N/A N/A
Transfers In 61,725 61,725 61,678 100% 91%
Transfers Out (210,220) (210,220) (110,055) 52% 100%
Total Contributions and Transfers (148,495) 1,671,505 1,771,623 106% 111%
Chimgeil Net Assets $8,410 - $3,445,023 ° -- : $3,183,984
Capital (220,000) (3,658,613) capitalized 1 N/A N/A
Depreciation (year -end entry) not budgeted not budgeted 246,335 N/A N/A
Budgeted approp (col 182) / Change in Net Assets (213,590) ( 2,937,649
1 Capital assets totaled approximately $3M; however, this does not serve to reduce net assets since they are capitalized on the balance sheet.
121310_COM M_I nformational _101_FY10_4th_Qtr_Fina ncial_Report