MEMORANDUM Finance Department

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Rodger Russell
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2 MEMORANDUM Finance Department INVESTMENT REPORT A significant reduction in November s investment income is due to the LGIP withholding earnings to offset Pool B s potential for loss. The LGIP is transferring investments that become mature, or income as a result of sale into Pool A. We anticipate a reduction in investment income within this fiscal year. OTHER FUNDS This report does not incorporate some of the Town s smaller special revenue and internal service funds. These funds include the following funds: Recreation, Police Education, Police Forfeiture, Grants, and Insurance. If you would like a review of these funds, please contact me (561) STATE BOARD OF ADMINISTRATION LOCAL GOVERNMENT INVESTMENT POOL (LGIP) We are currently monitoring the daily activity of the LGIP. We have withdrawn the 100% of the Available Liquid Balance (ALB). There have been no withdrawals that were subject to the 2% redemption fee. Additionally, staff is reviewing other alternatives for placement of the Town s surplus funds. I hope this will be helpful to you, and as always, if you have any questions please do not hesitate to ask. 2

3 General Fund Balance Sheet (unaudited) December 31, 2007 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 6,289,977 $ 3,617,485 Investments 7,504,477 7,947,446 Accounts 34,557 26,618 Inventory 10,471 10,796 Due from other funds 331, ,814 Accrued revenues 75,049 - Other - - Total assets and other debits $ 14,246,139 $ 11,926,159 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 889,687 36,264 Other liabilities 7,331 (3,151) Payable from restricted assets: Accrued wages payable - - Revenue refunding bonds - - Deferred revenue 142,100 - Total liabilities 1,039,118 33,113 Fund balances: Reserved for Encumbrances 455, ,941 Designated for subsequent year's - - expenditures Undesignated 12,751,874 11,104,105 Total equity and other credits 13,207,021 11,893,046 Total liabilities, equity and other credits $ 14,246,139 $ 11,926,159 3

4 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (unaudited) Favorable Prior Year Revenues: Taxes $ 8,625,550 $ 5,126,341 $ (3,499,209) $ 5,275,883 Licenses and permits 394, ,832 (161,168) 232,008 Intergovernmental 1,268, ,518 (1,133,982) 42,812 Charges for services 1,348, ,044 (726,446) 300,564 Fines and forfeitures 113,000 95,705 (17,295) 30,498 Miscellaneous 636, ,149 (422,421) 218,694 Use of Fund Balance Total revenues 12,386,110 6,425,589 (5,960,521) 6,100,459 Expenditures: Current: General government 878, , , ,525 Public safety 7,237,380 2,466,727 4,770,653 2,367,576 Development services 798, , , ,234 Physical environment 1,015, , , ,098 Culture and recreation 1,853, ,689 1,500, ,617 Capital outlay 675,990 48, , ,255 Debt service: Principal & Interest 206,950 60, ,971 60,979 General contingency 100, ,000 - Total expenditures 12,767,000 3,505,021 9,261,979 3,382,284 Deficiency of revenues under expenditures (380,890) 2,920,568 3,301,458 2,718,175 Other financing sources: Sale of general fixed assets Operating transfers in 7,018 7, Operating transfers out (566,528) - 566,528 - Use of Fund Balance-capital carryfwd 940,400 - (940,400) - Capital lease/loan Proceeds Total other financing sources 380,890 7,018 (373,872) - Deficiency of revenues and other financing sources under expenditures - 2,927,586 2,718,175 Fund balance, beginning of year 10,279,435 9,174,871 FUND BALANCE, END OF PERIOD $ 13,207,021 $ 11,893,046 4

5 General Fund Schedule of Revenues and Other Financing Sources Budget and Actual (unaudited) Favorable Prior Year Taxes: Ad Valorem taxes $ 6,496,550 $ 4,789,561 $ (1,706,989) $ 4,975,842 Franchise taxes 689,000 65,646 (623,354) 82,184 Utility service taxes 940, ,771 (762,229) 172,534 Local Communications Services Tax 500,000 93,363 (406,637) 45,323 Total taxes 8,625,550 5,126,341 (3,499,209) 5,275,883 Licenses and permits: Professional and occupational licenses 213, ,446 (32,054) 182,663 Building and other permits 180,500 51,386 (129,114) 49,345 Total licenses and permits 394, ,832 (161,168) 232,008 Intergovernmental revenues: Insurance Premium Tax-Police 100,000 - (100,000) - State revenue sharing 365,000 83,720 (281,280) 87,318 Mobile home licenses 25,000 13,144 (11,856) 13,978 Alcoholic beverage licenses 12,000 - (12,000) 134 Local government ½ cent sales tax 745,000 2,619 (742,381) 114,940 Government grants 21,500 35,035 13,535 (173,558) Total intergovernmental revenues 1,268, ,518 (1,133,982) 42,812 Charges for services: Sanitation and waste removal 730, ,622 (578,378) 151,050 Recycling fees 98,000 19,991 (78,009) 19,794 Public Safety 474, ,051 (35,839) 118,628 Nature Preserve Maintenance 45,600 11,380 (34,220) 11,092 Total charges for services 1,348, , , ,564 Fines and forfeitures 113,000 95,705 (17,295) 30,498 Miscellaneous revenues: Interest 375,000 80,397 (294,603) 81,539 Beach parking 155,000 36,529 (118,471) 49,159 Contributions - 13,520 13,520 - Leases 72,620 64,289 (8,331) 63,858 Chancellor Academy 14,950 14, ,954 Other 19,000 4,460 (14,540) 9,184 Total miscellaneous revenues 636, ,149 (422,421) 218,694 Other financing sources: Sale of general fixed assets Interfund Transfers 7,018 7, Capital Carryover 940,400 - (940,400) - Use of Fund Balance Loan Proceeds Total other financing sources 947,418 7,018 (940,400) - TOTAL REVENUES $ 13,333,528 $ 6,432,607 $ (6,900,921) $ 6,100,459 5

6 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year General government: Legislative: Personal services $ 71,820 $ 18,507 $ 53,313 $ 15,937 Operating 12,700 4,687 8,013 4,279 Total Legislative 84,520 23,194 61,326 20,216 Executive: Personal services 89,630 19,979 69,651 14,448 Operating 22,540 4,392 18,148 4,328 Capital 95,660 2,668 92,992 2,414 Total Executive 207,830 27, ,791 21,190 Town Clerk: Personal services 51,640 11,406 40,234 11,191 Operating 15,730 4,319 11,411 2,084 Capital 9,600-9,600 - Total Town Clerk 76,970 15,725 61,245 13,275 Financial Administration: Personal services 208,740 42, ,982 49,116 Operating 90,820 42,940 47,880 16,222 Capital 33,910-33,910 12,138 Total Financial Administration 333,470 85, ,772 77,476 Legal Counsel: Personal services 10,620 3,248 7,372 2,877 Operating 90,000 20,540 69,460 18,491 Total Legal Counsel 100,620 23,788 76,832 21,368 Non-Departmental Personal services 2,250-2,250 1,000 Operating 212,290 4, ,188 (27,448) Capital 52,980-52,980 74,854 Total Non-Departmental 267,520 4, ,418 48,406 Total General Government 1,070, , , ,931 6

7 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Public Safety: Administration: Personal services 317,430 69, ,033 87,388 Operating 68,000 42,508 25,492 43,141 Total Administration 385, , , ,529 Uniformed Patrol: Personal services 2,478, ,230 1,928, ,199 Operating 188,370 36, ,610 43,659 Capital 97,670 38,150 59,520 8,152 Total Uniformed Patrol 2,764, ,140 2,139, ,010 Detectives: Personal services ,804 Operating ,868 Total Detectives ,672 Services: Personal services 616, , ,898 91,997 Operating 143,120 34, ,617 25,005 Capital 195,060 2, ,060 - Total Police Services 955, , , ,002 Uniformed Patrol (Hypoluxo): Personal services 336,090 67, ,002 59,251 Operating 19,500 1,539 17,961 2,418 Total Police Services 355,590 68, ,963 61,669 Fire Control: Operating 3,069,400 1,534,690 1,534,710 1,534,846 Total Public Safety 7,530,110 2,506,877 5,023,233 2,375,728 7

8 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Development Services: Administration : Personal services 159,340 34, ,196 34,215 Operating 91,580 28,327 63,253 2,049 Total Administration 250,920 62, ,449 36,264 Building Inspections: Personal services 257,210 50, ,497 48,930 Operating 92,660 25,467 67,193 27,084 Capital 8,200-8,200 - Total Building Inspections 358,070 76, ,890 76,014 Code Enforcement: Personal services 181,720 39, ,283 40,085 Operating 16,130 3,070 13,060 2,871 Total Code Enforcement 197,850 42, ,343 42,956 Total Development Services 806, , , ,234 Physical Environment: Public Works Administration Personal services 79,480 17,425 62,055 6,106 Operating 17,370 2,232 15,138 1,720 Total Public Works Administration 96,850 19,657 77,193 7,826 Vehicle Maintenance: Personal services 72,850 15,712 57,138 15,944 Operating 16,570 3,625 12, Total Vehicle Maintenance 89,420 19,337 70,083 16,154 8

9 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Solid waste control services: Personal services 265,770 56, ,187 57,408 Operating 104,750 18,390 86,360 22,289 Total Solid Waste Control Services 370,520 74, ,547 79,697 Trash Collection: Personal services 263,260 62, ,633 72,049 Operating 99,180 19,398 79,782 24,797 Total Trash Collection 362,440 82, ,415 96,846 Recycling Collection: Personal services 81,720 18,165 63,555 18,771 Operating 14,920 3,688 11,232 3,804 Total Recycling Collection 96,640 21,853 74,787 22,575 Total Physical Environment 1,015, , , ,098 Cultural and Recreation: Sports complex: Personal services 175,900 39, ,730 61,945 Operating 112,720 16,151 96,569 21,593 Capital 9,000-9,000 - Debt service 122,500 60,979 61,521 60,979 Total Sports Complex Services 420, , , ,517 Library: Personal services 126,740 28,174 98,566 26,276 Operating 43,530 6,966 36,564 6,929 Capital 11,600 5,927 5,673 7,512 Total library Services 181,870 41, ,803 40,717 Marine Services: Personal services 352,650 79, ,092 77,896 Operating 23,210 3,629 19,581 4,497 Total Marine Services 375,860 83, ,673 82,393 Public Grounds & Forestry: Personal services 209,450 44, ,945 46,448 Operating 410,040 43, ,157 19,942 Capital 104, ,580 10,166 Total Public Grounds & Forestry 724,070 88, ,682 76,556 Building Maintenance: Personal services 180,210 38, ,439 38,613 Operating 131,940 31, ,254 25,189 9

10 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Capital 57,730-57,730 3,019 Total Building Maintenance 369,880 70, ,423 66,821 Miscellaneous: Holiday events 87,000 20,196 66,804 15,289 Total Miscellaneous 87,000 20,196 66,804 15,289 Total Culture and Recreation 2,158, ,595 1,739, ,293 Debt Service 84,450-84,450 - Transfers Out 566, ,528 - General Contingency 100, ,000 - TOTAL EXPENDITURES $ 13,333,528 $ 3,505,021 $ 9,828,507 $ 3,382,284 10

11 Utility Fund Balance Sheet (unaudited) December 31, 2007 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 2,165,662 $ 571,257 Investments 2,633,782 2,222,636 Accounts receivable 137,821 92,649 Restricted Assets 1,467,747 2,922,943 Other - - Total current assets 6,405,012 5,809,485 Fixed assets Land 4,300 4,300 Buildings 942, ,809 Improvements 19,307,556 19,270,967 Machinery and equipment 1,051,680 1,064,932 Construction in progress ,306,345 21,283,008 Less accumulated depreciation (9,709,568) (9,008,785) Net fixed assets 11,596,777 12,274,223 Unamortized bond costs 1,933,149 1,429,969 Total assets and other debits $ 19,934,938 $ 19,513,677 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 48,525 22,588 Notes Payable 3,159,744 3,382,820 Other liabilities 170, ,548 Payable from restricted assets: Accrued wages payable 120, ,278 Deposits 152, ,073 Revenue refunding bonds 6,785,000 7,125,000 Deferred revenue - - Total liabilities 10,436,163 11,018,307 Net Assets: Contributed capital 2,445,897 2,445,897 Reserved 2,209,701 1,836,795 Unreserved 4,843,177 4,212,678 Total net assets 9,498,775 8,495,370 Total liabilities, equity and other credits $ 19,934,938 $ 19,513,677 11

12 Utility Fund Statement of Revenues, Expenses and Changes in Retained Earnings Budget and Actual (unaudited) Favorable Prior YTD Revenues: Water sales $ 2,320,000 $ 430,538 $ (1,889,462) $ 491,746 Wastewater sales 2,300, ,877 (1,840,123) 472,343 Miscellaneous 123,300 27,309 (95,991) 19,852 Total operating revenues 4,743, ,724 (3,825,576) 983,941 Expenditures: Operating expenses Water/Sewer plant operations Personnel 871, , , ,381 Current expenses 1,716, ,584 1,488, ,041 Total 2,587, ,420 2,159, ,422 Administrative expenses 920, , , ,184 Debt Services 1,047, , , ,059 Capital outlay 639,950 17, ,747 27,371 1,687, ,781 1,499, ,430 Total operating expenses 5,195, ,144 4,365, ,036 Operating income (452,290) 87,580 (8,191,022) 171,905 Non-operating revenues (expenses) Investment income 250,000 29,440 (220,560) 44,492 Sale of assets Contingency (10,140) - 10,140 - Retained Earnings-capital carryforward 212,430 - (212,430) - Total non-operating revenues (expenses) 452,290 29,440 (422,850) 44,492 Net Income - 117, , ,397 Net assets, beginning 9,381,755 8,278,973 Net assets, ending $ 9,498,775 $ 8,495,370 12

13 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Administrative Legislative: Personal services $ 47,850 $ 12,339 $ 35,511 $ 10,624 Operating 9,300 3,108 6,192 2,863 Total legislative 57,150 15,447 41,703 13,487 Executive: Personal services 133,550 27, ,829 21,057 Operating 28,380 5,443 22,937 4,406 Total executive 161,930 33, ,766 25,463 Town Clerk: Personal services 34,460 7,603 26,857 7,459 Operating 10,130 2,885 7,245 1,372 Total Town Clerk 44,590 10,488 34,102 8,831 Financial administration: Personal services 433,520 90, ,691 87,339 Operating 159,610 56, ,048 36,115 Capital 21, ,586 1,959 Total Financial Administration 614, , , ,413 Legal: Personal services 2, , Operating 25,000 4,526 20,474 4,420 Total Legal 27,720 5,354 22,366 5,152 Non Departmental: Personal services 2,250-2,250 1,000 Operating 12,500 2,205 10,295 49,838 Total Non Departmental 14,750 2,205 12,545 50,838 Total Administrative 920, , , ,184 13

14 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Operations Public Works Administration Personal services 79,480 17,424 62,056 28,788 Operating 17,370 2,278 15,092 4,194 Total Public Works Administration 96,850 19,702 77,148 32,982 Public Grounds & Forestry Personal services 89,780 19,074 70,706 19,908 Operating 60,430 11,598 48,832 8,116 Total Public Grounds & Forestry 150,210 30, ,538 28,024 Building Maintenance Personal services 77,220 16,622 60,598 16,549 Operating 56,500 12,849 43,651 11,324 Total Building Maintenance 133,720 29, ,249 27,873 Vehicle Maintenance Personal services 72,850 15,711 57,139 15,943 Operating 16,570 2,338 14,232 1,899 Capital 8,000 5,412 2,588 - Total Vehicle Maintenance 97,420 23,461 73,959 17,842 Water plant operations Personal services 345,300 85, ,397 99,663 Operating 464, , ,701 98,860 Capital 314,500 1, ,050 8,122 Total Water plant operations 1,124, , , ,645 Wastewater operations Personal services 206,630 45, ,528 48,530 Operating 1,100,860 90,822 1,010,038 30,648 Capital 317,450 10, ,109 19,249 Total Wastewater operations 1,624, ,265 1,478,675 98,427 Total operations 3,227, ,623 2,782, ,793 Debt Services 1,047, , , ,059 Contingency 10,140-10,140 - TOTAL EXPENDITURES $ 5,205,730 $ 830,144 $ 4,375,586 $ 812,036 14

15 Transportation Fund Balance Sheet (unaudited) December 31, 2007 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents 439, ,733 SBA Investment 60, ,519 Total assets and other debits $ 500,781 $ 407,252 Liabilities, Equity and Other Credits: Liabilities: Accounts Payable 172 4,451 Total Liabilities 172 4,451 Fund balances: Unreserved: Designated for capital improvements 500, ,801 Undesignated - - Total Equity 500, ,801 Total Liabilities and Equity $ 500,781 $ 407,252 15

16 Transportation Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (unaudited) Revenues: Favorable Prior Year Intergovernmental Gasoline Tax $ 280,000 $ 23,884 $ (256,116) $ 44,357 Miscellaneous Revenue & Interest 8,000 2,553 (5,447) 1,591 Transfers In 566, Total Revenues 854,528 26,437 (261,563) 45,948 Expenditures: Utility Services 115,000 18,270 96,730 16,718 Rentals & Leases 5,600 1,975 3,625 1,975 R & M Vehicles 2, ,045 5,055 R & M Other Equipment & Tools R & M Streets/Sidewalks 24,850 4,076 20,774 12,457 Gas, Oil, Lube Vehicles 1, , Small Tools & Equipment ,100 25, ,994 36,442 Capital: Capital Outlay 85,500-85,500 9,241 Debt Service 308,500 76, ,606 76, ,000 76, ,106 86,136 Designated for future use 310, ,428 - Total Expenditures 854, , , ,578 Excess (deficiency) of revenues over (under) expenditures - (75,563) (75,563) (76,630) Fund balance, beginning of year 576, ,431 FUND BALANCE, END OF PERIOD $ 500,609 $ 402,801 16

17 General, Utility, & Transportation Fund Investment Earnings Quarter Closing December 31, 2007 October November December Total SBA Rate 5.62% 0.00% 4.81% 3.48% General Fund Beginning Bal. 5,590,279 5,266,586 4,466,586 5,590,279 Transfers In (Out) (350,000) (800,000) (2,000,000) (3,150,000) Admin. Charges (70) - (70) Investment Earnings 26,377-9,108 35,485 Ending Bal. 5,266,586 4,466,586 2,475,694 2,475,694 Utility Fund Beginning Bal. 4,611,768 4,633,782 4,633,782 4,611,768 Transfers In (Out) - - (2,000,000) (2,000,000) Admin. Charges (59) - - (59) Investment Earnings 22,072-11,023 33,095 Ending Bal. 4,633,782 4,633,782 2,644,805 2,644,805 Impact Fee Reserve* Beginning Bal. 171, , , ,516 Transfers In (Out) - - (147,546) (147,546) Admin. Charges (2) - - (2) Investment Earnings ,028 Ending Bal. 172, ,335 24,997 24, Reserve R R & I FLORIDA STATE BOARD OF ADMINISTRATION (SBA) *EACH ACCOUNT COMBINES POOL A AND POOL B Beginning Bal. 687, , , ,557 Transfers In (Out) - - (591,466) (591,466) Admin. Charges (9) - - (9) Investment Earnings 3, ,122 Ending Bal. 690, , , ,204 Beginning Bal. 100, , , ,943 Transfers In (Out) - - (86,836) (86,836) Admin. Charges (1) - - (1) Investment Earnings Ending Bal. 101, ,425 14,711 14,711 17

18 October November December Total Bond Fund Beginning Bal. 421, , , ,135 Transfers In (Out) - - (362,278) (362,278) Admin. Charges (5) - - (5) Investment Earnings 2, ,525 Ending Bal. 423, ,145 61,376 61,376 SBA TOTALS Total Investment Earnings 55, ,802 76,861 Total Admin. Charges (146) - - (146) Net Investment Earnings 54, ,802 76,715 Investment Earnings Net of Admin. Charges General Fund 26, ,108 35,415 Utility Fund 26, ,185 38,781 Transportation Fund 2, ,520 54, ,802 76,715 FMIT Short-Term (General Fund) FLORIDA LEAGUE OF CITIES, INC. - FLORIDA MUNICIPAL INVESTMENT TRUST Investment Rate (formula) 5.60% 12.72% 5.84% 2.03% Beginning Bal. 823, , , ,751 Transfers In (Out) Investment Earnings 3,847 8,771 4,069 16,687 Ending Bal. 827, , , ,438 FMIT Intermediate-Term (General Fund) Investment Rate (formula) 8.35% 22.87% 4.80% 3.02% Beginning Bal. 400, , , ,509 Transfers In (Out) Investment Earnings 2,786 7,686 1,643 12,115 Ending Bal. 403, , , ,623 General Fund Investment Earnings 6,633 16,457 5, ,801 18

19 October November December Total Sterling Bank MMDA Investment Rate 4.63% 4.63% 4.56% 4.61% Beginning Bal. 3,761,074 3,776,481 3,790,542 3,761,074 Transfers In (Out) Investment Earnings 15,407 14,061 14,377 43,845 Ending Bal. 3,776,481 3,790,542 3,804,919 3,804,919 General Fund Investment Earnings 15,407 14,061 14,377 43,845 SUNTRUST BANK ACCOUNTS Checking Account Earnings Investment Credit Per SunTrust 4.610% 2.930% 2.930% 3.49% General Fund 0 1,532 14,997 16,529 Utility Fund 1,458 1,386 10,500 13,344 Transportation Fund ,302 Other Funds 1, Bank Charges (1,002) (992) (883) (2,877) Investment Earnings 1,976 2,105 25,886 28,297 Checking Account Ending Balances per Statement Operating 523,639 1,194,927 10,536,711 12,255,278 Water Plant Reserve 362, , ,010 1,092,112 Ending Balances 886,345 1,559,324 10,901,722 13,347,391 TOTAL INVESTMENT EARNINGS BY FUND General Fund 48,347 32,050 44, ,591 Utility Fund 28,054 1,386 22,685 52,124 Transportation Fund 2, ,269 3,821 $ 78,845 $ 33,544 $ 68,147 $ 180,537 19

20 INVESTMENT EARNINGS 50,000 40,000 30,000 20,000 10,000 0 Oct Nov Dec General Fund Utility Fund Transportation Fund 20

MEMORANDUM Finance Department

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,