HomeMy WebLinkAbout2011 02 14 Informational 103 Transmitting the City's First Quarter Financial Report for 2011 Fiscal Year COMMISSION AGENDA
Consent
ITEM 103 Informational X
Public Hearing
Regu r
February 14, 2011 MGR. /DEPT. •0
Regular Meeting Authorization
REQUEST: City Manager and Finance Department transmitting the City's first quarter
financial report for the 2011 fiscal year.
SYNOPSIS:
Transmission of the first quarter financial report for fiscal year 2011
CONSIDERATIONS:
The attached financial statements are unaudited and incorporate fiscal year activity from
October 1, 2010 through December 31, 2010.
Key points as follows:
General Fund. Due to capital expenditures of $492K and non - recurring costs of $119K to fund
the UCF Incubator and Central Winds General Obligation debt service fund, the General Fund
was originally budgeted to appropriate $539 million from fund balance this fiscal year. The first
quarter financials reflect an actual appropriation to fund balance of approximately $2.2 million.
However, this results from a front - loading of ad valorem revenues as the vast majority of
property tax revenues are received in the first quarter of the fiscal year. Heavy utilization of
budget exists in two departments — Finance and Information Services which results from the
early weighting of insurance premiums and maintenance contracts, respectively.
Water and Sewer Fund. The Water and Sewer Fund was budgeted to appropriate $832K from
fund balance, approximately $165K of this appropriation is due to budgeted construction costs
for the reclaimed water plant in excess of anticipated note and grant proceeds as well as other
capital expenditures approximating $470K. At the end of the first quarter the utility fund has
appropriated $388K to fund balance. This is largely due to the fact that the first FY 2011 debt
service payments of approximately $1.1 million are not slated until March 2011. Also
contributing to the positive budget variance are constrained operating costs and an under - utilized
capital budget at the end of the first quarter.
Development Services Fund. For fiscal years 2009, 2010 and 2011 the General Fund had
prepared to loan the Development Services Fund nearly $700K as a result of a depressed real
estate market. As a result of staff reductions and conservative fiscal management the loans for
2009 and 2010 were reduced to $359K. Although the first quarter revenues appear to be under-
performing, there are a number of projects underway which are expected to lessen or potentially
eliminate the need for a loan for the current year's operations. Those projects which have issued
permits or are nearing the end of the approval process include Hayes Road Plaza, completion of
Jesup's Reserve, and Winter Springs Village.
Stormwater Fund. The favorable difference between budget and actuals at the end of the first
quarter largely results from capital projects which are under - utilized thus far into the fiscal year.
FISCAL IMPACT:
As reported in the attachments
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.
Furthermore, the following has also been completed to further communicate the information in
this Agenda Item:
The financial report has been emailed to all Directors
RECOMMENDATION:
It is recommended that the City Commission review and receive the attached financial report.
ATTACHMENTS:
• Fiscal year 2011 1st Quarter Financial Reports:
• General Fund
• Water & Sewer Utility Fund
• Development Services Fund
• Stormwater Fund
021411_COMM_ Informational _103_FY11_FirstQuarter Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
General Fund
Fiscal Year -to -Date at December 31, 2010
25% of the 2011 Fiscal Year Lapsed
Prior FY
Original Amended Dec 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Revenues
Taxes:
Property Taxes $4,019,472 $4,019,472 $3,376,391 84% 83%
Franchise Fees 30,000 30,000 6,826 23% 18%
Licenses and Permits:
Business Tax Receipts 110,000 110,000 21,744 20% 69%
Other ' 18,500 18,500 5,700 31% 5%
Intergovernmental:
State Revenue Sharing 934,846 934,846 214,913 23% 24%
State Half Cent Sales Tax 1,976,483 1,976,483 452,885 23% 25%
Miscellaneous 34,000 34,000 14,944 44% 15%
Charges for Services:
Parks and Receation 295,200 295,200 27,261 9% 10%
Miscellaneous 142,286 142,286 28,777 20% 18%
Fines and Forfeitures:
Traffic Light Cameras 259,125 259,125 47,822 19% 17%
Miscellaneous 151,000 151,000 23,803 16% 11%
Miscellaneous 143,102 144,378 72,031 50% 52%
Investment Income (may also include unbudgeted
unrealized gains /losses) 62,500 62,500 30,503 49% 83%
Total Revenues $8,176,514 $8,177,790 $4,323,600 53% 54%
Expenditures
City Commission $120,487 $120,487 $27,453 23% 21%
City Boards 845 845 0 0% 19%
City Manager 314,805 314,805 56,605 18% 16%
City Clerk 238,760 238,760 55,224 23% 21%
Finance & Admin - General, Utility Billing 1,387,469 1,397,094 263,637 19% 20%
Finance & Admin - HR, Risk Management 440,555 444,307 204,310 46% 31%
General Government 640,435 636,683 117,916 19% 18%
Information Services 1,148,998 1,148,998 447,026 39% 37%
Public Works 1,244,399 1,245,761 215,919 17% 18%
Community Development 1,601,851 1,601,851 370,498 23% 21%
Police 7,382,137 7,407,052 1,704,125 23% 23%
Parks & Recreation 2,055,183 2,055,891 426,370 21% 18%
Total Expenditures $16,575,924 $16,612,534 $3,889,083 23% 22%
Revenues Over (Under) Expenditures (8,399,410) (8,434,744) 434,517
Transfers In 7,961,622 7,963,588 1,793,643 23% 25%
Transfers Out (100,910) (101,160) (40,727) 40% 91%
Total Transfers 7,860,712 7,862,428 1,752,916 22% 18%
Total Revenues Over (Under) Expenditures & Transfers ($538,698) ($572,316) $2,187,433
021411_CO M M_I nformationa I_103_FY11_1st_Qtr_Fi nan cia (_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Water & Sewer Utility Fund
Fiscal Year -to -Date at December 31, 2010
25% of the 2011 Fiscal Year Lapsed
Prior FY
Original Amended Dec 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $8,298,900 $8,298,900 $1,696,818 20% 20%
Other Revenue 5,000 8,984 4,228 47% 35%
Total Operating Revenues $8,303,900 $8,307,884 $1,701,046 21% 21%
Operating Expenses
Salaries and Benefits $2,414,474 $2,408,639 $519,948 22% 21%
Materials and Supplies 905,300 909,284 139,297 15% 14%
Amortization (year -end entry) 20,530 20,530 0 0% 0%
Capital 5,189,484 5,250,384 36,669 1% 2%
Other Operating Expenses 1,222,600 1,228,600 244,790 20% 21%
Total Operating Expenses $9,752,388 $9,817,437 $940,704 10% 15%
Operating Income (Loss).. "" .h•. 1$1,448,4881 ,.-.,. *($1,509;553} $760,342::;;
Nonoperating Revenue (Expenses)
Investment Income (may also include unbudgeted
unrealized gains /losses) $23,500 $23,500 $17,111 73% 105%
Grants 1,129,000 1,129,000 0 0% N/A
Capital Note Proceeds 2,974,084 2,974,084 0 0% N/A
Bond Principal Payments' (1,060,000) (1,060,000) 0 0% 0%
Interest Expense (856,691) (856,691) (489) 0% 0%
Total Nonoperating Revenue (Expense) 2,209,893 2,209,893 16,622
income before Contributions and Transfers $751 =405 $700 340 $776,964
Capital Contributions:
Connection Fees $0 $0 $6,404 100% N/A
Transfers In (inclusive of internal transfer) 256,000 256,165 64,165 25% 25%
Transfers Out (inclusive of internal transfer) (1,849,785) (1,849,785) (459,342) 25% 25%
Total Contributions and Transfers (1,593,785) (1,593,620) (388,773) 24% 25%
Change in Net Assets (ma reducti €or capita) . wa .
principal reduction) ' as ` „ x ($832, 3 80)` ($893,280) $388,1
1 Capital expenditures and principal payments do not serve to decrease net assets. Additionally, there are year -end entries such as
depreciation expense which are unbudgeted and not included in this report.
021411_COM M_ Informational_ 103 _FY11_1st_Qtr_Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Development Services Fund
Fiscal Year -to -Date at December 31, 2010
25% of the 2011 Fiscal Year Lapsed
Prior FY
Original Amended Dec 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $446,000 $446,000 $69,223 16% 17%
Operating Expenses
Salaries and Benefits $324,043 $324,043 $65,497 20% 23%
Materials and Supplies 10,311 10,311 1,073 10% 10%
Other Operating Expenses 27,145 27,145 619 2% 5%
Total Operating Expenses $361,499 $361,499 $67,189 19% 21%
Operating Income (Loss) $84,501 $84,501 $2,034
Nonoperating Revenue (Expenses)
Investment Income (may also include unbudgeted
unrealized gains /losses) $0 $0 $0 N/A N/A
Total Nonoperating Revenue (Expense) $0 $0 $0 N/A N/A
Income before Contributions and Transfers $84,501 $84,501 $2,034
Transfers In $0 $0 $0 N/A 25%
Transfers Out (318,251) (318,251) (79,563) 25% 25%
Total Contributions and Transfers (318,251) (318,251) (79,563) 25% 25%
Change in Net Assets (may include reductions for capital,
principal reduction) ($233,750) ($233,750) ($77,529)
021411_COM M_Informational_ 103 _FY11_lst_Qtr_Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report - Unaudited
Stormwater Utility Fund
Fiscal Year -to -Date at December 31, 2010
25% of the 2011 Fiscal Year Lapsed
Prior FY
Original Amended Dec 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $1,050,000 $1,050,000 $193,181 18% 19%
Other Revenue 10,000 10,000 10,326 103% 32%
Total Operating Revenues $1,060,000 $1,060,000 $203,507 19% 19%
Operating Expenses
Salaries and Benefits $541,287 $541,391 $113,072 21% 21%
Materials and Supplies 301,100 301,100 15,893 5% 5%
Capital' 1,326,500 1,035,276 47,685 5% 0%
Other Operating Expenses 72,800 72,800 21,532 30% 8%
Total Operating Expenses $2,241,687 $1,950,567 $198,183 10% 12%
Operating Income (Loss) ($1,181,687) ($890,567) $5,324
Nonoperating Revenue (Expenses)
Investment Income (may also include unbudgeted
unrealized gains /losses) $4,000 $4,000 $2,756 69% 56%
Grant Revenue 1,100,000 682,831 67,642 10% N/A
Total Nonoperating Revenue (Expense) $1,104,000 $686,831 $70,398 10% 56%
Income before Contributions and Transfers ($77,687) ($203,736) $75,722
Transfers In 65,729 65,833 16,536 25% 25%
Transfers Out (138,649) (138,649) (34,662) 25% 13%
Total Contributions and Transfers (72,920) (72,816) (18,126) 25% 8%
Change in Net Assets (may include reductions for capital,
principal reduction) ($150,607) ($276,552) $57,596
1 Capital expenditures and principal payments do not serve to decrease net assets. Additionally, there are year -end entries such as
depreciation expense which are unbudgeted and not included in this report.
021411_COM M_i nformationa I_103_FY11_lst_Qtr_Fi na ncia (_Report