MEMORANDUM. The Honorable Mayor and City Commissioners. Robert K. Briggs, Jr., CPA, Chief Accountant. DATE: February 28, 2013

Transcription

1 Prepared by the Finance Department, February 2013

2 Mayor Commissioners S. Scott Vandergrift Gary Hood, District 1 Rosemary Wilsen, District 2 City Manager Rusty Johnson, District 3 Robert Frank Joel F. Keller, District 4 MEMORANDUM TO: FROM: The Honorable Mayor and City Commissioners Robert K. Briggs, Jr., CPA, Chief Accountant DATE: February 28, 2013 RE: Quarterly Financial Report- First Quarter FY Attached is the Quarterly Financial Report for the first quarter of fiscal year The report summarizes financial activity for the period October, November and December, If you have any questions, please feel free to call me at extension The City of Ocoee 150 N Lakeshore Drive Ocoee, Florida phone: (407) fax: (407)

3 TABLE OF CONTENTS Quarterly Overview... i-iii General Fund... 1 Revenue Comparison Graph... 2 Revenue Analysis Report... 3 Revenue Graphs Single / Multi Family Building Permit Graph... 7 Commercial Building Permit Graph... 8 Expenditure Analysis... 9 Expenditure Comparison Graphs Expenditures Analysis Report Budget Transfers..12 Stormwater Fund Revenue Analysis Report Expenditure Analysis Expenditure Comparison Graphs Expenditure Analysis Report Water/Waste Water Fund Revenue Analysis Report Expenditure Analysis Expenditure Comparison Graphs Expenditure Analysis Report Solid Waste Fund Revenue Analysis Report... 25

4 Expenditure Analysis Expenditure Comparison Graphs Expenditure Analysis Report Community Redevelopment Agency CRA Status Report Supplemental Information Capital Purchase Report General Capital Projects Transportation Projects Stormwater Capital Improvements Water/Wastewater Capital Improvements CRA Capital Projects Debt Statement Investments Road Impact Fee Status Report Fire Impact Fee Status Report Police Impact Fee Status Report Recreational Impact Fee Status Report Water Capital Fund Status Report Wastewater Capital Fund Status Report... 46

5 The City of Ocoee is a municipal corporation of the State of Florida incorporated November 13, The City operates under a commission/manager form of government. The City of Ocoee is primarily a residential and retail area with a moderate amount of light industry and commercial office space and service uses. Ocoee has a population of approximately 36,947, an increase of 942 from this time a year ago. Ocoee city government provides police and fire protection, water, wastewater and reclaimed water services, stormwater management, garbage collection, and recreational activities. The City saw tremendous growth in residential and non-residential construction for the late 1990 s through However, ad valorem revenues have decreased the last five years resulting primarily from the drop in property valuations. Economic conditions are relatively unchanged from the previous fiscal year. The Department of Labor reported the unemployment rate for the State of Florida in December 2012 at 7.9%. Ocoee fared better with a 5.7% reported rate. There are signs the real estate market has begun a rebound, however it is projects to be a slow climb. Property tax revenues for the city in 2012 declined approximately 5.2% from the prior year. Revenues for the current fiscal year are decreasing another 2.9% from last year s level. Interest rates remained at low levels with average earnings in the.3 to 1.2% range. Retail sales are rebounding slightly so we did see a modest increase in sales tax revenues. The budget process for the current year was again a challenge for city management. The City Commission adopted a millage rate of for FY This rate is less than the rolled back rate of The total operating budget adopted for fiscal year is $55,124,435. i

6 The current year s financial outlook for the City is relatively stable at this time. Overall, revenues are on target with FY projections and expenditures are in line with budgeted amounts for the quarter. Given severely reduced impact fee levels and the City s reliance on theses funding sources for debt service, increased demands on recurring general fund revenues sources in the near term will be reflected in future budget forecasts. Staff will continue to vigilantly monitor revenues and expenditures to identify any negative trends that would need to be addressed as we move into the budget cycle. ii

7 The Quarterly Financial Report presents the results of financial activity of the City for a three-month period. This First quarter report summarizes the activity for the months of October, November and December Revenues and expenditures are presented for the General, Stormwater, Water/Wastewater, Solid Waste and CRA funds. Actual receipts (revenues) and payments (expenditures) are compared to the adopted budget to assess potential overages or shortages in budgeted line items. Comparisons with figures for last fiscal year are included to indicate the differences by year in the adopted versus actual, since budgeting techniques remain relatively uniform from one fiscal year to the next. The Capital Purchases Report, Capital Projects Report, Debt Statement, Impact Fee Reports, and Investment Schedule are included as supplemental information. Budget versus actual statements are presented on pages for the impact funds. Revenues are compared to expenditures to determine how daily operations might be affected by shifts in income-producing sources. This difference is important in cash flow management to ensure monies are available for budgeted expenditures. As shown in table 1, revenues currently exceed expenditures for all funds. Assessments for Stormwater and Solid Waste fees are on the tax roll and are mostly received November through February. TABLE 1 Revenue vs. Expenditures by Fund Fund Budget Revenues Expenditures General Fund $35,161,555 $15,330,376 $7,762,785 Storm Water Utility $ 3,416,170 $2,345,221 $143,859 Water/Wastewater Utility $ 8,681,070 $2,184,434 $832,761 Solid Waste Utility $ 2,812,160 $2,302,115 $451,252 Funds are earmarked for expenditures either through the budget process, the capital improvements element of the Comprehensive Plan, bond indebtedness, impact fee restrictions, water deposit repayments, or loan restrictions. The following pages present a financial snapshot of the City of Ocoee for the quarter. iii

8 The General Fund is the principal operating fund of the City. All general tax revenues and other receipts that are not allocated by law or contractual agreement to another fund are reported in this fund with the related expenditures. The General Fund budget for FY is $35,161,555 - a 5.2% increase from prior year. Revenue Analysis A comparison of revenue receipts for the First quarter of fiscal years and is presented on page 2. Current year revenue receipts are detailed by categories on page 3 and charted on pages 4-6. As a basis for measurement, most revenues are anticipated to be 25% collected at the end of the First quarter. Overall, General Fund revenue receipts at the end of this quarter are 43.6% realized. Property tax revenues are collected by Orange County and forwarded to the City. 78.5% of property tax revenue has been received. Franchise tax receipts consisting of revenues from electric, gas, and solid waste sales are 22.1% realized. Licenses and Permit Revenues are 23.1% realized through the First quarter due primarily to Local Business Tax collections. Three years of building permit activity are graphed on pages 7-8 reflecting a slight increase in this quarter compared to the prior year. Intergovernmental Revenues are funds received from other governmental agencies. Operating revenue for Windermere fire protection is due in two installments - February and November, with the capital charges due in October and March. New revenue sources for in this category include Code Enforcement Services and Planning related support services to Windermere. Charges for Services are comprised of zoning, annexation, development review, program activity and sale of maps and publication fees. Collection of Program Activity Fees is typically higher during the summer as a result of the programs for school age children. This revenue category is 21.7% realized. 1

9 $11,000,000 CITY OF OCOEE FIRST QUARTER REVENUE COMPARISON FISCAL YEARS and $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 PROPERTY TAX FRANCHISE TAX UTILITY TAX LICENSE & INTER-GOVERNMENTAL PERMITS CHARGES REVENUE FOR SERVICES FINES & FORFEITURES MISCELLANEOUS REVENUE TRANSFERS IN First Quarter Fiscal Year First Quarter Fiscal Year

10 REVENUE ANALYSIS GENERAL FUND FIRST QUARTER REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED BEGINNING CASH BALANCE $4,283,790 $3,922, % PROPERTY TAXES 9,407,090 7,387, % FRANCHISE TAXES 2,439, , % UTILITY TAXES 2,976, , % LICENSES AND PERMITS 994, , % INTERGOVERNMENTAL REVENUE 9,174,005 2,048, % CHARGES FOR SERVICE 461, , % FINES AND FORFEITURES 927, , % MISCELLANEOUS REVENUE 325,975 16, % TRANSFERS IN 4,171, % GENERAL FUND TOTALS $35,161,555 $15,330, % 3

11 City of Ocoee General Fund Revenue Graphs First Quarter Property Taxes Franchise Taxes 21.5% 22.1% 78.5% 77.9% 78.5% of Property Tax revenue has been received compared to Franchise Taxes are being received slightly above projected 74.7% for the same quarter last year. with 22.1% received compared to 25.3% collected at this time last year. Utility Taxes Licenses & Permits 76.9% 23.1% 49.4% 50.6% Utility Taxes are close to anticipated levels with 23.1% collected. This is down from the 24.8% received last year at this time. 50.6% of the revenue from Licenses and Permits has been received. This is up from the 44.9% realized during the same quarter last year. 4

12 City of Ocoee General Fund Revenue Graphs First Quarter Intergovernmental Revenues Charges for Services 77.7% 22.3% 78.3% 21.7% 22.3% of Intergovernmental Revenues has been received. This is Charges for Services are being realized above anticipated with up from the prior year's amount of 20.9%. 21.7% received compared with 20.9% last year at this time. Fines & Forfeitures Miscellaneous Revenue 13.5% 5.1% 86.5% 94.9% Fines and Forfeitures are 13.5%. Revenues from the Red Light Camera program are included. Miscellaneous Revenues are at 5.1% realized compared with 5.1% last year at this time. 5

13 City of Ocoee General Fund Revenue Graphs First Quarter Fund Transfers 0.0% 100.0% Transfers to the General Fund are at 0.0% through the quarter. 6

14 Single / Multi Family Building Permit Activity October November December January February March April May June July August September Fiscal Year Fiscal Year Fiscal Year Fiscal Year

15 Commercial Building Permit Activity October November December January February March April May June July August September Fiscal Year Fiscal Year Fiscal Year Fiscal Year

16 Expenditure Analysis Expenditures are grouped into four main categories: Personnel Services, Operating Expenses, Capital Outlay, and Transfers Out. The Table below indicates the budgeted amount for the fiscal year and the cumulative amount spent at the end of the current quarter. Table 2 Expense by Major Budget Categories Category Budget Expended Percentage Personnel Services $22,775,405 $5,219, % Operating Expenses $8,545,975 $2,380, % Capital Outlay 1,754,200 $ % Transfers Out 2,085,975 $0 0.0% Totals $35,161,555 $7,762, % Pie charts indicating the composition of expenditures by category for First quarter and for the General Fund appear on page 10. Expenditures for all categories are at comparable percentages of the total budget for the quarter compared to the prior year. The Budget versus Expenditure report (page 11) shows for each department, the amount spent and percentage of the budget the amount represents at the end of the quarter. The variation in the percentages represents the timing and types of expenditures for the departments, i.e. - dues, contracts and capital items. Overall, expenditures to date for General Fund are 22.1% of budgeted. Budget transfers approved from contingency are detailed on page 12. Expenditures are closely monitored in relation to revenues to track any indicators that will have an effect on operations. 9

17 FIRST QUARTER EXPENDITURE COMPARISON GENERAL FUND FY11/12-FY12/13 Fiscal Year First Quarter Expenditures Fiscal Year First Quarter Expenditures Operating Expenses 26.3% Capital Outlay 10.1% Transfers Out 0.0% Operating Expenses 30.7% Capital Outlay 2.1% Transfers Out 0.0% Personal Services 63.6% Personal Services 67.2% 10

18 EXPENDITURE ANALYSIS REPORT GENERAL FUND FIRST QUARTER BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED Legislative $156,180 $ 33, % City Manager 577, , % Community Relations 203,210 51, % City Clerk 384,205 69, % Finance 1,010, , % Information Systems 320,120 74, % Human Resources 512, , % Legal 179,000 39, % Planning 591, , % General Government Services 7,393,895 1,858, % Public Works Administration 265,670 57, % Support Services 471, , % Facilities Maintenance 643, , % Police 9,029,990 1,936, % Fire 5,666,890 1,397, % Building 705, , % Cemetery 48,800 6, % Streets/Traffic 1,986, , % Fleet Maintenance 1,105, , % Engineering 344,910 84, % Recreation 2,616, , % Park Maintenance 947, , % TOTAL GENERAL FUND $35,161,555 $7,762, % 11

19 GENERAL FUND BUDGET TRANSFERS FIRST QUARTER FISCAL YEAR DEPARTMENTAL ACCOUNT NUMBER ACCOUNT NUMBER AMOUNT OF BUDGET TRANSFER TRANSFERRED FROM TRANSFERRED TO TRANSFER EXPLANATION Commission $500 Grant-Katie Hutchinson_WOH FFA Reserve for Contingency Community Promotions 12

20 A stormwater utility fee is charged to each developed lot and parcel within the City for the collection and disposal of storm and surface water and the regulation of groundwater. The Stormwater fund accounts for the stormwater fee revenues and the related expenditures. Monthly fees are assessed per Equivalent Residential Unit (ERU). This department provides routine maintenance for the stormwater system, evaluates and implements flood control measures, inspects drainage systems, and performs functions related to NPDES and Lake Watch programs. As of December 30, 2012 there were 13,563 Stormwater billing units. The Stormwater budget for fiscal year is $3,416,170. Revenue Analysis Stormwater Fund fee revenues are 68.7% realized. Stormwater fees are included on the annual ad valorem tax bill and are primarily received between November and February, when tax bills are paid. Fees for accounts opened after the deadline for inclusion on the bills will continue to be processed in-house until placed on the tax bill. Current year revenue receipts are detailed on page 14. Stormwater Fund Revenues First Quarter 68.7% Stormwater Fund Operating Revenues are greater this year, with 68.7% recognized as compared to 59.6% for the same quarter last year. These fees are primarily collected on the tax roll. 31.3% 13

21 REVENUE ANALYSIS STORMWATER UTILITY FUND FIRST QUARTER REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED CHARGES FOR SERVICES $ 3,403, $ 2,344, % MISCELLANEOUS REVENUE 12, % STORMWATER UTILITY FUND TOTALS $3,416,170 $2,345, % 14

22 Expenditure Analysis Expenditures are grouped into four main categories: Personnel Services, Operating Expenses, Capital Outlay, and Transfers Out. The Table below indicates the budgeted amount for the fiscal year and the cumulative amount spent at the end of the current quarter. Table 3 Expense by Major Budget Categories Category Budget Expended Percentage Personnel Services $ 461,585 $102, % Operating Expenses $575,585 $37, % Capital Outlay 1,714,700 $3, % Transfers Out 665,000 $0 0.0% Totals $ 3,416,170 $143, % Pie charts indicating the composition of expenditures by category for First quarter and for the Stormwater Fund are on page 16. The Budget versus Expenditure report (page 17) shows the amount spent and percentage of the budget for the quarter. Expenditures for the Stormwater Fund are 4.2% of overall budget. Budgeted capital outlays for Stormwater include Bluford Avenue and Orlando Avenue Intersection Improvements, and Improvement Projects in the Wekiva River Basin. 15

23 FIRST QUARTER EXPENDITURE COMPARISON STORMWATER UTILITY FUND FY11/12-FY12/13 Fiscal Year First Quarter Expenditures Fiscal Year First Quarter Expenditures Capital Outlay 6.7% Transfers Out 0.0% Capital Outlay 2.5% Transfers Out 0.0% Operating Expenses 25.3% Personal Services 68.0% Operating Expenses 26.3% Personal Services 71.2% 16

24 EXPENDITURE ANALYSIS REPORT STORMWATER FUND FIRST QUARTER BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED Utility Operating $3,416,170 $143, % TOTAL STORMWATER FUND $3,416,170 $143, % 17

25 The Water/Wastewater utility is an enterprise fund. Operations of this fund are financed and managed in a manner similar to private business enterprise. Users are charged for their consumption on a monthly basis. These revenues are designated to pay the costs of operations, maintenance and some replacements to the system, and debt service payments. The Water division operates and maintains the potable water plants, mains, line services, hydrants, and meters serving the City s customers. There are two water treatment plants that are strategically located within the city limits that draw water from the Floridan aquifer. There are approximately 150 miles of water lines ranging from two-inch to sixteen-inch lines throughout the City. These lines interface with fire hydrants, water meter devices and other equipment. The distribution system serves customers within the service area. Meters are read in monthly cycles and the department is in the process of changing all meters to an electronic radio reading program which will aid in improving the accuracy and timeliness of meter reading. The Wastewater division operates and maintains the wastewater facilities owned by the City of Ocoee. In addition to the wastewater treatment plant, the city maintains over 50 lift stations, more than 50 miles of gravity collection infrastructure, 12 miles of pressure force mains, and the proportional number of manholes and valves for controlling and monitoring the wastewater system. The reclaimed water system is operational in the city with an expanding coverage area annually. In the future, older subdivisions will be retrofitted to utilize the reuse water as well. All activities necessary to provide these services are financed in this fund. There were 13,296 and 7,316 water and wastewater customers at December 30, 2012, reflecting an increase of 20 Potable water sewer ERUs from October levels. The budget for this fund is $8,681,

26 Revenue Analysis Current year revenue receipts are detailed on page 20 and charted below. Operating revenue for the Water/Wastewater Fund is 20.1% realized. Revenue and Maintenance Fees include annual and monthly billings for reserved but unused capacity. Water and Reclaimed Water Connection Fee receipts through December are at 35% and 9%, respectively, of budgeted estimates. Water/Wastewater Revenues First Quarter 25.1% Water and Wastewater revenues are being received as anticipated at 25.1% compared to 25.3% for the same quarter last year. 74.9% 19

27 REVENUE ANALYSIS REPORT WATER/WASTE WATER UTILITY FUND FIRST QUARTER REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED BEGINNING CASH BALANCE 0 0 CHARGES FOR SERVICES 8,578,070 2,176, % MISCELLANEOUS REVENUE 97,500 8, % TRANSFERS IN 5, % WATER UTILITY FUND TOTALS $8,681,070 $2,184, % 20

28 Expenditure Analysis Expenditures are grouped into four main categories: Personnel Services, Operating Expenses, Capital Outlay, and Transfers Out. The Table below indicates the budgeted amount for the fiscal year and the cumulative amount spent at the end of the current quarter. Table 4 Expense by Major Budget Categories Category Budget Expended Percentage Personnel Services $2,388,195 $541, % Operating Expenses 2.600,165 $285, % Capital Outlay 868,800 $5, % Transfers Out 2,823,910 $0 0.0% Totals $8,681,070 $832, % Page 22 contains pie charts indicating the composition of expenditures by category for First quarter and The Budget versus Expenditure report (page 23) shows the amount spent and percentage of the budget the amount represents for the quarter. Actual expenditures for the First quarter are 9.6% of overall budget. A portion of the annual debt service payment for the utility bond issue is funded in the Water Operating and Wastewater Operating divisions. Capital projects included in the current year budget include Phase I improvements with the FDOT widening of State Road 50, SCADA Improvements at the South Water Treatment Plant, Improvements in Arden Park South, and other smaller system improvements and capital equipment acquisitions. 21

29 FIRST QUARTER EXPENDITURE COMPARISON WATER/WASTEWATER UTILITY FUND FY11/12-FY12/13 Fiscal Year First Quarter Expenditures Fiscal Year First Quarter Expenditures Capital Outlay 0.2% Transfers Out 10.5% Capital Outlay 0.6% Transfers Out 0.0% Operating Expenses 36.6% Personal Services 52.6% Operating Expenses 34.4% Personal Services 65.0% 22

30 EXPENDITURE ANALYSIS REPORT WATER/WASTEWATER FUND FIRST QUARTER BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED Water/Wastewater Administration $910,945 $126, % Water Facilities 2,317, , % Water Operating 1,478, , % Wastewater Facilities 3,059, , % Wastewater Operating 914, , % TOTAL WATER/WASTEWATER FUND $8,681,070 $832, % 23

31 The Solid Waste utility is an enterprise fund. Operations of this fund are financed and managed in a manner similar to private business enterprise. This fund accounts for the collection and disposal of residential garbage. All activities necessary to provide such service are accounted for in this fund. Commercial pick up is currently outsourced. There were 11,304 solid waste residential accounts at December 30, 2012; reflecting an increase of 20 accounts since October 1, The budget for fiscal year is $2,812,160. Revenue Analysis Solid Waste Fund revenues are 81.9% realized. Current year revenue receipts are detailed on page 25. Solid waste fees are assessed on the annual ad valorem tax bill. These fees will primarily be received between November and February, when tax bills are paid. Fees on accounts opened after the deadline for inclusion on the tax bills will continue to be processed in-house until placed on the tax bill. 18.9% Solid Waste Fund Revenues First Quarter 81.9% Solid Waste Revenues are being received at comparable levels with 81.9% realized as compared to 78.3% for the same quarter last year. These fees are collected primarily on the tax roll. 24

32 REVENUE ANALYSIS REPORT SOLID WASTE UTILITY FUND FIRST QUARTER REVENUE BUDGET RECEIVED PERCENTAGE DESCRIPTION AMOUNT FIRST QUARTER REALIZED CHARGES FOR SERVICES 2,767,735 2,298, % MISCELLANEOUS REVENUE 44,425 3, % SOLID WASTE FUND TOTALS $2,812,160 $2,302, % 25

33 Expenditure Analysis Expenditures are grouped into four main categories: Personnel Services, Operating Expenses, Capital Outlay, and Transfers Out. The Table below indicates the budgeted amount for the fiscal year and the cumulative amount spent at the end of the current quarter. Table 5 Expense by Major Budget Categories Category Budget Expended Percentage Personnel Services $853,790 $189, % Operating Expenses 1,382,690 $262, % Capital Outlay 55,050 $0 0.0% Transfers Out 520,630 $0 0.0% Totals $ 2,812,160 $451, % Page 27 contains pie charts indicating the composition of expenditures by category for First quarters and The Budget versus Expenditure report (page 28) shows the amount spent and percentage of the budget the amount represents for the quarter. Expenditures for the First quarter are 16.05% of the budgeted amounts. 26

34 FIRST QUARTER EXPENDITURE COMPARISON SOLID WASTE UTILITY FUND FY11/12-FY12/13 Fiscal Year First Quarter Expenditures Fiscal Year First Quarter Expenditures Transfers Out 50.5% Personal Services 24.8% Capital Outlay 0.0% Transfers Out 0.0% Capital Outlay 0.0% Operating Expenses 24.7% Operating Expenses 57.9% Personal Services 42.1% 27

35 EXPENDITURE ANALYSIS REPORT SOLID WASTE FUND FIRST QUARTER BUDGET EXPENSED PERCENT DEPARTMENT AMOUNT FIRST QUARTER USED Solid Waste-Residential $2,812,160 $451, % TOTAL SOLID WASTE FUND $2,812,160 $451, % 28

36 The Community Redevelopment Agency was established as a dependent taxing district in November This district was established subsequent to the City determining that blighted areas existed within a certain area of the City and a need existed for a CRA to facilitate community redevelopment. The CRA Board is comprised of one commissioner from the City, a designated citizen and an appointee by the orange county BCC. The CRA budget is adopted separately from the City s budget. The purpose of the CRA is to utilize appropriate public and private resources to eliminate and prevent the development or spread of slum and blighted areas in the designated area. The CRA is a major special revenue fund. The fiscal year budget is $552,475. CRA revenues are calculated based on the incremental increase in taxable value for properties located within the designated CRA areas beyond the base year value. The City s contribution in the amount of $109,573 was deposited by December 31 st as required by the agreement. The County s contribution of $78,665 also was deposited in December. Expenditures for this year are comprised of Lighting and Traffic Control Installation, Irrigation Landscaping for Blackwood Avenue area, Lake Bennett Fountain, and signage at Maguire Bridge and Wayfinding. Expenditures are grouped into three main categories for this fund- Operating Expenses, Capital Expenditures and Transfers. Expenditures for the First quarter are 1.7% of budget. Page 30 presents a budget versus actual summary of the fund. 29

37 STATUS REPORT FIRST QUARTER FY FUND 130 CRA FUND BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE $356,100 $356,100 REVENUES $196,375 $188,313 YEAR TO DATE TOTALS $552,475 $544,413 EXPENDITURES OPERATING EXPENSES $148,805 $9,430 CAPITAL OUTLAY $135,000 $0 TRANSFERS OUT $268,670 $0 YEAR TO DATE TOTALS $552,475 $9,430 30

38 Third quarter capital purchases for all funds are detailed on page 32. Capital Projects are assigned a job number and are tracked by phase and expenditures versus budget. Active projects have been listed on pages The Debt Statement (page 38) details outstanding obligations of the City used to finance some of these projects and the sources of security for the debt. Currently, the City has $52,732,000 in outstanding debt. During the third quarter of Fiscal Year , the City current refunded the outstanding principal amount of the Series 1998 Transportation Refunding and Improvement Bonds. This refunding will generate savings of $2,508,607 from this period through October We continue to monitor our existing long-term debt for any savings that may be available due to the current interest rate environment. The investment portfolio market value is $29,022,255 at December 31, 2012 as detailed on page 39. Funds are invested in government backed notes and certificates of deposit. All investments are in accordance with the City s adopted investment policy. Funds necessary for operations are taken from the investments in a timely manner. Impact Fee activity is detailed on pages for Road, Fire, Police, Recreation, Water, and Wastewater. Debt Service is currently paid out of the Road Impact Fund for the 1998 and 2002 Transportation Bond Issue. Fire Impact Fund and Recreation Impact Fund pay a portion of the 1999 Capital Improvement Revenue Bond for the fire stations, and the Beech Recreation Center. Recreation Impact Fund also pays for a portion of the 2009 note for new park land. Police Impact Fund pays for a portion of the 2008 note for the police station. Water Capital and Wastewater Capital pay a portion of the debt service for the 1997 and 2003 bond issue, and the 2008 note. Impact fund revenue receipts are well below budgeted levels. 31

39 CAPITAL PURCHASE REPORT FISCAL YEAR FIRST QUARTER DEPARTMENT ITEM PURCHASED REMAINING ACTUAL STATUS BUDGETED COST PO or PAID AMOUNT Parks & Recreation Software for Recreation Programs $15,000 $14,484 PO Parks & Recreation Fence for Historic Cemetery $12,400 $12,400 PO Parks & Recreation ACG Utility Vehicle replacement $17,000 $16,460 PO Parks & Recreation Aerator replacement $6,000 $5,685 PO Police Department Mobile Forensic Software & Accessories $8,500 $8,500 PAID Engineering Underground Powerline Bluford-Old Maine St $23,569 $23,569 PAID PW/Streets-Traffic FDOT Improvements Ocoee Hills & Silver Star Rd $45,000 $31,000 PAID Wastewater Master Pump #1 waste water plant & $20,000 $16,674 PO Rebuild Influent Gate #2 Actuator ww plant PO Wastewater LS #16 Wetwell Coating $15,688 $19,400 PAID Water/Wastewater Sensus Tower Upgrade $100,000 $92,500 PO Wastewater Lk Olympia Townhomes Pump #1 LS #6 Emergency $0 $5,243 PAID CRA Marquee Sign-Clarke Road $16,430 $16,430 PO CRA Decorative Fountain-Lake Bennet $45,000 $41,100 PAID 32

40 GENERAL CAPITAL PROJECTS FIRST QUARTER FY CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF12/30/13 USED STATUS COMPLETION Rogers Park $ 2,925,483 $ 2,045, % Construction Prairie Lake Park $ 673,107 $ 515, % Construction Fire Station #38 $ 320,000 $ 36, % Construction Community Center Expansion $ 1,815,000 $ 178, % Design Ison Veteran Center Improvements $ 396, $ 345, % Construction

41 TRANSPORTATION CAPITAL PROJECTS FIRST QUARTER FY CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF12/30/13 USED STATUS COMPLETION White Road Turn Clarke Rd $ 100,000 $ 19, % Design Pioneer Key I Roadwork/Stormwater Improvements $ 1,166,694 * $ 1,105, % Construction * Funding for Utility Portion of Pioneer Key I Roadwork removed and combined with Lift Station #22 Project 34

42 STORMWATER CAPITAL PROJECTS FIRST QUARTER FY CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF12/30/13 USED STATUS COMPLETION Bluford Ave Drainage Project $ 180,000 $ 15, % Design Peach Lake Manor IV Improvements $ 2,890,000 $ 179, % Design

43 WATER/WASTEWATER CAPITAL PROJECTS FIRST QUARTER FY CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF12/30/13 USED STATUS COMPLETION Reclaim System Interconnect- Montgomery to White Road $ 1,250,000 $ 1,046, % Construction Maguire Rd Reclaim Pumping $ 1,200,000 $ 801, % Construction Ocoee West Transmission System $ 110,000 $ 11, % Design Security Improvements - Water $ 105,110 $ 25, % Construction Upsize Water Lines due to New Development $ 120,000 $ 3, % Construction Pioneer Key Lift Station #22 / PKI Utilities $ 1,042,553 $ 1,023, % Construction Security Improvements - Wastewater $ 54,917 $ 34, % Construction Lift Station #3 Rehab $ 229,716 $ 190, % Construction Prairie Lakes Reclaimed Retrofit Project $ 658,399 $ 639, % Construction Northwest Reclaim Service $ 800,000 $ 408, % Construction SR 50 Widening $ 887,500 $ 529, % Construction

44 CRA CAPITAL PROJECTS FIRST QUARTER FY CUMULATIVE BUDGETED EXPENSES PERCENT START DATE/ PROJECT NAME FUNDS AS OF12/30/13 USED STATUS COMPLETION Blackwood Ave Resurfacing & Streetscape $ 624,968 $ 624, % Construction Event Center $ 78,718 $ 78, % Design

45 DEBT STATEMENT AS OF DECEMBER 31, 2012 General General Fund Utility Fund Source Obligation Revenue Revenue of Direct City Debt Debt Debt Debt Security Capital Improvement Revenue Bond Covenant to budget and Series 2011, due 10/01/2028 7,894,000 appropriate annually from non-ad valorem revenues and impact fees Transportation Refunding and Local Option Gas Tax and Improvement Revenue Bonds, Public Service Taxes Series 2012, due 10/01/ ,662,000 Water and Sewer System Refunding Net Revenues and Impact and Improvement Bonds, Series Fees 2003 due 10/1/ ,300,000 Capital Improvement Revenue Note 2009 Budget and Appropriate due 10/1/2024 4,245,000 Non-Ad Valorem Revenue Notes 2007 Budget and Appropriate due 12/1/2022 3,635,000 Non-Ad Valorem Revenue Note 2008 Budget and Appropriate due 2/1/2023 3,300,000 Water and Sewer System Refunding $ 5,280,000 Net Revenues and Impact Revenue Note Series-2008 Fees Water and Sewer Note 2010 $ 1,416,000 Net Revenues and Impact Total Direct Debt $ -0- $ 33,736,000 $ 18,996,000 Fees 38

46 INVESTMENTS AS OF DECEMBER 31, 2012 BEG. PERIOD END PERIOD MARKET INCOME MARKET INVESTED PORTFOLIO VALUE EARNED VALUE ** STATE BOARD SECURITIES 229,017 1, ,976 ACCOUNT 1022 RAYMOND JAMES SECURITIES 25,286 (163) 22,764 ACCOUNT 1873 RAYMOND JAMES SECURITIES 6,259,583 (530) 5,259,053 ACCOUNT 9676 SUNTRUST SECURITIES 18,532,558 21,391 18,031,324 ACCOUNT 4444 M&I Bank * CERTIFICATE OF DEPOSIT 1,051, ,051,492 ACCOUNT 0899 MATURITY 6/18/2013 M&I Bank * CERTIFICATE OF DEPOSIT 1,131, ,131,997 ACCOUNT 3643 MATURITY 4/18/2013 M&I Bank * CERTIFICATE OF DEPOSIT 548, ,120 ACCOUNT 2477 MATURITY 5/19/2013 M&I Bank * CERTIFICATE OF DEPOSIT 545, ,687 ACCOUNT 2466 MATURITY 5/19/2013 M&I Bank * CERTIFICATE OF DEPOSIT 1,118, ,118,276 ACCOUNT 0864 MATURITY 1/10/2014 BANKFIRST BUSINESS MMA 1,081, ,082,566 ACCOUNT 3393 '* Interest recorded at maturity $30,523,885 $23,635 $29,022,255 ** Ending period market values reflects purchases, sales and reinvestment activities for the quarter. 39

47 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUND 106 ROAD IMPACT FEES BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE $690,340 $690,340 REVENUES $1,017,760 $148,025 YEAR TO DATE TOTALS $1,708,100 $838,365 EXPENDITURES OPERATING EXPENSES $25,000 $61 CAPITAL OUTLAY $1,619,625 $0 TRANSFERS OUT $63,475 $0 YEAR TO DATE TOTALS $1,708,100 $61 NOTE: CAPITAL OUTLAY INCLUDES PRIOR YEAR ALLOCATED FUNDS. 40

48 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUND 107 FIRE IMPACT FEES BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE REVENUES $113,000 $113,000 $170,800 $18,757 YEAR TO DATE TOTALS $283,800 $131,757 EXPENDITURES BUDGET RESERVE $56,300 $0 TRANSFERS OUT $227,500 $131,757 YEAR TO DATE TOTALS $283,800 $131,757 41

49 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUND 108 POLICE IMPACT FEES BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE 0 0 REVENUES $125,930 $9,667 YEAR TO DATE TOTALS $125,930 $9,667 EXPENDITURES INTEREST EXPENSE $20,000 $0 PRINCIPAL $40,000 $0 BUDGET RESERVE $65,930 $0 YEAR TO DATE TOTALS $125,930 $0 42

50 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUMD 110 RECREATION IMPACT FEE BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE $1,128,275 $1,128,275 REVENUES $339,225 $28,244 YEAR TO DATE TOTALS $1,467,500 $1,156,519 EXPENDITURES PRINCIPAL $95,000 $0 INTEREST EXPENSE $50,000 $0 OPERATING EXPENSE $0 $549 CAPITAL OUTLAY $1,277,500 $0 TRANSFERS OUT $45,000 $0 YEAR TO DATE TOTALS $1,467,500 $549 43

51 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUND 404 WATER CAPITAL FUND BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE $600,000 $600,000 REVENUES $25,900 $4,201 YEAR TO DATE TOTALS $625,900 $604,201 EXPENDITURES CAPITAL IMPROVEMENT $40,000 $0 BUDGET RESERVE $ 385,900 $0 TRANSFERS OUT $200,000 $0 YEAR TO DATE TOTALS $625,900 $0 44

52 IMPACT FEE STATUS REPORT FIRST QUARTER FY FUND 405 WASTEWATER CAPITAL FUND BUDGET ACTUAL REVENUES BEGINNING CASH BALANCE $795,000 $795,000 REVENUES $47,250 $6,641 YEAR TO DATE TOTALS $842,250 $801,641 EXPENDITURES BUDGET RESERVE $112,250 $0 CAPITAL OUTLAY $40,000 $0 TRANSFERS OUT $690,000 $0 YEAR TO DATE TOTALS $842,250 $0 45