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Home My WebLink About2011 05 23 Informational 102 2nd Quarter FinancialsCOMMISSION AGENDA ITEM 102 Consent Informational X Public Hearing Regular May 23, 2011 MGR. /DEPT. Regular Meeting Authorization REQUEST: City Manager and the Finance and Administrative Services Department are transmitting the City's second quarter financial report for the 2011 fiscal year. SYNOPSIS: Transmission of the second quarter financial report for fiscal year 2011 CONSIDERATIONS: The attached financial statements are unaudited and incorporate fiscal year activity from October 1, 2010 through March 31, 2011. Financial Highlights: General Fund — • As of March 31, 2011 Gross Revenues (net of transfers) are $9.9 million dollars exceeding budget of $8.2M by $1.8M or 18 %, due primarily to the timing of ad valorem taxes ( +$1.6M), a one -time transfer of medical transportation revenues ( +$590K). Consumption taxes such as the City's electric /communication franchise taxes (- $235K) are continuing to show signs of weakness. • As of March 31, 2011 Expenditures of $7.6M are below budget ($8.4M) by $800K due primarily to salaries (- $413K) and the timing of capital projects (- $350K). The positive variance in salaries is related to unfilled vacated positions, delays in hiring and changes in workforce disposition (ratio of full and part- time). • In summary, barring any additional negative external economic factors (i.e. increases in gas prices, reduction in sales tax) the General Fund is and will track to budget. Water and Sewer Fund — • As of March 31, 2011 Operating Gross Revenues of $3.7 million are below budget ($41M) by $450K or 11 %, due primarily to the seasonal nature of water and sewer revenues. It is expected that revenues will continue to accelerate through the remainder of the fiscal year and be in -line with annual budget levels. • As of March 31, 2011 Operating Expenditures of $1.9M are below budget ($2.3M) by $400K due primarily to salaries (- $200K). City Commission — Regular Meeting May 23, 2011 Informational Agenda Item #102 Page 2 of 3 • At the end of the second quarter, the utility fund is appropriating $881K from fund balance. This negative fund balance is due to the decision to temporarily fund the reclaimed water project out of reserves. This internal loan will be replaced by a St. John's Water District Grant and funding by the State Revolving Loan Program. 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 continued staff reductions and conservative fiscal management the loans for 2009 and 2010 were reduced to $359K. Although year -to -date revenues are somewhat sluggish, there are a number of projects underway expected to lessen dependence on the General Fund 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. Informational agenda item #100 sets forth more detailed information regarding current development projects. Stormwater Fund — • The favorable change in Net Assets at the end of the second quarter largely results from the under - utilized St. John's Solary Canal budget which is experiencing project delays. FISCAL IMPACT: Current operations are proceeding as planned with no major deviations from the budget or strategic goals. COMMUNICATION EFFORTS: This Agenda Item Has Been Electronically Forwarded To The Mayor And City Commission, City Manager, City Attorney /Staff, And All eAlert/eCitizen Recipients; And Is Available On The City's Website, LaserFiche, And The City's Server. Additionally, Portions Of This Agenda Item Are Typed Verbatim On The Respective Meeting Agenda Which Has Also Been Electronically Forwarded To The Individuals Noted Above; And Which Is Also Available On The City's Website, LaserFiche, And The City's Server; Has Been Sent To City Staff, Media/Press Representatives Who Have Requested Agendas /Agenda Item Information, Homeowner's Associations/Representatives On File With The City, And All Individuals Who Have Requested Such Information; And Has Been 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. This Agenda Item Is Also Available To Any New Individual Requestors. City Staff Is Always Willing To Discuss This Or Any Agenda Item With Any Interested Individuals. Furthermore, the financial reports have been disseminated to all Directors RECOMMENDATION: It is recommended that the City Commission review and receive the attached financial report. City Commission — Regular Meeting May 23, 2011 Informational Agenda Item #102 Page 3 of 3 ATTACHMENTS: • Fiscal year 2011 2nd Quarter Financial Reports: • General Fund • Water & Sewer Utility Fund • Development Services Fund • Stormwater Fund Ý·¬§Ý±³³··±²Î»¹«´¿®Ó»»¬·²¹ Ó¿§îíôîðïï ×²º±®³¿¬·±²¿´ß¹»²¼¿×¬»³ýïðî ß¬¬¿½¸³»²¬ City of Winter Springs, Florida Quarterly Financial Report - Unaudited General Fund Fiscal Year-to-Date at March 31, 2011 50% of the 2011 Fiscal Year Lapsed Prior FY OriginalmendedMarch 31, 2011% Actual t% Actual t Aoo BudgetBudgetActualBudgetBudget Revenues Taxes: Property Taxes$4,019,472$4,019,472$3,620,69790%90% Franchise Fees30,00030,0006,82623%40% Licenses and Permits: Business Tax Receipts110,000110,00030,92928%78% Other18,50018,5007,00038%49% Intergovernmental: State Revenue Sharing934,846934,846429,82646%48% State Half Cent Sales Tax1,976,4831,976,483930,77347%50% Miscellaneous34,000210,875204,17297%58% Charges for Services: Parks and Receation295,200295,20093,11432%32% Miscellaneous142,286142,28662,36644%47% Fines and Forfeitures: Traffic Light Cameras259,125259,12564,32525%49% Miscellaneous151,000151,00056,89638%27% Miscellaneous143,102146,398167,308114%75% Investment Income (may also include 62,50062,50048,86278%143% unbudgeted unrealized gains/losses) Total Revenues$8,176,514$8,356,685$5,723,09369%70% Expenditures City Commission$120,487$120,487$61,98951%44% City Boards84584519323%36% City Manager314,805315,215113,98736%34% City Clerk238,760238,760113,10047%42% Finance & Admin - General, Utility Billing1,387,4691,397,094529,01438%41% Finance & Admin - HR, Risk Management440,555444,307351,00779%57% General Government640,435636,273245,76239%31% Information Services1,148,9981,148,998637,73656%56% Public Works1,244,3991,246,396441,43335%38% Community Development1,601,8511,769,749743,93842%44% Police7,382,1377,410,3133,535,01648%48% Parks & Recreation2,055,1832,057,203803,98139%41% Total Expenditures$16,575,924$16,785,640$7,577,15645%45% Revenues Over (Under) Expenditures(8,399,410)(8,428,955)(1,854,063) Transfers In7,961,6227,969,0704,248,80753%50% Transfers Out(100,910)(101,160)(46,205)46%93% Total Transfers7,860,7127,867,9104,202,60253%45% Total Revenues Over (Under) Expenditures & Transfers ($538,698)($561,045)$2,348,539 10/1/2010 Beginning Fund Balance (Audited)$8,793,204 Less: Budgeted Operating Coverage at 25%($3,883,323) Subtotal$4,909,881 FY 2011 Budgeted Appropriation FROM Fund Balance($561,045) Accumulated Traffic Light Revenues (estimated thru FY 2011 at gross)($437,804) 9/30/2011 Budgeted Fund Balance - Available for Capital Projects and Economic Development$3,911,032 Ý·¬§Ý±³³··±²Î»¹«´¿®Ó»»¬·²¹ Ó¿§îíôîðïï ×²º±®³¿¬·±²¿´ß¹»²¼¿×¬»³ýïðî ß¬¬¿½¸³»²¬ City of Winter Springs, Florida Quarterly Financial Report - Unaudited Water & Sewer Utility Fund Fiscal Year-to-Date at March 31, 2011 50% of the 2011 Fiscal Year Lapsed Prior FY OriginalAmendedMarch 31, 2011% Actual to% Actual to BudgetBudgetActualBudgetBudget Operating Revenues User Charges$8,298,900$8,298,900$3,668,57544%44% Other Revenue5,0008,9844,43849%77% Total Operating Revenues$8,303,900$8,307,884$3,673,01344%44% Operating Expenses Salaries and Benefits$2,414,474$2,408,792$1,047,06244%42% Materials and Supplies905,300909,284353,17639%39% Depreciation000N/AN/A (year-end, non-budgeted item) Amortization20,53020,53000%0% (year-end entry) Other Operating Expenses1,222,6001,228,600498,05041%42% Total Operating Expenses$4,562,904$4,567,206$1,898,28842%32% Operating Income (Loss) $3,740,996$3,740,678$1,774,725 Excludes depreciation Nonoperating Revenue (Expenses) Investment Income (may also include unbudgeted $23,500$23,500$29,616126%178% unrealized gains/losses) Interest Expense(856,691)(856,691)(391,471)46%46% Grants1,129,0001,129,00000%N/A 1 (5,189,484)(5,250,384)(785,927)15%9% Capital Capital Note Proceeds2,974,0842,974,08400%N/A 1 (1,060,000)(1,060,000)(725,000)68%68% Bond Principal Payments Total Nonoperating Revenue (Expense)(2,979,591)(3,040,491)(1,872,782) Income before Contributions and Transfers$761,405$700,187($98,057) Capital Contributions: Connection Fees$0$0$6,960100%N/A 256,000256,318128,31850%50% Transfers In (inclusive of internal transfer) (1,849,785)(1,849,785)(918,684)50%50% Transfers Out (inclusive of internal transfer) Total Contributions and Transfers(1,593,785)(1,593,467)(783,406)49%50% Change in Net Assets (may include reductions for capital, ($832,380)($893,280)($881,463) principal reduction) 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. Ý·¬§Ý±³³··±²Î»¹«´¿®Ó»»¬·²¹ Ó¿§îíôîðïï ×²º±®³¿¬·±²¿´ß¹»²¼¿×¬»³ýïðî ß¬¬¿½¸³»²¬ City of Winter Springs, Florida Quarterly Financial Report - Unaudited Development Services Fund Fiscal Year-to-Date at March 31, 2011 50% of the 2011 Fiscal Year Lapsed Prior FY OriginalAmendedMarch 31, 2011% Actual to% Actual to BudgetBudgetActualBudgetBudget Operating Revenues User Charges$446,000$446,000$144,12332%31% Operating Expenses Salaries and Benefits$324,043$324,043$131,50341%42% Materials and Supplies10,31110,3112,97829%23% Other Operating Expenses27,14527,1452,4349%8% Total Operating Expenses$361,499$361,499$136,91538%3% Operating Income (Loss)$84,501$84,501$7,208 Nonoperating Revenue (Expenses) Investment Income (may also include unbudgeted $0$0$0N/AN/A unrealized gains/losses) Total Nonoperating Revenue (Expense)$0$0$0N/AN/A Income before Contributions and Transfers$84,501$84,501$7,208 Transfers In$0$0$0N/AN/A Transfers Out(318,251)(318,251)(159,125)50%50% Total Contributions and Transfers(318,251)(318,251)(159,125)50%50% Change in Net Assets (may include reductions for capital, ($233,750)($233,750)($151,917) principal reduction) Ý·¬§Ý±³³··±²Î»¹«´¿®Ó»»¬·²¹ Ó¿§îíôîðïï ×²º±®³¿¬·±²¿´ß¹»²¼¿×¬»³ýïðî ß¬¬¿½¸³»²¬ City of Winter Springs, Florida Quarterly Financial Report - Unaudited Stormwater Utility Fund Fiscal Year-to-Date at March 31, 2011 50% of the 2011 Fiscal Year Lapsed Prior FY OriginalAmendedMarch 31, 2011% Actual to% Actual to BudgetBudgetActualBudgetBudget Operating Revenues User Charges$1,050,000$1,050,000$454,57243%44% Other Revenue10,00010,00014,389144%32% Total Operating Revenues$1,060,000$1,060,000$468,96144%44% Operating Expenses Salaries and Benefits$541,287$541,391$230,29643%41% Materials and Supplies301,100301,10043,53515%18% Other Operating Expenses72,80072,80028,98140%21% Total Operating Expenses$915,187$915,291$302,81233%28% Operating Income (Loss)$144,813$144,709$166,149 Nonoperating Revenue (Expenses) Investment Income (may also include unbudgeted $4,000$4,000$4,244106%103% unrealized gains/losses) 1 Capital(1,326,500)(1,035,276)(134,531)13%16% Grant Revenue1,100,000682,831114,78517%N/A Total Nonoperating Revenue (Expense)($222,500)($348,445)($15,502)4%103% Income before Contributions and Transfers($77,687)($203,736)$150,647 Transfers In65,72965,83332,96850%50% Transfers Out(138,649)(138,649)(69,324)50%26% Total Contributions and Transfers(72,920)(72,816)(36,356)50%16% Change in Net Assets (may include reductions for capital, ($150,607)($276,552)$114,291 principal reduction) 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.