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) 540-5035. 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. - 2 -
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 1,014,879 19.7% Appropriations & Carryover 2,129,474-0.0% Total Revenues 7,282,556 1,014,879 13.9% Total Expenses 7,282,556 859,373 11.8% Police Education Fund Budget Year-to-Date % Revenues 5,560 912 16.4% Appropriations & Carryover - - N/A Total Revenues 5,560 912 16.4% Total Expenses 5,560 885 15.9% Police Forfeiture Fund* Budget Year-to-Date % Total Revenues - 754 0.0% General Fund Revenues Total Expenses - 5,794 0.0% Revenues Budget Year-to-Date % *Per Florida Statute fund is not budgeted Taxes 4,961,175 2,347,096 47.3% Licenses & Permits 1,255,646 795,770 63.4% Intergovernmental Revenue 1,266,203 151,184 11.9% Grants Fund Budget Year-to-Date % Charges for Services 795,909 610,913 76.8% Revenues 1,163,119 31,500 2.7% Fines & Forfeitures 154,897 76,256 49.2% Appropriations & Carryover (51,674) - 0.0% Misc. Revenue 2,971,970 279,005 9.4% Total Revenues 1,111,445 31,500 2.8% Appropriations & Carryover 706,530-0.0% Total Expenses 1,111,445 8,539 0.8% Total Revenues $ 12,112,330 $ 4,260,224 35.2% General Fund Expenditures Insurance Fund Budget Year-to-Date % Expenditures Budget Year-to-Date % Revenues 385,910 85,241 22.1% Town Council 119,443 36,009 30.1% Appropriations & Carryover - - N/A Town Manager 191,122 40,903 21.4% Total Revenues 385,910 85,241 22.1% Finance 341,154 88,436 25.9% Total Expenses 385,910 255,714 66.3% Town Attorney 186,670 26,717 14.3% Non-Departmental 43,560 8,140 18.7% Police 4,311,072 1,071,728 24.9% Development Services 644,010 133,130 20.7% Public Works 2,024,032 471,665 23.3% Library 153,600 30,405 19.8% Holiday Events 39,670 941 2.4% YTD-Total Townwide Budget Capital Outlay 3,515,597 86,965 2.5% Expenditures Budget Year-to-Date % Debt Service 492,400 137,873 28.0% Total Townwide Budget 20,897,801 3,257,423 15.6% Contingency 50,000-0.0% (not including Police Forfeiture Fund) Total Expenditures $ 12,112,330 $ 2,132,912 17.6% BUDGET-IN-BRIEF as of December 31, 2014 (25% of year elapsed) Operating & Maint., 1,154,617, 35% Other Town Funds - 3 -
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 2,197,369 234,437 Accounts receivable 3,614 3,188 Inventory 13,380 12,537 Due from other funds 274,384 274,481 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 259,923 205,262 Other liabilities 42,730 16,813 Payable from restricted assets: Accrued wages payable 1,708 - Deferred revenue 635,474 103,521 Total liabilities 939,835 325,596 Fund balances: Assigned for Encumbrances 1,370,338 328,798 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 $ 10,731,666-4 -
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 1,255,646 795,770 (459,876) 728,121 Intergovernmental 1,266,203 151,184 (1,115,019) 147,355 Charges for services 795,909 610,914 (184,995) 608,603 Fines and forfeitures 154,897 76,256 (78,641) 47,496 Miscellaneous 2,969,970 274,726 (2,695,244) 344,233 Total revenues 11,403,800 4,255,946 (7,147,854) 4,111,034 Expenditures: Current: General government 881,628 200,202 681,426 263,779 Public safety 4,311,072 1,071,727 3,239,345 1,029,037 Development services 644,010 133,132 510,878 117,631 Physical environment 280,146 56,964 223,182 321,581 Culture and recreation 1,937,156 446,047 1,491,109 208,298 Capital outlay 3,515,918 86,964 3,428,954 28,124 Debt service: Principal & Interest 492,400 137,873 354,527 137,873 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 $ 10,406,070-5 -
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 1,106,624 346,451 (760,173) 336,793 Utility service taxes 1,082,096 208,069 (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 262,292 205,338 (56,954) 197,666 Building and other permits 318,148 91,808 (226,340) 98,807 Solid waste assessment 593,245 444,104 (149,141) 431,648 Gas line assessment 81,961 54,520 (27,441) - Total licenses, permits & fees 1,255,646 795,770 (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 1,266,203 151,184 (1,115,019) 147,355 Charges for services: Public Safety 743,658 597,897 (145,761) 595,842 Nature Preserve Maintenance 52,251 13,017 (39,234) 12,761 Total charges for services 795,909 610,914 184,995 608,603 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 174,683 139,135 (35,548) 186,780 Other 75,542 39,918 (35,624) 84,203 Total miscellaneous revenues 2,969,970 274,726 (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) $ 4,125,434-6 -
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 35,768 123,892 36,483 Operating 31,462 5,134 26,328 6,332 Total Executive 191,122 40,902 150,220 42,815 Finance: Personal services 250,610 57,392 193,218 54,802 Operating 90,223 31,043 59,180 29,970 Capital 7,621 6,320 1,301 1,980 Total Finance 348,454 94,755 253,699 86,752 Legal Counsel: Personal services - - - 4,130 Operating 186,670 26,717 159,953 21,771 Total Legal Counsel 186,670 26,717 159,953 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 934,801 206,522 728,279 265,759 Public Safety: Administration: Personal services 408,660 98,047 310,613 94,607 Operating 69,395 47,943 21,452 44,373 Capital 33,150 2,946 30,204 - Total Administration 511,205 148,936 362,269 138,980 Uniform Patrol: Personal services 2,200,695 521,129 1,679,566 509,592 Operating 193,622 42,283 151,339 31,561 Capital 39,188 1,991 37,197 15,896 Total Uniform Patrol 2,433,505 565,403 1,868,102 557,049-7 -
General Fund Schedule of Expenditures and Other Financing Uses Budget and Actual (unaudited) Favorable Prior Year Detectives: Personal services 240,755 61,135 179,620 56,647 Operating 24,887 2,642 22,245 1,961 Capital 8,306 4,547 3,759 - Total Detectives 273,948 68,324 205,624 58,608 Services: Personal services 287,930 65,472 222,458 59,370 Operating 151,435 62,149 89,286 60,207 Total Police Services 439,365 127,621 311,744 119,577 Uniform Patrol (Hypoluxo): Personal services 423,320 104,093 319,227 100,316 Operating 22,960 1,989 20,971 3,761 Total Uniform Patrol (Hypoluxo) 446,280 106,082 340,198 104,077 Marine Safety: Personal services 271,010 62,657 208,353 64,614 Operating 16,403 2,188 14,215 2,028 Capital 23,115 347 22,768 - Total Marine Safety 310,528 65,192 245,336 66,642 Total Public Safety 4,414,831 1,081,558 3,333,273 1,044,933 Development Services: Administration : Personal services 174,970 34,941 140,029 27,303 Operating 12,730 2,737 9,993 2,207 Total Administration 187,700 37,678 150,022 29,510 Building Inspections: Personal services 120,620 21,089 99,531 15,737 Operating 129,930 28,916 101,014 27,730 Capital 1,500-1,500 - Total Building Inspections 252,050 50,005 202,045 43,467 Code Enforcement: Personal services 186,210 41,342 144,868 41,799 Operating 19,550 4,107 15,443 2,855 Total Code Enforcement 205,760 45,449 160,311 44,654 Total Development Services 645,510 133,132 512,378 117,631-8 -
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 30,223 151,097 41,127 Operating 20,637 2,618 18,019 3,210 Total Public Works Administration 201,957 32,841 169,116 44,337 Vehicle Maintenance: Personal services 66,463 15,979 50,484 14,606 Operating 11,726 8,144 3,582 8,824 Capital 1,500 143 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 - - - 253,814 Total Physical Environment 281,646 57,107 224,539 323,017 Cultural and Recreation: Sports Complex: Operating 9,200 634 8,566 1,472 Total Sports Complex Services 9,200 634 8,566 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 34,089 139,517 34,992 Streets & Grounds Maintenance: Personal services 349,330 85,829 263,501 55,262 Operating 1,044,797 238,320 806,477 30,606 Capital 466,044 27,234 438,810 3,793 Total Streets & Grounds Maintenance 1,860,171 351,383 1,508,788 89,661 Facilities Maintenance: Personal services 206,218 53,138 153,080 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 3,210,495 129,670 3,080,825 70,763 Miscellaneous: Holiday events 39,670 941 38,729 20,222 Total Miscellaneous 39,670 941 38,729 20,222 Total Culture and Recreation 5,293,142 516,717 4,776,425 217,110 Debt Service 492,400 137,873 354,527 137,873 General Contingency 50,000-50,000 - TOTAL EXPENDITURES $ 12,112,330 $ 2,132,909 $ 9,979,421 $ 2,106,323-9 -
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 1,724,866 230,087 Accounts receivable 121,197 131,570 Restricted Assets 374,002 412,048 Other - - Total current assets 9,014,418 8,978,615 Fixed assets Land 4,300 4,300 Buildings 509,892 509,892 Improvements 20,970,815 20,737,967 Machinery and equipment 871,362 791,817 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 186,200 151,888 Notes Payable 4,526,558 5,266,551 Payable from restricted assets: Accrued wages payable 164,330 158,362 Deposits 245,082 230,589 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 1,001,106 987,359 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 $ 18,969,084-10 -
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 2,406,249 466,177 (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 881,921 203,492 678,429 212,018 Current expenses 1,963,249 338,217 1,625,032 424,266 Total 2,845,170 541,709 2,303,461 636,284 Administrative expenses 845,784 204,891 640,893 196,044 Debt Services 862,800 12,787 850,013 14,323 Capital outlay 2,728,802 99,984 2,628,818 95,228 3,591,602 112,771 3,478,831 109,551 Total operating expenses 7,282,556 859,371 6,423,185 941,879 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) - 155,508 155,508 30,884 Net assets, beginning 13,696,835 13,103,050 Net assets, ending $ 13,852,343 $ 13,133,934-11 -
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 32,693 113,577 32,846 Operating 24,579 4,171 20,408 4,784 Total Executive 170,849 36,864 133,985 37,630 Finance Personal services 408,780 93,973 314,807 82,287 Operating 128,983 37,571 91,412 41,832 Capital - - - 2,820 Total Finance 537,763 131,544 406,219 126,939 Legal: Personal services - - - 1,033 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 845,784 204,891 640,893 196,044 Public Works/Utilities Utilities Administration Personal services 184,700 36,141 148,559 35,561 Operating 91,844 3,157 88,687 18,574 Capital 18,000 1,770 16,230 - Total Utilities Administration 294,544 41,068 253,476 54,135-12 -
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 452,888 109,878 343,010 121,299 Operating 671,708 107,828 563,880 100,629 Capital 786,092 2,272 783,820 57,340 Total Water/water plant operations 1,910,688 219,978 1,690,710 279,268 Wastewater operations Personal services 177,870 42,069 135,801 40,553 Operating 1,187,971 224,676 963,295 303,724 Capital 1,924,710 95,942 1,828,768 37,888 Total Wastewater operations 3,290,551 362,687 2,927,864 382,165 Total Public Works/Utilities 5,573,972 641,693 4,932,279 731,512 Debt Services 862,800 12,787 850,013 14,323 TOTAL EXPENDITURES $ 7,282,556 $ 859,371 $ 6,423,185 $ 941,879-13 -
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 0 2,662 Admin. Charges - Investment Earnings 297 286 307 891 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 1 6,068 Admin. Charges - Investment Earnings 233 225 241 699 Ending Bal. 1,724,641 1,724,865 1,725,108 1,725,108 Impact Fee Reserve Beginning Bal. 1,084 0 0 1,084 Transfers In (Out) (1,084) (0) (1,084) Admin. Charges - Investment Earnings 0 0 Ending Bal. 0 0 - (0) 1998 Reserve Beginning Bal. 4,346 1 1 4,346 Transfers In (Out) (4,346) (1) (4,346) Admin. Charges - Investment Earnings 1 - - 1 Ending Bal. 1 1-0 R R & I Beginning Bal. 638 0 0 638 Transfers In (Out) (638) (0) (638) Admin. Charges - Investment Earnings 0 - - 0 Ending Bal. 0 0 - (0) - 14 -
Bond Fund October November December Total Beginning Bal. 2,662 0 0 2,662 Transfers In (Out) (2,662) (0) (2,662) Admin. Charges - Investment Earnings 0 - - 0 Ending Bal. 0 0 - (0) SBA TOTALS Total Investment Earnings 531 511 549 1,591 Total Admin. Charges - - - - Net Investment Earnings 531 511 549 1,591 Investment Earnings Net of Admin. Charges General Fund 297 286 307 891 Utility Fund 234 225 241 700 531 511 549 1,591 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 146 145 229 519 Utility Fund 118 116 135 370 Forfeiture Fund 1 3 5 8 Bank Charges (net of interest credit) (316) (293) (105) (714) Investment Earnings (50) (30) 263 184 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 373,980 374,002 374,024 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) 482 460 481 1,423 Investment Earnings (General Fund) 340 329 334 1,004 Investment Earnings 823 790 814 Ending Balance 4,843,613 4,803,207 4,887,826 TOTAL INVESTMENT EARNINGS BY FUND General Fund 784 761 870 2,414 Utility Fund 834 801 857 2,492 Forfeiture Fund 1 3 5 8 $ 1,619 $ 1,564 $ 1,732 $ 4,915-15 -