STATE BOARD OF ADMINISTRATION (SBA) LOCAL GOVERNMENT SURPLUS TRUST FUNDS INVESTMENT POOL

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2 INVESTMENT REPORT On December 31 st, the Town s funds were in the Florida Local Government Surplus Trust Funds Investment Pool (Florida Prime), TD Bank, and SunTrust, with the majority at SunTrust. A new SunTrust account was opened to differentiate confiscated funds associated with an open police investigation. 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 excellent 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 (SBA) LOCAL GOVERNMENT SURPLUS TRUST FUNDS INVESTMENT POOL As of December 31 st, $3,922,784 was in the Florida Prime account which is available for withdrawal. Since all funds originally held as restricted by the SBA have been released, this section will no longer be provided in future reports. However, details of all investments will continue to be included in the Investment Earnings report located at the end of the quarterly reports. If you have any questions, please do not hesitate to contact me

3 Debt, 150,660, 5% Capital, 187,163, 6% Benefits, 686,076, 21% YTD-Townwide Expense Allocation Wages, 1,084,701, 33% Utility Fund Budget Year-to-Date % Revenues 5,153,082 1,014, % Appropriations & Carryover 2,129, % Total Revenues 7,282,556 1,014, % Total Expenses 7,282, , % Police Education Fund Budget Year-to-Date % Revenues 5, % Appropriations & Carryover - - N/A Total Revenues 5, % Total Expenses 5, % Police Forfeiture Fund* Budget Year-to-Date % Total Revenues % General Fund Revenues Total Expenses - 5, % Revenues Budget Year-to-Date % *Per Florida Statute fund is not budgeted Taxes 4,961,175 2,347, % Licenses & Permits 1,255, , % Intergovernmental Revenue 1,266, , % Grants Fund Budget Year-to-Date % Charges for Services 795, , % Revenues 1,163,119 31, % Fines & Forfeitures 154,897 76, % Appropriations & Carryover (51,674) - 0.0% Misc. Revenue 2,971, , % Total Revenues 1,111,445 31, % Appropriations & Carryover 706, % Total Expenses 1,111,445 8, % Total Revenues $ 12,112,330 $ 4,260, % General Fund Expenditures Insurance Fund Budget Year-to-Date % Expenditures Budget Year-to-Date % Revenues 385,910 85, % Town Council 119,443 36, % Appropriations & Carryover - - N/A Town Manager 191,122 40, % Total Revenues 385,910 85, % Finance 341,154 88, % Total Expenses 385, , % Town Attorney 186,670 26, % Non-Departmental 43,560 8, % Police 4,311,072 1,071, % Development Services 644, , % Public Works 2,024, , % Library 153,600 30, % Holiday Events 39, % YTD-Total Townwide Budget Capital Outlay 3,515,597 86, % Expenditures Budget Year-to-Date % Debt Service 492, , % Total Townwide Budget 20,897,801 3,257, % Contingency 50, % (not including Police Forfeiture Fund) Total Expenditures $ 12,112,330 $ 2,132, % BUDGET-IN-BRIEF as of December 31, 2014 (25% of year elapsed) Operating & Maint., 1,154,617, 35% Other Town Funds - 3 -

4 General Fund Balance Sheet (unaudited) December 31, 2014 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 9,660,904 $ 10,220,974 Investments 2,197, ,437 Accounts receivable 3,614 3,188 Inventory 13,380 12,537 Due from other funds 274, ,481 Accrued revenues 577,838 (13,951) Other - - Total assets and other debits $ 12,727,489 $ 10,731,666 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 259, ,262 Other liabilities 42,730 16,813 Payable from restricted assets: Accrued wages payable 1,708 - Deferred revenue 635, ,521 Total liabilities 939, ,596 Fund balances: Assigned for Encumbrances 1,370, ,798 Unassigned, assigned, committed 10,417,316 10,077,272 Total equity and other credits 11,787,654 10,406,070 Total liabilities, equity and other credits $ 12,727,489 $ 10,731,

5 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (unaudited) Favorable Prior Year Revenues: Taxes $ 4,961,175 $ 2,347,096 $ (2,614,079) $ 2,235,226 Licenses, permits & fees 1,255, ,770 (459,876) 728,121 Intergovernmental 1,266, ,184 (1,115,019) 147,355 Charges for services 795, ,914 (184,995) 608,603 Fines and forfeitures 154,897 76,256 (78,641) 47,496 Miscellaneous 2,969, ,726 (2,695,244) 344,233 Total revenues 11,403,800 4,255,946 (7,147,854) 4,111,034 Expenditures: Current: General government 881, , , ,779 Public safety 4,311,072 1,071,727 3,239,345 1,029,037 Development services 644, , , ,631 Physical environment 280,146 56, , ,581 Culture and recreation 1,937, ,047 1,491, ,298 Capital outlay 3,515,918 86,964 3,428,954 28,124 Debt service: Principal & Interest 492, , , ,873 Total expenditures 12,112,330 2,132,909 9,979,421 2,106,323 Deficiency of revenues under expenditures (708,530) 2,123,037 2,831,567 2,004,711 Other financing sources: Sale of general fixed assets 2,000 4,279 2,279 14,400 Use of Fund Balance-capital carryfwd 706,530 - (706,530) - Use of Fund Balance-adopted Total other financing sources 708,530 4,279 (704,251) 14,400 Deficiency of revenues and other financing sources under expenditures - 2,127,316 2,019,110 Fund balance, beginning of year 9,660,338 8,386,963 FUND BALANCE, END OF PERIOD $ 11,787,654 $ 10,406,

6 General Fund Schedule of Revenues and Other Financing Sources Budget and Actual (unaudited) Favorable Prior Year Taxes: Ad Valorem taxes $ 2,245,434 $ 1,718,697 $ (526,737) $ 1,651,408 Franchise taxes 1,106, ,451 (760,173) 336,793 Utility service taxes 1,082, ,069 (874,027) 200,751 Local Communications Services Tax 252,644 49,538 (203,106) 24,221 Gasoline taxes 274,377 24,341 (250,036) 22,053 Total taxes 4,961,175 2,347,096 (2,614,079) 2,235,226 Licenses, permits & fees: Business tax receipts 262, ,338 (56,954) 197,666 Building and other permits 318,148 91,808 (226,340) 98,807 Solid waste assessment 593, ,104 (149,141) 431,648 Gas line assessment 81,961 54,520 (27,441) - Total licenses, permits & fees 1,255, ,770 (432,435) 728,121 Intergovernmental revenues: State revenue sharing 320,952 80,240 (240,712) 76,964 Mobile home licenses 23,885 6,037 (17,848) 10,041 Alcoholic beverage licenses 11,100 - (11,100) - Local government ½ cent sales tax 775,000 64,907 (710,093) 60,350 Government grants 135,266 - (135,266) - Total intergovernmental revenues 1,266, ,184 (1,115,019) 147,355 Charges for services: Public Safety 743, ,897 (145,761) 595,842 Nature Preserve Maintenance 52,251 13,017 (39,234) 12,761 Total charges for services 795, , , ,603 Fines and forfeitures 154,897 76,256 (78,641) 47,496 Miscellaneous revenues: Interest 8,770 1,544 (7,226) 7,871 Parking 190,975 72,529 (118,446) 45,379 Contributions 2,520,000 21,600 (2,498,400) 20,000 Leases 174, ,135 (35,548) 186,780 Other 75,542 39,918 (35,624) 84,203 Total miscellaneous revenues 2,969, ,726 (2,695,244) 344,233 Other financing sources: Sale of general fixed assets 2,000 4,279 2,279 14,400 Interfund Transfers Capital Carryover 706,530 - (706,530) - Use of Fund Balance Total other financing sources 708,530 4,279 (704,251) 14,400 TOTAL REVENUES $ 12,112,330 $ 4,260,225 $ (7,852,105) $ 4,125,

7 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year General government: Legislative: Personal services $ 66,814 $ 19,766 $ 47,048 $ 19,159 Operating 52,629 16,242 36,387 13,654 Total Legislative 119,443 36,008 83,435 32,813 Executive: Personal services 159,660 35, ,892 36,483 Operating 31,462 5,134 26,328 6,332 Total Executive 191,122 40, ,220 42,815 Finance: Personal services 250,610 57, ,218 54,802 Operating 90,223 31,043 59,180 29,970 Capital 7,621 6,320 1,301 1,980 Total Finance 348,454 94, ,699 86,752 Legal Counsel: Personal services ,130 Operating 186,670 26, ,953 21,771 Total Legal Counsel 186,670 26, ,953 25,901 Non-Departmental Operating 42,560 8,140 34,420 77,478 Capital 45,552-45,552 - Other Expenses 1,000-1,000 - Total Non-Departmental 89,112 8,140 80,972 77,478 Total General Government 934, , , ,759 Public Safety: Administration: Personal services 408,660 98, ,613 94,607 Operating 69,395 47,943 21,452 44,373 Capital 33,150 2,946 30,204 - Total Administration 511, , , ,980 Uniform Patrol: Personal services 2,200, ,129 1,679, ,592 Operating 193,622 42, ,339 31,561 Capital 39,188 1,991 37,197 15,896 Total Uniform Patrol 2,433, ,403 1,868, ,

8 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Detectives: Personal services 240,755 61, ,620 56,647 Operating 24,887 2,642 22,245 1,961 Capital 8,306 4,547 3,759 - Total Detectives 273,948 68, ,624 58,608 Services: Personal services 287,930 65, ,458 59,370 Operating 151,435 62,149 89,286 60,207 Total Police Services 439, , , ,577 Uniform Patrol (Hypoluxo): Personal services 423, , , ,316 Operating 22,960 1,989 20,971 3,761 Total Uniform Patrol (Hypoluxo) 446, , , ,077 Marine Safety: Personal services 271,010 62, ,353 64,614 Operating 16,403 2,188 14,215 2,028 Capital 23, ,768 - Total Marine Safety 310,528 65, ,336 66,642 Total Public Safety 4,414,831 1,081,558 3,333,273 1,044,933 Development Services: Administration : Personal services 174,970 34, ,029 27,303 Operating 12,730 2,737 9,993 2,207 Total Administration 187,700 37, ,022 29,510 Building Inspections: Personal services 120,620 21,089 99,531 15,737 Operating 129,930 28, ,014 27,730 Capital 1,500-1,500 - Total Building Inspections 252,050 50, ,045 43,467 Code Enforcement: Personal services 186,210 41, ,868 41,799 Operating 19,550 4,107 15,443 2,855 Total Code Enforcement 205,760 45, ,311 44,654 Total Development Services 645, , , ,

9 General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Physical Environment: Public Works Administration Personal services 181,320 30, ,097 41,127 Operating 20,637 2,618 18,019 3,210 Total Public Works Administration 201,957 32, ,116 44,337 Vehicle Maintenance: Personal services 66,463 15,979 50,484 14,606 Operating 11,726 8,144 3,582 8,824 Capital 1, ,357 1,436 Total Vehicle Maintenance 79,689 24,266 55,423 24,866 Streets & Sanitation: Personal services - 41,857 Operating - 211,957 Total Streets & Sanitation ,814 Total Physical Environment 281,646 57, , ,017 Cultural and Recreation: Sports Complex: Operating 9, ,566 1,472 Total Sports Complex Services 9, ,566 1,472 Library: Personal services 107,410 24,719 82,691 25,105 Operating 46,190 5,686 40,504 6,766 Capital 20,006 3,684 16,322 3,121 Total Library services 173,606 34, ,517 34,992 Streets & Grounds Maintenance: Personal services 349,330 85, ,501 55,262 Operating 1,044, , ,477 30,606 Capital 466,044 27, ,810 3,793 Total Streets & Grounds Maintenance 1,860, ,383 1,508,788 89,661 Facilities Maintenance: Personal services 206,218 53, ,080 37,086 Operating 134,341 36,780 97,561 31,779 Capital 2,869,936 39,752 2,830,184 1,898 Total Facilities Maintenance 3,210, ,670 3,080,825 70,763 Miscellaneous: Holiday events 39, ,729 20,222 Total Miscellaneous 39, ,729 20,222 Total Culture and Recreation 5,293, ,717 4,776, ,110 Debt Service 492, , , ,873 General Contingency 50,000-50,000 - TOTAL EXPENDITURES $ 12,112,330 $ 2,132,909 $ 9,979,421 $ 2,106,

10 Utility Fund Balance Sheet (unaudited) December 31, 2014 Current Year Prior Year Assets and Other Debits: Assets: Cash and cash equivalents $ 6,794,353 $ 8,204,910 Investments 1,724, ,087 Accounts receivable 121, ,570 Restricted Assets 374, ,048 Other - - Total current assets 9,014,418 8,978,615 Fixed assets Land 4,300 4,300 Buildings 509, ,892 Improvements 20,970,815 20,737,967 Machinery and equipment 871, ,817 Intangibles 5,146 5,146 Construction in progress 92,326 18,445 22,453,841 22,067,567 Less accumulated depreciation & amortization (13,368,310) (13,143,593) Net fixed assets 9,085,531 8,923,974 Unamortized bond costs 903,234 1,066,495 Total assets and other debits $ 19,003,183 $ 18,969,084 Liabilities, Equity and Other Credits: Liabilities: Accounts payable 186, ,888 Notes Payable 4,526,558 5,266,551 Payable from restricted assets: Accrued wages payable 164, ,362 Deposits 245, ,589 Revenue refunding bonds 28,670 27,760 Deferred revenue - - Total liabilities 5,150,840 5,835,150 Net Assets: Contributed capital 2,445,897 2,445,897 Reserved 1,001, ,359 Unreserved 10,405,340 9,700,678 Total net assets 13,852,343 13,133,934 Total liabilities, equity and other credits $ 19,003,183 $ 18,969,

11 Utility Fund Statement of Revenues, Expenses and Changes in Retained Earnings Budget and Actual (unaudited) Favorable Prior YTD Revenues: Water sales $ 2,601,694 $ 501,212 $ (2,100,482) $ 483,525 Wastewater sales 2,406, ,177 (1,940,072) 452,039 Miscellaneous 136,300 45,855 (90,445) 28,197 Total operating revenues 5,144,243 1,013,244 (4,130,999) 963,761 Expenditures: Operating expenses Water/Sewer plant operations Personnel 881, , , ,018 Current expenses 1,963, ,217 1,625, ,266 Total 2,845, ,709 2,303, ,284 Administrative expenses 845, , , ,044 Debt Services 862,800 12, ,013 14,323 Capital outlay 2,728,802 99,984 2,628,818 95,228 3,591, ,771 3,478, ,551 Total operating expenses 7,282, ,371 6,423, ,879 Operating income/(loss) (2,138,313) 153,873 (10,554,184) 21,882 Non-operating revenues (expenses) Investment income 8,839 1,635 (7,204) 9,002 Sale of assets Use of reserves-capital carry forward 2,129,474 - (2,129,474) - Total non-operating revenues (expenses) 2,138,313 1,635 (2,136,678) 9,002 Net income/(loss) - 155, ,508 30,884 Net assets, beginning 13,696,835 13,103,050 Net assets, ending $ 13,852,343 $ 13,133,

12 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Administrative Legislative: Personal services $ 44,536 $ 13,181 $ 31,355 $ 12,780 Operating 35,086 10,828 24,258 9,102 Total Legislative 79,622 24,009 55,613 21,882 Executive: Personal services 146,270 32, ,577 32,846 Operating 24,579 4,171 20,408 4,784 Total Executive 170,849 36, ,985 37,630 Finance Personal services 408,780 93, ,807 82,287 Operating 128,983 37,571 91,412 41,832 Capital ,820 Total Finance 537, , , ,939 Legal: Personal services ,033 Operating 39,485 9,269 30,216 5,622 Total Legal 39,485 9,269 30,216 6,655 Non Departmental: Operating 18,065 3,205 14,860 2,938 Total Administrative 845, , , ,044 Public Works/Utilities Utilities Administration Personal services 184,700 36, ,559 35,561 Operating 91,844 3,157 88,687 18,574 Capital 18,000 1,770 16,230 - Total Utilities Administration 294,544 41, ,476 54,

13 Utility Fund Statement of Expenditures Budget and Actual (unaudited) Favorable Prior Year Vehicle Maintenance Personal services 66,463 15,404 51,059 14,605 Operating 11,726 2,556 9,170 1,339 Total Vehicle Maintenance 78,189 17,960 60,229 15,944 Water/water plant operations Personal services 452, , , ,299 Operating 671, , , ,629 Capital 786,092 2, ,820 57,340 Total Water/water plant operations 1,910, ,978 1,690, ,268 Wastewater operations Personal services 177,870 42, ,801 40,553 Operating 1,187, , , ,724 Capital 1,924,710 95,942 1,828,768 37,888 Total Wastewater operations 3,290, ,687 2,927, ,165 Total Public Works/Utilities 5,573, ,693 4,932, ,512 Debt Services 862,800 12, ,013 14,323 TOTAL EXPENDITURES $ 7,282,556 $ 859,371 $ 6,423,185 $ 941,

14 Investment Earnings Quarter Closing December 31, 2014 FLORIDA STATE BOARD OF ADMINISTRATION (SBA) October November December Total SBA Rate 0.16% 0.16% 0.16% 0.16% General Fund Beginning Bal. 2,194,123 2,197,082 2,197,368 2,194,123 Transfers In (Out) 2, ,662 Admin. Charges - Investment Earnings Ending Bal. 2,197,082 2,197,368 2,197,676 2,197,676 Utility Fund Beginning Bal. 1,718,340 1,724,641 1,724,865 1,718,340 Transfers In (Out) 6, ,068 Admin. Charges - Investment Earnings Ending Bal. 1,724,641 1,724,865 1,725,108 1,725,108 Impact Fee Reserve Beginning Bal. 1, ,084 Transfers In (Out) (1,084) (0) (1,084) Admin. Charges - Investment Earnings 0 0 Ending Bal (0) 1998 Reserve Beginning Bal. 4, ,346 Transfers In (Out) (4,346) (1) (4,346) Admin. Charges - Investment Earnings Ending Bal R R & I Beginning Bal Transfers In (Out) (638) (0) (638) Admin. Charges - Investment Earnings Ending Bal (0)

15 Bond Fund October November December Total Beginning Bal. 2, ,662 Transfers In (Out) (2,662) (0) (2,662) Admin. Charges - Investment Earnings Ending Bal (0) SBA TOTALS Total Investment Earnings ,591 Total Admin. Charges Net Investment Earnings ,591 Investment Earnings Net of Admin. Charges General Fund Utility Fund ,591 SUNTRUST BANK ACCOUNTS Checking Account Earnings Demand Deposit (earnings credit) 0.20% 0.20% 0.20% 0.20% Checking account APY 0.07% 0.07% 0.07% 0.07% General Fund Utility Fund Forfeiture Fund Bank Charges (net of interest credit) (316) (293) (105) (714) Investment Earnings (50) (30) Ending Account Balances per Statement Operating 4,135,423 4,522,445 6,315,432 Demand Deposit 6,000,000 6,000,000 6,000,000 Water Plant Reserve 373, , ,024 Payment Card Receipts 10,561 15,980 27,341 Forfeiture Fund 77,339 77,342 Ending Balances 10,519,964 10,989,766 12,794,140 TD BANK ACCOUNT TD Bank Rate 0.20% 0.20% 0.20% 0.20% Investment Earnings (Utility Fund) ,423 Investment Earnings (General Fund) ,004 Investment Earnings Ending Balance 4,843,613 4,803,207 4,887,826 TOTAL INVESTMENT EARNINGS BY FUND General Fund ,414 Utility Fund ,492 Forfeiture Fund $ 1,619 $ 1,564 $ 1,732 $ 4,