Monthly Financial Report. March Table of Contents. 4. Statement of Revenues and Expenditures

Transcription

1 Monthly Financial Report March-2018 Table of Contents Page Number 2. Fiscal Year 2018 Budget 3. Financial Statement Category Definitions 4. Statement of Revenues and Expenditures 5. Revenue Variance Analysis 6. Expenditure Variance Analysis 7. Investments Statement 8. New Program Report 9. New Program Detail 17. Projections

2 Fiscal Year 2018 Budget FY 2018 FY 2018 Original Budget Revised Budget Amendment Budget Revenues Ad-Valorem Taxes 37,969,389 37,969,389 Investment Income 333, ,000 Revenue Maximization 45,300 45,300 Administrative Services Organization 410, ,000 Other Partner 160, , ,000 Miscellaneous Income 5,000 5,000 Total Revenues 38,922, ,000 39,172,689 Expenditures Program Expenditures: Program (Continuation ) 31,415,126 31,415,126 New Program (unallocated) 2,200, ,000 2,450,000 Total Program Expenditures: 33,615, ,000 33,865,126 Operating Employee Salaries and Benefits 3,621,750 3,621,750 Contracted Professional Services 356, ,420 Facility Expenditures 307, ,131 Other Operating 297, ,262 Total Operating 4,582, ,582,563 Mandatory Government Fees 1,093, ,093,213 Total Expenditures 39,290, ,000 39,540,902 Net Spend Down of Fund Balance (368,213) 0 (368,213) 3% 3% 8% 86% Total Program Expenditures Mandatory Government Fees Direct Operating Expenditures Administrative Operating Expenditures 2

3 Financial Statement Category Definitions Revenue Ad-Valorem Taxes includes current and delinquent ad-valorem tax revenue and excess fees returned to the Children s Board originally paid to the county based on the tax revenue. Investment Income includes revenue from various interest-bearing accounts. Revenue Maximization funding includes earnings generated when the Children s Board matches revenue from federal and state funding sources. This currently includes Department of Children and Families (DCF) adoption support. Administrative Services Organization (ASO) funding represents contributions from other funders specifically designated for use by providers in the community managed by the Children s Board ASO staff. These dollars are also included in the program expenditure line. Examples are Department of Children and Families and Hillsborough County funding. Other Partner funding represents funds contributed from community partners that are added to our provider contract amounts and included in the program funding line, for example the School District of Hillsborough County. Miscellaneous Income consists of contributions, and any other miscellaneous revenue received during the year. Expenditures Program represents provider contracts funded by Children s Board, property tax revenue and funds contributed from our community partners. This amount also includes the dollars managed through the ASO. New Program (unallocated) includes dollars budgeted for new program contracts and one time funding that will be released and awarded by a competitive or application process. Employee Salaries and Benefits include wages paid to all non-contractor employees. Benefits represent costs provided for salaried and hourly wage employees such as FICA, health insurance, unemployment, and retirement. Contracted Professional Services represents amounts budgeted for information technology, Hillsborough County Television, legal, media buys, auditing, Civil Service fees, and other professional services. Also included are support activities with provider agencies and community organizations for training events. Facility Expenditures represents necessary costs to operate the Children s Board offices and conference center including utilities, information technology, maintenance, and repairs. Other Operating contains staff training, conference and meeting travel, postage, insurance, promotional activities, printing, supplies, advertising for Truth In Millage (TRIM) budget ads and other public notices, memberships and subscriptions. Capital Expenditures include the budget for the building expenditures (A/C unit and roof repair). No capital expenditures are budgeted for FY Mandatory Government Fees include tax collector s fee, property appraiser s fee as well as the city storm water fee. 3

4 March-2018 Statement of Revenues and Expenditures FY 2018 YTD FY 2018 FY 2018 FY 2018 Budget YTD Actual Variance $ Variance % Revenues Ad-Valorem Taxes 33,614,179 35,691,064 2,076,885 6% Investment Income 166, , ,435 80% Revenue Maximization % Administrative Services Organization 205, ,077 37,077 18% Other Partner 80,000 80, % Miscellaneous Income 2,500 6,118 3, % Total Revenues 34,068,179 36,319,194 2,251,015 7% Expenditures Program Expenditures: Program (Including Unallocated) 15,147,889 9,896,178 5,251,711 35% Total Program Expenditures: 15,147,889 9,896,178 5,251,711 35% Operating Expenditures Employee Salaries and Benefits 1,810,875 1,746,820 64,055 4% Contracted Professional Services 178, ,177 65,033 36% Facility Expenditures 158, ,696 43,217 27% Other Operating 177, ,037 68,553 39% Total Operating 2,325,588 2,084, ,858 10% Mandatory Government Fees 847, ,667 (12,582) -1% Total Expenditures 18,320,562 12,840,575 5,479,987 Net Cash Flow 15,747,617 23,478,619 7,731,002 4

5 Revenue Variance Analysis March-2018 Statement of Revenues FY 2018 YTD FY 2018 FY 2018 FY 2018 Budget YTD Actual Variance $ Variance % Revenues Ad-Valorem Taxes 33,614,179 35,691,064 2,076,885 6% Investment Income 166, , ,435 80% Revenue Maximization % Administrative Services Organization 205, ,077 37,077 18% Other Partner 80,000 80, % Miscellaneous Income 2,500 6,118 3, % Total Revenues 34,068,179 36,319,194 2,251,015 7% Ad-Valorem Taxes o This line is within budget. Ninety four percent of the budgeted revenue has been received. Investment Income o The interest received year to date is higher than expected because the current interest rate of 1.79% is higher than the budgeted rate of 1.00%. Revenue Maximization o CBHC will not receive the budgeted Department of Children and Families revenue this year because the Heart Gallery did not apply for continuation funding. Administrative Services Organization o ASO expenditures related to other ASO funders were more than budget resulting in higher recognized revenue. The BOCC Homeless Prevention project began in November, invoiced on a quarterly basis and $198,845 of the $300,000 has been spent and received. Other Partner o This line is within budget. CBHC has received half of the funding from the School District of Hillsborough County. Miscellaneous Income o This includes insurance safety incentives at 50% of dollars spent on safety items. This line item also includes re-payment of prior year unallowable expenses that are identified at site visits. 5

6 Expenditure Variance Analysis Statement of Expenditures March-2018 FY 2018 YTD FY 2018 FY 2018 FY 2018 Budget YTD Actual Variance $ Variance % Expenditures Program Expenditures: Program (Including Unallocated) 15,147,889 9,896,178 5,251,711 35% Total Program Expenditures: 15,147,889 9,896,178 5,251,711 35% Operating Employee Salaries and Benefits 1,810,875 1,746,820 64,055 4% Contracted Professional Services 178, ,177 65,033 36% Facility Expenditures 158, ,696 43,217 27% Other Operating 177, ,037 68,553 39% Total Operating 2,325,588 2,084, ,858 10% Mandatory Government Fees 847, ,667 (12,582) -1% Total Expenditures 18,320,562 12,840,575 5,479,987 Program Expenditures o This line item is under budget because: Very little of the new program funding that has been awarded has been expended. Some of the providers are not current on their reimbursement requests. $1,131,305 of the $31,415,126 continuation funding budget was not contracted for on October 1 st. Employee Salaries and Benefits o This line is under budget because of vacant positions. All of the positions have been filled except the new ASO position that was added in January. Contracted Professional Services o This line item is under budget because of the timing of legal services, community education & awareness and other professional services expenditures. Facility Expenditures o This line item is under budget because of Building Repairs/Supplies Maintenance Services and Facilities Maintenance Contracts/Inspections are lower than expected. Some larger projects will happen later in the year. o IT Maintenance contracts expenditures were higher in the first quarter because several annual maintenance support contracts were renewed in the first quarter. Other Operating o This line item is under budget because of timing of payments for printing, office supplies-small equipment, promotional activities, and training and events expenditures. Workers compensation and dues & memberships expenditures are over budget. Mandatory Government Fees o Tax Collector fees are slightly over budget because more tax revenue has been received year to date than expected. 6

7 Children's Board Of Hillsborough County Investments Statement March-2018 Investment Instrument Financial Institution Balance Maturity Yield Checking LGIP Wells Fargo Government Advantage Florida State Board of Administration 1,036,004 1 day 0.35% 44,117,917 N/A 1.79% 45,153,921 7

8 Children's Board of Hillsborough County FY 2018 NEW PROGRAM FUNDING (UNALLOCATED) REPORT Beginning Budget Adjustments Revised Budget YTD Amount Approved YTD Uncommitted Funds Available Current Requests Uncommitted Funds Available Not 130, ,000 98,293 31,707 31,707 70,000 70,000 20,173 49,827 49,827 Emerging Needs 300, ,000 75, , ,550 Emergency 200, ,000 83, , ,244 Match 200, , , ,000 Healthy & Safe Uniting 800, , , ,000 Mobile Swim RFQ Release 250, , , , ,769 Leading (Summer ) 250, , , , , , ,320 Totals 2,200, ,000 2,450, ,273 1,880, ,310 1,720,417 Original Continuation Budget 31,415,126 Actual Contract Amount Negotiated 30,705,367 Amount Remaining 709,759 Amendment 421,546 Additional Amount Available 1,131,305 8

9 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer Florida 1.27 Incorporated Hispanic Services Council, Inc. Learn Tampa Bay, Inc. Instruments of Change Hillsborough County Anti Drug Alliance, Inc. Live The Promise: Florida La RED De Padres Activos Show Our Best Colors Instruments of Change Not provided Recruiting, training, and supporting faith-based organizations in Hillsborough County to commit their existing resources (people, communication systems, and facilities) to care for both the children in Out of Home Care and the temporary families that serve these children. The program will support children and families by providing training using the Live the Promise curriculum and develop wraparound resources to support foster care families, while also collecting pilot data using the model locally. 37,500 Expand service capacity to support families relocating to Hillsborough County due to 2017 recent storms. Serve 100 additional families. 83,756 To purchase (1) laser printer, toner and necessary accessories to be used by program staff. 5,000 to purchase (1) laptop, 5x Tablets, supplies, and necessary accessories to be used with students and by Program Director. 2,890 to purchase the Life Skills curriculum and staff development training. 4,160 9

10 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer Bethany Christian Services of Safe Families for Florida, Inc. Children Bikes for Christ, Inc. Bikes 4 Christ to purchase (1) laptop, (2) tablets, (1) LCD projector and (1 stand, (1) carrying case, a remote, and other accessories to be used by staff in support of volunteer recruitment and training by staff. 3,872 for organizational Board training and development. 5,000 Positive Family Partners, Inc. Florida Museum of Photographic Arts PFP Technology Little Kids/Big Minds To purchase (3) laptops, warrantees, necessary accessories to be used by staff, and replenishing children's books in support of the special needs lending library to be used by staff or families. 5,000 Funds requested to purchase (4) tablets to be used by staff with students and consultant costs to develop and implement educational curriculum. 5,000 Oasis Network Of New Tampa, Inc. Oasis Project Funds to purchase office supplies including carts, bins, and shelving to support the agencies new online ordering delivery system. Funds will inpart fund a CCAT organizational assessment. 2,626 Kids Doing Business Academy Prep Beyond the Bell Funds to purchase (10) laptops for use by students and consultant services to complete an organizational strategic planning process. 5,000 10

11 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer Stepping Stones, Inc. Project STEP to develop fundraising marketing materials, building signage, notecards, branded shirts in support of revenue generating efforts. 4,100 Enterprising Latinas, Inc. EL Technology Upgrade requested to purchase (2) computers, remote server access, IT security, and necessary accessories for use by agency staff. 3,632 Women's Resource Center, Not provided to purchase branding, fundraising, and website development consulting services. 5,000 United Food Bank Of Plant City Not provided Funds requested to purchase a client data tracking system and licensing (Apricot). 4,140 Tampa Bay and Family Development Corporation Bethesda Funds to purchase (1) laptop for use by staff, QuickBooks subscription, and website upgrades. 3,500 A Brighter Brighter IT Upgrades Funds to purchase (6) computers/monitors, (5) child-size mice, (1) NAS server, printer, and necessary accessories to be used by the students. 4,350 Wheels of Success Mama Africana Network, Inc. Not provided Not provided Funds to purchase (5) computers, web camera, (1) laptop, wireless keyboard, Techsoup membership, Survey Monkey subscription, and necessary accessories to be used by staff. 3,941 Project seeks to complete a strategic plan, board governance training, and agency marketing material upgrades. 5,000 11

12 FY 2018 Approved Uncommitted Program Detail Agency Program Description Tampa Metropolitan YMCA Foundation Boys and Girls Clubs of Tampa Bay, Inc. Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Mobile Swim and Education Mobile swim and education services. 114,231 Early Childhood Collaboration of Hillsborough County Boys and Girls Summer Camp at Greco Middle School Leading Summer The Early Childhood Collaboration of Hillsborough County will develop a collective impact model and report to promote the importance of early childhood education focused on parent engagement, families who are not using existing programs, and improving the quality of existing programs. 37,950 Grade 6-8 all day program will include lunch, snack and enriched programming in arts, safety, literacy, STEM, sports and character development. Total contract $30,000. BOCC funding $15, ,000 Housing Authority of the City of Tampa, Inc. Oaks at Riverview Children ages 6-14 will be in a safe and healthy environment, fostering physical, emotional, and educational well-being with intensive programming in the Children s Board s six focus areas. Total contract $28,360. BOCC funding $14, ,360 12

13 FY 2018 Approved Uncommitted Program Detail Agency Program Description Tampa 2018 Summer Metropolitan Area Teen Achievers YMCA, Inc. Program: Hillsborough College Foundation, Inc. Tampa Bay and Family Development Corporation d/b/a Bethesda Ministries HCC Kids College UpWard Kids Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer The program increases academic performance and career development of at-risk youth ages through an array of support and enrichment programming in an effort to facilitate successful grade promotion. Total contract $29,226. BOCC funding $14, ,226 Students in grades K-5 will receive a network of services at the HCC Ybor Campus Collaboration Studios that target six focus areas of youth development: arts, sports, character building, literacy, safety, and STEM. Total contract $30,000. BOCC funding $15, ,000 Program will offer children ages 6-14 activities in arts, sports, character building, literacy, safety, and STEM in six sites located in 33605, 33010, and Total contract $30,000. BOCC funding $15, ,000 13

14 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer The Family Enrichment Center, Inc. FEC Summer Reading and Enrichment Program Kingdom Kids of Tampa Bay KKTB Assessment Faith Action Ministries Alliances, Inc. Mentoring W/ Purpose FAMA Training MWP Life Lessons Andrew Joseph Foundation AJF Capacity Vsa Florida Bess The Book Bus Echo of Brandon Inc. VSAFL Branding BBB Media Project ECHO Technology Program will provide safe, affordable and accessible educational and enrichment services to students who are 6 to 14 years old. Experienced teachers/staff assess each child upon program entry and provide hands-on learning with the goal of minimizing summer skill loss in reading, math, science and technology. Total contract $29,784. BOCC funding $14, ,784 SWAT Analysis/ organizational assessment, Short strategic planning organization policy manual revision. 5,000 Board Governance Training, Strategic planning, leadership coaching, program development. 5,000 (10) tablets for use by students, Consultant services for training and curriculum Installation. 4,231 Board governance training, strategic plan development, leadership training, work plan, fund development training. 4,250 Organizational rebranding and updated messaging platform. 5,000 Website development, organizational promotional video production, social media management coaching. 5,000 (12) computers total (5x for Staff, 2x for Volunteers, 3x for Client, 2x Opportunity Center). 4,650 14

15 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Brandon (3) tablets for use by clients, Outreach Clinic TOC consultant services. 3,157 Girls On The Run GOTR Florida Institute For Studies FICS Cyber Makeover Organizational strategic planning and leadership training. 5,000 Consultant services to update Google base website, social media platform upgrades. 4,967 Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer Florida Education Fund University Area Development Center Tampa and Family Development d/b/a Bethesda Ministries Wimauma Summer DreamCatchers Outer Limits Students will learn to code and make artwork as they create working video games; play sports; practice reading; learn first-aid and money management tips; prepare for middle, high school and college; and participate in weekly field trips. Total contract $26,741. BOCC funding $13, ,741 The camp ensures that families in the University Area have a positive, educational summer experience. The camp serves children ages 6 to 12 at three locations, Mort Recreation Center, Roy Haynes Recreation Center and Egypt Lake Recreation Center. Total contract $29,465. BOCC funding $14, ,465 The program is partnering with Bethel in Temple Terrace and St. Mary in Plant City to provide Summer Services in art, character development, dance, sports, and STEM activities plus field trips for children ages Total contract $29,183. BOCC funding $14, ,183 15

16 FY 2018 Approved Uncommitted Program Detail Agency Program Description Not Emerging Needs Emergency Match Healthy & Safe Uniting Mobile Swim RFQ Release Leading Summer Redefiners World Languages, Inc. Tampa Heights Junior Civic Association, Inc. Boys and Girls Clubs of Tampa Bay, Inc. Language Immersion and Technology Camp Tampa Heights Summer Youth Boys and Girls Summer Camp at Wimauma A STEAM camp with hands-on and interactive learning fit for the summer fun. Early Drop Off and Late Pick Up Available, Camp located inside University Mall. June 4-July 13th; 9:00 AM - 3:00 PM Designed for ages Total contract $18,680. BOCC funding $9, ,680 The summer youth program will be based in Tampa Heights and Spoto High School that will continue to provide enhancements to existing services by incorporating new evidence-based curriculum, and parental engagement activities. Total contract $30,000. BOCC funding $15, ,000 Grade 2nd 5th all day program will include lunch, snack and enriched programming in Arts, Safety, Literacy, STEM, Sports and Character Development. Total contract $26,241. BOCC funding $13, ,241 TOTAL 98,293 20,173 75,450 83, , ,680 Total Approved 569,273 Total Current Requests 160,310 16

17 CHILDREN'S BOARD OF HILLSBOROUGH COUNTY PROJECTIONS FISCAL YEARS Millage Rate.4589 FY 2017 Budget FY 2017 Estimated Actual FY 2018 Budget FY 2019 Budget FY 2020 MILLAGE RATE Projected Tax Revenue (millage w/ 8.82 % inc. in tax base in FY 2018, 7.5% inc. in FY 2019, 8.7% inc. in FY 2020) 34,894,180 35,415,000 37,969,389 40,802,843 44,336,160 Investment Income 152, , , , ,352 Revenue Maximization 67,125 61,000 45,300 45,300 45,300 Administrative Services Organization and Other Partner 270, , , , ,000 Miscellaneous Income 3, ,000 5,000 5,000 5,000 Total Revenue Available 35,386,805 36,379,000 38,922,689 41,782,795 45,276,812 Operating Expenditures 4,626,460 4,347,145 4,582,563 4,752,495 4,938,095 Mandatory Government Fees 1,740, ,295 1,093,213 1,173,966 1,274,665 Building and Capital Reserve Expenditures ,223 16,472 Program (Continuation ) 28,865,770 28,187,906 31,415,126 32,665,126 39,915,126 New Program (Unallocated) 1,150, ,516 2,200,000 8,200,000 4,200,000 Total Expenditures 36,382,506 34,304,862 39,290,902 46,803,810 50,344,359 Net Income (Spend Down) (995,701) 2,074,138 (368,213) (5,021,015) (5,067,547) Fund Balance Total Fund Balance Beginning of Year 17,615,366 17,615,366 19,689,504 19,321,291 14,300,276 Net Income (Spend Down of Fund Balance) (995,701) 2,074,138 (368,213) (5,021,015) (5,067,547) Total Fund Balance End of Year after Spend Down 16,619,665 19,689,504 19,321,291 14,300,276 9,232,729 Less Non-Spendable Fund Balance Reserve (21,701) (21,701) (21,701) (21,701) (21,701) Less Committed Fund Balance Reserve (Operating Reserve) (1,822,764) (1,718,674) (1,968,474) (2,344,871) (2,522,252) Less Committed Fund Balance Reserve (Building & Capital Reserve) (168,314) (168,314) (264,214) (351,991) (435,519) Less Assigned Fund Balance Reserve (7,787,148) (10,456,775) (10,088,562) (5,067,547) Unassigned Fund Balance 6,819,738 7,324,040 6,978,340 6,514,166 6,253,257 Definitions: Non-Spendable Fund Balance Reserve includes pre-paid expenditures. Committed Fund Balance Reserve includes the building/capital reserve and operational reserve of 5.01% of the budgeted expenditures for the year. Assigned Fund Balance Reserve consists of the future commitments included in the future projections that spend down from the fund balance. Unassigned Fund Balance represents the difference between the total fund balance and all reserves above. The reserve amounts above are determined and approved by the Board each year during the budgeting process. Budget updated