MEMORANDUM Finance Department

Transcription

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2 INVESTMENT REPORT MEMORANDUM Finance Department On December 31 st, the Town s funds were in the Florida Local Government Surplus Trust Funds Investment Pool (Florida Prime and Fund B), TD Bank, and SunTrust, with the majority at SunTrust. During December 2013 and January 2014, significant funds were reallocated to increase yield potential. As of the date of this memorandum, SunTrust and TD Bank continue to participate in the Qualified Public Depository (QPD) program where Town funds are guaranteed 100% above the $250k insured by the FDIC. Additionally, both SunTrust and TD Bank possess a four-star rating from BauerFinancial which indicates the banks are in superior financial condition. OTHER FUNDS This report does not incorporate some of the Town s smaller special revenue and internal service funds. These funds include the Police Education, Police Forfeiture, Grants, and Insurance. If you would like a review of these funds, please contact me at (561) STATE BOARD OF ADMINISTRATION LOCAL GOVERNMENT SURPLUS TRUST FUNDS INVESTMENT POOL As of December 31 st, $345,742 was in the Florida Prime account which is liquid and available for withdrawal. In Fund B, the balance was $71,085 which is not liquid nor is it available for withdrawal. The total fiscal-year-to-date unrealized gain is $14,972 for all Fund B accounts. If you have any questions, please do not hesitate to contact me.

3 BUDGET-IN-BRIEF as of December 31, 2013 (25% of year elapsed) Capital, 126,172, 4% YTD-Townwide Expense Allocation Operating & Maint., 1,287,059, 39% Debt, 152,196, 5% Wages, 1,091,455, 33% Benefits, 641,152, 19% Other Town Funds Utility Fund Budget Year-to-Date % Revenues 4,972, , % Appropriations & Carryover 2,488, % Total Revenues 7,461, , % Total Expenses 7,461, , % Police Education Fund Budget Year-to-Date % Revenues 3, % Appropriations & Carryover - - N/A Total Revenues 3, % Total Expenses 3, % Police Forfeiture Fund* Budget Year-to-Date % Total Revenues % General Fund Revenues Total Expenses % Revenues Budget Year-to-Date % *Per Florida Statute fund is not budgeted Taxes 4,673,687 2,235, % Licenses & Permits 1,086, , % Intergovernmental Revenue 1,202, , % Grants Fund Budget Year-to-Date % Charges for Services 785, , % Revenues 315, , % Fines & Forfeitures 105,040 47, % Appropriations & Carryover - - N/A Misc. Revenue 578, , % Total Revenues 315, , % Appropriations & Carryover 964, % Total Expenses 315,810 6, % Total Revenues $ 9,396,105 $ 4,125, % General Fund Expenditures Insurance Fund Budget Year-to-Date % Expenditures Budget Year-to-Date % Revenues 397,320 79, % Town Council 114,843 32, % Appropriations & Carryover - - N/A Town Manager 191,226 42, % Total Revenues 397,320 79, % Finance 346,945 84, % Total Expenses 397, , % Town Attorney 183,075 25, % Non-Departmental 120,232 77, % Police 4,163, , % Development Services 635, , % Public Works 2,033, , % Library 158,635 31, % Holiday Events 78,042 20, % YTD-Total Townwide Budget Capital Outlay 940,424 28, % Expenditures Budget Year-to-Date % Debt Service 430, , % Total Townwide Budget 17,574,850 3,297, % Total Expenditures $ 9,396,105 $ 2,106, % (not including Police Forfeiture Fund)

4 General Fund Balance Sheet (unaudited) December 31, 2013 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 10,220,974 $ 8,850,253 Investments 234, ,042 Accounts 3,188 45,117 Inventory 12,537 12,193 Due from other funds 274, ,930 Accrued revenues (13,951) (13,677) Other - - Total assets and other debits $ 10,731,666 $ 9,449,858 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 205, ,437 Other liabilities 16,813 10,588 Payable from restricted assets: Accrued wages payable Revenue refunding bonds - - Deferred revenue 103, ,089 Total liabilities 325, ,114 Fund balances: Assigned for Encumbrances 328, ,118 Unassigned, assigned, committed 10,077,272 8,495,626 Total equity and other credits 10,406,070 9,046,744 Total liabilities, equity and other credits $ 10,731,666 $ 9,449,858

5 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (unaudited) Favorable Prior Year Revenues: Taxes $ 4,673,687 $ 2,235,226 $ (2,438,461) $ 1,830,890 Licenses, permits & fees 1,086, ,121 (357,971) 254,751 Intergovernmental 1,202, ,355 (1,055,148) 131,790 Charges for services 785, ,603 (177,009) 353,953 Fines and forfeitures 105,040 47,496 (57,544) 30,106 Miscellaneous 428, ,233 (84,631) 238,556 Total revenues 8,281,798 4,111,034 (4,170,764) 2,840,046 Expenditures: Current: General government 956, , , ,736 Public safety 4,163,611 1,029,037 3,134, ,682 Development services 635, , , ,873 Physical environment 1,304, , , ,628 Culture and recreation 965, , , ,048 Capital outlay 940,424 28, , ,512 Debt service: Principal & Interest 430, , , ,873 General contingency Total expenditures 9,396,105 2,106,323 7,289,782 2,141,352 Deficiency of revenues under expenditures (1,114,307) 2,004,711 3,119, ,694 Other financing sources: Sale of general fixed assets 150,000 14,400 (135,600) - Operating transfers in Operating transfers out Use of Fund Balance-capital carryfwd 671,019 - (671,019) - Use of Fund Balance-adopted 293,288 - (293,288) - Total other financing sources 1,114,307 14,400 (1,099,907) - Deficiency of revenues and other financing sources under expenditures - 2,019, ,693 Fund balance, beginning of year 8,386,963 8,348,051 FUND BALANCE, END OF PERIOD $ 10,406,070 $ 9,046,744

6 General Fund Schedule of Revenues and Other Financing Sources Budget and Actual (unaudited) Favorable Prior Year Taxes: Ad Valorem taxes $ 2,133,000 $ 1,651,408 $ (481,592) $ 1,518,247 Franchise taxes 979, ,793 (642,803) 60,385 Utility service taxes 1,008, ,751 (808,017) 183,747 Local Communications Services Tax 293,000 24,221 (268,779) 47,022 Gasoline taxes 259,323 22,053 (237,270) 21,489 Total taxes 4,673,687 2,235,226 (2,438,461) 1,830,890 Licenses, permits & fees: Business tax receipts 264, ,666 (66,720) 195,462 Building and other permits 232,423 98,807 (133,616) 59,289 Solid waste assessment 589, ,648 (157,635) - Total licenses, permits & fees 1,086, ,121 (357,971) 254,751 Intergovernmental revenues: State revenue sharing 312,000 76,964 (235,036) 74,352 Mobile home licenses 22,603 10,041 (12,562) 2,215 Alcoholic beverage licenses 11,100 (11,100) - Local government ½ cent sales tax 725,000 60,350 (664,650) 55,223 Government grants 131,800 - (131,800) - Total intergovernmental revenues 1,202, ,355 (1,055,148) 131,790 Charges for services: Sanitation and waste removal ,408 Recycling fees ,972 Public Safety 734, ,842 (138,337) 171,950 Nature Preserve Maintenance 51,433 12,761 (38,672) 12,623 Total charges for services 785, , , ,953 Fines and forfeitures 105,040 47,496 (57,544) 30,106 Miscellaneous revenues: Interest 11,445 7,871 (3,574) 4,477 Beach parking 132,500 45,379 (87,121) 30,984 Contributions 20,000 20, Leases 207, ,780 (20,853) 172,478 Other 57,286 84,203 26,917 30,617 Total miscellaneous revenues 428, ,233 (84,631) 238,556 Other financing sources: Sale of general fixed assets 150,000 14,400 (135,600) - Interfund Transfers Capital Carryover 671,019 - (671,019) - Use of Fund Balance 293,288 - (293,288) - Loan Proceeds Total other financing sources 1,114,307 14,400 (1,099,907) - TOTAL REVENUES $ 9,396,105 $ 4,125,434 $ (5,270,671) $ 2,840,046

7 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year General government: Legislative: Personal services $ 64,490 $ 19,159 $ 45,331 $ 14,822 Operating 50,353 13,654 36,699 5,843 Total Legislative 114,843 32,813 82,030 20,665 Executive: Personal services 110,900 25,555 85,345 23,945 Operating 11,208 1,689 9,519 2,729 Capital ,851 Total Executive 122,108 27,244 94,864 30,525 Town Clerk: Personal services 45,905 10,928 34,977 11,283 Operating 23,213 4,643 18,570 5,391 Total Town Clerk 69,118 15,571 53,547 16,674 Finance: Personal services 244,700 54, ,898 54,096 Operating 102,245 29,970 72,275 29,295 Capital 55,860 1,980 53,880 1,851 Total Finance 402,805 86, ,053 85,242 Legal Counsel: Personal services 12,740 4,130 8,610 3,862 Operating 170,335 21, ,564 17,651 Total Legal Counsel 183,075 25, ,174 21,513 Non-Departmental Personal services Operating 119,232 77,478 41,754 81,819 Capital 45,552-45,552 - Other Expenses 1,000-1,000 - Total Non-Departmental 165,784 77,478 88,306 81,819 Total General Government 1,057, , , ,438 Public Safety: Administration: Personal services 394,050 94, ,443 95,349 Operating 70,267 44,373 25,894 45,412 Capital 4,700-4,700 - Total Administration 469, , , ,761

8 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Uniform Patrol: Personal services 2,174, ,592 1,665, ,722 Operating 165,337 31, ,776 36,993 Capital 6,757 15,896 (9,139) 10,146 Total Uniform Patrol 2,346, ,049 1,789, ,861 Detectives: Personal services 235,240 56, ,593 - Operating 26,552 1,961 24,591 - Capital 76,750-76,750 - Total Detectives 338,542 58, ,934 - Services: Personal services 239,580 59, , ,285 Operating 146,259 60,207 86,052 32,356 Capital ,432 Total Police Services 385, , , ,073 Uniform Patrol (Hypoluxo): Personal services 398, , ,024 88,942 Operating 22,990 3,761 19,229 4,397 Capital 2,950-2,950 - Total Uniform Patrol (Hypoluxo) 424, , ,203 93,339 Marine Safety: Personal services 272,420 64, ,806 64,700 Operating 17,936 2,028 15,908 2,526 Capital 23,115-23,115 6,932 Total Marine Safety 313,471 66, ,829 74,158 Total Public Safety 4,277,883 1,044,933 3,232, ,192 Development Services: Administration : Personal services 172,950 27, ,647 42,015 Operating 12,190 2,207 9,983 3,380 Capital ,173 Total Administration 185,140 29, ,630 46,568 Building Inspections: Personal services 139,957 15, ,220 28,820 Operating 109,070 27,730 81,340 23,914 Capital 12,000-12,000 - Total Building Inspections 261,027 43, ,560 52,734

9 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Code Enforcement: Personal services 181,115 41, ,316 39,507 Operating 19,830 2,855 16,975 2,237 Total Code Enforcement 200,945 44, ,291 41,744 Total Development Services 647, , , ,046 Physical Environment: Public Works Administration Personal services 171,540 41, ,413 28,850 Operating 18,690 3,210 15,480 3,277 Total Operations Administration 190,230 44, ,893 32,127 Vehicle Maintenance: Personal services 61,793 14,606 47,187 15,368 Operating 10,896 8,824 2,072 1,842 Capital 1,299 1,436 (137) 3,461 Total Vehicle Maintenance 73,988 24,866 49,122 20,671 Solid waste control services: Personal services ,645 Operating ,329 Total Solid Waste Control Services ,974 Trash Collection: Personal services ,335 Operating ,880 Total Trash Collection ,215 Recycling Collection: Personal services ,868 Operating ,814 Total Recycling Collection ,682 Streets & Sanitation: Personal services 160,749 41, ,892 - Operating 880, , ,496 33,420 Capital 221, , ,009 Total Streets & Sanitation 1,262, ,814 1,009, ,429 Total Physical Environment 1,527, ,017 1,204, ,098

10 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Cultural and Recreation: Sports Complex: Operating 9,260 1,472 7,788 1,238 Debt service 122,200 60,979 61,221 60,979 Total Sports Complex Services 131,460 62,451 69,009 62,217 Library: Personal services 108,530 25,105 83,425 25,130 Operating 50,105 6,766 43,339 4,300 Capital 34,677 3,121 31,556 3,555 Total Library services 193,312 34, ,320 32,985 Public Grounds & Forestry: Personal services 219,436 55, ,174 79,038 Operating 216,081 30, ,475 28,648 Capital 350,142 3, , Total Public Grounds & Forestry 785,659 89, , ,574 Facilities Maintenance: Personal services 156,299 37, ,213 42,038 Operating 128,063 31,779 96,284 31,124 Capital 104,896 1, ,998 6,214 Total Building Maintenance 389,258 70, ,495 79,376 Miscellaneous: Holiday events 78,042 20,222 57,820 1,532 Total Miscellaneous 78,042 20,222 57,820 1,532 Total Culture and Recreation 1,577, ,089 1,299, ,684 Debt Service 308,500 76, ,606 76,894 Transfers Out General Contingency TOTAL EXPENDITURES $ 9,396,105 $ 2,106,323 $ 7,289,782 $ 2,141,352

11 Utility Fund Balance Sheet (unaudited) December 31, 2013 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 8,204,910 $ 8,497,219 Investments 230, ,209 Accounts receivable 131, ,113 Restricted Assets 412, ,596 Other - - Total current assets 8,978,422 9,356,136 Fixed assets Land 4,300 4,300 Buildings 509, ,892 Improvements 20,737,967 20,486,913 Machinery and equipment 791, ,847 Intangibles 5,146 19,142 Construction in progress 18, ,821 22,067,567 22,024,915 Less accumulated depreciation & amortization (13,143,593) (12,513,800) Net fixed assets 8,923,974 9,511,115 Unamortized bond costs 1,066,495 1,261,785 Total assets and other debits $ 18,968,891 $ 20,129,036 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 151,888 1,327,238 Notes Payable 5,266,551 1,897,201 Other liabilities 170,407 Payable from restricted assets: Accrued wages payable 158, ,007 Deposits 230, ,206 Revenue refunding bonds 27,760 4,871,805 Deferred revenue - - Total liabilities 5,835,150 8,619,864 Net Assets: Contributed capital 2,445,897 2,445,897 Reserved 987,359 1,859,035 Unreserved 9,700,485 7,204,240 Total net assets 13,133,741 11,509,172 Total liabilities, equity and other credits $ 18,968,891 $ 20,129,036

12 Utility Fund Statement of Revenues, Expenses and Changes in Retained Earnings Budget and Actual (unaudited) Favorable Prior YTD Revenues: Water sales $ 2,457,136 $ 483,525 $ (1,973,611) $ 447,286 Wastewater sales 2,359, ,039 (1,907,740) 442,776 Miscellaneous 148,656 28,003 (120,653) 31,990 Total operating revenues 4,965, ,567 (4,002,004) 922,052 Expenditures: Operating expenses Water/Sewer plant operations Personnel 829, , , ,792 Current expenses 1,581, ,266 1,156, ,757 Total 2,410, ,284 1,774, ,549 Administrative expenses 902, , , ,830 Debt Services 860,450 14, , ,939 Capital outlay 3,288,576 95,228 3,193, ,839 4,149, ,551 4,039, ,778 Total operating expenses 7,461, ,879 6,519,885 1,098,157 Operating income/(loss) (2,496,193) 21,688 (10,521,889) (176,105) Non-operating revenues (expenses) Investment income 7,305 9,002 1,697 5,047 Sale of assets Settlements-Lake Worth Operating Transfers Out - Retained Earnings-capital carryforward 2,488,888 - (2,488,888) - Total non-operating revenues (expenses) 2,496,193 9,002 (2,487,191) 5,047 Net income/(loss) - 30,690 30,690 (171,058) Net assets, beginning 13,103,051 11,680,232 Net assets, ending $ 13,133,741 $ 11,509,172

13 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Administrative Legislative: Personal services $ 42,805 $ 12,780 $ 30,025 $ 9,882 Operating 32,854 9,102 23,752 3,895 Total legislative 75,659 21,882 53,777 13,777 Executive: Personal services 110,900 25,554 85,346 23,944 Operating 11,938 1,689 10,249 2,744 Total executive 122,838 27,243 95,595 26,688 Town Clerk: Personal services 30,875 7,292 23,583 7,520 Operating 15,532 3,095 12,437 3,592 Total Town Clerk 46,407 10,387 36,020 11,112 Finance Personal services 399,510 82, ,223 82,402 Operating 167,974 41, ,142 35,479 Capital 30,000 2,820 27,180 2,349 Total Finance 597, , , ,230 Legal: Personal services 3,250 1,033 2, Operating 39,570 5,622 33,948 9,477 Total Legal 42,820 6,655 36,165 10,448 Non Departmental: Personal services Operating 16,887 2,938 13,949 2,575 Total Non Departmental 16,887 2,938 13,949 2,575 Total Administrative 902, , , ,830

14 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Public Works/Utilities Utilities Administration Personal services 140,728 35, ,167 32,392 Operating 64,694 18,574 46,120 3,886 Total Utilities Administration 205,422 54, ,287 36,278 Vehicle Maintenance Personal services 61,793 14,605 47,188 15,366 Operating 12,195 1,339 10,856 1,948 Total Vehicle Maintenance 73,988 15,944 58,044 17,314 Water/water plant operations Personal services 449, , ,496 98,255 Operating 555, , ,292 94,555 Capital 926,865 57, ,525 10,582 Total Water/water plant operations 1,932, ,268 1,653, ,392 Wastewater operations Personal services 177,130 40, ,577 36,779 Operating 948, , , ,368 Capital 2,361,711 37,888 2,323, ,257 Total Wastewater operations 3,487, ,165 3,105, ,404 Total operations/utilities 5,699, ,512 4,967, ,388 Debt Services 860,450 14, , ,939 Transfers Out Contingency TOTAL EXPENDITURES $ 7,461,764 $ 941,879 $ 6,519,885 $ 1,098,157

15 Investment Earnings Quarter Closing December 31, 2013 FLORIDA STATE BOARD OF ADMINISTRATION (SBA) *EACH ACCOUNT COMBINES FLORIDA PRIME AND FUND B October November December Total SBA Rate 0.18% 0.17% 0.16% 0.17% General Fund Beginning Bal. 177, , , ,465 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 177, , , ,526 Utility Fund Beginning Bal. 184, , , ,108 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 184, , , ,171 Impact Fee Reserve* Beginning Bal. 6,840 6,841 6,842 6,840 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 6,841 6,842 6,843 6, Reserve R R & I Beginning Bal. 27,442 27,445 27,448 27,442 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 27,445 27,448 27,451 27,451 Beginning Bal. 4,023 4,024 4,024 4,023 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 4,024 4,024 4,024 4,024

16 Bond Fund October November December Total Beginning Bal. 16,806 16,808 16,810 16,806 Transfers In (Out) Admin. Charges Investment Earnings Ending Bal. 16,808 16,810 16,812 16,812 SBA TOTALS Total Investment Earnings Total Admin. Charges Net Investment Earnings Investment Earnings Net of Admin. Charges General Fund Utility Fund SUNTRUST BANK ACCOUNTS Checking Account Earnings Demand Deposit (earnings credit) 0.40% 0.40% 0.40% 0.40% Checking account APY 0.07% 0.07% 0.07% 0.07% General Fund ,289 Utility Fund ,218 Forfeiture Fund Bank Charges (net of interest credit) (564) (732) (368) (1,664) Investment Earnings Ending Account Balances per Statement Operating 15,122,983 13,480,513 10,948,425 Demand Deposit 2,000,000 4,000,000 4,000,000 Water Plant Reserve 373, , ,762 Ending Balances 17,496,685 17,854,246 15,322,188 TD BANK ACCOUNT TD Bank Rate 0.20% 0.20% 0.20% 0.20% Investment Earnings (Utility Fund) Investment Earnings (General Fund) Ending Balance 129, ,278 4,872,525 TOTAL INVESTMENT EARNINGS BY FUND General Fund ,537 Utility Fund ,604 Forfeiture Fund $ 959 $ 948 $ 1,243 $ 3,149