Quarterly Financial Report June 30, 2015

Transcription

1 Quarterly Financial Report June 30, 2015

2 3rd Fiscal Quarter Report assumptions pertaining throughout the document: 3rd Quarter represents the period from April 1, 2015 to June 30, Year to Date represents the period from October 1, 2014 to June 30, Operating Funds include the General Fund, Building Fund, Streets Construction and Maintenance Fund and the Public Art Trust Fund. The Building Fund, Streets Construction and Maintenance Fund and Public Art Trust Fund are Special Revenue Funds. Variances between actual and expected in excess of 25% for operating revenues and expenses are explained on the major variance pages, where applicable. Revenues General Fund revenue expectation percentages are valued at 75% for the 9 months with the following exceptions based on timing of revenues received: a. The majority of property tax revenues are collected in November and December b. One month lag in collections c. Two month lag in collections d. Seasonal trend in collections Local Business License billing occurs in August of each year. Approximately 70% is collected in the year of billing and approximately 30% is collected in the 1st fiscal quarter of the year directly following the date of the billing. Residual fees come in during the year as a result of new business which are not budgeted. Expenditures QUARTERLY FINANCIAL REPORT - ASSUMPTIONS June 30, 2015 Personnel services expectations for the quarter were developed based on number of pay periods actually paid to date. A total of 19 pay periods out of 26 pay periods in a year or 73% have occurred up to June 30, Operating expectations for the quarter are based on a 1 month lag in invoicing and remittance to vendors. As a result, 66.7% or 8 months out of 12 months have elapsed through June 30, Expectations for capital projects are not included due to many facets involved with a capital project (i.e. Scope development, RFP process and review, design and engineering, timing delays due to permitting, etc.). As a result, the 9/30/15 projected amount reflects the amended budget. In addition, a project status report is produced quarterly by the City Manager's office which includes the detailed status on each project. Operating expectations for the City Commission Department (5110) include the Mayor and Commissioners' stipend payments which are paid monthly at the beginning of each month. The remaining cost expectations reflect a 1 month lag in invoicing or 66.7%. The expenditures for Risk Management is adjusted based on the payment structure of the various insurance policies which are renewable every October. Payment structure for the policies require large initial deposit in October followed by equal monthly installments in December and March for the remaining amount due. The expenditures for the Cultural and Community Services Department (5730) are incurred on demand. As a result, 75% of budget is expected for the period. Page 2

3 OPERATING FUNDS (pages 5-16) QUARTERLY FINANCIAL REPORT June 30, /30/2015 Amended Apr 1, Fiscal Year Actual/ Projected Projected / Budget Jun 30, 2015 to Date Budget Amount Budget % FUND BALANCE, BEGINNING - October 1, ,092,359-21,092,359 21,092,359 TOTAL REVENUES 35,704,650 6,537,004 32,195, % 37,194, % TOTAL EXPENDITURES (30,751,712) (7,047,933) (19,744,780) 64.2% (28,805,408) 93.7% OTHER FINANCING SOURCES (USES) (7,557,355) (1,594,899) (6,142,983) 81.3% (7,557,355) 100.0% NET CHANGE IN FUND BALANCE (2,604,417) (2,105,829) 6,308, ,483 FUND BALANCE, ENDING 18,487,942 27,400,478 21,923,842 Actual Projected CAPITAL PROJECTS FUNDS (page 17-19) FUND BALANCE, BEGINNING - October 1, ,931,969 23,931,969 23,931,969 TOTAL REVENUES 13,667,707 2,476,715 13,426, % 13,673, % TOTAL EXPENDITURES (39,427,483) (10,687,517) (18,438,340) 46.8% (22,775,354) 57.8% OTHER FINANCING SOURCES (USES) 2,800, ,000 2,100, % 2,924, % NET CHANGE IN FUND BALANCE (22,959,776) (7,510,802) (2,911,993) (6,177,251) FUND BALANCE, ENDING 972,192 21,019,976 17,754,718 LAW ENFORCEMENT TRUST FUND FUND BALANCE, BEGINNING - October 1, ,242,179 9,242,179 TOTAL REVENUES - (17,310) 108, % TOTAL EXPENDITURES - (131,267) (533,506) 0.0% NET CHANGE IN FUND BALANCE - (148,576) (425,236) FUND BALANCE, ENDING 9,242,179 8,816,943 STORMWATER FUND (page 20-21) NET POSITION, BEGINNING - October 1, ,642,000 13,642,000 13,642,000 TOTAL REVENUES 1,568, , , % 1,576, % TOTAL EXPENSES (1,699,107) (112,863) (498,167) 29.3% (1,130,775) 66.6% OTHER FINANCING SOURCES (USES) (485,743) (121,436) (352,728) 72.6% (485,743) 100.0% NET CHANGE IN FUND BALANCE (616,710) (53,025) (203,309) (40,268) NET POSITION, ENDING 13,025,290 13,438,691 13,601,732 TOTAL FUNDS FUND BALANCE, BEGINNING - October 1, ,908,506 67,908,506 TOTAL REVENUES 50,940,497 9,177,683 46,378, % TOTAL EXPENDITURES (71,878,303) (17,979,581) (39,214,793) 54.6% OTHER FINANCING SOURCES (USES) (5,243,098) (1,016,335) (4,395,712) 83.8% NET CHANGE IN FUND BALANCE (26,180,904) (9,818,233) 2,767,581 FUND BALANCE, ENDING 41,727,603 70,676,087 Page 3

4 GENERAL FUND Year to Date Revenues by Source 28,223,729 Fines and Forfeitures, 1.4% Utility Taxes, 9.7% Intergovernmental, 5.8% Property Taxes, 67.4% Charges for Services, 12.0% Licenses/Permits, 0.8% Franchise Fees, 1.1% Miscellaneous, 1.0% Property Taxes Fines and Forfeitures Utility Taxes Intergovernmental Charges for Services Licenses/Permits Interest & Other Earnings, 0.9% Franchise Fees Miscellaneous Interest & Other Earnings Year to Date Expenditures by Category 23,124,569 Debt Service 28.4% Other Disb 0.3% Capital Outlay 2.1% Personnel Services 51.5% Operating Expenses 17.6% Personnel Services Operating Expenses Operating Transfers Debt Service Other Disbursements Contingency & Reserves Capital Outlay Page 4

5 OPERATING FUNDS MAJOR REVENUE FIVE YEAR TREND (in thousands) FY 2011 FY 2012 FY 2013 FY2014 FY2015 Projected OPERATING REVENUES FY 2015 General Fund PROPERTY TAXES 15,315 15,960 16,364 17,907 19,025 19,308 CITIZENS INDEPENDENT TRANSPORTATION TRUST FRANCHISE - ELECTRIC 1,099 1,285 1, FRANCHISE - REFUSE UTILITY TAX - ELECTRIC 2,108 2,147 2,322 2,545 1,551 2,300 UTILITY TAX - WATER COMMUNICATIONS TAX 1,143 1,041 1,081 1, ,000 BUILDING PERMITS & FEES 2, CODE ENFORCEMENT STATE REVENUE SHARING LOCAL GOVT 1/2 CENT SALES 1,208 1,353 1,441 1,528 1,076 1,500 FINES & FORFEITURES PARKING AGREEMENTS ,060 1,349 1,085 1,272 RENTAL PROPERTY AFTERSCHOOL PROGRAM Building Fund BUILDING PERMITS & FEES - 1,793 3,058 3,264 3,251 3,636 Streets Construction & Maint. Fund CITIZENS INDEPENDENT TRANSPORTATION TRUST LOCAL OPTION FUEL TAX STATE REVENUE SHARING TOTAL MAJOR REVENUES 28,049 28,568 30,551 32,684 29,814 34,406 TOTAL NON-MAJOR REVENUES 1,272 2,127 2,845 3,249 2,382 2,788 TOTAL OPERATING REVENUES 29,321 30,696 33,396 35,932 32,196 37,194 OPERATING FUNDS REVENUE FIVE YEAR TREND (in millions) $40 $35 $30 $25 $20 $15 $10 $5 $ FY 2011 FY 2012 FY 2013 FY 2014 Projected FY 2015 Major Revenues Total Operating Revenues Page 5

6 Revenues GENERAL FUND Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget a Property Taxes 19,110,269 1,953,957 19,025, % 100.0% -0.4% 19,308, % d Franchise - Electric 900, % 0.0% 0.0% 900, % c Franchise- Gas 12,750 2,807 7, % 58.3% -3.3% 14, % b Franchise - Refuse 400, , , % 66.7% 11.6% 400, % b Utility Tax - Electric 2,400, ,444 1,550, % 66.7% -3.1% 2,300, % b Communications Service Tax 1,100, , , % 66.7% -8.5% 1,000, % b Utility Tax - Water 780, , , % 66.7% -6.0% 825, % b Utility Tax - Gas 30,000 7,976 23, % 66.7% 18.7% 38, % d Local Business Licenses 200,000 6,621 93, % 50.0% -6.7% 200, % Zoning Hearing/Plans Review 125,000 46, , % 75.0% 40.9% [1] 160, % Code Enforcement 338,000 98, , % 75.0% 6.4% 333, % State Revenue Sharing 313,000 86, , % 75.0% 10.5% 345, % d Alcoholic Beverage License 20,000 16,174 21, % 75.0% 41.6% [2] 25, % b Local Govt 1/2 Cent Sales 1,500, ,440 1,076, % 66.7% 7.6% 1,500, % c Gas Tax Rebate 14,000 4,533 6, % 58.3% -15.4% 14, % Grants % 0.0% 0.0% - 0.0% Administrative Fees 906, , , % 75.0% 0.0% 848, % b Special Duty Officer 240,750 71, , % 58.3% 15.7% 265, % Fines and Forfeitures 310,000 79, , % 75.0% 68.6% [3] 440, % Interest & Other Earnings 180,000 (71,869) 255, % 75.0% 89.5% [4] 180, % Sale of Property 10,000-3, % 50.0% -22.5% - 0.0% Other Miscellaneous Revenue 196, , , % 75.0% 82.4% [5] 294, % Visitor's Center 2,300 1,848 3, % 75.0% 120.5% [6] 3, % Parking Meters/Agreements 1,214, ,647 1,085, % 75.0% 19.1% 1,272, % Rental Property 617, , , % 75.0% -0.4% 637, % d Cultural/Special Events 34,500 5,199 29, % 75.0% 14.7% 37, % Concession and Rentals 20,200 13,017 40, % 75.0% 170.1% [7] 32, % d Afterschool Program 407,250 59, , % 75.0% 10.5% 400, % d Summer Program Fees 300, , , % 75.0% 19.4% 285, % d Athletics/Leagues Programs 124,800 82, , % 75.0% 50.0% [8] 130, % PCP Programs/Activities 73,000 19,655 58, % 75.0% 7.2% 70, % Fitness Program 33,000 6,211 32, % 75.0% 30.9% [9] 32, % Other CHS/PCP Revenues 97,000 26,588 79, % 75.0% 9.1% 92, % Total Revenues 32,010,702 5,164,555 28,223, % 32,384,046 Note: Expectation percentages are valued at 50% for the 6 months with the following exceptions based on timing of revenues received: a. The majority of property tax revenues are collected in November and December c. Two month lag in collections b. One month lag in collections d. Seasonal trend in collections Page 6

7 GENERAL FUND Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Expenditures General Government: City Commission (5110) Personnel Services 167,478 38, , % 73.1% -7.2% 152, % Operating Expenses 80,000 12,787 44, % 66.7% -16.1% 70, % Other Disbursements 50,000 2,500 12, % 25.0% 0.6% 50, % 297,478 53, , ,158 City Manager (5120) Personnel Services 518, , , % 73.1% -8.8% 476, % Operating Expenses 101,200 12,643 62, % 66.7% -6.9% 92, % Capital Outlay #DIV/0! 0.0% 0.0% 550 #DIV/0! Other Disbursements 15,000 12,500 12, % 75.0% 13.5% 15, % 634, , , ,148 City Clerk (5121) Personnel Services 245,126 71, , % 73.1% 4.9% 257, % Operating Expenses 69,818 7,320 33, % 66.7% -27.9% [10] 67, % Other Disbursements 62,000 36,687 47, % 75.0% 1.9% 62, % 376, , , ,319 Finance (5130) Personnel Services 572, , , % 73.1% 0.1% 581, % Operating Expenses 231,100 19, , % 66.7% -31.7% [11] 182, % Capital Outlay 62,812 10,468 19, % 0.0% 0.0% - 0.0% 866, , , ,062 Human Resources (5131) Personnel Services 912,158 99, , % 73.1% -26.8% [12] 717, % Operating Expenses 141,699 16,200 64, % 66.7% -32.2% [12] 122, % Other Disbursements % 0.0% 0.0% - 0.0% 1,054, , , ,507 Risk Management (5132) Personnel Services 33, , % 100.0% 0.4% 39, % Operating Expenses 763,000 2, , % 100.0% -3.0% 785, % 796,200 2, , ,071 City Attorney (5140) Personnel Services 597, , , % 73.1% -1.8% 592, % Operating Expenses 103,660 13,273 47, % 66.7% -30.8% [13] 101, % Capital Outlay 34,790-34, % 0.0% 0.0% 34, % 735, , , ,712 Information Technology (5160) Personnel Services 636, , , % 73.1% -10.9% 594, % Operating Expenses 595, , , % 66.7% -13.9% 471, % Capital Outlay 138,652 24,039 59, % 0.0% 0.0% 133, % 1,370, , ,050 1,198,812 Planning and Zoning (5241) Personnel Services 147,714 37,991 91, % 73.1% -15.2% 130, % Operating Expenses 123,660 46,319 53, % 66.7% -35.3% [14] 132, % Capital Outlay 25,500 15,760 16, % 0.0% 0.0% 16, % 296, , , ,101 Total General Government 6,429,269 1,208,877 4,219,837 5,878,890 Page 7

8 GENERAL FUND Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Public Safety: Police (5210) Personnel Services 7,276,750 1,896,287 5,366, % 73.1% 0.9% 7,276, % Operating Expenses 503, , , % 66.7% -18.1% 461, % Capital Outlay 278, , , % 0.0% 0.0% 278, % 8,058,818 2,151,406 5,796,789 8,016,907 Ocean Rescue (5290) Personnel Services 1,721, ,623 1,236, % 73.1% -1.7% 1,720, % Operating Expenses 105,000 32,499 57, % 66.7% -18.0% 92, % Capital Outlay 64,980 4,053 44, % 0.0% 0.0% 50, % 1,891, ,175 1,337,810 1,862,455 Code Enforcement (5240) Personnel Services 526, , , % 73.1% -13.0% 464, % Operating Expenses 46,980 8,558 17, % 66.7% -44.9% [15] 35, % Capital Outlay 6, % 0.0% 0.0% 6, % 579, , , ,888 Total Public Safety 10,529,772 2,766,389 7,487,215 10,385,250 Physical Environment: Public Works Administration (5390) Personnel Services 329,050 83, , % 73.1% 6.8% 338, % Operating Expenses 130,778 17,593 36, % 66.7% -58.0% [16] 119, % Capital Outlay 48, % 0.0% 0.0% 49, % 507, , , ,838 Facilities Maintenance (5391) Personnel Services 179,710 23,647 91, % 73.1% -30.5% [17] 135, % Operating Expenses 627, , , % 66.7% -3.7% 582, % Capital Outlay 88,799-61, % 0.0% 0.0% 28, % 896, , , ,543 Fleet Maintenance (5392) Personnel Services 85,185 24,192 59, % 73.1% -3.8% 84, % Operating Expenses 398,500 71, , % 66.7% -23.7% 386, % 483,685 95, , ,776 Construction (5393) Personnel Services 212,653 52, , % 73.1% -26.4% [18] 169, % Operating Expenses 115,000 17,723 94, % 66.7% 23.0% 115, % Capital Outlay 3, % 0.0% 0.0% 1, % 331,242 70, , ,301 Total Physical Environment 2,218, ,448 1,321,632 2,010,458 Page 8

9 GENERAL FUND Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Culture & Recreation: Parks Maintenance & PCP (5720) Personnel Services 1,864, ,534 1,104, % 73.1% -18.9% 1,587, % Operating Expenses 1,356, , , % 66.7% -10.8% 1,272, % Capital Outlay 95,600 9,850 17, % 0.0% 0.0% 43, % 3,317, ,287 1,929,693 2,902,897 Athletics (5721) Personnel Services 339,396 76, , % 73.1% -23.1% 270, % Operating Expenses 76,060 24,088 53, % 66.7% 4.8% 57, % Capital Outlay 52,200 20,326 24, % 0.0% 0.0% 48, % 467, , , ,852 Visitor Center (5722) Personnel Services 47,391 12,807 35, % 73.1% 1.2% 48, % Operating Expenses 88,500 3,879 25, % 66.7% -56.3% [19] 81, % Capital Outlay 3,000-3, % 0.0% 0.0% - 0.0% 138,891 16,687 63, ,570 Cultural & Community Services (5730) Personnel Services 735, , , % 73.1% -4.6% 686, % Operating Expenses 776, , , % 75.0% -24.1% 729, % Capital Outlay 68,225-47, % 0.0% 0.0% 68, % 1,580, ,439 1,002,720 1,483,419 Total Culture & Recreation 5,504,353 1,202,841 3,264,915 4,892,738 Transportation: Parking (5450) Personnel Services 116,642 39,194 90, % 73.1% 6.3% 134, % Operating Expenses 385,800 97, , % 66.7% -54.5% [20] 363, % Capital Outlay 74,261 44,448 44, % 0.0% 0.0% 44, % 576, , , ,600 Total Transportation 576, , , ,600 Non Departmental: Contingency (0000) Non Departmental % 0.0% 0.0% - 0.0% Total Non Departmenta Expenditures 25,258,862 5,791,863 16,545, % 23,709,936 Excess (Deficiency) of Revenues over Expenditures 6,751,840 (627,308) 11,678,038 8,674,110 Page 9

10 GENERAL FUND Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Other Financing Sources (Uses): Transfers & Debt Service (5170) Debt Services (4,757,355) (894,899) (4,042,983) 85.0% 66.7% 27.5% (4,757,355) 100.0% Transfers Out (3,671,789) (700,000) (2,535,895) 0.0% 0.0% 0.0% (3,671,789) 0.0% (8,429,144) (1,594,899) (6,578,878) (8,429,144) Total Other Financing Sources (Uses) (8,429,144) (1,594,899) (6,578,878) (8,429,144) Net Change in Fund Balance (1,677,304) (2,222,207) 5,099, ,966 Fund Balance, 10/1/14 19,205,576 19,205,576 19,205,576 Fund Balance, Ending 17,528,272 24,304,737 19,450,542 GENERAL FUND STATEMENT OF PROJECTED FUND BALANCE FUND BALANCE October 1, 2014 $ 19,205, Revenues* $ 32,384, Expenditures* (32,139,080) Net Increase (Decrease)* $ 244,966 Fund Balance: Nonspendable $ 23,934 Committed - Hurricane/Emergency and Disaster Recovery 10,000,000 Unassigned - Contingency/Fiscal Stability 4,000,000 Unassigned 5,426,608 $ 19,450,542 FUND BALANCE September 30, 2015 $ 19,450,542 *Estimated per projected 9/30/15 column. Page 10

11 GENERAL FUND MAJOR VARIANCES - REVENUES Note: Significant variances between actual and expected are explained herein. Favorable Variance indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance indicates revenues are lower than expected or expenses are greater than expected. [1] Zoning Hearing/Plans Review The favorable variance is due to the receipt of fees for several zoning hearing applications and plan reviews during the quarter. Revenues are received as site plan requests are made and approved and do not occur on a regular, consistent basis. [2] Alcoholic Beverage License The favorable variance is due to the collection of fees from new, renewed, and transferred alcohol beverage licenses - 57 licenses in total during the quarter. Revenues are received as collections are made and do not occur on a regular, consistent basis. [3] Fines and Forfeitures The favorable variance is due to the receipt of $168,000 from one customer for 2010 code enforcement citations. [4] Interest & Other Earnings Interest earnings is driven by cash balances, interest rates, and timing of interest payments (since this is cash basis reporting). Currently, the average rate of return is 1.39% which is slightly higher than the target for the year. Other earnings reflect a year-to-date favorable variance of $75,833 due to the reduction of $505,000 in the unrealized loss of $760,000 recorded at the end of FY14 (original loss was $1.4 million at the end of FY13). The quarter reflects a loss in revenues due to an increase of $117,000 in the unrealized loss from the previous quarter. There is no anticipated cash impact as these investments will be held until maturity and are expected to regain their market value by this time. [5] Other Miscellaneous Revenue The favorable variance is due to a 2012 property tax refund of $62,000 for Bella Vista Bay Park and the receipt of $20,000 for FY15 Golden Beach IT services. [6] Visitor's Center The favorable variance is due to increased sales for promotional merchandise, the architectural book and the 12 year history book. [7] Concession and Rentals The favorable variance is due to higher than expected PCP rental fees of $16,117 and the Town Center skate park concession sales of $20,500. [8] Athletics/Leagues Programs The favorable variance is due to more athletic programs being offered during the summer months and also year round. [9] Fitness Program The favorable variance is due to increased membership enrollment, all PCP programs are discounted if fitness memberships are also purchased for the family/children. Page 11

12 GENERAL FUND MAJOR VARIANCES - EXPENDITURES Note: Significant variances between actual and expected are explained herein. Favorable Variance - indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance - indicates revenues are lower than expected or expenses are greater than expected. City-wide Capital Outlay - [10] City Clerk (5121) - Operating Expenses [11] Finance (5130) - Operating Expenses [12] Human Resources (5131) - Personnel Services and Operating Expenses [13] City Attorney (5140) - Operating Expenses [14] Planning & Zoning (5241) - Operating Expenses [15] Code Enforcement (5240) - Operating Expenses [16] Public Works Administration (5390) - Operating Expenses [17] Facilities Maintenance (5391) - Personnel Services [18] Construction (5393) - Personnel Services [19] Visitor Center (5722) - Operating Expenses [20] Parking (5450) - Operating Expenses Expectations for capital outlay items are not included because items are expected to be ordered at varying times during fiscal year A project status report is prepared quarterly by the City Manager's office which includes the detailed status on the capital outlay items. The favorable variance is primarily due to lower than expected expenses for contracted services - professional services consulting which are for the scanning services provided by Blue Digital ($8,400 actual vs. $24,700 budgeted). The favorable variance is primarily due to lower than expected expenses for office supplies ($22,000 actual vs. $70,000 budgeted). The personnel services favorable variance is due to the bonus/merit pay being budgeted in HR ($190,460) but the actual payout being charged to the respective departments. A budget amendment has been prepared for the last quarter to allocate the budget to the departments appropriately. The operating expenses favorable variance is due to lower than expected expenses for contracted services - professional services consulting that was budgeted for employee trainings which are expected to be incurred during the latter part of the year. The favorable variance is attributed to the minimal use of outside council / legal services. To date, only $31,400 of $80,000 budgeted for legal services has been expensed. The operating expenses favorable variance is due to lower than expected expenses for general consulting services provided by Bell David Planning Group. The favorable variance is due to the timing of expenses for the volunteer cat program, travel and education & training. These expenses are expected to be incurred during the latter part of the year. The favorable variance is due to the timing of the project management consulting services provided by HPF Associates, Inc. - $23,744, a budget amendment increased the budget to $100,000 with the expectation that the expenses will be incurred during the last quarter. The favorable variance is due to a facilities operations worker position being vacant for the entire year and the promotion/transfer of another facilities operations worker to the Code/Parking Enforcement department as of 5/1/15, leaving a 2nd position vacant during the quarter. The personnel services favorable variance is due to a construction worker position being hired in late March 2015 (position was vacant for almost 6 months) and the Electrician being hired in late November 2014 (position was vacant for almost 2 months). The favorable variance is due to the timing of expenses for professional services ($6,000) and advertising/promotion ($30,000), minimal amounts have been spent to date. The contract for professional services was renewed in May and expenses are expected during the latter part of the year and advertising/promotion expenses are incurred as needed and do not occur consistently throughout the year. The favorable variance is due to the prior year accrual reversal of FDOT parking fees and the timing of payment for property taxes. FDOT parking fees were accrued in September 2014 and the expense was also recorded through accounts payable during the same month. Property taxes for 2015 will not be reflected until September 2015 and subsequently paid in November Page 12

13 STREETS CONSTRUCTION AND MAINTENANCE FUND Projected ACTUAL 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Revenues Local Option Gas Tax 194,438 54, , % 66.7% 13.7% 200, % c CITT 769, , , % 58.3% -7.2% 800, % State Revenue Sharing 110,000 28,573 85, % 75.0% 4.1% 110, % Fees - Other Permits - 2,420 4, % 0.0% 0.0% 5,700 #DIV/0! Interest & Other Earnings 1,180 (1,712) 2, % 75.0% 200.8% [1] 2, % Total Revenues 1,074, , , % 1,117,700 Note: Expectation percentages are valued at 50% for the 6 months with the following exceptions based on timing of revenues received: a. The majority of property tax revenues are collected in November and December c. Two month lag in collections b. One month lag in collections d. Seasonal trend in collections Expenditures Streets Maintenance (5410) Personnel Services 302,816 69, , % 73.1% -30.0% [2] 225, % Operating Expenses 834, , , % 66.7% -22.5% 790, % Capital Outlay 11,836 4,477 4, % 0.0% 0.0% 11,836 1,149, , ,452 1,028,651 Transportation Trust (5440) Personnel Services 439, , , % 73.1% -18.0% 366, % Operating Expenses 337,800 46, , % 66.7% -41.3% [3] 325, % Capital Outlay 115, % 0.0% 0.0% 143, % 891, , , ,563 Capital Improvements (600) Collins Ave Crosswalks 12,048-1, % 0.0% 0.0% 12,048 12,048-1,604 12,048 Total Expenditures 2,053, , , % 1,876,262 Excess (Deficiency) of Revenues over Expenditures (978,447) (88,996) (331,026) (758,562) Other Financing Sources (Uses) Transfers and Debt Service (5170) Transfer In-General Fund 871, , % 75.0% -33.3% [4] 871, % Total Other Financing Sources (Uses) 871, , ,789 Net Change in Fund Balance (106,658) (88,996) 104, ,227 Fund Balance, 10/1/14 377, , ,647 Fund Balance, Ending 270, , ,874 FUND BALANCE October 1, 2014 $ 377, Revenues* $ 1,989, Expenditures* (1,876,262) Net Increase (Decrease)* $ 113,227 Fund Balance: STREETS CONSTRUCTION AND MAINTENANCE FUND STATEMENT OF PROJECTED FUND BALANCE Nonspendable $ 2,514 Restricted 488,360 $ 490,874 FUND BALANCE September 30, 2015 $ 490,874 *Estimated per projected 9/30/15 column. Page 13

14 STREETS CONSTRUCTION AND MAINTENANCE FUND MAJOR VARIANCES Note: Significant variances between actual and expected are explained herein. Favorable Variance - indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance - indicates revenues are lower than expected or expenses are greater than expected. [1] Revenues Interest & Other Earnings Interest earnings is driven by cash balances, interest rates, and timing of interest payments (since this is cash basis reporting). Currently, the average rate of return is 1.39% which is slightly higher than the target for the year. Other earnings reflect a year-to-date favorable variance of $1,482 due to the reduction of $505,000 in the unrealized loss of $760,000 recorded at the end of FY14 (original loss was $1.4 million at the end of FY13). The quarter reflects a loss in revenues due to an increase of $117,000 in the unrealized loss from the previous quarter. There is no anticipated cash impact as these investments will be held until maturity and are expected to regain their market value by this time. Expenditures [2] Streets Maintenance (5410) - Personnel Services [3] Transportation Trust (5440) - Operating Expenses [4] Transfers and Debt Services (800) - Transfer In-General Fund The favorable variance is due to a vacant maintenance worker position for the entire year. The favorable variance is due to lower than expected repairs & maintenance expenses for vehicles and equipment, fuel and supplies which are incurred as needed. The unfavorable variance is due to the 3rd quarter transfer from the General Fund not being done during the quarter since revenues exceeded expenditures, a true-up adjustment will be done during the 4th quarter if needed. Page 14

15 BUILDING FUND Revenues Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Building Permits & Fees 2,611,620 1,070,211 3,250, % 75.0% 66.0% [1] 3,635, % Interest & Other Earnings 7,500 (1,360) 31, % 75.0% 452.6% [2] 22, % Total Revenues 2,619,120 1,068,850 3,281, % 3,657,500 Expenditures Personnel Services 2,003, ,519 1,377, % 73.1% -5.9% 1,919, % Operating Expenses 433,836 46, , % 66.7% -63.3% [3] 314, % Administrative Chargeback 848, , , % 75.0% 0.0% 848, % Capital Outlay 153,800 88,896 91, % 0.0% 0.0% 134, % Total Expenditures 3,439, ,906 2,211, % 3,217,210 Excess (Deficiency) of Revenues over Expenditures (820,456) 205,944 1,070, ,290 Fund Balance, 10/1/14 1,509,136 1,509,136 1,509,136 Fund Balance, Ending 688,681 2,579,503 1,949,426 FUND BALANCE October 1, 2014 $ 1,509, Revenues* $ 3,657, Expenditures* (3,217,210) Net Increase (Decrease)* $ 440,290 Fund Balance: BUILDING FUND STATEMENT OF PROJECTED FUND BALANCE Nonspendable $ - Restricted 1,949,426 $ 1,949,426 FUND BALANCE September 30, 2015 $ 1,949,426 *Estimated per projected 9/30/15 column. Page 15

16 BUILDING FUND - MAJOR VARIANCES Note: Significant variances between actual and expected are explained herein. Favorable Variance indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance indicates revenues are lower than expected or expenses are greater than expected. Revenues [1] Building Permits & Fees [2] Interest & Other Earnings Expenditures [3] Building (5150) - Operating Expenses The favorable variance is primarily due to timing and additional permit income not budgeted this fiscal year. To date, the City has received $1,200,000 in revenues for high rise projects and the final as-built revisions for the One Netanya Centre with the remaining amount of $2,050,000 related to non high rise regular permitting such as interior remodeling, painting, new single family residences, concrete restoration, etc. Interest earnings is driven by cash balances, interest rates, and timing of interest payments (since this is cash basis reporting). Currently, the average rate of return is 1.39% which is slightly higher than the target for the year. Other earnings reflect a year-to-date favorable variance of $23,583 due to the reduction of $505,000 in the unrealized loss of $760,000 recorded at the end of FY14 (original loss was $1.4 million at the end of FY13). The quarter reflects a loss in revenues due to an increase of $117,000 in the unrealized loss from the previous quarter. There is no anticipated cash impact as these investments will be held until maturity and are expected to regain their market value by this time. The favorable variance is a result of timing of operating expenses such as professional services, software services, printing, fuel purchases, supplies and education & training. This timing is based on the needs of the department and is not typically incurred consistently throughout the year. Page 16

17 PUBLIC ART TRUST FUND Revenues Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Bonus Fees , % 0.0% 0.0% [1] 35, % Interest & Other Earnings - (95) % 0.0% 0.0% [2] - 0.0% Total Revenues - (95) 34,198 35,000 Expenditures Personnel Services % 0.0% 0.0% - 0.0% Operating p Expenses y g % 0.0% 0.0% 2, % Total Expenditures ,000 Excess (Deficiency) of Revenues over Expenditures - (570) 33,723 33,000 Fund Balance, 10/1/ Fund Balance, Ending - 33,723 33,000 FUND BALANCE October 1, 2014 $ Revenues* $ 35, Expenditures* (2,000) Net Increase (Decrease)* $ 33,000 Fund Balance: BUILDING FUND STATEMENT OF PROJECTED FUND BALANCE Nonspendable $ - Restricted 33,000 $ 33,000 FUND BALANCE September 30, 2015 $ 33,000 *Estimated per projected 9/30/15 column. Page 17

18 PUBLIC ART TRUST FUND - MAJOR VARIANCES Note: Significant variances between actual and expected are explained herein. Favorable Variance indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance indicates revenues are lower than expected or expenses are greater than expected. Revenues [1] Bonus Fees [2] Interest & Other Earnings This is a new fund set up this fiscal year. Revenues were not budgeted. This is a new fund set up this fiscal year. Interest & Other earnings were not budgeted. Page 18

19 CAPITAL PROJECTS FUNDS Actual Amended Apr 1, Year Actual / Budget Jun 30, 2015 to Date Budget Revenues Grants Cultural Facilities Grant - Gateway Park 500, , , % [1] Donations % Interest & Other Earnings 305,000 (63,161) 625, % [2] Impact Fees 786,000 79, , % [3] Miscellaneous Revenue % Sale of Property 3,300, % Transfer Development Rights/Bonus 8,775,937 2,357,667 11,984, % [4] Total Revenues 13,667,707 2,476,715 13,426,347 Expenditures Capital Improvements Public Works Compound 40, % Pelican Community Park Improvements 41, % Pelican Community Park Delamination Repairs 50, % Senator Gwen Margolis Park Upgrades 47, % Samson Park Upgrades 2,443,471 4,609 89, % [5] Government Center - Annex/Land Acq ,050,000 6,993,486 6,997, % [6] Government Center Improvements 2,600, ,041 1,370, % [7] Collins Ave Street Improvements 520, % Collins Ave Landscape Lighting 200,000 1,639 11, % [8] Sunny Isles Blvd Street Improvements 116,000 94,412 94, % [9] Sunny Isles Blvd 350 WASD Park 2,275-2, % [10] Pedestrian Emergency Bridge 6,933, , , % [11] FP&L Undergrounding 2,291,755 94, , % [12] Bella Vista Bay Park 250, , % [13] Heritage Park and Garage 118,808 1,581 25, % [14] Heritage Park Delamination Repairs 50, % Newport Pier 40,000 28,825 28, % [15] Town Center Skateboard Park % Town Center Park 240, % Beach Access Widening 257,600-24, % [16] Intracoastal Park ,778-49, % [17] Intracoastal Park % Intracoastal Park % Intracoastal Park % Intracoastal Park - Arlen House 563, , % [18] Intracoastal Park Playground 250,000 17,641 69, % [19] Intracoastal Park Observation Deck 100, % Intracoastal Seawall Restoration 1,400, ,413 1,399, % [20] Gateway Park 9,366,993 1,576,441 6,585, % [21] Gateway Park - Pedestrian Bridge 2,100,000 79, , % [22] 174th Street Drainage 2,002,588 32,444 37, % [23] Citywide Resurfacing 300, % Total Expenditures 39,427,483 10,687,517 18,438,340 Excess (Deficiency) of Revenues over Expenditures (25,759,776) (8,210,802) (5,011,993) Other Financing Sources (Uses) Transfers & Debt Service (800) Transfer In from General Fund 2,800, ,000 2,224, % Transfer Out from Special Assessments - - (124,108) 0.0% Total Other Financing Sources (Uses) 2,800, ,000 2,100,000 Net Change in Fund Balance (22,959,776) (7,510,802) (2,911,993) Fund Balance, 10/1/14 23,931,969 23,931,969 Fund Balance, Ending 972,192 21,019,976 Page 19

20 CAPITAL PROJECTS FUNDS MAJOR VARIANCES AND STATUS UPDATE Note: Variances between budget and actual are explained herein. Favorable Variance - indicates revenues are greater than budget or expenses are lower than budget. Unfavorable Variance - indicates revenues are lower than budget or expenses are greater than budget. [1] Revenues Grants The first reimbursement from the Gateway Park cultural facilities grant was received during the quarter. However, the FL Division of Cultural Affairs issued payment for the wrong amount. The requested payment was for $396, with a remaining grant balance of $103, The agency inadvertently sent payment for the remaining balance and is processing payment for the difference. [2] Interest & Other Earnings [3] Impact fees [4] Transfer Development Rights/Bonus Interest earnings is driven by cash balances, interest rates, and timing of interest payments (since this is cash basis reporting). Currently, the average rate of return is 1.39% which is slightly higher than the target for the year. Other earnings reflect a year-to-date favorable variance of $320,944 due to the reduction of $505,000 in the unrealized loss of $760,000 recorded at the end of FY14 (original loss was $1.4 million at the end of FY13). The quarter reflects a loss in revenues due to an increase of $117,000 in the unrealized loss from the previous quarter. There is no anticipated cash impact as these investments will be held until maturity and are expected to regain their market value by this time. Fees are collected based on the timing of when new construction developers pull the associated permits. Collection is based on conditions set forth in the zoning resolutions for each development project. To date, the majority of TDRs and bonuses have been collected from Sunny Isles Beach Associates, LLC for 192 unit condo at Collins Avenue (Jade Signature), Parque Towers/St. Tropez Beach Developers, LLC for 320 unit condo located at Sunny Isles Blvd (St. Tropez on the Bay), RDR Seashore, LLC for 308 unit condo located at Collins Avenue (Residences by Armani), GSF Acquisition, LLC for 264 unit condo located at Collins Avenue (Estates at Acqualina) and Sunny Isles Venture, LLC for 212 unit condo located at Collins Avenue (Ritz Carlton). Expenditures [5] Samson Park Upgrades [6] Government Center- Annex/Land Acq [7] Government Center Repairs/Improvements [8] Collins Avenue Landscape Lighting [9] Sunny Isles Blvd Street Improvements [10] Sunny Isles Blvd WASD Park [11] Pedestrian Emergency Bridge Vendor has been contracted by the City for professional design services and work is underway. Conceptual plans have been approved by the commission. All components of the renovation were combined for an initial bid advertisement in May 2015 which is currently underway. The City purchased the property at Collins Avenue (Alamo) in May 2015 to construct a new facility for a 6th-8th grade school, senior/civic center space, commercial office space and government center expansion space. Professional services are currently underway to provide a conceptual design and planning study. Contracts for repairs to City Hall and the Parking Garage were approved at the December 18th commission meeting. Stucco repair in garage stairway and north side of garage lot currently taking place. Final completion date pending whether or not new issues are uncovered as project progresses. City is working to negotiate agreement with FDOT to address street lighting, specialty surface crosswalks and other aesthetic enhancements. FPL is also working with FDOT concerning the light study and conduit light installation and the City has until April 2017 to install necessary conduits. This project includes improvements to an exisiting retention pond within the 826/Sunny Isles Blvd corridor for ground covering and plantings. This project is scheduled for fiscal year 2016; however, professional services were contracted for preparation of legal description and land surveyor sketch. The Emergency Bridge design is completed and permitting is underway. New conservation easements required by S. Florida Water Management District have been approved by the City and Miami-Dade traffic approval is being processed. Easements are still needed from Porto Bellagio and FPL. The City is considering redesigning the bridge to a narrower, pedestrian only bridge. In July 2015, authorization was granted by the Commission to negotitate a contract with Ebsary Bid for bid award. * Page 20

21 CAPITAL PROJECTS FUNDS MAJOR VARIANCES AND STATUS UPDATE Note: Variances between budget and actual are explained herein. Favorable Variance - indicates revenues are greater than budget or expenses are lower than budget. Unfavorable Variance - indicates revenues are lower than budget or expenses are greater than budget. [12] FP&L Undergrounding [13] Bella Vista Bay Park [14] Heritage Park and Garage [15] Newport Pier [16] Beach Access Widening [17] Intracoastal Park [18] Intracoastal Park - Arlen House [19] Intracoastal Park - Playground [20] Intracoastal Park - Seawall Restoration [21] Gateway Park [22] Gateway Park - Pedestrian Bridge [23] 174th Street Drainage Project includes undergrounding distribution lines for Florida Power & Light (FPL), AT&T, Comcast, Atlantic Broadband, and any other utilities throughout Collins Avenue corridor. FPL is completing detailed design and will prepare a binding cost estimate for their work. Fees for design for other aerial utilities (AT&T, Comcast, etc.) have been remitted. This project is planned to be completed in advance of the FDOT resurfacing project which is currently scheduled to commence in The sale of this property is no longer pending, it remains a City owned park. The City has refunded grant monies totaling $178,192 in February 2015 to the Florida Department of Environmental Protection which were received in prior years for land acquisition costs. Construction is substantially complete for the concrete wall project between the Lehman property and the Oceanview/Ocean Reserve property. Project includes converting the existing pier water at the fish cleaning stations from salt water to potable and resurfacing the deck with a stain treatment. Vendor was contracted to test the pier railings (pickets) and work was completed in June Access at 159th was improved and landscaping was relocated. Future Fortune/Chateau Beach project will also provide a 20 foot wide access on the south side of the City. Successful park opening in April Final retainage payment to vendor made in December Bid was awarded to vendor on June 19, The project was completed in March Permit application for playground has been approved and equipment/shade structure arrived in March Construction of foundation for playground equipment and shade structure has been delayed due to emergency seawall restoration and will start once seawall is complete. The playground construction is underway and is expected to be completed in late August Due to the collapse of the seawall at Intracoastal Park (south), the park has been closed and contractor services will be utilized for restoration of the seawall. North side restoration has been added. Project is complete. Contract extension approved in April 2015 for vendor providing construction management services because of delay in project completion. City anticipates entire park completion by January 2016 (original completion date was August 2015). The City awarded the bid for the design build contract for the pedestrian bridge, which was approved in December Plans are at 90% completion and have been submitted to FDOT for final permitting. Project expected to be completed in November The drainage problem in the vicinity of Winston Tower 600 will be fixed by connecting to an existing outfall at North Bay Road. Substantial portions of 174th Street also need to be reconstructed due to years of existing subsurface drainage problems. Tree removal has been completed. Bid was awarded to Florida Engineering & Development in April Construction activities related to this project are currently underway and are anticipated to last for approximately one year. * * Page 21

22 STORMWATER FUND STORMWATER FUNDS Projected Actual 9/30/2015 Amended Apr 1, Year Actual / Expected * Diff Projected Projected / Budget Jun 30, 2015 to Date Budget % % Amount Budget Revenues Charges for Services 990, , , % 66.7% -12.5% 990, % New Local Option Gas Tax 74,640 20,678 56, % 75.0% 1.7% 80, % Grants 500, % 0.0% 0.0% 500, % Interest & Other Earnings 3,500 (3,252) 13, % 75.0% 400.3% [1] 6, % Total Revenues 1,568, , , % 1,576,250 Expenses Personnel 139,057 41, , % 73.1% 4.2% 130, % Operating 279,800 57, , % 66.7% 7.3% 293, % Administrative Chargeback 58,000 14,500 43, % 75.0% 0.0% 58, % Capital Outlay 174th Street Drainage 1,222, , % 0.0% 0.0% 648, % Total Expenses 1,699, , , % 1,130,775 Excess (Deficiency) of Revenues over Expenses (130,967) 68, , ,475 Other Financing Sources (Uses) Transfers & Debt Service (800) Debt Services (485,743) (121,436) (352,728) 72.6% 75.0% -3.2% (485,743) 100.0% Total Other Financing Sources (Uses) (485,743) (121,436) (352,728) (485,743) Net Change in Fund Balance (616,710) (53,025) (203,309) (40,268) Net Current Assets, 10/1/14 13,642,000 13,642,000 13,642,000 Net Current Assets, Ending 13,025,290 13,438,691 13,601,732 NET ASSETS October 1, 2014 $ 13,642, Revenues* $ 1,576, Expenditures* (1,616,518) Net Increase (Decrease)* $ (40,268) Net Assets: STORMWATER FUNDS STATEMENT OF PROJECTED FUND BALANCE Investment in capital assets, net of related debt $ 12,536,065 Unrestricted 1,065,667 $ 13,601,732 NET ASSETS September 30, 2015 $ 13,601,732 *Estimated per projected 9/30/15 column. Page 22

23 STORMWATER FUNDS Note: Significant variances between actual and expected are explained herein. Favorable Variance indicates revenues are greater than expected or expenses are lower than expected. Unfavorable Variance indicates revenues are lower than expected or expenses are greater than expected. Revenues [1] Interest and Other Earnings Interest earnings is driven by cash balances, interest rates, and timing of interest payments (since this is cash basis reporting). Currently, the average rate of return is 1.39% which is slightly higher than the target for the year. Other earnings reflect a year-to-date favorable variance of $9,634 due to the reduction of $505,000 in the unrealized loss of $760,000 recorded at the end of FY14 (original loss was $1.4 million at the end of FY13). The quarter reflects a loss in revenues due to an increase of $117,000 in the unrealized loss from the previous quarter. There is no anticipated cash impact as these investments will be held until maturity and are expected to regain their market value by this time. Page 23

24 GRANT PROGRAMS Grantor Description Status Period Covered Grant Amount Amount Awarded Received to Date Prior Years Expenditures Current Expenditures Total Expenditures FDEP - Land and Water Conservation Fund Intracoastal Park Awarded FY 2012/ FY 2013/ , , Florida Division of Cultural Affairs - Cultural Facilities Grant Gateway Park - Performance Stage Awarded FY 2014/ , , , , ,962 FRDAP Florida Recreation Development Assistance Program FRDAP Florida Recreation Development Assistance Program Gateway Park Intracoastal Park Not funded; State did not fund projects over $50,000 FY 2014/ , Not funded; State did not fund projects over $50,000 FY 2014/ , FDEP - Recreational Trails Program Gateway Park - Pedestrian Bridge Not Funded FY 2014/ , FDOT Transportation Alternatives Program Gateway Park - Pedestrian Bridge Not Funded FY 2014/ , FDEP - Land and Water Conservation Fund Samson Oceanfront Park Application Submitted FY 2014/ , FDEP - Division of Water Resource Management - Water Project State Appropriation 174th Street Drainage & Improvements Awarded FY 2014/ , , Totals 2,500,000 1,200, , , ,962 Note: FL Division of Cultural Affairs issued payment for the wrong amount. The requested payment was for $396, with a remaining grant balance of $103, The agency inadvertently sent payment for the remaining balance and is processing payment for the difference. Page 24