HomeMy WebLinkAbout2010 05 10 Informational 102 Transmitting the City's Fiscal Year 2010 2nd Quarter Financial Report COMMISSION AGENDA
CONSENT
INFORMATIONAL X
ITEM 2 PUBLIC HEARING
REGULAR
May 10, 2010 MGR /DEPT 16 "
Meeting A thorization
REQUEST: City Manager and Finance Department transmitting the City's fiscal year
2010 2 " quarter financial report.
SYNOPSIS:
Transmission of the 2nd quarter financial report for fiscal year 2010
CONSIDERATIONS:
The attached financial statements are unaudited and incorporate fiscal year activity from October
1, 2009 through March 31, 2010.
Key points as follows:
• Due to approved capital and debt - reduction expenditures, the General Fund was
originally budgeted to appropriate $1.162 million from fund balance this fiscal year; the
second quarter financials reflect an actual appropriation to fund balance of approximately
$1.6 million due to a front - loading of ad valorem revenues.
• In the Water and Sewer Fund, capital expenditures at March 31 are 9% of budget which
is the primary reason the appropriation from fund balance at 3/31/10 is well below
budget.
• Consistent with previous financial/budget discussions, a loan from the General Fund may
be necessary to sustain the Development Services Fund in fiscal year 2010. As of
3/31/2010, an appropriation from fund balance of approximately $275,224 exists. The
revenue trend is anticipated to be slightly upward as the fiscal year progresses.
FISCAL IMPACT:
Revenues and Expenditures are on budget through March 31, 2010. However, Development
Services and the Water and Sewer Funds will be monitored closely through 3 Quarter to
determine if corrective actions will be necessary in Fiscal Year 2010.
COMMUNICATION EFFORTS:
Financial Statements have been distributed to Directors, City Manager, Mayor and Commission.
05101 0_COMM_Informational_102 FY10_2nd_Qtr Financial_Report
RECOMMENDATION:
It is recommended that the City Commission receive the attached financial report.
ATTACHMENTS:
Fiscal year 2010 2nd quarter financial reports -
General Fund
Water & Sewer Utility Fund
Development Services Fund
Stormwater Fund
05101 0_COMM Informational_102_FY10 2nd Qtr Financial_Report
City of Winter Springs, Florida
Quarterly Financial Report
General Fund
Fiscal Year -to -Date at March 31, 2010
411 50% of the 2010 Fiscal Year Lapsed
Prior FY
Original Amended March 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Revenues
Taxes:
Property Taxes $4,313,427 $4,313,427 $3,869,868 90% 89%
Franchise Fees 35,000 35,000 13,921 40% 44%
Licenses and Permits:
Business Tax Receipts 130,000 130,000 101,932 78% 26%
Other 18,500 18,500 8,975 49% 25%
Intergovernmental:
State Revenue Sharing 865,943 865,943 415,973 48% 54%
State Half Cent Sales Tax 1,844,156 1,844,156 924,823 50% 49%
Miscellaneous 219,351 243,780 140,174 58% 53%
Charges for Services:
Parks and Receation 292,036 292,364 94,290 32% 35%
Miscellaneous 123,384 123,384 58,401 47% 48%
Fines and Forfeitures:
Traffic Light Cameras 267,518 267,518 130,666 49% 0%
Miscellaneous 231,000 231,000 61,293 27% 34%
Miscellaneous 128,102 134,069 100,379 75% 126%
Investment Income (includes unbudgeted
unrealized gain) 62,500 62,500 89,187 143% 7%
Total Revenues $8,530,917 $8,561,641 $6,009,881 70% 68%
Expenditures
City Commission $112,750 $113,750 $49,473 44% 44%
ity Boards 7,770 7,770 2,775 36% 47%
City Manager 292,826 292,826 98,867 34% 40%
City Clerk 227,455 227,455 96,426 42% 44%
Finance 1,269,469 1,297,779 536,324 41% 41%
General Government 547,605 569,129 177,702 31% 50%
General Services 724,553 724,553 413,771 57% 56%
Information Services 1,029,729 1,050,229 583,863 56% 51%
Public Works 1,175,151 1,181,079 444,285 38% 39%
Community Development 1,649,553 1,667,197 737,504 44% 40%
Police 7,168,290 7,203,802 3,430,209 48% 45%
Parks & Recreation 2,208,422 2,216,456 904,526 41% 40%
Total Expenditures $16,413,573 $16,552,025 $7,475,725 45% 44%
toe 1s ,IROMPIO _ `; t `. Fintri § ` MY
Transfers In 7,446,711 7,446,711 3,697,772 50% 48%
Transfers Out (726,328) (726,328) (673,968) 93% 30%
Total Transfers 6,720,383 6,720,383 3,023,803 45% 49%
f „,� ., g
10/1/2009 Beginning Fund Balance (Audited) $8,778,814
Less:
Budgeted Operating Coverage at 25% ($3,902,564)
Subtotal $4,876,250
4Ir 2010 Budgeted Appropriation FROM Fund Balance ($1,270,001)
cumulated Traffic Light Revenues (stated at gross) ($323,302)
9/30/2010 Budgeted Fund Balance - Available for Capital Projects
and Economic Development $3,282,947
051010_COMM_ Informational _102_FY10_2nd_Qtr_Fina ncial_Report
City of Winter Springs, Florida
Quarterly Financial Report
Water & Sewer Utility Fund
Fiscal Year -to -Date at March 31, 2010
• 50% of the 2010 Fiscal Year Lapsed
Prior FY
Original Amended March 31, 2010 % Actual to % Actual to
Budget Budget Actual Budget Budget
Operating Revenues
User Charges $7,678,100 $7,678,100 $3,366,117 44% 41%
Other Revenue 5,200 7,675 5,877 77% 155%
Total Operating Revenues $7,683,300 $7,685,775 $3,371,994 44% 41%
Operating Expenses
Salaries and Benefits $2,472,957 $2,472,957 $1,038,257 42% 44%
Materials and Supplies 889,300 891,775 351,143 39% 37%
Amortization (year -end entry) 20,530 20,530 0 0% 0%
Capital 1,665,145 1,742,145 155,324 9% 15%
Other Operating Expenses 1,146,300 1,146,300 480,247 42% 43%
Total Operating Expenses $6,194,232 $6,273,707 $2,024,971 32% 34%
;;"1:111+�
Nonoperating Revenue (Expenses)
Investment Income (includes unbudgeted
unrealized gain) $28,400 $28,400 $50,579 178% 18%
Bond Prinicpal Payments (1,035,000) (1,035,000) (700,000) 68% 68%
Interest Expense (891,000) (891,000) (413,318) 46% 49%
Q taI Nonoperating Revenue (Expense) (1,897,600) (1,897,600) (1,062,739) 56% 62%
' 1 ".
Capital Contributions:
Connection Fees $0 $0 $1,036 N/A 1%
Transfers In (inclusive of intemal transfer) 256,000 256,000 128,000 50% 50%
Transfers Out (inclusive of intemal transfer) (1,756,385) (1,756,385) (878,193) 50% 50%
Total Contributions and Transfers (1,500,385) (1,500,385) (749,157) 50% 60%
051010_COM M_Informational_ 102 _FY10_2nd_Qtr_Financial_Report
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