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Home My WebLink About2009 02 09 Regular 608 Review Format For Quarterly Financial StatementsCOMMISSION AGENDA ITEM 608 Consent Informational Public Hearing X February 9, 2009 Regular Meeting REQUEST: City Manager requesting the Commission to review the proposed format for City Quarterly Financial Statements and provide input as deemed appropriate. PURPOSE: This agenda item is needed for the Commission to review the proposed format for City Quarterly Financial Statements and provide input as deemed appropriate. CONSIDERATIONS: At the January 12, 2009 Commission meeting, the City Manager indicated to the Commission that staff would begin the important process of providing regular, periodic Financial Reports to the Commission. The Commission requested that staff come back with a draft of the proposed Financial Statements prior to implementation. Accordingly, a draft of the proposed Financial Statements is attached herein for Commission consideration. Please be aware that this project is in the evolution stage and a good deal of work remains in order to provide a functional and useful product. However, in light of the potential financial challenges facing us, I believe it is important that we continue discussions on this matter "sooner rather than later." Included in this draft format are Financial Statements for the General Fund and Enterprise Funds, i.e., the City's main operating funds. My plan is to also include a summary of our many Special Revenue Funds (including LOGT and Impact Fees), Debt Service Funds, and our Pension Fund. Also, an extremely important component of this report will be a Narrative Section which will address significant trends, variances, etc. FUNDING: None. RECOMMENDATION: The City Manager recommends that the City Commission review the proposed format for its Quarterly Financial Statements and provide any direction it deems appropriate. ATTACHMENTS: • Draft Quarterly Financial Statements COMMISSION ACTION: City of Winter Springs, Florida Quarterly Financial Report General Fund Fiscal Year-to-Date December 31, 2008 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 $4,791,529 $4,791,529 $3,907,289 82% Franchise Fees 40,000 40,000 8,397 21% Utility Tax - - - 0% Licenses and Permits: Business Tax Receipts 170,000 170,000 28,550 17% Other 32,000 32,000 2,700 8% Intergovernmental: State Revenue Sharing 995,117 912,217 236,225 26% State Half Cent Sales Tax 2,252,028 2,141,678 503,939 24% Miscellaneous 44,500 53,776 14,337 27% Charges for Services: Parks and Receation 376,800 292,072 23,765 8% Miscellaneous 134,046 134,046 24,420 18% Fines and Forfeitures: Traffic Light Cameras 325,000 325,000 - 0% Miscellaneous 245,000 245,000 33,933 14% Miscellaneous 126,001 185,883 133,734 72% Investment Income 393,000 393,000 17,687 5% Total Revenues $9,925,021 $9,716,201 $4,934,976 51% Expenditures City Commission $174,550 $174,550 $44,561 26% City Boards 8,945 8,945 1,314 15% City Manager 303,188 303,188 65,280 22% City Clerk 277,665 277,665 62,086 22% Finance 1,208,180 1,242,122 263,629 21 General Government 719,795 719,795 139,177 19% General Services 1,027,367 1,050,887 334,684 32% Information Services 1,145,719 1,227,309 437,125 36% Public Works 1,279,135 1,279,214 267,940 21 Community Development 1,783,900 1,806,549 339,377 19% Police 7,097,164 7,133,459 1,681,768 24% Fire 13,530 13,530 60,639 448% Parks & Recreation 2,315,473 2,283,390 441,121 19% Total Expenditures $17,354,611 $17,520,603 $4,138,701 24% Revenues Over (Under) Expenditures (7,429,590) (7,804,402) 796,275 Transfers In 7,607,466 7,607,466 1,828,977 24% Transfers Out (105,681) (105,681) (71,420) 68% Total Transfers 7,501,785 7,501,785 1,757,557 23% Total Revenues Over (Under) Expenditures & Transfers $72,195 ($302,617) $2,553,832 City of Winter Springs, Florida Quarterly Financial Report Water & Sewer Utility Fund Fiscal Year-to-Date December 31, 2008 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 $7,709,500 $7,709,657 $1,370,515 18% Other Revenue 4,000 4,000 5,369 134% Total Operating Revenues $7,713,500 $7,713,657 $1,375,884 18% Operating Expenses Salaries and Benefits $2,447,837 $2,447,994 $555,911 23% Materials and Supplies 952,600 948,600 142,333 15% Depreciation and Amortization 20,530 20,530 0 0% Capital 1,954,404 1,973,932 13,017 1 Other Operating Expenses 1,192,950 1,230,807 173,385 14% Total Operating Expenses $6,568,321 $6,621,863 $884,646 13% Operating Income (Loss) $1,145,179 $1,091,794 $491,238 Nonoperating Revenue (Expenses) Investment Income $105,650 $105,650 $10,379 10% Bond Prinicpal Payments (990,000) (990,000) 0 0% Interest Expense (886,525) (886,525) (2,199) 0% Gain (Loss) on Disposal of Capital Assets 0 0 0 #DIV/0! Total Nonoperating Revenue (Expense) ($1,770,875) ($1,770,875) $8,180 -1% Income before Contributions and Transfers (625,696) (679,081) 499,418 Capital Contributions: Connection Fees Developers Transfers In Transfers Out Total Contributions and Transfers Change in Net Assets 250, 000 0 206, 000 (1,712,413) (1,256,413) ($1,882,109) 250, 000 518 0 0 206,000 51,500 (1,712,413) (428,103) (1,256,413) (376,085) ($1,935,494) $123,333 0% #DIV/0! 25% 25% 30% City of Winter Springs, Florida Quarterly Financial Report Development Services Fund Fiscal Year-to-Date December 31, 2008 25% of the Fiscal Year Lapsed Operating Revenues User Charges Other Revenue Original Amended Budget Budget $1,086,400 $1,086,400 0 230 Year-to-Date Actual Prior FY Actual to % Actual to Budget Budget 7% Total Operating Revenues O~erating Expenses Salaries and Benefits Materials and Supplies Depreciation and Amortization Capital Other Operating Expenses Total Operating Expenses Operating Income (Loss) Nonoperating Revenue (Expenses) Investment Income Interest Expense Gain (Loss) on Disposal of Capital Assets $79,374 0 $1,086,400 $1,086,630 $79,374 7% $339,598 $339,828 $76,809 23% 310,866 310,866 56,324 18% 0 0 0 #DIV/0! 3,900 3,900 0 0% 12,110 12,110 502 4% $666,474 $666,704 $133,635 20% $419,926 $419,926 ($54,261) $11,300 $11,300 $1,166 10% 0 0 0 #DIV/0! 0 0 0 #DIV/0! Total Nonoperating Revenue (Expense) $11,300 $11,300 $1,166 10% Income before Contributions and Transfers $431,226 $431,226 ($53,095) Capital Contributions Connection Fees 0 0 0 #DIV/0! Developers 0 0 0 #DIV/0! Transfers In 25,653 25,653 6,413 25% Transfers Out (618,387) (618,387) (154,597) 25% Total Contributions and Transfers (592,734) (592,734) (148,184) 25% Change in Net Assets ($161,508) ($161,508) ($201,279) City of Winter Springs, Florida Quarterly Financial Report Stormwater Utility Fund Fiscal Year-to-Date December 31, 2008 25% of the Fiscal Year Lapsed Original Amended Year-to-Date Budget Budget Actual Operating Revenues User Charges $1,035,000 $1,035,000 $197,342 Other Revenue 15,000 15,000 2,807 Total Operating Revenues $1,050,000 $1,050,000 $200,149 Operating Expenses Salaries and Benefits $527,208 $527,208 $116,594 Materials and Supplies 255,300 588,342 335,431 Depreciation and Amortization 0 0 0 Capital 242,750 224,750 0 Other Operating Expenses 155,450 180,492 8,848 Total Operating Expenses $1,180,708 $1,520,792 $460,873 Operating Income (Loss) ($130,708) ($470,792) ($260,724) Nonoperating Revenue (Expenses) Grants $0 $302,680 $0 Investment Income 8,350 8,350 1,226 Interest Expense 0 0 0 Gain (Loss) on Disposal of Capital Assets 0 0 0 Total Nonoperating Revenue (Expense) $8,350 $311,030 $1,226 Income before Contributions and Transfers ($122,358) ($159,762) ($259,498) Capital Contributions: Connection Fees Developers Transfers In Transfers Out Total Contributions and Transfers Change in Net Assets 0 0 60, 085 (210,716) (150,631) ($272,989) 0 0 60, 085 (210,716) (150, 631) ($310,393) 0 0 15, 021 (27,679) (12,658) ($272,156) Prior FY Actual to % Actual to Budget Budget 19% 22% 57% #DIV/0! 0% 30% 0% 15% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 25% 13% 8%