Loading...
01/08/2008 CC Rpt A05 COUNCIL AGENDA STAFF REPORT c7?,-F-Fr- t5- 1 ONLY 40 .*---':-. Meeting Date: January 8,2008 — (., 1-:. ,/ :-. Li N31E7: 27 Aii 10: 35 .....re.s Public Hearing: 0 1 ---• . , , ..,........,1\ Discussion Item: V L : ;: , LLS Consent item: JANUARY 1, 2008 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: It is recommended that the City Council receive and file the Financial Report for November 2007. BACKGROUND/ANALYSIS: OPhe Financial Report for November 2007 is attached for your review. The purpose of the monthly Financial Report is to inform the City Council, the City's citizens, and the City's staff about the financial progress of the City in meeting its service mission. The information includes the budgetary information for the City's annual financial plan as well as the actual resources received and the use of these resources in fulfilling the financial plan. The monthly Financial Report format was designed to present comparative information for the current fiscal year as well as the prior fiscal year: Current Fiscal Year: This section reports the original budget, the revised budget which includes any approved changes made during the fiscal year, and a proration of the reviewed budget based on the number of months that have lapsed during the fiscal year. Following the budget presentation columns, the year-to-date actual expenditures for the fiscal year are reported and the dollar and percentage amounts that the year-to-date actual expenditures varied from the pro-rated (year-to-date) revised budget. Any variance of 10 percent or more is explained in the footnotes that are attached to the Financial Report. The footnote legend appears at the right of the column that reports the percentage variance. Prior Fiscal Year: This section reports the year-to-date prior fiscal year actual expenditures and the dollar and percentage amounts that the year-to-date prior year actual expenditures . varied from the year-to-date current year actual expenditures. Please note that the percentage variance footnotes relate only to the variance of the current year actual expenditures vs. the current year budget; the footnotes do not explain the prior year percentage variances. / 5 4011 AGENDA DATE: JANUARY 8, 2008 SUBJECT: MONTHLY FINANCIAL REPORT PAGE TWO Another design feature of the report is the schedule of revenues and expenditures by major fund types that are listed down the left margin of the report. The principal discretionary resource fund, the General Fund, is listed first and discloses its major revenue categories and the City functions for which these revenues are a financing resource. Following the General Fund, the non-discretionary enterprise and non- enterprise funds are reported showing their respective revenue and expenditures in a consolidated format. The report also will show each fund's "bottom line". That is, the net revenues and expenditures for the governmental type funds (such as the General Fund, Development Fee Funds, and Lighting and Landscaping District Funds), and the net profit for the enterprise funds (such as the Water Fund and Sewer Fund). All accruals are made at the end of the fiscal year. Therefore, the amounts reported could be subject to significant adjustments, upward or downward, at the end of the fiscal year. 41, FISCAL IMPACT: Refer to the financial information presented in the report. spectfully submitted, Recommended by, i4e 4114• I Z44.441,1€0 wiFeillras N. La Belle, City Manager J L/caster, Finance Director DLB:JRL:ddk Att. 411 City of Ch1111 Revenues,Expenditur ransfers Budget and Actual Comparative Analysis For the Month Ending November 30,2007 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 5 Year Revised Budget Actual vs Original Revised to Date Year vs Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Variance Variance Actual Variance Variance GENERAL fl IND jtEVENUES Property taxes 4,044,800 4,044,800 1,685,333 664,116 (1,021,218) (60.59%) (1) 590,593 73,523 12.45% Propertytaxes-TripleFlip 1,398,500 1,398,500 582,708 - (582,708) (10000%) (1) - N/A Property taxes-VLF Swap 5,869,000 5,869,000 2,445,417 - (2,445,417) (100.00%) (1) - - N/A Sales taxes 4,195,400 4,195,400 1,748,083 1,088,180 (659,904) (37.75%) (2) 971,135 117,045 12.05% Other taxes 921,600 921,600 384,000 189,012 (194,988) (50 78%) (2) 247,694 (58,683) (23.69%) Total taxes 16,429,300 16,429,300 6,845,542 1,941,307 (4,904,235) (71.64%) 1,809,422 131,885 7.29% Motor vehicle in-lieu fees 595,800 595,800 248,250 160,210 (88,040) (35.46%) (2) 181,497 (21,287) (11.73%) Fines and Penalties 587,400 587,400 244,750 241,841 (2,909) (1.19%) 222,141 19,700 8 87% Interest income and franchise fees 4,958,100 4,958,100 2,065,875 1,948,850 (117,025) (5.66%) (3) 1,399,411 549,438 39.26% Community Development fees 4,845,900 4,872,000 2,030,000 1,531,017 (498,983) (24.58%) (4) 1,843,272 (312,255) (16.94%) Cost reimbursements 269,500 269,500 112,292 379,527 267,235 237.98% (5) 237,528 141,998 59.78% Other revenues 35,721,200 35,695,100 14,872,958 1,539,008 (13,333,951) (89.65%) (5) 1,306,226 232,782 17.82% ' Operating transfers 344,000 344,000 143,333 - (143,333) (100.00%) - - N/A_ Total revenues 63,751,200 63,751,200 26,563,000 7,741,759 (18,821,241) (70.86%) 6,999,498 742,261 10.60%' EXPENDITURES Legislative City Council 267,000 269,600 112,333 86,774 25,559 22.75% (7) 90,062 3,288 3.65% City Attorney 450,000 476,100 198,375 93,755 104,620 52.74% (8) 85,518 (8,237) (9.63%) City Clerk 715,300 758,700 316,125 274,370 41,755 13.21% (8) 229,709 (44,661) (19.44%) City Manager Administration 1,279,200 1,992,900 830,375 581,709 248,666 29.95% (7) 391,022 (190,688) (48.77%) Contract Services 161,800 161,800 67,417 51,538 15,879 23.55% (7) 43,297 (8,241) (19.03%) Community Relations 424,900 440,000 183,333 113,936 69,397 37.85% (7) 107,179 (6,757) (6.30%) Human Resources 339,400 373,800 155,750 120,563 35,187 22 59% (7) 116,635 (3,928) (3.37%) Risk Management 881,700 894,700 372,792 723,224 (350,432) (94.00%) (7) 775,287 52,063 6.72% I Cormunity pevelopment Administration 969,800 1,008,100 420,042 330,099 89,943 21.41% (7) 235,159 (94,940) (40.37%) Building Services 1,273,500 1,326,100 552,542 371,345 181,197 32.79% (8) 398,121 26,776 6.73% Development Services 1,382,900 1,571,300 654,708 303,030 351,679 53.72% (7) 276,253 (26,777) (9.69%) Economic Development 50,200 50,200 20,917 17,206 3,710 17.74% (7) 16,749 (457) (2.73%) Community Services Administrative 949,100 1,079,100 449,625 350,694 98,931 22 00% (7) 303,617 (47,077) (15.51%) Neighborhood Services and Code Enforcement 1,164,000 1,203,100 501,292 343,536 157,755 31.47% (7) 332,936 (10,601) (3.18%) Public Safety 9,245,700 9,281,400 3,867,250 3,782,461 84,789 2.19% 3,839,634 57,173 1.49% Recreation Services 2,635,100 2,740,000 1,141,667 859,336 282,331 24.73% (7) 795,137 (64,199) (8.07%) Page 1 013 411110 CU AR PRIOR YEAR Year to Date Prior Year Month: 5 Year Revised Budget Actual vs Original Revised to Date Year vs Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Variance Variance Actual Variance Variance CFNERAL FUND(continued) , EXPENDITURES(continued) Engineering Administrative 823,200 908,400 378,500 287,669 90,831 24.00% (7) 229,570 (58,099) (25.31%) Capital Improvement/Land Development - - - - - N/A 268,353 268,353 100.00% Engineering Services 1,548,500 1,611,900 671,625 286,991 384,634 57.27% (7) 121,865 (165,126) (135.50%) Finance Administrative 1,782,600 1,892,700 788,625 627,206 161,419 20.47% (7) 558,543 (68,664) (12.29%) Non-Departmental 70,100 70,100 29,208 18,749 10,460 35.81% (7) 8,344 (10,405) (124.69%) Development Program 3,072,300 3,072,300 1,280,125 917,218 362,907 28.35% (7) 427,501 (489,717) (114.55%) Public Facilities and Operations Administrative 709,900 739,800 308,250 261,546 46,704 15.15% (7) 225,262 (36,284) (16.11%) 1 Facility and Equipment Maintenance 1,000,800 1,019,300 424,708 397,063 27,646 6.51% 358,241 (38,822) (10.84%) Other Maintenance 785,200 833,900 347,458 257,159 90,299 25.99% (7) 297,042 39,883 13.43% Inlerfund Transfers Capital Improvement Projects 6,468,000 5,949,000 2,478,750 1,191,996 1,286,754 51.91% (6) 185,446 (1,006,550) (542.77%) Operation Transfers 471,200 471,200 196,333 25,400 170,933 87.06% (6) - (25,400) N/A Total expenditures 38,921,400 40,195,500 16,748,125 12,674,574 4,073,551 24.32% 10,716,481 (1,932,693) (18.03%) .- Net revenues over/(under) expenditures 24,829,800 23,555,700 9,814,875 (4,932,815) (14,747,690) 150.26% (3,716,983) (1,190,432) 32.03W I WATER FUND REVENUES Water sales 19,293,800 19,293,800 8,039,083 7,087,406 (951,677) (11.84%)(11) 6,998,788 88,618 1.27% Other revenue 1,549,600 1,549,600 645,667 600,674 (44,993) (6.97%) 395,042 205,632 52.05% Total revenues 20,843,400 20,843,400 8,684,750 7,688,080 (996,670) (11.48%) 7,393,830 294,250 3.98% EXPENDITURES Water costs 6,184,900 6,184,900 2,577,042 4,266,639 (1,689,597) (65.56%) (8) 3,905,395 (361,243) (9.25%) Power costs 749,800 749,800 312,417 290,738 21,678 6.94% 332,946 42,208 12.68% Interfimd Transfers 2,616,600 2,537,600 1,057,333 70,305 987,029 93.35% (6) 2,198,035 2,127,730 96.80% Other costs 11,435,200 11,851,600 4,938,167 1,965,970 2,972,197 60.19% (9) 2,073,210 107,240 5.17% Total expenditures 20,986,500 21,323,900 8,884,958 6,593,652 2,291,307 25.79% 8,509,586 1,915,935 22.52% Net profit(loss) (143,100) (480,500) (200,208) 1,094,428 1,294,636 N/A (1,115,756) 2,210,185 (198.09%) SEWER FUND Revenues 10,340,500 10,340,500 4,308,542 2,139,831 (2,168,711) (50.34%)(II) 2,057,067 82,764 4.02% Expenditures 6,252,600 6,278,800 2,616,167 1,072,137 1,544,030 59.02% (9) 1,205,098 132,961 11.03% Net profit(loss) 4,087,900 4,061,700 1,692,375 1,067,694 (624,682) 36.91% 851,969 215,725 25.32% SOLID WASTE FUND Revenues 3,800,000 3,800,000 1,583,333 1,371,336 (211,998) (13.39%) (11) 1,367,874 3,462 0.25% Expenditures 3,800,000 3,800,000 1,583,333 876,231 707,103 44.66%(10) 858,361 (17,870) (2.08%) Net revenues and expenditures 0 0 0 495,105 495,105 N/A 509,513 (14,408) (2.83%) Page 2 of 3 lib C AR PRIOR YEAR Ilk_ Year to Date Prior Year Month: 5 Year Revised Budget Actual vs Original Revised to Date Year vs Year Current Year Annual Annual Revised to Date Actual Percentage to Date Actual Percentage Budget Budget Budget Actual Variance Variance Actual Variance Variance DEVELOPMENT FUNDS(12) Revenues 19,080,000 19,080,000 7,950,000 3,242,814 (4,707,186) (59.21%)(11) 5,630,793 (2,387,978) (42.41%) Expenditures 19,211,000 17,924,800 7,468,667 2,420,889 5,047,778 67.59%(11) 4,964,301 2,543,412 51.23% Net revenues and expenditures (131,000) 1,155,200 481,333 821,926 340,592 (70.76%) 666,491 155,434 23.32% CONSTRUCTION FUNDS Revenues 128,759,500 123,642,200 51,517,583 15,873,622 (35,643,962) (69.19%) (6) 12,246,187 3,627,435 29.62% Expenditures 128,759,500 123,641,000 51,517,083 15,904,245 35,612,838 69.13% (6) 17,982,721 2,078,476 11.56% Net revenues and expenditures 0 1,200 500 (30,624) (31,124) N/A (5,736,534) 5,705,910 (99.47%) LANDSCAPE AND LIGHTING DISTRICT FUNDS Revenues 13,003,900 13,003,900 5,418,292 1,193,151 (4,225,141) (77.98%) (I) 1,180,498 12,653 1.07% Expenditures 10,553,000 10,566,700 4,402,792 2,977,389 1,425,403 32.37% (6) 3,413,412 436,023 12.77% Net revenues and expenditure 2,450,900 2,437,200 1,015,500 (1,784,238) (2,799,738) 275.70% (2,232,914) 448,676 (20.09%) ASSESSMENT DISTRICT FUNDS Revenues 1,363,600 1,363,600 568,167 210,719 (357,448) (62.91%) (1) 130,439 80,280 61.55% Expenditures 1,320,300 1,320,300 550,125 745,496 (195,371) (35.51%) (6) 2,472,899 1,727,403 69.85% Net revenues and expenditures 43,300 43,300 18,042 (534,778) (552,819) 3064.2% (2,342,461) 1,807,683 (77.17%) COMMUNITY FACILITIES DISTRICTS FUNDS Revenues 10,858,100 10,858,100 4,524,208 12,721,045 8,196,836 181.18% (I) 45,751,230 (33,030,185) (72.20%) Expenditures 77,711,100 74,296,400 30,956,833 27,876,385 3,080,449 9.95% 7,735,924 (20,140,460) (260.35%) Net revenues and expenditures (66,853,000) (63,438,300) (26,432,625) (15,155,340) 11,277,285 42.66% 38,015,306 (53,170,646) (139.87%) MISCELLANEOUS FUNDS(13) Revenues 16,765,000 16,765,000 6,985,417 2,174,791 (4,810,626) (68.87%) (6) 3,576,878 (1,402,088) (39.20%) Expenditures 19,174,800 20,212,400 8,421,833 2,821,767 5,600,067 66.49% (6) 4,139,636 1,317,870 31.84% ' Net revenues and expenditures (2,409,800) 3,447,400) (1,436,417) (646,976) 789,441 54.96% (562,758) (84,218) 14.97% • Page 3 of 3 411,10TES : 4111, 1. Due to the cyclical nature of the collection of property and special assessments taxes, less are received at the beginning of the fiscal year; there is an increase from December through April when the two property tax installments become due. 2. Motor vehicle in-lieu fees,sales tax,business license tax, property transfer tax,and fines and forfeitures are collected at different intervals throughout the fiscal year. 3. Investment interest is allocated and recorded after the end of each calendar quarter, and the franchise fees are recorded on an annual basis. 4. The collection of both building permits and engineering inspection fees are cyclical in nature. 5. These accounts include a variety of cost reimbursements from different sources; also, miscellaneous revenues such as donations which vary greatly from year to year. 6. The principal reason for this variance is that interfund transfers are generally made quarterly,semi-annually,or annually depending on the purpose of the transfer. 7. Selective budgeted expenditures are either one-time expenditures or cyclical in nature and are not expended evenly throughout the fiscal year. Examples include the audit and data processing costs(Finance), insurance premiums(Risk Management), etc. 8. This variance is due to the timing difference between vendors presenting invoices for services rendered and the City sending out payments. 9. The depreciation and amortization expenses are recorded on an annual basis. 10. The City collects the solid waste fees on behalf of the contractor. It appears that the variance is caused by the lag time between when the City collects the fees and when it pays the contractor. 11. The principal reason for this variance is that the collection of the facilities development fees is cyclical in nature and depends on when the developers obtain permits for construction.The City is experiencing higher than anticipated development activity-in the early part of the fiscal year. 12. Consists of the following: Park&Rec Facilities Fee, Quimby in Lieu,Traffic Signal Fee, Existing Infrastructure,General City Facilities, Traffic Facilities Fee, Storm Drain Facilities, Sewer Facilities Fee,Water Facilities Fee 13. Consists of the following: Special Gas Tax, Air Quality Project, Measure I Trans Sales Tax, Comm Dev Block Grants, Citizens Optn Public Safety, Local Law Enf Block Grant, CDBG Entitlement, Street Sweeping, Sleepy Hollow Road Improv, Misc. Grant, Equipment Maintenance, Data Processing,Tres Hermanos Authority, Federal Emerg Mgmt Agency, CH Corp Debt Service