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05-13-2008 CC Rpt A05 COUNCIL AGENDA STAFF REPORT CITY CLERK USE ONLY • „ 411110---, Meeting Date: May 13, 2008 Public Hearing: 0 Discussion Item: 0 , : -CITY OICIIIMOKILLO Consent Item: MAY 6, 2008 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for March 2008. BACKGROUND/ANALYSIS: are Financial Report for March 2008 is attached for your review. The purpose of the monthly nancial 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 1111 expenditures vs. the current year budget; the footnotes do not explain the prior year percentage variances. /19•5 AGENDA DATE: MAY 6, 2008 SUBJECT: MONTHLY FINANCIAL REPORT eaPAGE 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. 4110 Respectfully submitted, Recommended by, 7/. 4/ i „ € -- -/,."3 -1-Cre Douglas*. La Belle, City Manager/CC J d ncaster, Finance Director DLB:JRL:jlw Att. 4110 0City of 'IIs Revenues,Expendit d Transfers Budget and Actual Co rative Analysis For the Month Ending March 31,2008 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 9 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 Vanance Vanance Actual Variance Vanance GENERAL FUND REVENUES Property taxes 4,044,800 4,044,800 3,033,600 2,394,928 (638,672) (21 05%) (I) 2,285,218 109,711 480% Property taxes-Tnple Flip 1,398,500 1,398,500 1,048,875 735,923 (312,952) (29.84%) (1) 564,838 171,084 30.29% Property taxes-VLF Swap 5,869,000 5,869,000 4,401,750 2,970,968 (1,430,782) (32 50%) (I) 2,657,292 313,676 11.80% Sales taxes 4,195,400 4,195,400 3,146,550 2,443,742 (702,808) (22.34%) (2) 2,471,379 (27,636) (1 12%) Other taxes 921,600 921,600 691,200 613,702 (77,498) (11 21%) (2) 477,787 135,915 2845% Total taxes 16,429,300 16,429,300 12,321,975 9,159,264 (3,162,711) (25 67%) 8,456,514 702,749 8.31% Motor vehicle in-lieu fees 595,800 595,800 446,850 263,963 (182,887) (40 93%) (2) 299,884 (35,921) (11.98%) Fines and Penalties 587,400 587,400 440,550 416,315 (24,235) (5 50%) 391,577 24,738 6 32% Interest income and franchise fees 4,958,100 4,958,100 3,718,575 3,186,449 (532,126) (14 31%) (3) 2,441,363 745,085 30.52% Community Development fees 4,845,900 4,872,000 3,654,000 2,698,128 (955,872) (26 16%) (4) 2,919,480 (221,352) (7.58%) Cost reimbursements 269,500 269,500 202,125 1,001,450 799,325 395 46% (5) 379,662 621,788 163.77% Other revenues 35,721,200 35,732,200 26,799,150 3,738,109 (23,061,041) (86.05%) (5) 4,038,394 (300,285) (744%) Operating transfers 344,000 344,000 258,000 - (258,000) (100 00%) (6) - - N/A Total revenues 63,751,200 63,788,300 47,841,225 20,463,678 (27,377,547) (57 23%) 18,926,876 1,536,802 8 12% EXPENDITURES Legislative City Council 267,000 269,600 202,200 181,346 20,854 1031% (7) 175,665 (5,681) (3.23%) City Attorney 450,000 476,100 357,075 161,244 195,831 54 84% (8) 166,004 4,760 2.87% City Clerk 715,300 761,300 570,975 514,683 56,292 986% 444,439 (70,244) (15 81%) City Manaeer Administration 1,279,200 1,997,100 1,497,825 1,123,190 374,635 2501% (7) 789,128 (334,062) (42.33%) Contract Services 161,800 161,800 121,350 95,494 25,856 21.31% (8) 99,340 3,846 3 87% ' Community Relations 424,900 440,000 330,000 225,895 104,105 31.55% (7) 235,760 9,865 4 18% Human Resources 339,400 373,800 280,350 225,299 55,051 1964% (7) 226,705 1,406 0 62% Risk Management 881,700 894,700 671,025 858,744 (187,719) (27.97%) (7) 927,734 68,990 744% Community Development . Administration 969,800 1,015,700 761,775 653,062 108,713 14 27% (7) 459,172 (193,890) (42.23%) Building Services 1,273,500 1,300,600 975,450 785,605 189,845 19 46% (8) 786,302 696 0 09% Development Services 1,382,900 1,596,800 1,197,600 665,576 532,024 44 42% (7) 559,039 (106,537) (19 06%) Economic Development 50,200 95,200 71,400 52,515 18,885 26 45% (7) 21,361 (31,154) (145 85%) Community Services Administrative 949,100 1,096,900 822,675 648,677 173,998 21.15% (7) 556,995 (91,682) (1646%) Neighborhood Services and Code Enforcement 1,164,000 1,203,100 902,325 676,544 225,781 25 02% (7) 631,167 (45,377) (7 19%) Public Safety 9,245,700 9,281,400 6,961,050 6,692,595 268,455 3 86% 6,499,742 (192,853) (2 97%) Recreation Services 2,635,100 2,740,000 2,055,000 1,517,961 537,039 26 13% (7) 1,475,955 (42,006) (2 85%) Page 1 of 3 i ` CI YEAR PRIOR YEAR Year to Date Prior Year Month: 9 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 Vanance Variance Actual Variance Variance GENERAL FUND(continued) EXPENDITURES(continued) Engineering Administrative 823,200 938,500 703,875 570,321 133,554 18.97% (7) 427,050 (143,271) (33 55%) Capital Improvement/Land Development - - - - - N/A 510,123 510,123 100 00% Engineering Services 1,548,500 1,586,400 1,189,800 565,803 623,997 52.45% (7) 226,705 (339,098) (149.58%) Finance Administrative 1,782,600 1,902,500 1,426,875 1,239,001 187,874 13.17% (7) 1,086,027 (152,974) (14 09%) Non-Departmental 70,100 70,100 52,575 33,443 19,132 36.39% (7) 26,210 (7,233) (27.60%) Development Program 3,072,300 3,072,300 2,304,225 1,772,970 531,255 23.06% (7) 746,939 (1,026,032) (137.36%) Public Facilities and Operations Administrative 709,900 743,700 557,775 507,319 50,456 905% 436,895 (70,424) (16 12%) Facility and Equipment Maintenance 1,000,800 1,019,300 76.4,475 708,215 56,260 7.36% 667,375 (40,840) (6 12%) Other Maintenance 785,200 833,900 625,425 496,973 128,452 20 54% (7) 524,294 27,321 5.21% Interfund Transfers Capital Improvement Projects 6,468,000 6,039,600 4,529,700 1,445,421 3,084,279 68.09% (6) 596,465 (848,956) (142.33%) Operation Transfers 471,200 471,200 353,400 76,200 277,200 78.44% (6) - (76,200) N/A Total expenditures 38,921,400 40,381,600 30,286,200 22,494,095 7,792,105 25.73% 19,302,590 (3,115,305) (16 14%) Net revenues over/(under) expenditures 24,829,800 23,406,700 17,555,025 (2,030,417) (19,585,442) 111.57% (375,714) (1,578,503) 420 13% WATER FUND REVENUES Water sales 19,293,800 19,293,800 14,470,350 11,760,581 (2,709,769) (18 73%)(I I) 11,313,972 446,609 3 95% Other revenue 1,549,600 1,549,600 1,162,200 981,646 (180,554) (15.54%) (I 1) 724,318 257,328 35 53% Total revenues 20,843,400 20,843,400 15,632,550 12,742,227 (2,890,323) (18 49%) 12,038,289 703,937 5.85% EXPENDITURES Water costs 6,184,900 6,184,900 4,638,675 5,395,109 (756,434) (16 31%) (8) 3,898,482 (1,496,627) (38 39%) Power costs 749,800 749,800 562,350 490,423 71,927 12.79% (8) 531,578 41,155 774% Interfund Transfers 2,616,600 2,696,900 2,022,675 382,223 1,640,452 81.10% (6) 2,336,409 1,954,186 83.64% Other costs 11,435,200 11,972,500 8,979,375 4,496,562 4,482,813 49.92% (9) 4,362,667 (133,895) (3.07%) Total expenditures 20,986,500 21,604,100 16,203,075 10,764,318 5,438,757 33 57% 11,129,136 364,819 3.28% Net profit(loss) (143,100) (760,700) (570,525) 1,977,909 2,548,434 (446 68%) 909,153 1,068,756 117.56% SEWER FUND Revenues 10,340,500 10,340,500 7,755,375 4,051,207 (3,704,168) (47.76%) (II) 3,943,885 107,323 2 72% Expenditures 6,252,600 6,357,200 4,767,900 2,429,783 2,338,117 4904% (9) 2,245,131 (184,652) (822%) Net profit(loss) 4,087,900 3,983,300 2,987,475 1,621,425 (1,366,050) 45 73% 1,698,754 (77,329) (4 55%) SOLID WASTE FUND Revenues 3,800,000 3,800,000 2,850,000 2,602,493 (247,507) (8.68%) 2,590,051 12,442 0 48% Expenditures 3,800,000 3,800,000 2,850,000 2,070,522 779,478 27.35%(10) 2,059,060 (11,462) (056%) Net revenues and expenditures 0 0 0 531,971 531,971 N/A 530,991 980 0 18% Page 2 of 3 0 C YEAR PRIOR YEAR._ Year to Date Prior Year Month: 9 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 14,310,000 5,027,321 (9,282,679) (64 87%)(11) 7,578,143 (2,550,822) (33.66%) Expenditures 19,211,000 17,924,800 13,443,600 3,174,736 10,268,864 7638%(11) 10,987,296 7,812,559 71 11% Net revenues and expenditures (131,000) "1,155,200 866,400 1,852,585 986,185 (113 83%) (3,409,153) 5,261,737 (154 34%) CONSTRUCTION FUNDS Revenues 128,759,500 124,959,500 93,719,625 32,342,122 (61,377,503) (65.49%) (6) 25,430,028 6,912,094 27 18% Expenditures 128,759,500 124,958,300 93,718,725 32,500,989 61,217,736 65 32% (6) 31,146,562 (1,354,426) (4 35%) Net revenues and expenditures 0 1,200 900 (158,867) (159,767) N/A (5,716,534) 5,557,668 (97.22%) LANDSCAPE AND LIGHTING DISTRICT FUNDS Revenues 13,003,900 13,003,900 9,752,925 5,477,931 (4,274,994) (43 83%) (1) 5,446,118 31,813 0 58% Expenditures 10,553,000 10,566,700 7,925,025 6,734,253 1,190,772 1503% (6) 8,039,953 1,305,700 16.24% l Net revenues and expenditure 2,450,900 2,437,200 1,827,900 (1,256,322) (3,084,222) 168.73% (2,593,835) 1,337,513 (51.57%) ASSESSMENT DISTRICT FUNDS Revenues 1,363,600 1,363,600 1,022,700 781,875 (240,825) (23.55%) (1) 1,583,828 (801,953) (50 63%) Expenditures 1,320,300 1,320,300 990,225 1,140,786 (150,561) (15 20%) (6) 3,013,892 1,873,106 62.15% Net revenues and expenditures 43,300 43,300 32,475 (358,911) (391,386) 1205 19% (1,430,064) 1,071,153 (74 90%) COMMUNITY FACILITIES DISTRICTS FUNDS Revenues 10,858,100 10,858,100 8,143,575 22,645,580 14,502,005 178 08% (I) 57,347,674 (34,702,094) (60 51%) Expenditures 77,711,100 74,446,400 55,834,800 50,099,968 5,734,832 10.27% (6) 18,773,223 (31,326,745) (166.87%) Net revenues and expenditures (66,853,000) (63,588,300) (47,691,225) (27,454,387) 20,236,838 42 43% 38,574,451 (66,028,839) (171 17%) MISCELLANEOUS FUNDS(13) Revenues 16,765,000 17,730,000 13,297,500 5,492,950 (7,804,550) (58 69%) (6) 5,599,344 (106,394) (1 90%) Expenditures 19,174,800 21,444,600 16,083,450 5,823,542 10,259,908 63.79% (6) 5,534,496 (289,046) (522%) Net revenues and expenditures (2,409,800) (3,714,600) (2,785,950) (330,592) 2,455,358 88.13% 64,848 (395,440) N/A Page 3of3 STNOTES : 1 lige 1. DuetotmcycUoa| natun*ofthecoUe��nofpropeMyandmpe�a|asseonmo�staxes. �usananeoekaa� atthebag�n�gofthe�sca yaor; 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 intelfund transfers are generally made quarterly, semi-annually, or annually depending on the purpose of the transfer. 7. evenlySelective budgeted expenditures are either one-time expenditures nrcyclical hnnature and are not expended h � throughout the Examples include the auddand data processing oo�o(Finance). insurance premiums(Risk YNonnQemmnt). etc. 8. This variance is due to the timing difference between vendors presenting invoices for services rendered and the City sending out payments. Q. 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 activitydevelopers obtain permits for construction.The City isexperiencing higher than anticipated development /inthe eodypa�ofthe fiscal year. 12. Consists Citycfthe following: Park&RecFacilities Fee, Quimby inLieu,Traffic Signal Fee, Existing Infrastructure, General Facilities, Tmof�cFa�|�|emFee, Storm Drain Fani|0em. Sewer Fao||�iooFee,VVa1wrFaci|�iaoFee 13. Consists of the following: Special Gas Tax, Air Quality Pjoct. Measure I Trans Sales Tax, Comm Dev Block Grants, Citizens Optn Public Safety, Local Law Enf Block Grant, CDBG Entitlement,Affodab|oHousingPmogoam. 8tneat3vvmaping. SleepyHoUovvRooU |mpnov. yNiscGnont. Equipment Maintenance, Data Processing,Tres Hermanos Authority, Federal Emerg Mgmt Agency, CH Corp Debt Service