Fleet Services Division Financial Report November 2011

Transcription

1 Fleet Services Division Financial Report November 2011 City of Tacoma Fleet Services Administrative Division Public Works Department Prepared by: Michele Tuong

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3 Table of Contents Management s Discussion and Analysis... 3 Financial Statements... 5 Notification These financial statements are interim, unaudited reports prepared primarily for the use of management. Not all transactions reported in these statements have been recorded on the full accrual basis of accounting or in accordance with generally accepted accounting principles. Immaterial differences may occur due to rounding. 1

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5 Management s Discussion and Analysis The Management Discussion and Analysis (MD&A) is provided on quarterly basis: March, June, September, and December. The statements should be read in conjunction with the MD&A in the most recent quarter. 3

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7 Financial Statements 5

8 City of Tacoma Public Works Department Fleet Services Division Balance Sheets (Unaudited) As of November 30, Increase (Decrease) ASSETS Current assets : Cash - Operating Fund $ 752,966 $ 924,650 $ (171,684) Cash - Capital Outlay Fund 3,415,859 3,589,154 (173,295) Accounts receivable 25,308 18,000 7,308 Due from other government units 112, ,245 Inventories 447, ,816 22,212 Prepaid items 24,757 21,999 2,758 GASB 31 market rate adjustment - 13,422 (13,422) Total current assets 4,778,163 4,992,041 (213,878) Noncurrent assets: Operating Fund capital assets: Buildings 3,471,693 3,471,693 - Equipment 374, ,424 50,240 Less accumulated depreciation (1,075,246) (945,426) (129,820) Assets in service, net 2,771,111 2,850,691 (79,580) Total Operating Fund capital assets 2,771,111 2,850,691 (79,580) Capital assets leased to others: Equipment 42,014,608 40,248,496 1,766,112 Purchased equipment not yet in service 1,030,619 2,499,751 (1,469,132) Less accumulated depreciation (26,861,356) (27,206,015) 344,659 Total capital assets leased to others 16,183,871 15,542, ,639 Total noncurrent assets 18,954,982 18,392, ,059 Total assets $ 23,733,145 $ 23,384,964 $ 348,181 LIABILITIES Current liabilities: Accounts payable $ 206,539 $ 110,228 $ 96,311 Accrued wages and benefits payable 96,488 78,602 17,886 Compensated absences 23,954-23,954 Accrued taxes payable 2,251 2, Deferred revenue - GASB 31 14,938-14,938 Total current liabilities 344, , ,103 Noncurrent liabilities: Compensated absences 215, ,445 (17,858) Total noncurrent liabilities 215, ,445 (17,858) Total liabilities 559, , ,245 NET ASSETS Invested in Capital Assets 18,954,982 18,392, ,059 Unrestricted 4,218,406 4,567,529 (349,123) Total net assets 23,173,388 22,960, ,936 TOTAL LIABILITIES AND NET ASSETS $ 23,733,145 $ 23,384,964 $ 348,181 6

9 These statements should be read in conjunction with the Notes to the Financial Statements contained in the City of Tacoma s appropriate Comprehensive Annual Financial Report (CAFR). 7

10 City of Tacoma Public Works Department Fleet Services Division Statements of Revenues, Expenses, and Changes in Net Assets (Unaudited) Month of November Year-to-Date November Increase (Decrease) % CHG OPERATING REVENUES Administrative revenue $ 88,867 $ 83,880 $ 934,847 $ 924,669 $ 10,178 1% Lease revenue 73,824 92, ,218 1,031,261 (175,043) (17%) Fuel revenue 9,009 8, ,462 90,648 14,814 16% Vendor repair revenue 8,225 9,794 67,302 58,070 9,232 16% Services and repairs revenue 241, ,051 2,751,650 2,189, ,830 26% Parts revenue 41,277 32, , ,582 40,190 9% Full service maintenance revenue 166, ,137 1,785,465 1,454, ,450 23% Total operating revenues 628, ,977 6,977,716 6,185, ,651 13% OPERATING EXPENSES Depreciation 232, ,152 2,424,891 2,450,891 (26,000) (1%) Shop operation expenses 411, ,675 4,568,496 4,635,232 (66,736) (1%) Parts sales expenses 47,182 40, , ,258 70,613 15% Fuel sales expenses (24,805) 1,129 9,734 (10,578) 20,312 (192%) General and administration expenses 102,245 98,151 1,056,411 1,041,830 14,581 1% Total operating expenses 768, ,209 8,586,403 8,573,633 12,770 0% Operating income (loss) (139,758) (172,232) (1,608,687) (2,388,568) 779,881 (33%) NONOPERATING REVENUES (EXPENSES) Interest earned on pooled investments: - Operating Fund 816 1,243 9,771 23,745 (13,974) (59%) '- Capital Outlay Fund 4,355 5,376 60,295 72,709 (12,414) (17%) Gain(loss) on disposal of capital assets - - (1,092) (56,060) 54,968 (98%) Cash proceeds from sale of capital assets 100, ,800 71, , % Miscellaneous nonoperating income (expense) (140) - 1,953 11,135 (9,182) (82%) Cash proceeds from miscellaneous sales - - 1, % Total nonoperating revenues 105,031 6, , , , % CHANGE IN NET ASSETS Income (loss) before contributions/transfers (34,727) (165,263) (1,293,872) (2,265,621) 971,749 (43%) Contribution for purchase of capital assets 328,827-2,597,895-2,597,895 N/A Transfers from (to) other funds - vehicles - - (960,608) 594,067 (1,554,675) (262%) Change in net assets $ 294,100 $ (165,263) 343,415 (1,671,554) 2,014,969 (121%) Total net assets - beginning 22,829,973 24,632,006 (1,802,033) (7%) Total net assets - ending $ 23,173,388 $ 22,960,452 $ 212,936 1% These statements should be read in conjunction with the Notes to the Financial Statements contained in the City of Tacoma s appropriate Comprehensive Annual Financial Report (CAFR) 8

11 City of Tacoma Public Works Department Fleet Services Division Statements of Cash Flows (Unaudited) Year-to-Date November Increase (Decrease) CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers $ 6,901,234 $ 6,236,563 $ 664,671 Payments to suppliers (2,095,688) (1,962,899) (132,789) Payments to employees (4,122,858) (4,254,839) 131,981 Net cash provided (used) by operating activities 682,688 18, ,863 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets (3,157,864) (1,783,004) (1,374,860) Cash proceeds from sale of capital assets 243,888 71, ,789 Capital assets transferred from (to) other funds (960,608) 594,067 (1,554,675) Contribution in aid of capital assets 2,597,895-2,597,895 Net cash provided (used) by capital and related financing activities (1,276,689) (1,117,838) (158,851) CASH FLOWS FROM INVESTING ACTIVITIES Interest and dividends received 70,066 96,454 (26,388) GASB Market rate adjustment 14,938 (13,422) 28,360 Net cash provided (used) by investing activities 85,004 83,032 1,972 Net increase (decrease) in cash and equity in pooled investments (508,997) (1,015,981) 506,984 Cash and equity in pooled investments - beginning 4,677,822 5,529,785 (851,963) Cash and equity in pooled investments - ending $ 4,168,825 $ 4,513,804 $ (344,979) 9

12 These statements should be read in conjunction with the Notes to the Financial Statements contained in the City of Tacoma s appropriate Comprehensive Annual Financial Report (CAFR). 10

13 City of Tacoma Public Works Department Fleet Services Division Statements of Cash Flows (Unaudited) Year-to-Date November Increase (Decrease) Reconciliation of cash and equity in pooled investments to balance sheet: Cash and equity in pooled investments in Operating Fund $ 752,966 $ 924,650 $ (171,684) Cash and equity in pooled investments in Capital Outlay Fund 3,415,859 3,589,154 (173,295) $ 4,168,825 $ 4,513,804 $ (344,979) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income (expense) $ (1,608,687) $ (2,388,568) $ 779,881 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation expense 2,424,891 2,450,891 (26,000) Change in operating assets: Accounts receivable 5,494 9,682 (4,188) Prepaid expenses (6,354) (1,964) (4,390) Supplies inventory (2,630) (4,217) 1,587 Due from other government units (112,245) - (112,245) Due from other funds 30,706 82,161 (51,455) Due to other funds (85,787) (74,373) (11,414) Accounts payable 64,250 7,107 57,143 Accrued wages and compensated absences (26,513) (21,549) (4,964) Total adjustments 2,291,375 2,407,393 (116,018) Net cash provided (used) by operating activities $ 682,688 $ 18,825 $ 663,863 11

14 These statements should be read in conjunction with the Notes to the Financial Statements contained in the City of Tacoma s appropriate Comprehensive Annual Report (CAFR). 12

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