FISCAL YEAR BUDGET vs ACTUAL VARIANCE ANALYSIS QUARTER ENDING JUN 30, 2012

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1 GENERAL FUND REVENUES Ad Valorem Taxes 10 4,172,405 4,242,405 4,241, % Local Business Tax , ,000 42, % Ad valorem tax revenues typically received in November to April due to timing of tax bills and discounts for early payment Consistent with prior year collections (based on timing of renewals). Average revenue in just August and September for prior two fiscal years in $110, Planning Dept Revenue 10 72,000 72,000 43, % Revenues below budget due to less than Variance relatively small. anticipated planning department activity. Fy 12 Continue to monitor and include 13 estimate has been lowered to $70,000 in year end budget amendment Misc Revenue , ,000 90, % GENERAL FUND EXPENDITURES Overtime , , , % Several payments for liens received in third quarter. $207,400 of the total overtime budget for the General Fund is for the Police Department. Year to date police department expenditures for overtime are $203,695 (98.2%). Projected year end police overtime expenditures are $290,000 Include increase in Police Dept overtime in year end budget amendment Court Overtime 13 70,000 70,000 16, % State Unemployment Comp 13 58,000 58,000 14, % Expenditure trends consistent with prior year (total expense for FY 2011 $28,435). Projected year end police court overtime expenditures are $25,000. This line item was budgeted as a contingency account to offset unemployment compensation payments for General Fund employees who separate/retire during FY Include decrease in Court Overtime in year end budget amendment. Will offset increase in overtime expenses. These funds may be available to cover anticipated overruns in other Non departmental line items (see General Insurance, Bank Fees and Dune Maintenance below).

2 Sick Annual Leave Payout , , % This line item was budgeted as a contingency Reduce in year end budget account to offset sick and annual leave payouts amendment, and transfer these for General Fund employees who funds to other departments separate/retire during FY To date, (such as Police, Human departments experiencing turnover are working Resources) which may be to absorb these payouts within their individual unable to absorb payouts within department budgets. their total budget Recruitment Expenses 13 1,900 1,900 18, % Other Contractual Services , ,644 67, % City Manager moving expenses (per contract) budgeted for FY but not expended until after Sep 30, 2011 Other contractual services used on as needed basis, rather than pro rata. Will require $12K increase to City Manager's budget for FY May be offset by savings in other General Fund departments Variance relatively small and positive Utilities , , , % Expenditures for utilities vary seasonally. Variance relatively small and positive General Insurance , , , % Maint Traffic Signals 14 75,000 75,000 36, % Gas & Oil , , , % Interfund Services 15 (472,500) (472,500) (268,589) 56.8% Debt Svc Transfer Series 2007 B , , , % ELECTRIC FUND REVENUES Residential Sales 18 47,500,000 47,500,000 30,295, % Majority of insurance premiums paid in October and November, or on a quarterly basis. Final quarter of FY paid in June. Expenditures variable, based on repairs performed & billed to City by the County as needed. Fuel prices during recent months lower than anticipated during budget preparation. Variance due to variable project schedules and timing of billing for services. Principal and semi annual interest payment due on October 1 each year. Remaining payment for semi annual interest paid March 30 (due April 1, 2012). Sales variable with weather. Lower winter sales than prior year due to relatively mild winter. Summer sales trend comparable to prior year. Variance relatively small and positive. Continue to monitor

3 interest on Investments , ,000 87, % Investment revenue for 2011 was $188,925. Yield on investments is lower due to market trends and maturity of higher yielding securities. Amount is lower than December report as it includes unrealized gains and losses on investments. Based on activity to date, fiscal year total revenue projected to be lower than budgeted amount. Include adjustment in future budget amendment ELECTRIC FUND EXPENDITURES Maint Salaries/Distr 21 1,243,164 1,243, , % Maintenance Salaries , , , % The salary expense allocation to this line item is made through the payroll process. Expenditures may vary from actuals due to vacancies in budgeted positions, and charges for leave/holiday time to regular salary line item. The salary expense allocation to this line item is made through the payroll process. Expenditures may vary from actuals due to vacancies in budgeted positions, and charges for leave/holiday time to regular salary line item. This line item should be monitored in conjunction with regular salary line item for the T&D Department This line item should be monitored in conjunction with regular salary line item for the Power Resource Department Hospitalization Insurance 21 1,034,851 1,034, , % Professional Services , , , % NERC Compliance , , , % Utilities , ,650 65, % General Insurance 21 1,200,000 1,079,000 1,047, % General Insurance Boiler , , , % Software Maintenance , ,000 96, % Variance due to average cost per employee lower than budgeted, as well as vacancies amended to include fees for transactional attorney. Transactional attorney costs include $100K engineering subcontract not yet billed Expenditures variable based on timing of required projects. Not expended on a straight pro rata basis. Of this total, Power Resources utilities budget is $66K, and has expended only $34K year to date. Projected to be under budget at year end. Majority of insurance premiums paid in October and November, or on a quarterly basis. Final quarter of FY paid in June. Annual payment of Boiler/Machinery insurance premium for $216K Variance positive, continue to monitor

4 Printing & Binding , ,900 55, % Of this total, Customer Service printing budget (for utility billing) is $100K. Utility billing projected to be $20 25K under budget for fiscal year based on no rate increase in recent renewal of utility billing contract Schools & Meetings 22 85,500 85,500 27, % Meter Deposit Interest , ,000 2, % Environmental and Pollution , , , % Bad Debts , , % Expenditures variable based on timing of conferences and training sessions Interest on utility deposits paid annually in July to all customers. Expenditures to date are just pro rata interest on deposits when accounts are closed. Varianc e explanation to be provided Majority of bad debt expenses typically posted as year end (Sep 30) adjusting entry. Expenditures to date are small interim writeoffs on uncollectible accounts Stanton I 23 9,988,448 9,988,448 4,214, % Expenditure to date is for 8 months only. The October payment is for September billing and is accrued to prior fiscal year. This is the case for all purchased power line items (OUC, St Lucie, Stanton I/II and FPL Stanton II 23 9,403,910 9,403,910 4,483, % Expenditure to date is for 8 months only. The October payment is for September billing and is accrued to prior fiscal year. This is the case for all purchased power line items (OUC, St Lucie, Stanton I/II and FPL FPL 23 2,691,830 2,691,830 1,674, % Expenditure to date is for 8 months only. The October payment is for September billing and is accrued to prior fiscal year. This is the case for all purchased power line items (OUC, St Lucie, Stanton I/II and FPL.

5 Trf to SF 2003A Bonds 23 5,594,938 5,594,938 1,602, % Trf to SF 8247K Loan 23 1,168,540 1,168, , % WATER & SEWER FUND REVENUES Fire Hydrant Rental , , , % Irrigation Re Use Non Pressure , ,000 58, % Includes back payment for prior years in the amount of $295,475. Rate increase effective April 1st (included in budget projection) should bring revenues in line with total budget by year end Interest on Investments , ,000 50, % Lower earnings offset by dollar value of pooled investments attributed to Water/Sewer Utility. Based on activity to date, fiscal year total revenue projected to be lower than budgeted amount. Include adjustment in future budget amendment WATER & SEWER FUND EXPENDITURES 63.8% Overtime Salaries , , , Professional Services , ,500 22, % Licenses & Testing 29 95,500 95,500 39, % Overtime costs for all departments lower than anticipated. Expenses are variable based on on project and utility analysis requirements. Not expended on a straight pro rata basis. Licenses are renewed on aniversary dates and do not follow a monthly appropriation. Variance is relatively small and positive, continue to monitor.

6 Other Contractual Services , , , % Utilities 29 2,035,000 2,015,000 1,128, % General Insurance , , , % These expenditures are primarily monthly payments for sludge processing, and vary seasonally according to treatment plant loading. Lift station services paid annually only. Utilities will fluctuate with treatment and production and does not follow a monthly appropriation. Majority of insurance premiums paid in October and November, or on a quarterly basis. Final quarter of FY paid in June Well Maintenance 29 90,000 90,000 48, % T&D Mains Maint 29 90,000 90,000 46, % Varianc e explanation to be provided Account covers material costs for repairs and maintenance. Account will fluctuate based on actual material requred to make repairs Odor Control System Maintenance 30 90,000 90, % Trf to SF 14833K 30 1,466,848 1,466, , % Annual expense. Scheduled for later in FY Trf to Clean Water SRF Loan , , , %

7 Debt Service Clean Water SRF , ,015 30, % AIRPORT FUND REVENUES No variances meeting criteria for analysis AIRPORT FUND EXPENDITURES Hospitalization Insurance 36 90,110 90,110 57, % Variance due to average cost per employee lower than budgeted, as well as vacancies Variance positive, continue to monitor Fire Protection , , , % based on projected contract renewal for FY Contract still in negotiations, currently being paid at old rate Utilities , ,000 75, % Airport management has aggressively pursued savings on this line by replacing the runway and buildings bulbs with LED type. Also, shut off timers have been installed to turn off lighting automatically. Moreover, the trailer parks water service, which was previously paid from this line, is now metered and billed separately to each park General Insurance , , , % Non Op Trans to Const Fund , ,750 36, % MARINA FUND REVENUES Majority of insurance premiums paid in October and November, or on a quarterly basis. Final quarter of FY paid in June. Timing of capital project expenditures has not required significant transfers to month end June 2012.

8 Dock Rental , , , % Diesel Fuel Sales , , , % Anchorage Rental , , , % Dry Storage South Complex , , , % MARINA FUND EXPENDITURES Diesel , , , % Gas & Oil , , , % Revenue estimates based on occupancy close to full capacity. Some smaller slips emptied due to economic conditions. Boat traffic during season higher than anticipated during budget. Revenues are seasonal, consistent with prior year (69 total FY revenue collected through March 2011). Revenue estimates were for occupancy close to full capacity the way storage racks were configured. Increase in cost of purchased diesel fuel consistent with increase in diesel fuel sales noted above. Increase in cost of purchased gasoline related to increase in gas fuel sales, currently at 83 budget The Marina has experienced an increase in new customers looking for slips over the past 4 weeks. Continuing to improve customer service and update marina. While local advertising has been unsuccessful, trend should continue to improve with real estate marker. The Marina reconfigured some spaces to take in customers that could not be accommodated before. Now near full capacity (Youth Sailing has two slips) and there is a waiting list. Continue to update facility Debt Svc 2007A , , , % SOLID WASTE FUND REVENUES

9 No variances meeting criteria for analysis SOLID WASTE FUND EXPENDITURES No variances meeting criteria for analysis RECREATION FUND REVENUES Recreation Department Income , , , % RECREATION FUND EXPENDITURES No variances meeting criteria for analysis Revenue collection only slightly behind last year Through month end Mar 2011, 43 total annual revenues had been received.