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12-13-2011 CC Rpt A05 COUNCIL AGENDA STAFF REPORT ff.tcEINFDONLY Meeting Date: December 13. 2011 7011 DEC -6 AM 8' 08 r-e, Public Hearing: D FICIE WI CITY CLERK • Discussion Item: 0 GFii{ 0 HILLS Consent Item: DECEMBER 6, 2011 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for October 2011. BACKGROUND/ANALYSIS: The Financial Report for October 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. AGENDA DATE: DECEMBER 13, 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, .40 i , Michael S. FIe,4 City Manager Jikly'R4ancaster, Finance Director MSF:JRL:PS:ga Attachment 1 -2 City of Chino Hills Revenues,Expenditures,and Transfers Budget and Actual Comparative Analysis for the Month Ending October 31,2011 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 4 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 U NERAL FUND RVEF lF Property taxes 3,954,500 3,954,500 1,318,167 - (1,318,167) (100.00%) (1) - - N/A Property taxes-Triple Flip 1,540,300 1,540,300 513,433 - (513,433) (100.00%) (1) - N/A Propertytaxes-VLF Swap 6,214,200 6,214,200 2,071,400 - (2,071,400) (100.00%) (I) - - N/A Sales taxes 4,620,100 4,620,100 1,540,033 787,132 (752,902) (48.89%) (2) 709,586 77,546 10.93% Other taxes 1,074,600 1,074,600 358200 228,930 (129,270) (36.09%) (2) 242,720 (13,790) (5.68%) Total taxes 17,403,700 17,403,700 5,801,233 1,016,062 (4,785,171) (82.49%) 952,306 63,756 6.69% Motor vehicle in-lieu fees 256,600 256,600 85,533 39,069 (46,464) (54.32%) (2) 59,591 (20,522) (34.44%) Fines and Penalties 578,000 578,000 192,667 172,588 (20,078) (10.42%) (2) 196,582 (23,994) (12.21%) Interest income and franchise fees 3,133,700 3,133,700 1,044,567 328,407 (716,159) (68.56%) (3) 263,099 65,308 24.82% Community Development fees 2,374,800 2,374,800 791,600 595,420 (196,180) (24.78%) (4) 775,231 (179,811) (23.19%) Cost reimbursements 979,400 979,400 326,467 119,983 (206,483) (63.25%) (5) 40,156 79,827 196.79% Other revenues 5,546,300 5,546,300 1,848,767 2,047,085 198,319 10.73% (5) 2,923,476 (876,391) (29.98%) Operating transfers 2,377,700 2,377,700 792,567 1,012,715 220,148 27.78% (6) 605,600 407.115 67.23% Total revenues 32,650,200 32,650,200 10,883,400 5,331,330 (5,552,070) (51.01%) 5,816,041 (484,71 D (8.33%) EXPENDITURES Legislative City Council 239,000 247,500 82,500 74,645 7,855 9.52% 82,551 (7,906) (9.58%) City Attorney 350,000 350,000 116,667 95,279 21,387 18.33% (8) 126,641 (31,362) (24.76%) City Clerk 810,200 821,500 273,833 230,902 42,931 15.68% (7) 221,207 9,695 4.38% City Manager Administration 1,009,800 1,145,600 381,867 270,794 111,073 29.09% (7) 284,396 (13,602) (4.78%) Contract Services 167,700 167,700 55,900 58,906 (3,006) (5.38%) (7) 49,991 8,915 17.83% Community Relations 540,000 545,100 181,700 127,072 54,628 30.06% (7) 132,209 (5,137) (3.89%) Human Resources 422,500 425,600 141,867 91,429 50,438 35.55% (7) 88,070 3,359 3.81% Risk Management 1,367,300 1,369,200 456,400 1,184,422 (728,022) (159.51%) (7) 1,055,342 129,080 12.23% Community Develoament Administration 882,100 890,600 296,857 239,225 57,642 19.42% (7) 274,195 (34,970) (12.75%) Building Services 1,000,700 975,900 325,300 269,181 56,119 17.25% (7) 268,757 424 0.1600% Development Services 1,107,200 1,232,300 410,767 149,329 261,438 63.65% (7) 174,693 (25,364) (14.52%) Economic Development 58,500 58,500 19,500 5,788 13,712 7032% (7) 10,261 (4,473) (43.59%) Community Services Administrative 937,600 943,500 314,500 216,848 97,652 31.05% (7) 203,256 13,592 5.69% Neighborhood Sm-vices and Code Enforcement 1,193,100 1,204,900 401,633 264,930 136,703 34.04% (7) 279,838 (14,908) (5.33%) Public Safety 10,432,700 10,437,200 3,479,067 3,608,604 (129,538) (3.72%) 3,571,100 37,504 1.05% Recreation Services 2,533,700 2,554,000 851,333 796,742 54,591 6.41% 750,466 46,276 6.17% I Ce Page 1 ml 3 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 4 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) EXPENDITURES(continued) Engineering Administrative 449,500 452,800 150,933 120,355 30,578 20.26% (7) 205,893 (85,538) (41.54%) Engineering Services 421,800 426,900 142,300 102,213 40,087 28.17% (7) 240,246 (138,033) (57.45%) Finance Administrative 2,117,900 2,147,200 715,733 583,663 132,071 18.45% (7) 592,169 (8,506) (1.44%) Non-Departmental 79,700 79,700 26,567 13,077 13,490 50.78% (7) 12,240 837 6.84% Development Program 2,077,300 2,077,300 692,433 1,450,770 (758,337) (109.52%) (7) 1,367,478 83,292 6.09% Public Works Administrative 872,600 883,700 294,567 224,101 70,465 23.92% (7) 207,894 16,207 7.80% Facility and Equipment Maintenance 1,168,100 1,184,000 394,667 362,756 31,911 8.09% 366,783 (4,027) (1.10%) Other Maintenance 730,000 759,700 253,233 278,925 (25,692) (10.15%) (7) 244,290 34,635 14.18% Interfund Transfers Capital Improvement Projects 1,165,900 1,333,400 444,467 16,286 428,181 96.34% (7) 38,251 (21,965) (57.42%) Operating Transfers 531,800 2,528,500 842,833 2,092,477 (1,249,644) N/A (6) 88,933 2,003,544 NIA Total expenditures 32,666,700 35,805,700 11,935,233 13,073,843 (1,138,610) (9.54%) 10,937,150 2,136,693 19.54% Net revenues over/(under) expenditures (16,500), (3,155,500) (1,051,833) (7,742,513) (6,690,680) (636.10%) (5,121,109) (2,621,404) (51.19%) WATER FUND REVENUES Water sales 21,419,100 21,419,100 7,139,700 7,464,552 324,852 4.55% 6,467,966 996,586 15.41% Other revenue 884,300 884,300 294,767 1,650,105 1,355,338 459.80% (5) 71,267 1,578,838 2215.38% Total revenues 22,303,400 22.303,400 7,434,467 9,114,657 1,680.190 22.60% 6,539,233 2,575,424 39.38% EXPENDITURES Water costs 10,392,900 10,392,900 3,464,300 4,128,910 (664,610) (19.18%) (8) 2,573,350 1,555,560 60.45% Power costs 1,021,300 1,021,300 340,433 284,298 56,135 16.49% (8) 284,335 (37) (0.01%) Interfund Transfers 3,360,800 3,033,800 1,011,267 185,981 825,286 81.61% (6) 10,209 175,772 N/A Other costs 10,420,300 10,571,100 3,523,700 1,598.399 1,925,301 54.64% (9) 2,312,280 (713,881) (30.87%) Total expenditures 25,195,300 25,019,100 8,339,700 6,197,589 2,142,111 25,69% 5,180,174 1,017,415 19.64% Net profit(loss) (2891,90, (2,715,700) (905,233) 2,917,069 3,822,302 422.24% 1,359,058 1,558,010 114.64% SEWER FUND Revenues 5,775,500 5,775,500 1,925,167 1,649,824 (275,343) (14.30%)(10) 1,588,304 61,520 3.87% Expenditures 5,702,400 5,796,100 1,932,033 1,161,992 770,041 39.86% (9) 1,030,242 131,750 12.79% Net profit(loss) 73,100 (20,600) (6,867) 487,831 494,698 N/A 558,062 _ (70,231) (12.58%) ...... ...... SOLID WASTE FUND Revenues 4,228,400 4,228,400 1,409,467 1,247,560 (161,907) (11.49%)(11) 1,196,457 51,103 4.27% Expenditures 4,228,400 4,228,400 1,409,467 522.194 887,273 62.95%(II) 491,884 30,310 6.16% Net revenues and expenditures - _ 725,366 725,366 N/A 704,573 20,793 2.95% I a Paget of CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 4 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 DEVELOPMENT FUNDS(13) Revenues 1,739,200 3,735,900 1,245,300 2,061,932 816,632 65.58%(12) 253,766 1,808,166 N/A Expenditures 5,837,500 8,099,800 2,699,933 2,174,464 525469 19.46%(12) 4.695,372 (2,520,908) (53.69%) Net revenues and expenditures (4,098,300) (4,363,900) (1,454,633) (112,533) 1,342,101 92.2600% (4,441,606) 4,329,073 (97.47%) CONSTRUCTION FUNDS Revenues 19,202,500 18,565,000 6,188,333 1,158,700 (5,029,633) (81.28%) (6) 4,466,900 (3,308,200) (74.06%) Expenditures 23,015,200 22,377,700 7,459,233 1,154,918 6,304,315 84.52% (6) 4,475,438 (3,320,520) (74.19%) Net revenues and expenditures (3,812,700) (3,812,700) (1,270,900) 3,782 1,274,682 100.30% (8,538) 12,320 (144.30%) LANDSCAPE AND LIGHTING DISTRICT FUNDS Revenues 8,920,100 8,995,100 2,998,367 1,251,441 (1,746,926) (58.26%) (1) 922,957 328,484 35.59% Expenditures 10,953.200 11,353,000 3,784,333 4,226,475 (442,142) (11.68%) (6) 2,822,078 1,404,397 49.76% Net revenues and expenditure (2,033,100) (2,357,900) , (785,967) (2,975,034) (2.189,068) (278.52%) (1,899,121) (1,075,913) (56.65%) ASSESSMENT DISTRICT RINDS Revenues 503,100 503,100 167,700 1,254 (166,446) (99.25%) (I) 5,494 (4,240) (77.17%) Expenditures 501,800 501,800 167,267 365,169 (197,903) (118.32%) (6) 672,512 (307,343) (45.70%) Net revenues and expenditures 1,300 1,300 433 (36 ,9151 (364,348) WA (667,018) 303,103 45.44% COMMUNITY FACILITIES DISTRICTS FUNDS Revenues 11,660,300 11,881,700 3,960,567 51,129 (3,909,438) (98.71%) (I) (65,255) 116,384 (178.35%) Expenditures 10,984,200 11,155,100 3,718,367 10,289,675 (6,571,308) (176.73%) (6) 6,029,421 4,260,254 70.66% Net revenues and expenditures 676,100 726,600 242,200 (10,238,546) (10,480,746) 4327.31% (6,094,676) (4,143,870) (67.99%) MISCELLANEOUS FUNDS(14) Revenues 21,625,200 12,880,700 4,293,567 1,636,133 (2,657,433) (61.89%)(15) 1,673,539 (37,406) (2.24%) Expenditures 24,040,100 14,060,000 4,686,667 1,971,367 2,715,299 57.94% (7) 3,870,812 (1,899,445) (49.07%) Net revenues and expenditures (2,414,900) (1,179,300) (393,100) (335,234) 57,866 14.72% (2,197,273) 1,862,039 84,74% J Cr! 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 1B,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. w Page 1 of I