MEMORANDUM Finance Department

Transcription

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2 INFRASTRUCTURE SURTAX FUND MEMORANDUM Finance Department The Infrastructure Surtax (Penny Tax) was separated out from the General Fund during the fiscal year end process to provide greater transparency. The related revenues and expenditures are recorded within this fund. Total revenue collected for the period was $55,492, or 6% of budgeted revenue. This fund has one revenue source with a two-month delay in collection from the State. INVESTMENT REPORT As of December 31 st, the Town s funds were in the Florida Local Government Surplus Trust Funds Investment Pool (Florida Prime), TD Bank, SunTrust, and Flagler Bank. During this quarter, we examined our investment portfolio and sought proposals from area banks and found Flagler Bank to provide the highest return while maintaining safety of principal. As a result, the Town opened an account with a $3 million balance transferred from TD Bank. As of the date of this memorandum, SunTrust, TD Bank, and Flagler 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 excellent financial condition. Flagler Bank possesses a five-star rating which indicates the bank is in superior financial condition. OTHER FUNDS The following pages do not include the smaller funds such as the Police Education, Police Forfeiture, Grants, and Insurance funds. Please contact me with any questions you may have

3 BUDGET-IN-BRIEF as of December 31, 2017 (25% of year elapsed) General Fund Revenues Other Town Funds Revenues Budget Year-to-Date % Police Education Fund Budget Year-to-Date % Taxes 6,083,990 3,153, % Revenues 5, % Licenses & Permits 631, , % Appropriations & Carryover - - N/A Assessments 700, , % Total Revenues 5, % Intergovernmental Revenue 1,379, , % Total Expenses 5,242 1, % Charges for Services 856, , % Fines & Forfeitures 201,816 54, % Misc. Revenue 709, , % Police Forfeiture Fund* Budget Year-to-Date % Interfund Transfers 120,000 25, % Total Revenues - 9, % Appropriations & Carryover 531, % Total Expenses % Total Revenues $ 11,213,327 $ 4,798, % *Per Florida Statute fund is not budgeted General Fund Expenditures Expenditures Budget Year-to-Date % Grants Fund Budget Year-to-Date % Town Council 134,035 25, % Revenues 414,728 30, % Town Manager 245,228 46, % Appropriations & Carryover - - N/A Finance 415, , % Total Revenues 414,728 30, % Town Attorney 169,800 13, % Total Expenses 414,728 9, % Non-Departmental 58,758 29, % Police 5,504,205 1,024, % Development Services 770, , % Insurance Fund Budget Year-to-Date % Operations 2,585, , % Revenues 473, , % Library 186,694 33, % Appropriations & Carryover 100, % Town Events 45,065 5, % Total Revenues 573, , % Capital Outlay 761,178 80, % Total Expenses 573, , % Debt Service 158,500 76, % Interfund Transfers 2, % Contingency 175, % YTD-Total Townwide Budget Total Expenditures $ 11,213,327 $ 2,103, % Expenditures Budget Year-to-Date % Total Townwide Budget 23,177,438 3,117, % Other Town Funds (not including Police Forfeiture Fund) Utility Fund Budget Year-to-Date % Revenues 5,961,407 1,240, % Appropriations & Carryover 4,051,755 - N/A Total Revenues 10,013,162 1,240, % Total Expenses 10,013, , % Infrastructure Surtax Fund Budget Year-to-Date % Total Revenues 712,916 55, % Appropriations & Carryover 244, % Total Revenues 957,662 55, % Total Expenses 957, % - 3 -

4 General Fund Balance Sheet (unaudited) December 31, 2017 Current Year Prior Year Assets and Other Debits Assets Cash and cash equivalents $ 8,366,351 $ 10,771,548 Investments 6,291,867 2,226,188 Accounts receivable 24,068 39,489 Inventory 7,356 10,752 Due from other funds 317, ,671 Accrued revenues 384, ,517 Other 3, Total assets and other debits $ 15,395,846 $ 13,790,760 Liabilities, Equity and Other Credits Liabilities Accounts payable 290, ,270 Other liabilities 12,437 16,985 Payable from restricted assets Accrued wages payable - - Deferred revenue 543, ,867 Total liabilities 845, ,122 Fund balances Assigned for Encumbrances 1,258,257 1,328,682 Unassigned, assigned, committed 13,291,740 11,821,956 Total equity and other credits 14,549,997 13,150,638 Total liabilities, equity and other credits $ 15,395,846 $ 13,790,

5 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (unaudited) Favorable Prior Year Revenues Taxes $ 6,083,990 $ 3,153,835 $ (2,930,155) $ 2,696,770 Licenses, permits & fees 1,331, ,403 (508,627) 1,008,950 Intergovernmental 1,379, ,646 (1,208,248) 160,692 Charges for services 891, ,806 (661,526) 223,897 Fines and forfeitures 201,816 54,452 (147,364) 69,298 Miscellaneous 672, ,915 (331,106) 266,398 Total revenues 10,560,083 4,773,057 (5,787,026) 4,426,005 Expenditures Current General government 1,023, , , ,908 Public safety 5,504,205 1,024,372 4,479,833 1,013,726 Development services 770, , , ,233 Physical environment 2,585, ,394 2,064, ,761 Culture and recreation 231,759 38, ,590 32,632 Capital outlay 761,178 80, ,828 52,565 Debt service Principal & Interest 158,500 76,894 81,606 76,894 General contingency 175, ,178 - Total expenditures 11,210,405 2,103,710 9,106,695 1,997,719 Deficiency of revenues under expenditures (650,322) 2,669,347 3,319,669 2,428,286 Other financing sources Sale of fixed assets 2,000 - (2,000) - Operating transfers in 120,000 25,000 (95,000) - Operating transfers out (2,922) - 2,922 - Use of Fund Balance-capital carryfwd 531,244 - (531,244) - Use of Fund Balance-adopted Total other financing sources 650,322 25,000 (625,322) - Deficiency of revenues and other financing sources under expenditures - 2,694,347 2,428,286 Fund balance, beginning of year 11,855,652 10,722,351 FUND BALANCE, END OF PERIOD $ 14,549,997 $ 13,150,

6 General Fund Schedule of Revenues and Other Financing Sources Budget and Actual (unaudited) Favorable Prior Year Taxes Ad Valorem taxes $ 3,185,833 $ 2,492,786 $ (693,047) $ 2,084,311 Franchise taxes 1,129, ,939 (763,018) 341,185 Utility service taxes 1,272, ,056 (1,022,719) 229,224 Local Communications Services Tax 189,468 20,164 (169,304) 16,681 Gasoline taxes 305,957 23,890 (282,067) 25,369 Local Gov't Infrastructure Tax One Cent Total taxes 6,083,990 3,153,835 (2,930,155) 2,696,770 Licenses, permits & fees Business tax receipts 274, ,883 (47,285) 216,270 Building and other permits 356,849 64,986 (291,863) 279,160 Solid waste assessment 622, ,451 (150,699) 453,930 Gas line assessment 77,863 59,083 (18,780) 59,590 Total licenses, permits & fees 1,331, ,403 (489,847) 1,008,950 Intergovernmental revenues Insurance premium tax 119,700 - (119,700) - State revenue sharing 373,913 89,384 (284,529) 85,766 Mobile home licenses 23,554 9,015 (14,539) 7,776 Alcoholic beverage licenses 12,000 - (12,000) - Local government ½ cent sales tax 845,516 70,828 (774,688) 65,005 Government grants 5,211 2,419 (2,792) 2,145 Total intergovernmental revenues 1,379, ,646 (1,208,248) 160,692 Charges for services Public Safety 802, ,447 (601,887) 196,080 Nature Preserve Maintenance 53,998 13,449 (40,549) 13,160 Sports Park 35,000 15,910 (19,090) 14,657 Total charges for services 891, , , ,897 Fines and forfeitures 201,816 54,452 (147,364) 69,298 Miscellaneous revenues Interest 61,963 19,820 (42,143) 4,939 Parking 279,056 79,921 (199,135) 69,921 Contributions 20,000 20, ,100 Leases 212, ,046 (36,065) 112,853 Other 98,891 45,008 (53,883) 55,585 Total miscellaneous revenues 672, ,915 (331,106) 266,398 Other financing sources Sale of general fixed assets 2,000 - (2,000) - Interfund Transfers 120,000 25,000 (95,000) - Capital Carryover 531,244 - (531,244) - Use of Fund Balance Total other financing sources 653,244 25,000 (628,244) - TOTAL REVENUES $ 11,213,327 $ 4,798,057 $ (6,415,270) $ 4,426,

7 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year General government Legislative Personal services $ 81,661 $ 20,667 $ 60,994 $ 18,267 Operating 52,374 4,372 48,002 13,422 Total Legislative 134,035 25, ,996 31,689 Town Administration Personal services 198,100 41, ,032 37,106 Operating 47,128 5,125 42,003 6,433 Capital 1,825 1, Total Town Administration 247,053 47, ,267 43,539 Finance Personal services 325,930 70, ,142 56,738 Operating 89,878 33,924 55,954 30,041 Capital 3,025 1,593 1,432 2,561 Total Finance 418, , ,528 89,340 Legal Counsel Operating 169,800 13, ,577 22,989 Total Legal Counsel 169,800 13, ,577 22,989 Non-Departmental Operating 57,258 29,367 27,891 10,912 Capital 94,931 20,950 73,981 - Other Expenses 1,500-1,500 - Total Non-Departmental 153,689 50, ,372 10,912 Total General Government 1,123, , , ,469 Public Safety Administration Personal services 514,490 99, ,238 92,868 Operating 65,457 49,957 15,500 48,606 Capital ,475 Total Administration 579, , , ,949 Uniform Patrol Personal services 3,003, ,827 2,516, ,743 Operating 238,725 43, ,086 22,596 Capital 118,869 17, ,894 30,828 Total Uniform Patrol 3,361, ,441 2,812, ,

8 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Detectives Personal services 326,139 63, ,912 60,483 Operating 20,663 8,157 12,506 7,662 Capital ,495 Total Detectives 346,802 71, ,418 72,640 Services Personal services 378,099 77, ,255 70,374 Operating 136,681 30, ,496 61,903 Capital 138, ,363 - Total Police Services 653, , , ,277 Uniform Patrol (Hypoluxo) Personal services 512,250 95, ,309 93,458 Operating 10,200 2,633 7,567 2,419 Capital 3,372-3,372 - Total Uniform Patrol (Hypoluxo) 525,822 98, ,248 95,877 Marine Safety Personal services 281,966 64, ,510 53,879 Operating 15,976 2,254 13,722 2,735 Capital Total Marine Safety 297,942 66, ,232 56,614 Total Public Safety 5,764,809 1,042,347 4,722,462 1,052,524 Development Services Administration Personal services 187,492 35, ,029 38,109 Operating 16,390 3,174 13,216 1,429 Capital Total Administration 203,882 38, ,245 39,538 Building Inspections Personal services 137,591 26, ,281 18,951 Operating 150,747 36, ,115 34,412 Capital ,926 Total Building Inspections 288,338 62, ,396 56,289 Code Enforcement Personal services 245,650 33, ,510 39,325 Operating 32,570 9,278 23,292 5,007 Capital 20,000-20,000 - Total Code Enforcement 298,220 42, ,802 44,332 Total Development Services 790, , , ,

9 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Physical Environment Operations Administration Personal services 210,311 46, ,126 44,020 Operating 19,653 2,503 17,150 5,127 Capital 41,203-41,203 - Total Operations Administration 271,167 48, ,479 49,147 Public Works Personal services 589, , , ,674 Operating 1,265, , , ,788 Capital 290,343 34, ,552 4,800 Total Public Works 2,145, ,071 1,702, ,262 Vehicle Maintenance Personal services 67,989 15,631 52,358 13,778 Operating 12,002 1,650 10, Capital 2,341-2,341 - Total Vehicle Maintenance 82,332 17,281 65,051 14,578 Sports Park Personal services 117,750 28,616 89,134 13,076 Operating 302,658 18, ,129 8,108 Capital 23,475-23,475 3,390 Total Sports Park 443,883 47, ,738 24,574 Total Physical Environment 2,942, ,185 2,386, ,561 Cultural and Recreation Library Personal services 146,634 26, ,986 22,834 Operating 40,060 6,453 33,607 6,302 Capital 23,431 3,448 19,983 3,480 Total Library services 210,125 36, ,576 32,616 Miscellaneous Town events 45,065 5,068 39,997 3,496 Total Miscellaneous 45,065 5,068 39,997 3,496 Total Culture and Recreation 255,190 41,617 1,915,998 36,112 Debt Service 158,500 76,894 81,606 76,894 Transfers Out 2,922-2,922 - General Contingency 175, ,178 - TOTAL EXPENDITURES $ 11,213,327 $ 2,103,710 $ 9,109,617 $ 1,997,

10 Utility Fund Balance Sheet (unaudited) December 31, 2017 Current Year Prior Year Assets and Other Debits Assets Cash and cash equivalents $ 6,612,528 $ 8,922,065 Investments 4,102,047 1,084,414 Accounts receivable 420, ,092 Restricted Assets 1,073,382 1,040,697 Other 3, Total current assets 12,212,066 11,479,781 Fixed assets Land 4,300 4,300 Buildings 509, ,892 Improvements 21,003,031 21,102,527 Machinery and equipment 1,437,114 1,273,319 Intangibles 5,146 5,146 Construction in progress 191, ,437 23,151,466 23,014,621 Less accumulated depreciation & amortization (15,018,204) (14,286,612) Net fixed assets 8,133,262 8,728,009 Unamortized bond costs 413, ,714 Total assets and other debits $ 20,758,782 $ 20,784,504 Liabilities, Equity and Other Credits Liabilities Accounts payable 159, ,104 Notes Payable 2,190,417 2,989,114 Payable from restricted assets Accrued wages payable 234, ,059 Deposits 184, ,063 Revenue refunding bonds 27,838 28,661 Deferred revenue - - Total liabilities 2,796,956 3,503,001 Net Assets Contributed capital 2,445,897 2,445,897 Reserved 1,274,907 1,876,263 Unreserved 14,241,022 12,959,343 Total net assets 17,961,826 17,281,503 Total liabilities, equity and other credits $ 20,758,782 $ 20,784,

11 Utility Fund Statement of Revenues, Expenses and Changes in Retained Earnings Budget and Actual (unaudited) Favorable Prior YTD Revenues Water sales $ 3,102,414 $ 644,074 $ (2,458,340) $ 659,945 Wastewater sales 2,669, ,083 (2,112,212) 562,697 Miscellaneous 141,568 23,039 (118,529) 33,334 Total operating revenues 5,913,277 1,224,196 (4,689,081) 1,255,976 Expenditures Operating expenses Water/Sewer plant operations Personnel 1,008, , , ,193 Current expenses 2,829, ,504 2,448, ,371 Total 3,838, ,026 3,218, ,564 Administrative expenses 989, , , ,399 Debt Services 860,150 7, ,418 8,811 Capital outlay 4,193,724 20,424 4,173, ,663 5,053,874 28,156 5,025, ,474 Total operating expenses 9,881, ,663 9,026, ,437 Operating income/(loss) (3,968,315) 369,533 (13,716,010) 386,539 Non-operating revenues (expenses) Investment income 48,130 16,115 (32,015) 4,452 Sale of assets Operating Transfers Out 20, Use of reserves-capital carry forward 3,940,185 - (3,940,185) - Contingency (20,000) - 20,000 - Total non-operating revenues (expenses) 4,008,315 16,115 (3,972,200) 4,452 Net income/(loss) 40, , , ,991 Net assets, beginning 17,576,179 16,890,512 Net assets, ending $ 17,961,826 $ 17,281,

12 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Administrative Legislative Personal services $ 54,294 $ 13,825 $ 40,469 $ 12,178 Operating 34,996 2,915 32,081 8,947 Total Legislative 89,290 16,740 72,550 21,125 Town Administration Personal services 177,999 36, ,318 33,266 Operating 37,597 4,136 33,461 4,731 Total Town Administration 215,596 40, ,779 37,997 Finance Personal services 506, , ,473 90,953 Operating 126,953 43,269 83,684 38,953 Capital 16,000 4,150 11,850 - Total Finance 649, , , ,906 Legal Operating 34,000 2,979 31,021 4,210 Total Legal 34,000 2,979 31,021 4,210 Non Departmental: Operating 16,347 2,279 14,068 4,161 Other Expenses 111, ,570 Total Non Departmental 127,917 2, ,638 4,161 Total Administrative 1,116, , , ,399 Operations Operations Administration Personal services 216,141 47, ,743 45,564 Operating 36,408 4,598 31,810 3,352 Capital ,786 Total Operations Administration 252,549 51, ,553 50,702 Vehicle Maintenance Personal services 67,989 15,630 52,359 13,777 Operating 12,002 1,398 10, Total Vehicle Maintenance 79,991 17,028 62,963 14,

13 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Water/water plant operations Personal services 510, , ,646 99,299 Operating 965, , ,099 80,072 Capital 2,879,175 4,151 2,875,024 18,650 Total Water/water plant operations 4,355, ,611 4,120, ,021 Wastewater operations Personal services 214,533 50, ,726 43,553 Operating 1,815, ,735 1,545, ,147 Capital 1,298,549 12,123 1,286,426 87,227 Total Wastewater operations 3,328, ,665 2,995, ,927 Total Operations 8,016, ,300 7,380, ,227 Debt Services 860,150 7, ,418 8,811 Contingency 20,000-20,000 - Transfers Out TOTAL EXPENDITURES $ 10,013,162 $ 854,663 $ 9,138,499 $ 869,

14 Infrastructure Surtax Fund Balance Sheet (unaudited) December 31, 2017 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents 280,385 - Accounts Receivable - - Total assets and other debits $ 280,385 $ - Liabilities, Equity and Other Credits: Liabilities: Accounts Payable - - Total Liabilities - - Fund balances: Assigned for Encumbrances - - Unassigned, assigned, committed 280,385 - Total equity and other credits 280,385 - Total Liabilities and Equity $ 280,385 $

15 Infrastructure Surtax Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (unaudited) Revenues: Favorable Prior Year Infrastructure Surtax $ 712,916 $ 55,492 $ (657,424) $ - Capital Carryover 244, Total Revenues 957,662 55,492 (657,424) - Expenditures: R&M - Paving 708, , , ,916 - Capital: Capital Outlay - Paving 248, ,746 - Capital Outlay - Police Building , ,746 - Total Expenditures 957, ,662 - Excess (deficiency) of revenues over (under) expenditures - 55,492 55,492 - Fund balance, beginning of year FUND BALANCE, END OF PERIOD - 224,893 - $ - $ 280,385 $ 55,492 $

16 Investment Earnings Quarter Closing December 31, 2017 FLORIDA STATE BOARD OF ADMINISTRATION (SBA) October November December Total SBA Rate 1.36% 1.36% 1.44% 1.39% General Fund. Beginning Bal. 6,277,583 6,284,822 6,291,867 6,277,583 Transfers In (Out) - Admin. Charges - Investment Earnings 7,239 7,045 7,696 21,980 Ending Bal. 6,284,822 6,291,867 6,299,563 6,299,563 Utility Fund Beginning Bal. 4,092,735 4,097,454 4,102,047 4,092,735 Transfers In (Out) - Admin. Charges - Investment Earnings 4,720 4,593 5,018 14,330 Ending Bal. 4,097,454 4,102,047 4,107,065 4,107,065 Impact Fee Reserve Beginning Bal. 697, , , ,339 Transfers In (Out) - Admin. Charges - Investment Earnings ,442 Ending Bal. 698, , , ,780 SBA TOTALS Total Investment Earnings 12,763 12,420 13,569 38,752 Total Admin. Charges Net Investment Earnings 12,763 12,420 13,569 38,752 Investment Earnings Net of Admin. Charges General Fund 7,239 7,045 7,696 21,980 Utility Fund 5,524 5,375 5,873 16,772 12,763 12,420 13,569 38,

17 SUNTRUST BANK ACCOUNTS October November December Total Checking Account Earnings Checking account (earnings credit) 0.25% 0.25% 0.25% 0.25% Forfeiture Fund Bank Charges (net of interest credit) (400) (560) (402) (1,362) Investment Earnings (400) (560) (402) (1,362) Ending Account Balances per Statement Operating 4,690,472 5,215,673 7,990,994 Water Plant Reserve 374, , ,456 Payment Card Receipts 100, , ,853 Forfeiture Fund Ending Balances 5,166,225 5,708,413 8,501,854 TD BANK ACCOUNT TD Bank Rate 0.59% 0.59% 0.66% 0.61% Investment Earnings (Utility Fund) 1,834 1,310 1,490 4,633 Investment Earnings (General Fund) 1,986 1,477 1,680 5,143 Investment Earnings 3,820 2,786 3,169 9,776 Ending Balance 5,786,854 5,748,445 5,710,418 FLAGLER BANK ACCOUNT Flagler Bank Rate 1.21% 1.21% 1.21% 1.21% Investment Earnings (Utility Fund) 592 1,481 1,433 3,505 Investment Earnings (General Fund) 592 1,481 1,433 3,505 Investment Earnings 1,184 2,961 2,866 7,011 Ending Balance 3,001,184 3,004,145 3,007,011 TOTAL INVESTMENT EARNINGS BY FUND General Fund 9,817 10,002 10,809 30,629 Utility Fund 7,949 8,166 8,795 24,910 Forfeiture Fund $ 17,767 $ 18,168 $ 19,604 $ 55,