Children s Services Council Finance Committee Meeting Thursday, January 25, 2018, 3:30 p.m. AGENDA / MINUTES Welcome and introductions Finance Committee Members: Tom Lynch, CSC Finance Committee Chair Thomas Bean, CSC and CSC Finance Committee Vice-chair Tom Weber, CSC Chair Paul Dumars, Director Financial Services, Solid Waste Authority John Marino, Volunteer CSC Staff: Lisa Williams-Taylor, Ph.D., CEO Jennifer Diehl, CFO Tom Sheehan, General Counsel Elsa Sanchez, Senior Executive Assistant Agenda Items: 1 Cash Flow Analysis, PFM Presentation analysis attached 2 December 7, 2017 Minutes 3 October 31, 2017 Financial Statements 4 November 30, 2017 Financial Statements 5 Adjournment Next Meeting: February 22, 2018 1
Children s Services Council of Palm Beach County Cash Flow Analysis As of September 30, 2017 Prepared on November 27, 2017 PFM Asset Management LLC Steven Alexander, CTP, CGFO, CPPT Managing Director 300 South Orange Avenue Suite 1170 Orlando, FL 32801 2
Jennifer Diehl Chief Financial Officer Children s Services Council of Palm Beach County 2300 High Ridge Road Boynton Beach, Florida 33426 Cover Letter Dear Ms. Diehl: I have enclosed an Updated Cash Flow analysis for the Children s Services Council of Palm Beach County (hereafter the Council ), for your review. The purpose of the analysis is to identify an allocation between funds required for short-term cash needs and funds that could be invested longer-term to potentially generate higher rates of return. This analysis is based on monthly cash balances by fund as provided by the Council s finance staff. The funds are considered appropriate for possible longerterm investment strategies. The Cash Flow analysis indicates that the estimated core balance for all funds is $39.9 million which may be invested in securities that have longer maturities, possibly earning a higher return. Please give me a call with any questions and I look forward to meeting with you to discuss the analysis in further detail. Sincerely, PFM Asset Management LLC Steven Alexander, CTP, CGFO, CPPT Managing Director 3
November 27, 2017 Cash Flow Analysis Table of Contents Tab I Total - All Funds... 1 Wells Fargo - Operating Checking... 3 Florida Community Bank - Money Market... 5 Regions Bank - S/T Investments... 7 Regions Bank - Government Bonds... 9 PFM Asset Management LLC 4 300 S. Orange Ave. Suite 1170 Orlando, FL 32801 407.648.2208 www.pfm.com
Cash Flow Analysis Inputs (Inputs in Blue may be changed) Municipality: Children's Services Council of Palm Beach County Account Name: Total - All Funds Number of Separate Accounts (max 50): 5 Start Date (must be month-end): 8/31/2015 End Date (must be month-end): 9/30/2017 Frequency (Always set at "1"): 1 First Projection Date (must be month-end date): 10/31/2017 Last Projection Date (must be month-end date): 10/31/2019 Projection Period (In Months) 24 Quality of Cash Flow Model Excellent Cash Flow Reliability - 10 If you would like to project growth, enter "yes" and select a growth option Project Growth? (Yes or No) no Growth Rate (Enter 1, 2, or 3): 1 Option 1=Historical Period Growth (annual rate): 8.6% Average Monthly Change: 541,206 Option 2=Growth rate during a specific period: 8.6% Average Monthly Change: 541,206 Month End - Begin Date 8/31/2015 Month End - End Date 9/30/2017 Option 3=Your Choice (Annual Growth Rate) 10.0% Average Monthly Change: 687,458 Short-Term Portfolio Cushion: 20.0% Compensating Balance Requirement: 0.00 Core Date: 10/31/2016 Core Balance: 32,317,166 Short-Term Portfolio Analysis Inputs Maximum Maturity Range of Short-term Portfolio: 12 Months As of (month-end date): September-17 Maximum Weighted Average Maturity - Short Term Portfolio 45 Maximum Weighted Average Maturity - Short Term Portfolio 45 Combined Portfolio Weighted Average Maturity Requirement (Y/N) N If Yes (fill in the following) Combined Portfolio Target Weighted Average Maturity (in days): 365 Core Target Average Maturity (in days): 730 Short-Term Portfolio (in days): (263) Short-Term Allocation: 23,241,435 Core Allocation: 39,982,669 Total Portfolio: 63,224,104 PFM Asset Management LLC Page 1 5
120,000,000 Total - All Funds Historical Analysis of Core Portfolio 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 Total - All Funds Analysis of Core Portfolio 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Historical Short-term Portfolio Historical Core Historical Short-term Portfolio Historical Core Projected Short-term Portfolio Projected Core Note: Projected cash flows are based on the statistical trends of historic data. Actual cash flow patterns may vary. Target Maturity Distribution of Short-Term Portfolio as of September-17 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Target Maturity Distribution Liquidity Requirements PFM Asset Management LLC Page 2 6
Cash Flow Analysis Inputs (Inputs in Blue may be changed) Municipality: Children's Services Council of Palm Beach County Account Name: Wells Fargo - Operating Checking Number of Separate Accounts (max 50): 5 Start Date (must be month-end): 8/31/2015 End Date (must be month-end): 9/30/2017 Frequency (Always set at "1"): 1 First Projection Date (must be month-end date): 10/31/2017 Last Projection Date (must be month-end date): 10/31/2019 Projection Period (In Months) 24 Quality of Cash Flow Model Poor Cash Flow Model - 2 If you would like to project growth, enter "yes" and select a growth option Project Growth? (Yes or No) no Growth Rate (Enter 1, 2, or 3): 1 Option 1=Historical Period Growth (annual rate): 70.5% Average Monthly Change: 420,335 Option 2=Growth rate during a specific period: 70.5% Average Monthly Change: 420,335 Month End - Begin Date 8/31/2015 Month End - End Date 9/30/2017 Option 3=Your Choice (Annual Growth Rate) 10.0% Average Monthly Change: 85,469 Short-Term Portfolio Cushion: 20.0% Compensating Balance Requirement: 0.00 Core Date: 10/31/2016 Core Balance: 2,991,697 Short-Term Portfolio Analysis Inputs Maximum Maturity Range of Short-term Portfolio: 12 Months As of (month-end date): September-17 Maximum Weighted Average Maturity - Short Term Portfolio 45 Maximum Weighted Average Maturity - Short Term Portfolio 45 Combined Portfolio Weighted Average Maturity Requirement (Y/N) N If Yes (fill in the following) Combined Portfolio Target Weighted Average Maturity (in days): 365 Core Target Average Maturity (in days): 730 Short-Term Portfolio (in days): (13) Short-Term Allocation: 8,134,795 Core Allocation: 8,427,625 Total Portfolio: 16,562,420 PFM Asset Management LLC Page 3 7
18,000,000 Wells Fargo - Operating Checking Historical Analysis of Core Portfolio 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Wells Fargo - Operating Checking Analysis of Core Portfolio 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Historical Short-term Portfolio Historical Core Historical Short-term Portfolio Historical Core Projected Short-term Portfolio Projected Core Note: Projected cash flows are based on the statistical trends of historic data. Actual cash flow patterns may vary. Target Maturity Distribution of Short-Term Portfolio as of September-17 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Target Maturity Distribution Liquidity Requirements PFM Asset Management LLC Page 4 8
Cash Flow Analysis Inputs (Inputs in Blue may be changed) Municipality: Children's Services Council of Palm Beach County Account Name: Florida Community Bank - Money Market Number of Separate Accounts (max 50): 5 Start Date (must be month-end): 8/31/2015 End Date (must be month-end): 9/30/2017 Frequency (Always set at "1"): 1 First Projection Date (must be month-end date): 10/31/2017 Last Projection Date (must be month-end date): 10/31/2019 Projection Period (In Months) 24 Quality of Cash Flow Model Excellent Cash Flow Reliability - 10 If you would like to project growth, enter "yes" and select a growth option Project Growth? (Yes or No) no Growth Rate (Enter 1, 2, or 3): 1 Option 1=Historical Period Growth (annual rate): (1.3%) Average Monthly Change: (43,200) Option 2=Growth rate during a specific period: (1.3%) Average Monthly Change: (43,200) Month End - Begin Date 8/31/2015 Month End - End Date 9/30/2017 Option 3=Your Choice (Annual Growth Rate) 10.0% Average Monthly Change: 348,423 Short-Term Portfolio Cushion: 20.0% Compensating Balance Requirement: 0.00 Core Date: 10/31/2016 Core Balance: 4,341,210 Short-Term Portfolio Analysis Inputs Maximum Maturity Range of Short-term Portfolio: 12 Months As of (month-end date): September-17 Maximum Weighted Average Maturity - Short Term Portfolio 45 Maximum Weighted Average Maturity - Short Term Portfolio 45 Combined Portfolio Weighted Average Maturity Requirement (Y/N) N If Yes (fill in the following) Combined Portfolio Target Weighted Average Maturity (in days): 365 Core Target Average Maturity (in days): 730 Short-Term Portfolio (in days): 43 Short-Term Allocation: 8,546,798 Core Allocation: 7,543,592 Total Portfolio: 16,090,390 PFM Asset Management LLC Page 5 9
90,000,000 Florida Community Bank - Money Market Historical Analysis of Core Portfolio 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 Florida Community Bank - Money Market Analysis of Core Portfolio 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Historical Short-term Portfolio Historical Core Historical Short-term Portfolio Historical Core Projected Short-term Portfolio Projected Core Note: Projected cash flows are based on the statistical trends of historic data. Actual cash flow patterns may vary. Target Maturity Distribution of Short-Term Portfolio as of September-17 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Target Maturity Distribution Liquidity Requirements PFM Asset Management LLC Page 6 10
Cash Flow Analysis Inputs (Inputs in Blue may be changed) Municipality: Children's Services Council of Palm Beach County Account Name: Regions Bank - S/T Investments Number of Separate Accounts (max 50): 5 Start Date (must be month-end): 8/31/2015 End Date (must be month-end): 9/30/2017 Frequency (Always set at "1"): 1 First Projection Date (must be month-end date): 10/31/2017 Last Projection Date (must be month-end date): 10/31/2019 Projection Period (In Months) 24 Quality of Cash Flow Model Inadequate Cash Flow Model - 1 If you would like to project growth, enter "yes" and select a growth option Project Growth? (Yes or No) no Growth Rate (Enter 1, 2, or 3): 1 Option 1=Historical Period Growth (annual rate): (22.5%) Average Monthly Change: (34,173) Option 2=Growth rate during a specific period: (22.5%) Average Monthly Change: (34,173) Month End - Begin Date 8/31/2015 Month End - End Date 9/30/2017 Option 3=Your Choice (Annual Growth Rate) 10.0% Average Monthly Change: 16,247 Short-Term Portfolio Cushion: 20.0% Compensating Balance Requirement: 0.00 Core Date: 10/31/2016 Core Balance: 0 Short-Term Portfolio Analysis Inputs Maximum Maturity Range of Short-term Portfolio: 12 Months As of (month-end date): September-17 Maximum Weighted Average Maturity - Short Term Portfolio 45 Maximum Weighted Average Maturity - Short Term Portfolio 45 Combined Portfolio Weighted Average Maturity Requirement (Y/N) N If Yes (fill in the following) Combined Portfolio Target Weighted Average Maturity (in days): 365 Core Target Average Maturity (in days): 730 Short-Term Portfolio (in days): 365 Short-Term Allocation: 6,606,274 Core Allocation: 0 Total Portfolio: 6,606,274 PFM Asset Management LLC Page 7 11
20,000,000 Regions Bank - S/T Investments Historical Analysis of Core Portfolio 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Historical Short-term Portfolio Historical Core Regions Bank - S/T Investments Analysis of Core Portfolio 20,000,000 15,000,000 10,000,000 5,000,000 (5,000,000) Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Historical Short-term Portfolio Historical Core Projected Short-term Portfolio Projected Core Note: Projected cash flows are based on the statistical trends of historic data. Actual cash flow patterns may vary. Target Maturity Distribution of Short-Term Portfolio as of September-17 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Target Maturity Distribution Liquidity Requirements PFM Asset Management LLC Page 8 12
Cash Flow Analysis Inputs (Inputs in Blue may be changed) Municipality: Children's Services Council of Palm Beach County Account Name: Regions Bank - Government Bonds Number of Separate Accounts (max 50): 5 Start Date (must be month-end): 8/31/2015 End Date (must be month-end): 9/30/2017 Frequency (Always set at "1"): 1 First Projection Date (must be month-end date): 10/31/2017 Last Projection Date (must be month-end date): 10/31/2019 Projection Period (In Months) 24 Quality of Cash Flow Model Good Cash Flow Reliability - 8 If you would like to project growth, enter "yes" and select a growth option Project Growth? (Yes or No) no Growth Rate (Enter 1, 2, or 3): 1 Option 1=Historical Period Growth (annual rate): 8.9% Average Monthly Change: 198,244 Option 2=Growth rate during a specific period: 8.9% Average Monthly Change: 198,244 Month End - Begin Date 8/31/2015 Month End - End Date 9/30/2017 Option 3=Your Choice (Annual Growth Rate) 10.0% Average Monthly Change: 237,320 Short-Term Portfolio Cushion: 20.0% Compensating Balance Requirement: 0.00 Core Date: 10/31/2016 Core Balance: 17,971,764 Short-Term Portfolio Analysis Inputs Maximum Maturity Range of Short-term Portfolio: 12 Months As of (month-end date): September-17 Maximum Weighted Average Maturity - Short Term Portfolio 45 Maximum Weighted Average Maturity - Short Term Portfolio 45 Combined Portfolio Weighted Average Maturity Requirement (Y/N) N If Yes (fill in the following) Combined Portfolio Target Weighted Average Maturity (in days): 365 Core Target Average Maturity (in days): 730 Short-Term Portfolio (in days): (414) Short-Term Allocation: 7,643,044 Core Allocation: 16,321,976 Total Portfolio: 23,965,020 PFM Asset Management LLC Page 9 13
35,000,000 Regions Bank - Government Bonds Historical Analysis of Core Portfolio 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Regions Bank - Government Bonds Analysis of Core Portfolio 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Historical Short-term Portfolio Historical Core Historical Short-term Portfolio Historical Core Projected Short-term Portfolio Projected Core Note: Projected cash flows are based on the statistical trends of historic data. Actual cash flow patterns may vary. Target Maturity Distribution of Short-Term Portfolio as of September-17 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Target Maturity Distribution Liquidity Requirements PFM Asset Management LLC Page 10 14
Children s Services Council Finance Committee Meeting Thursday, December 7, 2017, 4:00 p.m. AGENDA / MINUTES Welcome and introductions Finance Committee Members: Tom Lynch, CSC Finance Committee Chair, Present Thomas Bean, CSC and CSC Finance Committee Vice chair, Present Tom Weber, CSC Chair, Not Present Paul Dumars, Director Financial Services, Solid Waste Authority, Present via telephone John Marino, Volunteer, Not Present CSC Staff: Lisa Williams Taylor, Ph.D., CEO, Present Jennifer Diehl, CFO, Present Tom Sheehan, General Counsel, Present Elsa Sanchez, Senior Executive Assistant, Present Agenda Items: Discussion: 1 October 26, 2017 Minutes, Consensus for Council to approve 2 September 30, 2017 Financial Statements, Consensus for Council to approve 3 Adjournment 1 Meeting Schedule 2018, meeting requests to be emailed to Committee members 2 Cash Flow Analysis Steven Alexander from PFM Asset Management LLC to present in January 2018 Next Meeting: January 25, 2018 15
AGENDA ITEM: TITLE: 3 Financial Statements October 31, 2017 (Unaudited) STAFF: Jennifer Diehl, CFO, Children s Services Council of Palm Beach County SUMMARY: The financial statements are presented reflecting the estimated operating results of the General Fund and Special Revenue Fund (Prevention Partnerships for Children, Inc.) for the one month ended October 31, 2017. The audit of the Council for the fiscal year ended September 30, 2017 is in progress and the applicable figures represent unaudited numbers. Balance Sheet: As of October 31, 2017 the Council had $48,677,617 in cash and investments. Of this balance, $30,000,000, net of unamortized discounts and premiums, was held in federal government bonds, $16,090,390 was held in a public funds money market account, and $300,000 was held in the Morgan Stanley Institutional Government Advisory Fund #8342. The remainder of the funds were on deposit in the Council s operating accounts. The Capital Assets and the Investment in Capital Assets for $18,952,794 represent the costs associated with furniture and fixtures, equipment, and building costs. Statement of Revenue and Expenses: The budgeted expenditure rate at October 31, 2017 is 8.33%. The estimated expenditure rate for Children s Programs at October 31, 2017 is 6.78% RECOMMENDATION: I recommend the Finance Committee propose that the Council accept the October 31, 2017 Financial Statements as submitted. 16
CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTY BALANCE SHEET (Unaudited) October 31, 2017 General Fund Special Revenue Fund Total All Funds Assets Prevention Partnership for Children, Inc. Cash & Investments $ 48,500,204 $ 177,413 $ 48,677,617 Accounts Receivable 3,609,379-3,609,379 Advances to Agencies 1,712,934-1,712,934 Prepaid Expenses 540,489-540,489 Due From - General Fund - 111,073 111,073 Capital Assets 18,952,794-18,952,794 Total Assets 73,315,800 288,486 73,604,286 Liabilities & Fund Balance Liabilities Allocations to Children's Services Programs 11,326,777 271,211 11,597,988 Deferred Revenue 213,939-213,939 Accounts Payable 529,860 17,275 547,135 Due to - Special Revenue Fund 111,073-111,073 Total Liabilities 12,181,649 288,486 12,470,135 Fund Balance Nonspendable: Prepaid Expenses 540,489-540,489 Assigned: Reserved in accordance with fund balance policy 35,606,480-35,606,480 Unassigned: 6,034,388-6,034,388 Total Fund Balance 42,181,357-42,181,357 Investment in Capital Assets 18,952,794-18,952,794 Total Liabilities and Fund Balance $ 73,315,800 $ 288,486 $ 73,604,286 17
CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTY STATEMENT OF REVENUE AND EXPENSES CHANGES IN FUND BALANCE FOR THE MONTH ENDED OCTOBER 31, 2017 General Fund Special Revenue Fund Total Prevention Partnership for Children, Inc. Approved Budget Actual Approved Budget Actual Approved Budget Actual 2017/2018 Through Through Variance % 2017/2018 Through Through Variance % 2017/2018 Through Through Variance % Budget 10/31/2017 10/31/2017 YTD YTD Budget 10/31/2017 10/31/2017 YTD YTD Budget 10/31/2017 10/31/2017 YTD YTD Revenues Ad Valorem Property Taxes $ 116,814,453 $ - $ - $ - 0.00% $ - $ - $ - $ - 0.00% $ 116,814,453 $ - $ - $ - 0.00% Interest Income 500,000 41,667 43,088 1,421 8.62% - - - - 0.00% 500,000 41,667 43,088 1,421 8.62% Unrealized Gain or Loss - - (47,257) (47,257) 100.00% - - - - 0.00% - - (47,257) (47,257) 100.00% Department of Health/Agency for Health Care Administration 3,355,246 279,604 981,696 702,092 29.26% - - - - 0.00% 3,355,246 279,604 981,696 702,092 29.26% Palm Beach County Head Start Match 1,100,000 91,667 - (91,667) 0.00% - - - - 0.00% 1,100,000 91,667 - (91,667) 0.00% Income from Tenants 75,000 6,250 6,359 109 8.48% - - - - 0.00% 75,000 6,250 6,359 109 8.48% Other Income 125,000 10,417 4,705 (5,712) 3.76% - - - - 0.00% 125,000 10,417 4,705 (5,712) 3.76% Cash Carryforward 10,281,153 - - - 0.00% - - - - 0.00% 10,281,153 - - - 0.00% Total Revenues 132,250,852 429,604 988,591 558,987 0.75% - - - - 0.00% 132,250,852 429,604 988,591 558,987 0.75% Expenditures Administrative Expenditures 5,441,364 453,447 354,285 99,162 6.51% - - - - 100.00% 5,441,364 453,447 354,285 99,162 6.51% Capital Expenditures 262,500 21,875 2,400 19,475 0.91% - - - - 0.00% 262,500 21,875 2,400 19,475 0.91% Contingency 500,000 - - - 0.00% - - - - 0.00% 500,000 - - - 0.00% Non-Operating Expenses 3,184,838 17,462 209,544 (192,082) 6.58% - - - - 0.00% 3,184,838 17,462 209,544 (192,082) 6.58% Reserve for Uncollectible Taxes 4,673,206 - - - 0.00% - - - - 0.00% 4,673,206 - - - 0.00% Children's Services Programs: Direct Services: Funded Programs & Initiatives 105,588,722 8,799,060 7,237,040 1,562,020 6.85% 2,772,743 231,062 113,073 117,989 4.08% 108,361,465 9,030,122 7,350,113 1,680,009 6.78% Support Services: Programmatic Support 9,827,479 818,957 658,759 160,198 6.70% - - - - 0.00% 9,827,479 818,957 658,759 160,198 6.70% Total Children's Programs 115,416,201 9,618,017 7,895,799 1,722,218 6.84% 2,772,743 231,062 113,073 117,989 4.08% 118,188,944 9,849,079 8,008,872 1,840,207 6.78% Total Expenses 129,478,109 10,110,801 8,462,028 1,648,773 6.54% 2,772,743 231,062 113,073 117,989 4.08% 132,250,852 10,341,863 8,575,101 1,766,762 6.48% Excess Revenues over Expenses (7,473,437) (113,073) (7,586,510) Other Financing Sources (Uses) Transfers in (out) (2,772,743) (231,062) (113,073) (117,989) 4.08% 2,772,743 231,062 113,073 117,989 4.08% - - - - 0.00% Net Changes in Fund Balances (7,586,510) - (7,586,510) Fund Balances October 1, 2017 49,767,867-49,767,867 October 31, 2017 $ 42,181,357 $ - $ 42,181,357 18
AGENDA ITEM: TITLE: 4 Financial Statements November 30, 2017 (Unaudited) STAFF: Jennifer Diehl, CFO, Children s Services Council of Palm Beach County SUMMARY: The financial statements are presented reflecting the estimated operating results of the General Fund and Special Revenue Fund (Prevention Partnerships for Children, Inc.) for the two months ended November 30, 2017. The audit of the Council for the fiscal year ended September 30, 2017 is in progress and the applicable figures represent unaudited numbers. Balance Sheet: As of November 30, 2017 the Council had $50,757,592 in cash and investments. Of this balance, $30,000,000, net of unamortized discounts and premiums, was held in federal government bonds, $18,225,149 was held in a public funds money market account, and $300,000 was held in the Morgan Stanley Institutional Government Advisory Fund #8342. The remainder of the funds were on deposit in the Council s operating accounts. The Capital Assets and the Investment in Capital Assets for $18,952,794 represent the costs associated with furniture and fixtures, equipment, and building costs. Statement of Revenue and Expenses: The budgeted expenditure rate at November 30, 2017 is 16.67%. The estimated expenditure rate for Children s Programs at November 30, 2017 is 12.86% RECOMMENDATION: I recommend the Finance Committee propose that the Council accept the November 30, 2017 Financial Statements as submitted. 19
CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTY BALANCE SHEET (Unaudited) November 30, 2017 General Fund Special Revenue Fund Total All Funds Assets Prevention Partnership for Children, Inc. Cash & Investments $ 50,743,207 $ 14,385 $ 50,757,592 Accounts Receivable 2,176,149-2,176,149 Advances to Agencies 4,867,401-4,867,401 Prepaid Expenses 543,769-543,769 Due From - General Fund - 101,699 101,699 Capital Assets 18,952,794-18,952,794 Total Assets 77,283,320 116,084 77,399,404 Liabilities & Fund Balance Liabilities Allocations to Children's Services Programs 6,723,081 107,871 6,830,952 Deferred Revenue 252,849-252,849 Accounts Payable 752,666 8,213 760,879 Due to - Special Revenue Fund 101,699-101,699 Total Liabilities 7,830,295 116,084 7,946,379 Fund Balance Nonspendable: Prepaid Expenses 543,769-543,769 Assigned: Reserved in accordance with fund balance policy 35,606,480-35,606,480 Unassigned: 14,349,982-14,349,982 Total Fund Balance 50,500,231-50,500,231 Investment in Capital Assets 18,952,794-18,952,794 Total Liabilities and Fund Balance $ 77,283,320 $ 116,084 $ 77,399,404 20
CHILDREN'S SERVICES COUNCIL OF PALM BEACH COUNTY STATEMENT OF REVENUE AND EXPENSES CHANGES IN FUND BALANCE FOR THE TWO MONTHS ENDED NOVEMBER 30, 2017 General Fund Special Revenue Fund Total Prevention Partnership for Children, Inc. Approved Budget Actual Approved Budget Actual Approved Budget Actual 2017/2018 Through Through Variance % 2017/2018 Through Through Variance % 2017/2018 Through Through Variance % Budget 11/30/2017 11/30/2017 YTD YTD Budget 11/30/2017 11/30/2017 YTD YTD Budget 11/30/2017 11/30/2017 YTD YTD Revenues Ad Valorem Property Taxes $ 116,814,453 $ 15,785,713 $ 15,785,713 $ - 13.51% $ - $ - $ - $ - 0.00% $ 116,814,453 $ 15,785,713 $ 15,785,713 $ - 13.51% Interest Income 500,000 83,333 151,478 68,145 30.30% - - - - 0.00% 500,000 83,333 151,478 68,145 30.30% Unrealized Gain or Loss - - (104,642) (104,642) 100.00% - - - - 0.00% - - (104,642) (104,642) 100.00% Department of Health/Agency for Health Care Administration 3,355,246 559,208 1,071,966 512,758 31.95% - - - - 0.00% 3,355,246 559,208 1,071,966 512,758 31.95% Palm Beach County Head Start Match 1,100,000 183,333 - (183,333) 0.00% - - - - 0.00% 1,100,000 183,333 - (183,333) 0.00% Income from Tenants 75,000 12,500 12,727 227 16.97% - - - - 0.00% 75,000 12,500 12,727 227 16.97% Other Income 125,000 20,833 4,736 (16,097) 3.79% - - - - 0.00% 125,000 20,833 4,736 (16,097) 3.79% Cash Carryforward 10,281,153 - - - 0.00% - - - - 0.00% 10,281,153 - - - 0.00% Total Revenues 132,250,852 16,644,921 16,921,978 277,057 12.80% - - - - 0.00% 132,250,852 16,644,921 16,921,978 277,057 12.80% Expenditures Administrative Expenditures 5,441,364 906,894 776,310 130,584 14.27% - - - - 100.00% 5,441,364 906,894 776,310 130,584 14.27% Capital Expenditures 262,500 43,750 2,400 41,350 0.91% - - - - 0.00% 262,500 43,750 2,400 41,350 0.91% Contingency 500,000 - - - 0.00% - - - - 0.00% 500,000 - - - 0.00% Non-Operating Expenses 3,184,838 34,924 209,544 (174,620) 6.58% - - - - 0.00% 3,184,838 34,924 209,544 (174,620) 6.58% Reserve for Uncollectible Taxes 4,673,206 - - - 0.00% - - - - 0.00% 4,673,206 - - - 0.00% Children's Services Programs: Direct Services: Funded Programs & Initiatives 105,588,722 17,598,120 13,631,837 3,966,283 12.91% 2,772,743 462,124 220,943 241,181 7.97% 108,361,465 18,060,244 13,852,780 4,207,464 12.78% Support Services: Programmatic Support 9,827,479 1,637,913 1,348,580 289,334 13.72% - - - - 0.00% 9,827,479 1,637,913 1,348,580 289,334 13.72% Total Children's Programs 115,416,201 19,236,034 14,980,417 4,255,617 12.98% 2,772,743 462,124 220,943 241,181 7.97% 118,188,944 19,698,157 15,201,360 4,496,798 12.86% Total Expenses 129,478,109 20,221,602 15,968,671 4,252,931 12.33% 2,772,743 462,124 220,943 241,181 7.97% 132,250,852 20,683,725 16,189,614 4,494,111 12.24% Excess Revenues over Expenses 953,307 (220,943) 732,364 Other Financing Sources (Uses) Transfers in (out) (2,772,743) (462,124) (220,943) (241,181) 7.97% 2,772,743 462,124 220,943 241,181 7.97% - - - - 0.00% Net Changes in Fund Balances 732,364-732,364 Fund Balances October 1, 2017 49,767,867-49,767,867 November 30, 2017 $ 50,500,231 $ - $ 50,500,231 21