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10-11-2011 CC Rpt A05 COUNCIL AGENDA STAFF REPORT CITY CLERK UYY, „ ' / Th M'\ Meeting Date: October 11. 2011 21111 e . s A $: 00• Public Hearing: 0 OFFICE OF CITY CLERK • Discussion Item: 0 CHINO HILLS 'inow,o;rii.... Consent Item: OCTOBER 4, 2011 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for August 2011. BACKGROUND/ANALYSIS: The Financial Report for August 2011 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. P5 1/6 AGENDA DATE: OCTOBER 11, 2011 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. FISCAL IMPACT: Refer to the financial information presented in the report. Respectfully submitted, Recommended by, Oil a W .'ice Ld Y,.!(ke1/4.1 Michael S. Fleac„`er ity Manager J i:y ncaster, Finance Director MSF:JRL:PS:dk Attachment 2/6 City of Chino Hills Revenues,Expenditures,and Transfers Budget and Actual Comparative Analysis for the Month Ending August 31,2011 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 2 Year Revised Budget Actual vs Onginal 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 FUND REVENUES Property taxes 3,954,500 3,954,500 659,083 - (659,083) (100.00%) (1) - - N/A Property taxes-Triple Flip 1,540,300 1,540,300 256,717 - (256,717) (100.00%) (1) - - N/A Property taxes-VLF Swap 6,214,200 6,214,200 1,035,700 - (1,035,700) (100.00%) (I) - - N/A Sales taxes 4,620,100 4,620,I00 770,017 - (770,017) (100.00%) (2) - - N/A Other taxes 1,074,600 1,074,600 179,100 71,526 (107,574) (60.06%) (2) 71,886 (360) (0.50%) Total taxes 17,403,700 17,403,700 2,900,6I7 71,526 (2,829,091) (97.53%) 71,886 (360) (0.50%) Motor vehicle in-lieu fees 256,600 256,600 42,767 - (42,767) (100.00%) (2) 3,933 (3,933) (100.00%) Fines and Penalties 578,000 578,000 96,333 67,596 (28,737) (29.83%) (2) 85,302 (17,706) (20.76%) Interest income and franchise fees 3,133,700 3,133,700 522,283 130,992 (391,291) (74.92%) (3) (29,302) 160,294 N/A Community Development fees 2,374,800 2,374,800 395,800 322,401 (73,399) (18.54%) (4) 407,519 (85,118) (20.89%) Cost reimbursements 979,400 979,400 163,233 75,718 (87,515) (53.61%) (5) 5,370 70,348 N/A Other revenues 5,546,300 5,546,300 924,383 913,793 (10,591) (1.15%) 2,042,979 (1,129,186) (55.27%) Operating transfers 2,377,700 2,377,700 396,283 988,500 592,217 149.44% (6) 605,600 382,900 63.23% Total revenues 32,650,200 32,650200 5,441,700 2,570,526 (2,871,174) (52.76%) 3,193,287 (622,761) (19.50%) EXPENDITURES Legislative City Council 239,000 239,000 39,833 44,796 (4,963) (12.46%) (7) 53,756 (8,960) (16.67%) City Attorney 350,000 350,000 58,333 21,983 36,350 62.31% (8) 29,296 (7,313) (24.96%) City Clerk 810,200 810,200 135,033 105,047 29,986 22.21% (7) 97,996 7,051 7.20% City Manager Administration 1,009,800 1,009,800 168,300 106,939 61,361 36.46% (7) 118,472 (11,533) (9.73%) Contract Services 167,700 167,700 27,950 33,153 (5,203) (18.62%) (7) 24,995 8,158 32.64% Community Relations 540,000 540,000 90,000 53,103 36,897 41.00% (7) 53,669 (566) (1.05%) Human Resources 422,500 422,500 70,417 37,073 33,344 47.35% (7) 39,865 (2,792) (7.00%) Risk Management 1,367,300 1,367,300 227,883 1,153,126 (925,243) (406.02%) (7) 1,021,966 131,160 12.83% Community Development Administration 882,100 882,100 147,017 111,971 35,046 23.84% (7) 124,888 (12,917) (10.34%) Building Services 1,000,700 961,100 160,183 117,129 43,054 26.88% (7) 118,232 (1,103) (0.93%) Development Services 1,107,200 1,107,200 184,533 62,952 121,581 65.89% (7) 70,441 (7,489) (10.63%) Economic Development 58,500 58,500 9,750 4,771 4,979 51.06% (7) 3,561 1,210 33.99% Community Services Administrative 937,600 937,600 156,267 97,409 58,858 37.66% (7) 94,360 3,049 3.23% Neighborhood Services and Code Enforcement 1,193,100 1,193,100 198,850 140,892 57,958 29.15% (7) 144,864 (3,972) (2.74%) Public Safety 10,432,700 10,432,700 1,738,783 1,845,103 (106,320) (6.11%) 1,743,380 101,723 5.83% Recreation Services 2,533,700 2,533,700 422,283 441,607 (19,324) (4.58%) 410,562 31,045 7.56% 03 Page 1 of 3 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 2 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 FUND(continued) F,XPANDPr[1RES(continued) Engineering Administrative 449,500 449,500 74,917 53,876 21,041 28.09% (7) 93,577 (39,701) (42.43%) Engineenng Services 421,800 421,800 70,300 44,155 26,146 37.19% (7) 108,213 (64,059) (59.20%) Finance Administrative 2,117,900 2,117,900 352,983 246,077 106,907 30.29% (7) 260,690 (14,613) (5.61%) Non-Departmental 79,700 79,700 13,283 2,159 11,124 83.75% (7) 4,361 (2,202) (50.49%) Development Program 2,077,300 2,077,300 346,217 11,624 334,592 96.64% (7) 19,556 (7,932) (40.56%) Public Works Administrative 872,600 872,600 145,433 102,186 43,247 29.74% (7) 92,905 9,281 9.99% Facility and Equipment Maintenance 1,168,100 1,168,100 194,683 134,266 60,417 31.03% (7) 127,091 7,175 5.65% Other Maintenance 730,000 748,000 124,667 118,281 6,386 5.12% 114,246 4,035 3.53% Interfimd Transfers Capital Improvement Projects 1,165,900 1,165,900 194,317 - 194,317 100.00% (7) 1,278 (1,278) (100.00%) Operating Transfers 531,800 2,528,500 421,417 2,044,560 (1,623,144) N/A (6) 44,467 2,000,093 N/A Total expenditures 32,666,700 35.198,400 5,866,400 7,196,854 (1,330,454) (22.68%) 5,016,687 2,180,167 43.46% Net revenues over/(under) expenditures (16,500) (2,548200) (424,700) (4,626,327) (4201,627) (989.32%) (1,823,400), (2,802,927) (153.72%) WATER FUND Water sales 21,419,100 21,419,100 3,569,850 3,341,858 (227,992) (6.39%) 2,906,026 435,832 15.00% Other revenue 884,300 884,300 147,383 77,818 (69,566) (47.20%) (5) (20,779) 98,597 (474.50%) Total revenues 22,303,400 22,303,400 3,717,233 3,419,675 (297,558) (8.00%) 2,885,247 534,428 18.52% EXPENDITURES Water costs 10,392,900 10,392,900 1,732,150 1,861,292 (129,142) (7.46%) 1,295,980 565,312 43.62% Power costs 1,021,300 1,021,300 170,217 92,941 77,275 45.40% (8) 84,684 ' 8,257 9.75% Interfund Transfers 3,360,800 3,416,600 569,433 100,579 468,854 82.34% (6) - 100,579 N/A Other costs 10,420,300 10,435,300 1,739,217 641.426 1,097,790 63.12% (9) 1,127,984 (486,558) (43.14%) Total expenditures 25,195,300 25,266,100 4,211,017 2,696,239 1.514.778 35.97% 2.508,648 187,591 7.48% Net profit(loss) (2,891,900) (2,962,700) (493,783) 723,436 1,217,220 246.51% 376.598 346,837 92.10% SEWER FUND Revenues 5,775,500 5,775,500 962,583 712,427 (250,156) (25.99%)(10) 615,180 97,247 15.81% Expenditures 5,702,400 5,792,400 965,400 332,858 632,542 65.52% (9) 216,598 116,260 53.68% Net profit(loss) 73,100 (16,900) (2,817) 379,569 382,386 N/A 398,582 (19,013) (4.77%) SOLID WASTE FUND Revenues 4,228,400 4,228,400 704,733 522,417 (182,317) (25.87%)(11) 498,007 24,410 4.90% Expenditures 4,228,400 4,228,400 704,733 (205,944) 910.677 129.22%(11) (207,615) 1,671 (0.80%) Net revenues and expenditures -. - - 728,361 728,361 N/A 705,622 22,739 3.22% CD Paget of 3 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 2 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(13) Revenues 1,739,200 3,735,900 622,650 2,039,066 1,416,416 227.48%(12) 16,859 2,022,207 N/A Expenditures 5,837.500 5,837,500 972,917 2,115,965 (1,143,048) (117.49%)(12) 3,692,620 (1,576,655) (42.70%) Net revenues and expenditures (4,098,300) (2,101,600) (350,267) (76,899) 273,368 78.05% (3,675,761) _ 3,598,862 (97.91%) CONSTRUCTION FUNDS Revenues 19,202,500 19,258,300 3,209,717 477,338 (2,732,378) (85.13%) (6) 2,126,277 (1,648,939) (77.55%) Expenditures 23,015,200 23,071,000 3,845,167 470,836 3.374.331 87.76% (6) 2,139,871 (1,669,035) (78.00%) Net revenues and expenditures (3,812,700) (3,812,700) (635,450) 6,503 641,953 101.02% (13,594) 20,097 (147.83%) LANDSCAPE AND LIGHTING DISTRICT FUNDS Revenues 8,920,100 8,995,100 1,499,183 749,468 (749,716) (50.01%) (1) 436,052 313,416 71.88% Expenditures 10,953,200 11,028100 1,838,033 2,576,852 (738,818) (40.20%) (6) 1,306,472 1,270,380 97.24% Net revenues and expenditure (2,033,100) (2.033,100) (338,850) (1,827,384) (1,488,534) (439.29%) (870,420) (956,964) (109.94%) ASSESSMENT DISTRICT FUNDS Revenues 503,100 503,100 83,850 2,714 (81,136) (96.76%) (1) (9,846) 12,560 N/A Expenditures 501,800 501,800 83,633 12,010 71,623 85.64% (6) 26,063 (14,053) (53.92%) Net revenues and expenditures 1,300 1,300 217 , (9.296) (9,513) N/A (35,909) 26,613 74.11% COMMUNITY FACILrUES DISTRICTS FUNDS Revenues 11,660,300 11,881,700 1,980,283 80,454 (1,899,829) (95.94%) (1) (98,620) 179,074 (181.58%) Expenditures 10,984,200 11,155,100 1,859,183 68,279 1,790.904 96.33% (6) 70,477 (2,198) (3.12%) Net revenues and expenditures 676,100 726,600 121.100 12,175 (108,925) 89.95% _ (169,097) 181,272 107.20% MISCELLANEOUS FUNDS(141 Revenues 21,625,200 12,880,700 2,146,783 719,702 (1,427,081) (66.48%)(15) 298,991 420,711 140.71% Expenditures 24,040,100 14,555,900 2A25,983 725,994 1,699,990 70.07% (7) 1,842,513 (1,116,519) (60.60%) Net revenues and expenditures (2,414,900) (1,675,200) (279,200) (6,292) 272,908 97.75% (1,543,522) 1537,230_ 99.59% 01 07 Page 3 of 3 FOOTNOTES: 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;and debt services for the Assessment Districts and Community Facilities Districts Bonds are usually paid semi-annually. 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. This variance is caused by the timing when the utility billings were sent out and the actual revenues collected for the period. 11. 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. 12. 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. 13. 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 Funds. 14. Consists of the following:Special Gas Tax, Air Quality Project, Measure I Trans Sales Tax, Citizens Optn Public Safety,CDBG Entitlement, Street Sweeping,Sleepy Hollow Road Improv,Misc.Grant, Prop 1 B,Traffic Congestion Relief,Energy Efficiency Block Grant,Gas Tax Sec 7360, Equipment Maintenance, Information Technology,Tres Hermanos Authority,CH Foundation and Federal Emerg Mgmt Agency. 15. The principle reason for this variance is due to the timing when the City is eligible to draw down various Federal Grants related to several capital improvement projects. rn Cr) Page 1 of 1