FINANCE DEPARTMENT MEMORANDUM

Transcription

1 FINANCE DEPARTMENT City of MEMORANDUM Jacksonville Beach City Hall 11 North Third Street Jacksonville Beach FL TO: George D. Forbes, City Manager FROM: Karen Nelson, Chief Financial Officer SUBJECT: Monthly Financial Reports for January 2018 DATE: February 10, 2018 Phone: Fax: The monthly financial reports for January 2018 are attached. In the Summary Budget Reports, the cumulative actual revenues and expenditures are compared to the actual amounts at the same point in time as last fiscal year in dollar amounts and on a percentage of budget basis. Exhibit 7 of the Summary Budget Reports compares actual revenues and expenditures to budget to date amounts in total by fund. Exhibit 1 - General Fund Revenues Revenues in the General Fund are slightly over last year on a percentage basis. We received annual ad valorem tax distributions in December, bringing the revenue-to-date to 73.2% of the annual budget. Miscellaneous revenues in the General Fund include interest on pooled investments, auction proceeds, facility rental fees, tennis fees, and cemetery lots purchased. Exhibit 2 - General Fund Expenditures Total year to date expenditures in the General Fund are under budget by 7.6% and in line with the prior year on a percentage of budget basis. Exhibit 3 - Enterprise Fund Revenues Enterprise Fund Revenues are 2.2% over prior year revenues on a percentage of budget basis with the largest dollar variance in the Electric Utility Fund. Electric revenues vary on a monthly and yearly basis depending on consumption. Exhibit 4 - Enterprise Fund Expenditures Total expenditures in the Enterprise Funds are 12.8% under budget for the current year and slightly lower than amounts expended in the prior year. The variance from year-to-year in Electric is due primarily to purchased power and capital expenditures and the variance in sanitation is related to debris costs for Hurricane Matthew in 2016.

2 Memorandum to George D. Forbes January Financial Reports February 10, 2018 Page 2 Exhibit 5 Special Revenue Fund Revenues Revenues in the Special Revenue Funds are in line with last year on a percentage basis. We received annual tax increment distributions in December, bringing the revenue-to-date in those funds to 97% of the annual budget. Exhibit 6 - Special Revenue Fund Expenditures In total, Special Revenue Fund Expenditures are under budget for the current year and about 4.4% higher than last year on a percentage of budget basis. Expenditures in the Community Development Block Grant Fund will be reimbursed by grant funding. Exhibit 7 - Summary Revenues and Expenditures Expenditures in the Community Development Block Grant Fund exceed revenues because there is a delay between the times in which we incur expenses and when we receive reimbursement from the City of Jacksonville. The net income shown for the Electric Fund is overstated because monthly power bills are paid in arrears to FMPA. Revenues in the golf course fund decreased from last year while expenses have increased, creating a net loss in that fund. The increase in expenses is due mostly to maintenance costs. Golf course improvements are underway and we are closely monitoring our cash flows to ensure that adequate funding is available. Revenues in the Leased Facilities Fund are less than expenses due to annual technology maintenance charges that are paid at the beginning of the fiscal year. Revenues in the Internal Service Funds are less than expenses due to annual insurance premiums that are paid at the beginning of the fiscal year.

3 Revenue Category Summary Budget Revenue Report EXHIBIT 1 - GENERAL FUND REVENUES Current Prior % Variance $ Variance Year Revenue Year Revenue ( ( Revenue As a % of Revenue As a % of Less Less Revenue Category to Date Budget to Date Budget ) ) 1 Taxes 8,431, % 7,383, % 2.35% 1,048,728 2 Licenses & Permits 211, % 177, % 5.65% 34,423 3 Intergovernmental Revenue 1,116, % 1,192, % -3.32% (76,081) 4 Charges for Services 85, % 55, % 5.45% 30,163 5 Enterprise Contributions 1,261, % 1,266, % 0.00% (5,690) 6 Miscellaneous Revenue 94, % 64, % 6.95% 29,802 7 Fines & Forfeitures 27, % 43, % -9.57% (16,322) 8 Interfund Transfers 176, % 174, % 4.26% 1,891 Total Revenues $ 11,404, % $ 10,357, % 1.81% $ 1,046,915 GENERAL FUND REVENUES TO DATE $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Thousands

4 Expenditure Category Summary Budget Expenditure Report EXHIBIT 2 - GENERAL FUND EXPENDITURES Current Prior % Variance $ Variance Year Expenditures Year Expenditures ( ( Expenditures As a % of Expenditures As a % of Less Less Expenditure Category to Date Budget to Date Budget ) ) 1 City Administration 120, % 130, % -2.18% (10,190) 2 City Clerk 84, % 82, % -0.45% 2,650 3 Building Maintenance 136, % 125, % 5.15% 11,825 4 Planning and Development 235, % 217, % 0.76% 18,190 5 Recreation and Parks 829, % 658, % 3.79% 170,544 6 Public Works 446, % 449, % 1.43% (2,733) 7 Police 2,506, % 2,328, % 1.57% 177,264 8 Fire 1,103, % 1,057, % 0.31% 46,099 9 Non-Departmental 263, % 290, % % (26,888) Total Expenditures $ 5,726, % $ 5,340, % 0.41% $ 386,760 GENERAL FUND EXPENDITURES TO DATE $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000

5 Revenue Category Summary Budget Revenue Report EXHIBIT 3 -ENTERPRISE FUND REVENUES Current Prior % Variance $ Variance Year Revenue Year Revenue ( ( Revenue As a % of Revenue As a % of Less Less Revenue Category to Date Budget to Date Budget ) ) 410 ELECTRIC 28,619, % 26,424, % 2.68% 2,195, NATURAL GAS 637, % 555, % 2.58% 82, WATER & SEWER 4,658, % 4,296, % -0.11% 361, STORMWATER 442, % 427, % 0.62% 14, SANITATION 1,156, % 1,110, % 0.26% 46, GOLF COURSE 248, % 295, % -2.57% (47,076) TOTAL REVENUES $ 35,762, % $ 33,109, % 2.21% $ 2,652,949 ENTERPRISE FUND REVENUES TO DATE $0 $5 $10 $15 $20 $25 $30 Millions

6 Expenditure Category Summary Budget Expenditure Report EXHIBIT 4 - ENTERPRISE FUND EXPENDITURES Current Prior % Variance $ Variance Year Expenditures Year Expenditures ( ( Expenditures As a % of Expenditures As a % of Less Less Expenditure Category to Date Budget to Date Budget ) ) 410 ELECTRIC 20,837, % 19,214, % 0.93% 1,622, NATURAL GAS 560, % 538, % 10.08% 21, WATER & SEWER 4,077, % 4,603, % -3.22% (525,747) 423 STORMWATER 173, % 203, % -5.24% (29,420) 430 SANITATION 1,005, % 1,508, % % (502,554) 440 GOLF COURSE 345, % 318, % 2.05% 27,412 TOTAL EXPENDITURES $ 27,000, % $ 26,386, % -0.17% $ 613,732 ENTERPRISE FUND EXPENDITURES TO DATE $0 $5 $10 $15 $20 Millions

7 Revenue Category Summary Budget Revenue Report EXHIBIT 5 -SPECIAL REVENUE FUND REVENUES Current Prior % Variance $ Variance Year Revenue Year Revenue ( ( Revenue As a % of Revenue As a % of Less Less Revenue Category to Date Budget to Date Budget ) ) 130 CONVENTION DEV. TAX 27, % (1,055) -0.35% 9.14% 28, LOCAL OPTION GAS TAX 281, % 279, % -0.05% 2, INFRASTRUCTURE SURTAX 420, % 396, % -1.73% 23, COMMUNITY DEV. BLK. GRANT 32, % 44, % -6.86% (11,746) 181 DOWNTOWN INCREMENT FUND 6,121, % 5,666, % -1.73% 455, SOUTHEND INCREMENT FUND 4,099, % 3,750, % -0.86% 348,607 TOTAL REVENUES $ 10,982, % $ 10,135, % -0.74% $ 846,576 SPECIAL REVENUE FUND REVENUES TO DATE $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000

8 Expenditure Category Summary Budget Expenditure Report EXHIBIT 6 - SPECIAL REVENUE FUND EXPENDITURES Current Prior % Variance $ Variance Year Expenditures Year Expenditures ( ( Expenditures As a % of Expenditures As a % of Less Less Expenditure Category to Date Budget to Date Budget ) ) 130 CONVENTION DEV. TAX 18, % 18, % 1.79% LOCAL OPTION GAS TAX 146, % 138, % 1.46% 7, INFRASTRUCTURE SURTAX 329, % 326, % 0.12% 2, COMMUNITY DEV. BLK. GRANT 46, % 44, % 3.02% 1, DOWNTOWN INCREMENT FUND 1,174, % 813, % 13.40% 360, SOUTHEND INCREMENT FUND 279, % 1,253, % % (973,959) TOTAL EXPENDITURES $ 1,994, % $ 2,594, % 4.42% $ (600,503) SPECIAL REVENUE FUND EXPENDITURES TO DATE $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 Thousands

9 Summary Budget Report EXHIBIT 7 - SUMMARY REVENUES AND EXPENDITURES Budgeted Budgeted Actual Variance Fund Name Revenues Revenues Revenues Favorable/ Fiscal Year 2018 To Date To Date (Unfavorable) 001 General Fund 21,520,576 7,252,139 11,404,882 4,152, Convention Development Tax 310, ,466 27,229 (77,237) 150 Local Option Gas Tax 786, , ,524 16, Infrastructure Surtax 1,301, , ,477 (18,110) 160 Community Dev. Blk. Grant 138,000 46,504 32,363 (14,141) 181 Downtown Increment Fund 6,360,056 2,143,252 6,121,450 3,978, Southend Increment Fund 4,221,202 1,422,487 4,099,173 2,676, Electric Utility 86,831,459 29,261,012 28,619,987 (641,025) 411 Natural Gas Utility 1,920, , ,751 (9,389) 420 Water & Sewer Utility 13,310,978 4,485,617 4,658, , Storm Water Management 1,376, , ,754 (21,209) 430 Sanitation Fund 3,470,210 1,169,413 1,156,080 (13,333) 440 Golf Course Fund 1,376, , ,037 (215,674) 460 Leased Facilities Fund 200,272 67, ,915 36, Internal Service Funds 12,407,701 4,181,225 3,866,530 (314,695) Total Revenues $ 155,531,180 $ 52,411,877 $ 62,120,272 $ 9,708,395 Budgeted Budgeted Actual Variance Fund Name Expenditures Expenditures Expenditures Favorable/ Fiscal Year 2018 To Date To Date (Unfavorable) 001 General Fund 21,924,077 7,388,114 5,726,779 1,661, Convention Development Tax 166,824 56,217 18,638 37, Local Option Gas Tax 769, , , , Infrastructure Surtax 1,182, , ,580 68, Community Dev. Blk. Grant 138,000 46,504 46, Downtown Increment Fund 5,059,701 1,705,050 1,174, , Southend Increment Fund 1,958, , , , Electric Utility 96,633,565 32,564,188 20,837,002 11,727, Natural Gas Utility 2,032, , , , Water & Sewer Utility 22,093,027 7,445,047 4,077,723 3,367, Storm Water Management 1,888, , , , Sanitation Fund 4,954,321 1,669,538 1,005, , Golf Course Fund 1,406, , , , Leased Facilities Fund 205,311 69, ,471 (128,284) 500 Internal Service Funds 12,443,920 4,193,431 4,444,745 (251,314) Total Expenditures $ 172,854,839 $ 58,249,713 $ 39,363,676 $ 18,886,037 Net Net Variance Fund Name Income Favorable/ (Loss) (Unfavorable) 001 General Fund 5,678,103 5,814, Convention Development Tax 8,591 (39,658) 150 Local Option Gas Tax 135, , Infrastructure Surtax 90,897 50, Community Dev. Blk. Grant (13,637) (13,637) 181 Downtown Increment Fund 4,946,831 4,508, Southend Increment Fund 3,820,039 3,057, Electric Utility 7,782,985 11,086, Natural Gas Utility 77, , Water & Sewer Utility 580,395 3,539, Storm Water Management 269, , Sanitation Fund 150, , Golf Course Fund (97,864) (87,599) 460 Leased Facilities Fund (93,556) (91,858) 500 Internal Service Funds (578,214) (566,009) Total $ 22,756,596 $ 28,594,431

10 Cash and Investments by Fund INVESTMENT HOLDER TYPE FACE AMOUNT MARKET VALUE Salem Trust Treasury Strip TS 3,016,256 3,016,256 TOTAL UTILITY FUNDS 410 and 420 $3,016,256 Salem Mutual Fund Portfolio 34,685,763 34,685,763 Sawgrass Asset Management Portfolio 23,900,491 23,900,491 Wells Capital Portfolio 14,858,723 14,858,723 MD Sass Portfolio 13,053,347 13,053,347 JPMCB - Strategic Property Fund Portfolio 4,688,095 4,688,095 TOTAL PENSION FUNDS 611, 612 and 613 $91,186,419 TOTAL INVESTMENTS $94,202,675 State Board of Administration Pool 334, ,824 Bank of America Cash 35,659,671 35,659,671 FMIT 0-2 Yr High Quality Bond Fund Pool 11,895,133 11,895,133 Sawgrass Asset Management Portfolio 43,710,200 43,710,200 Insight Investment Services Portfolio 29,257,408 29,257,408 Galliard Capital Management Portfolio 28,950,198 28,950,198 Garcia Hamilton & Associates Portfolio 29,349,030 29,349,030 Salem Trust GNMA - - Salem Trust: Goldman Sachs Treasury MM 11,700 11,700 TOTAL EQUITY IN POOLED CASH $179,168,163 Petty Cash Cash 6,715 6,715 Money Markets: Unclaimed Bond Funds MM - - TOTAL CASH AND INVESTMENTS $273,377,553 Attorney Fees Paid During the Month NAME DESCRIPTION CHECK DATE CHECK AMOUNT Finger & Nelson, PA Prof. Services on Enviromental Issues 01/04/ Marks, Gray, PA Surf Works LLC vs. COJB, General Matters 01/04/18 15, Grayrobinson, P.A. Telecommunications Ordinance 01/11/ Susan Lain Haag, JD Special Magistrate Services 01/11/18 4, Marks, Gray, PA Surf Works LLC vs. COJB, General Matters 01/25/18 8, Sugarman & Susskind Monthly Retainer 01/25/18 4, TOTAL ATTORNEY FEES $34,858

11 Cash and Investments by Type Fiscal Year to Date Beginning Net Ending Weighted Balance Investment Realized Unrealized Investment Net Deposits Balance Net Type of Investment 10/1/2017 Earnings Gain/(Loss) Gain/(Loss) Fees Income (Withdrawals) 1/31/2018 Return* State Pooled Investment Fund 333,204 1, , , % Money Market: Goldman Sachs Treasury 11, (304) (272) 0 11, % U.S. Treasury Stripped Coupons 3,027, (11,396) 0 (11,396) 0 3,016, % Florida Municipal Investment Trust 0-2 Yr HQ Bond Fund 11,873,255 21, , ,895, % Sawgrass Asset Management 43,909, ,858 6,152 (456,326) (42,727) (199,043) (0) 43,710, % Insight Asset Management 29,412, ,592 (154,816) (163,241) (26,937) (155,402) (0) 29,257, % Galliard Capital Management 29,082, ,809 (67,344) (235,830) (25,143) (132,508) 0 28,950, % Garcia Hamilton & Associates 29,345, ,069 (94,434) (68,160) (25,088) 3,388 (0) 29,349, % Federal Agency Security: Govt Ntl Mortgage Assoc (511) % Operating Cash: Bank of America 16,189,132 16, (37,085) (20,223) 19,490,762 35,659, % Petty Cash 6, , % TOTAL CITY MANAGED INVESTMENTS AND CASH 163,192, ,720 (310,442) (934,953) (157,283) (491,959) 19,490, ,191, % Pension Fund: Salem Mutual Fund 32,460, , ,233 2,277, ,224,773 (1,000,000) 34,685, % Pension Fund: Sawgrass Asset Mgt 24,065, ,892 (694) (351,079) (36,721) (164,601) 0 23,900, % Pension Fund: Wells Capital 12,685,491 34, ,800 1,924,191 (20,193) 2,173, ,858, % Pension Fund: MD Sass 12,641,467 51,832 64, ,661 (58,896) 411, ,053, % Pension Fund: JPMCB - Strategic Property Fund 4,616, , ,637 (0) 4,688, % TOTAL PENSION INVESTMENTS 86,469, , ,622 4,277,342 (115,810) 5,716,921 (1,000,000) 91,186, % TOTAL CASH AND INVESTMENTS 249,662,040 1,781, ,180 3,342,388 (273,093) 5,224,962 18,490, ,377,553 *Fiscal year to date