FISCAL YEAR BUDGET vs ACTUAL VARIANCE ANALYSIS QUARTER ENDING DECEMBER 31, 2017

Size: px

Start display at page:

Download "FISCAL YEAR BUDGET vs ACTUAL VARIANCE ANALYSIS QUARTER ENDING DECEMBER 31, 2017"

Mervin Ross
5 years ago
Views:

1 QUARTER ENDING DECEMBER 31, GENERAL FUND REVENUES Dec Ad Valorem Taxes 13 6,428,767 6,428,767 5,336, % Local Option Gas Tax , ,436 44, % Ad valorem tax revenues typically received in November to December due to timing of tax bills and discounts for early payment. October and November are accrued back ) has been recognized YTD Local Communication Serv Tax 13 1,186,028 1,186, , % October and November are accrued back ) has been recognized YTD Half Cent Sales Tax 13 1,195,056 1,195,056 91, % Recreation Department Income , ,000 39, % Fines & Forfeitures 13 75,000 75,000 32, % Interest on Investments , ,000 (16,210) 16.2% Recreation Facilities Rental , ,000 20, % GENERAL FUND EXPENDITURES Contrib to Police Pension , , , % Contribution to Fire Pension Fund 18 72,765 72, % Contribution to OPEB Trust , , , % Professional Services , ,402 7, % October and November are accrued back ) has been recognized YTD. Recreation Department income is seasonal and increases during summer months. Driven primarily by an increase in parking fines during the first quarter of FY. The City's short term investments experienced first quarter losses in value. Recreation Facilities Rental income is seasonal and increases during spring months. Per actuarial valuation, entire 2018 police pension contribution was made in October, in order to reduce required contribution due to timing. City contributions to be made after receiving final State contributions (anticipated in September 2018) Annual expenditures which vary according to timing of services rendered and are not expended on a prorata basis. N:\Monthly s\fy 17 18\Quarterly Variance Analysis\1st Quarter\1st Qtr FY Variance Analysis Page 1 of 5

2 QUARTER ENDING DECEMBER 31, Dec General Insurance , , , % Building Maintenance 19 86,750 86,750 12, % Main Traffic Signals 19 85,000 85,000 2, % Software Maintenance , ,553 87, % Hurricane Irma Expenses , % Expenses are variable based on actual maintenance requirements. Not expended on a straight Expenses are variable based on actual signal maintenance requirements. Not expended on a straight Annual expenditures which vary according to renewal terms of existing software maintenance agreements. Storm related expenditures, primarily debris removal and monitoring ($157.0K) and beach sand ($16.0K), not included in original budget. Anticipate FEMA reimbursement to offset expenditures Sign Material 19 70,250 70,250 33, % Interfund Services 20 (225,000) (225,000) (86,988) 38.7% Portable Radios 21 79,906 79, % Based on a projection of the years' workload, the sign shop buys the material by truckload at the beginning of the year to save on both material and shipping cost. Material orders during the first quarter amount to $33.6K. Interfund services charges vary according to actual services rendered and are not expended on a prorata basis. This budget line item is for a one time capital purchase of a multi year radio upgrade. FY17 18 increment to be ordered later this year. N:\Monthly s\fy 17 18\Quarterly Variance Analysis\1st Quarter\1st Qtr FY Variance Analysis Page 2 of 5

3 QUARTER ENDING DECEMBER 31, ELECTRIC FUND REVENUES Dec Turn On Fees , , , % Interest on Investments , ,000 (50,299) 50.3% ELECTRIC FUND EXPENDITURES Overtime Salaries/Distribution , , , % Contribution to OPEB Trust , , , % Professional Services , ,000 76, % General Insurance , , , % Bad Debts , ,000 (6,168) 3.1% Debt Service Transfer Series 2003A 31 5,443,250 5,443, , % Increase in Turn On Fees largely driven by fee rate increase that went into effect in the Summer of. The City's short term investments experienced first quarter losses in value. Over budget for T&D overtime due to outages and increase in capital/r&r projects. Legal Service expenditures are variable based on timing of required support. Most of the expenditures for bad debt are posted as a September write off based on analysis of outstanding accounts during audit/fy close process For cash flow purposes, the budgeted expense includes both principal and interest payments on debt. Per government accounting standards for enterprise funds, however, only interest payments are actually booked as an expense. Principal payments are treated as a reduction in the corresponding liability account. N:\Monthly s\fy 17 18\Quarterly Variance Analysis\1st Quarter\1st Qtr FY Variance Analysis Page 3 of 5

4 QUARTER ENDING DECEMBER 31, WATER & SEWER FUND REVENUES WATER & SEWER FUND EXPENDITURES Dec Workers Compensation 40 76,500 76,500 33, % Contribution to OPEB Trust , ,893 71, % Professional Services , ,000 26, % Licenses & Testing , ,000 3, % Other Contractual Services , , % Airport Land Rent , ,600 35, % General Insurance , , , % Structure & Improv Maint 40 96,500 96,500 5, % Well Maintenance 40 80,000 80, % Expenses are variable based on project and utility analysis requirements. Not expended on a straight This operating expenditure is tied to the license renewal schedule and frequency of testing which normally increases during summer months. Expenses are variable based on project and utility analysis requirements. Not expended on a straight Expenses are lower than budget in the first quarter of FY 2018, awaiting resolution to rent for Well 18. True up anticipated by summer of Also reflected in the first quarter of FY 2018 is annual premium for boiler and machinery Ground Resv Maint 40 94,000 94, % Software Maintenance 41 73,000 73,000 42, % Annual renewal expense for most software is paid in first quarter. N:\Monthly s\fy 17 18\Quarterly Variance Analysis\1st Quarter\1st Qtr FY Variance Analysis Page 4 of 5

5 QUARTER ENDING DECEMBER 31, Dec Grace 41 75,000 75,000 50, % Debt Svc Transfer WW Orig , ,124 46, % Debt Svc Transfer WW Am# , ,876 6, % Debt Svc Transfer Series ,132,236 1,132,236 21, % AIRPORT FUND REVENUES Parking Fees 45 75,000 75, % AIRPORT FUND EXPENDITURES General Insurance 49 82,724 82,724 44, % Promotion 49 75,000 75, % Expenditures higher than budget primarily due to eight individual large adjustments for broken lines and irrigation leaks, along with several storm related adjustments during the first quarter of FY For cash flow purposes, the budgeted expense includes both principal and interest payments on debt. Per government accounting standards for enterprise funds, however, only interest payments are actually booked as an expense. Principal payments are treated as a reduction in the corresponding liability account. See explanation for (directly above) See explanation for (directly above) Parking Fee program not yet implemented. Feasibility for FY 2018 being evaluated. events. Not expended on a straight MARINA FUND REVENUES MARINA FUND EXPENDITURES Gas & Oil , ,500 35, % SOLID WASTE FUND REVENUES SOLID WASTE FUND EXPENDITURES Front Loader Mack Garbage Truck , , % Cost of gasoline was below budgeted levels during the first quarter of FY This budget line item is for one time capital purchases. Vehicles will be ordered for delivery/payment later this year. N:\Monthly s\fy 17 18\Quarterly Variance Analysis\1st Quarter\1st Qtr FY Variance Analysis Page 5 of 5

FISCAL YEAR BUDGET vs ACTUAL VARIANCE ANALYSIS QUARTER ENDING JUNE 30, 2018

FISCAL YEAR BUDGET vs ACTUAL VARIANCE ANALYSIS QUARTER ENDING JUNE 30, 2018 GENERAL FUND REVENUES 001.0000.311.010000 Ad Valorem Taxes 13 6,428,767 6,428,767 6,500,424 101.1% 001.0000.312.041000 Local Option Gas Tax 13 488,436 488,436 295,112 60.4% 001.0000.315.000100 Local Communication