Fleet Services Division Financial Report November 2009

Transcription

1 Fleet Services Division Financial Report November 2009 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. 1

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5 Management s Discussion and Analysis The Management Discussion and Analysis (MD&A) is prepared for quarter end reports only: March, June, September, and December. Please refer to the prior quarter end MD&A for interim months. 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 $ 1,860,243 $ 1,799,872 $ 60,371 Cash Capital Outlay Fund 4,770,914 6,697,072 (1,926,158) Accounts receivable 57,719 41,956 15,763 Inventories 420, ,129 15,269 Prepaid items ,670 (16,142) GASB 31 market rate adjustment 24,726 22,212 2,514 Total current assets 7,134,528 8,982,911 (1,848,383) Noncurrent assets: Operating Fund capital assets: Buildings 3,457,555 3,457,555 Equipment 317, ,685 (52,708) Less accumulated depreciation (807,008) (725,287) (81,721) Assets in service, net 2,968,524 3,102,953 (134,429) Total Operating Fund capital assets 2,968,524 3,102,953 (134,429) Capital assets leased to others: Equipment 36,507,364 36,146, ,837 Purchased equipment not yet in service 4,131, ,236 3,233,305 Less accumulated depreciation (25,126,218) (24,005,383) (1,120,835) Total capital assets leased to others 15,512,687 13,039,380 2,473,307 Total noncurrent assets 18,481,211 16,142,333 2,338,878 Total assets $ 25,615,739 $ 25,125,244 $ 490,495 LIABILITIES Current liabilities: Accounts payable $ 90,001 $ 203,599 $ (113,598) Accrued wages and benefits payable 61,856 50,007 11,849 Accrued taxes payable 2,004 4,151 (2,147) Total current liabilities 153, ,757 (103,896) Noncurrent liabilities: Compensated absences 247, ,863 28,289 Total noncurrent liabilities 247, ,863 28,289 Total liabilities 401, ,620 (75,607) NET ASSETS Invested in Capital Assets 18,481,211 16,142,333 2,338,878 Unrestricted 6,733,515 8,506,291 (1,772,776) Total net assets 25,214,726 24,648, ,102 TOTAL LIABILITIES AND NET ASSETS $ 25,615,739 $ 25,125,244 $ 490,495 These statements should be read in conjunction with the Notes to the Financial Statements contained in the 2008 Comprehensive Annual Report (CAFR). 6

9 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 $ 84,012 $ 67,460 $ 920,821 $ 736,274 $ 184,547 25% Lease revenue (302,193) 187,742 2,307,585 2,997,329 (689,744) (23%) Fuel revenue 7,761 11,243 73, ,040 (126,744) (63%) Vendor repair revenue 6,787 7,821 47,217 91,462 (44,245) (48%) Services and repairs revenue 199, ,266 2,428,451 2,405,786 22,665 1% Parts revenue 38,123 43, , ,208 (165,513) (27%) Full service maintenance revenue 133, ,988 1,474,685 1,597,888 (123,203) (8%) Total operating revenues 168, ,520 7,692,750 8,634,987 (942,237) (11%) OPERATING EXPENSES Depreciation 213, ,352 2,482,892 2,853,341 (370,449) (13%) Shop operation expenses 287, ,203 3,876,988 4,115,230 (238,242) (6%) Parts sales expenses 33,228 38, , ,854 (2,876) (1%) Fuel sales expenses 2,824 4,415 30,020 50,984 (20,964) (41%) General and administration expenses 79,165 81,623 1,029, , ,669 12% Total operating expenses 616, ,143 7,868,009 8,392,871 (524,862) (6%) Operating income (expense) (448,461) (73,623) (175,259) 242,116 (417,375) (172%) NONOPERATING REVENUES (EXPENSES) Interest earned on pooled investments: Operating Fund 3,393 5,903 43, ,379 (56,605) (56%) ʹ Capital Outlay Fund 10,034 20, , ,729 (19,250) (11%) Gain(loss) on disposal of capital assets (32,494) (45,395) 12,901 (28%) Cash proceeds from sale of capital assets 27, , ,771 68,179 53% Total nonoperating revenues 41,277 26, , ,484 5,225 1% CHANGE IN NET ASSETS Income before contributions and transfers (407,184) (47,238) 190, ,600 (412,150) (68%) Contributed capital cash 1,007,166 (1,007,166) (100%) Contributed capital vehicles 119, , ,712 (449,230) (52%) Change in net assets $ (407,184) $ 72, ,932 2,470,478 (1,868,546) (76%) Total net assets beginning 24,612,794 22,178,146 2,434,648 11% Total net assets ending $ 25,214,726 $ 24,648,624 $ 566,102 2% These statements should be read in conjunction with the Notes to the Financial Statements contained in the 2008 Comprehensive Annual Report (CAFR) 7

10 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 $ 7,703,723 $ 8,625,604 $ (921,881) Payments to suppliers (2,221,381) (2,006,583) (214,798) Payments to employees (3,477,291) (3,547,551) 70,260 Net cash provided (used) by operating activities 2,005,051 3,071,470 (1,066,419) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets (4,355,281) (2,411,221) (1,944,060) Cash proceeds from sale of capital assets 197, ,771 68,179 Capital assets transferred from other funds 411,482 1,867,878 (1,456,396) Net cash provided (used) by capital and related financing activities (3,745,849) (413,572) (3,332,277) CASH FLOWS FROM INVESTING ACTIVITIES Interest and dividends received 200, ,108 (75,855) GASB Market rate adjustment (24,726) (22,212) (2,514) Net cash provided (used) by investing activities 175, ,896 (78,369) Net increase (decrease) in cash and equity in pooled investments (1,565,271) 2,911,794 (4,477,065) Cash and equity in pooled investments beginning 8,196,428 5,585,150 2,611,278 Cash and equity in pooled investments ending $ 6,631,157 $ 8,496,944 $ (1,865,787) These statements should be read in conjunction with the Notes to the Financial Statements contained in the 2008 Comprehensive Annual Report (CAFR). 8

11 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 $ 1,860,243 $ 1,799,872 $ 60,371 Cash and equity in pooled investments in Capital Outlay Fund 4,770,914 6,697,072 (1,926,158) $ 6,631,157 $ 8,496,944 $ (1,865,787) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income (expense) $ (175,259) $ 242,116 $ (417,375) Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation expense 2,482,892 2,853,341 (370,449) Change in operating assets: Accounts receivable (8,021) (13,439) 5,418 Prepaid expenses 10,367 (7,116) 17,483 Supplies inventory (8,405) (45,729) 37,324 Due from other funds 21,424 2,644 18,780 Due to other funds (1,319) (1,236) (83) Accounts payable (284,706) 56,672 (341,378) Accrued wages and long term compensated absences (29,492) (17,195) (12,297) Accrued taxes payable (2,430) 1,412 (3,842) Total adjustments 2,180,310 2,829,354 (649,044) Net cash provided (used) by operating activities $ 2,005,051 $ 3,071,470 $ (1,066,419) These statements should be read in conjunction with the Notes to the Financial Statements contained in the 2008 Comprehensive Annual Report (CAFR). 9

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