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06-10-2008 CC Rpt A05 COUNCIL AGENDA STAFF REPORT CITY CLERK USE ONLY , 4101111-Th _ : . • „:- Meeting Date: June 10, 2008 /. , .) . ..--.4. Public Hearing: D ... : 1, • .-, ':-; Discussion Item: g/ ..,-••Al--,,..-.-4 Cff v"aw.°NuAa Consent Item: 1•.••,/,11•I, JUNE 3, 2008 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the Financial Report for April 2008. BACKGROUND/ANALYSIS: ilhe Financial Report for April 2008 is attached for your review. The purpose of the monthly inancial 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 0 expenditures vs. the current year budget; the footnotes do not explain the prior year percentage variances. /95 AGENDA DATE: JUNE 10, 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. FISCAL IMPACT: Refer to the financial information presented in the report. 4110 Respectfully submitted, Recommended by, "d4c14f 1•Gricas, /(0 & Zfv&-/-6,.4a6/./ if"- 144 Dougla . La Belle, City anager —NJ Judy R. Lancaster, Finance Director DLB:JRL:jlw Att. C 111 Revenues,Expeodiityof Itsd Transfers Budget and Actual Comparative Analysis For the Month Ending April 30,2008 CURRENT YEAR PRIOR YEAR Year to Date Prior Year Month: 10 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 Vanance Actual Variance Vanance GENERAL FUND REVENUES Property taxes 4,044,800 4,044,800 3,370,667 2,958,976 (411,691) (12.21%) (1) 2,905,169 53,807 1.85% Property taxes-Tnple Flip 1,398,500 1,398,500 1,165,417 735,923 (429,494) (36.85%) (I) 564,838 171,084 30.29% Property taxes-VLF Swap 5,869,000 5,869,000 4,890,833 2,970,968 (1,919,865) (39.25%) (I) 2,657,292 313,676 11.80% Sales taxes 4,195,400 4,195,400 3,496,167 2,689,250 (806,916) (23.08%) (2) 2,696,689 (7,439) (0.28%) Other taxes 921,600 921,600 768,000 677,442 (90,558) (11.79%) (2) 583,882 93,560 16.02% Total taxes 16,429,300 16,429,300 13,691,083 10,032,559 (3,658,525) (26.72%) 9,407,870 624,688 6.64% Motor vehicle in-lieu fees 595,800 595,800 496,500 293,552 (202,948) (40 88%) (2) 355,826 (62,273) (17 50%) Fines and Penalties 587,400 587,400 489,500 504,022 14,522 2.97% 444,324 59,698 13.44% Interest income and franchise fees 4,958,100 4,958,100 4,131,750 4,345,742 213,992 5.18% (3) 3,616,558 729,184 20.16% Community Development fees 4,845,900 4,872,000 4,060,000 3,059,161 (1,000,839) (24.65%) (4) 3,201,771 (142,610) (4.45%) Cost reimbursements 269,500 269,500 224,583 1,022,575 797,992 355.32% (5) 392,287 630,288 160.67% Other revenues 35,721,200 35,732,200 29,776,833 3,850,753 (25,926,081) (87 07%) (5) 4,262,554 (411,801) (9.66%) Operating transfers 344,000 344,000 286,667 - (286,667) (100.00%) (6) - - N/A Total revenues 63,751,200 63,788,300 53,156,917 23,108,364 (30,048,553) (56 53%) 21,681,190 1,427,173 6 58% EXPENDITURES Legislative City Council 267,000 269,600 224,667 206,287 18,380 8 18% 190,714 (15,572) (8.17%) City Attorney 450,000 476,100 396,750 202,442 194,308 48.97% (8) I90,949 (11,494) (6.02%) -. City Clerk 715,300 761,300 634,417 573,928 60,488 9.53% 508,769 (65,160) (12.81%) City Manager Administration 1,279,200 1,997,100 1,664,250 1,241,084 423,166 2543% (7) 892,544 (348,540) (39.05%) Contract Services 161,800 161,800 134,833 123,222 11,612 8.61% 99,340 (23,881) (24 04%) Community Relations 424,900 440,000 366,667 266,285 100,381 27.38% (7) 259,025 (7,260) (2.80%) • Human Resources 339,400 373,800 311,500 249,174 62,326 20.01% (7) 249,304 130 0.05% Risk Management 881,700 894,700 745,583 874,697 (129,113) (17.32%) (7) 944,651 69,954 7.41% Community Development Administration 969,800 1,039,100 865,917 754,905 111,012 12.82% (7) 521,197 (233,708) (44.84%) Building Services 1,273,500 1,327,700 1,106,417 872,867 233,550 21.11% (8) 852,656 (20,211) (2.37%) Development Services 1,382,900 1,546,300 1,288,583 729,136 559,447 43.42% (7) 602,144 (126,992) (21.09%) Economic Development 50,200 95,200 79,333 52,600 26,733 33.70% (7) 24,471 (28,128) (114.94%) Community Services Administrative 949,100 1,096,900 914,083 744,650 169,433 18.54% (7) 601,219 (143,431) (23.86%) Neighborhood Services and Code Enforcement 1,164,000 1,203,100 1,002,583 745,479 257,104 25.64% (7) 691,893 (53,586) (7.74%) Public Safety 9,245,700 9,281,400 7,734,500 7,412,507 321,993 4.16% 7,184,187 (228,320) (3.18%) Recreation Services 2,635,100 2,740,000 2,283,333 1,693,062 590,271 25.85% (7) 1,620,898 (72,164) (4.45%) Page 1 of 3 11 4 YEARPRIOR YEAR Year to Date Pnor Year 111 Month: 10 Year Revised Budget Actual vs Ongmal 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 823,200 961,900 801,583 645,002 156,582 19 53% (7) 484,078 (160,924) (33.24%) Capital Improvement/Land Development - - - - - N/A 552,678 552,678 100.00% Engineenng Services 1,548,500 1,563,000 1,302,500 630,758 671,742 51.57% (7) 251,925 (378,834) (150.38%) Finance Administrative 1,782,600 1,902,500 1,585,417 1,365,673 219,743 13 86% (7) 1,207,866 (157,807) (13.06%) Non-Departmental 70,100 70,100 58,417 36,082 22,335 38.23% (7) 28,264 (7,818) (27 66%) Development Program 3,072,300 3,072,300 2,560,250 1,835,591 724,659 28.30% (7) 824,385 (1,011,206) (122 66%) Public Facilities and Operations Administrative 709,900 743,700 619,750 566,944 52,806 8.52% 486,153 (80,791) (16.62%) Facility and Equipment Maintenance 1,000,800 1,019,300 849,417 780,872 68,545 8 07% 759,001 (21,871) (2.88%) Other Maintenance 785,200 833,900 694,917 534,096 160,821 23 14% (7) 578,614 44,518 7.69% Interfund Transfers Capital Improvement Projects 6,468,000 6,039,600 5,033,000 1,536,127 3,496,873 69.48% (6) 1,086,818 (449,308) (41 34%) Operation Transfers 471,200 471,200 392,667 76,200 316,467 80.59% (6) - (76,200) N/A Total expenditures 38,921,400 40,381,600 33,651,333 24,749,669 8,901,664 26.45% 21,693,745 (2,979,725) (13.74%) Net revenues over/(under) expenditures 24,829,800 23,406,700 19,505,583 (1,641,306) (21,146,889) 108.41% (12,554) (1,552,551) N/A WATER FUND REVENUES Water sales 19,293,800 19,293,800 16,078,167 12,997,102 (3,081,065) (19.16%)(I I) 12,538,417 458,685 3.66% Other revenue 1,549,600 1,549,600 1,291,333 1,162,121 (129,212) (1001%)(11) 899,333 262,788 29.22% _ Total revenues 20,843,400 20,843,400 17,369,500 14,159,223 (3,210,277) (18.48%) 13,437,750 721,473 5.37% _ EXPENDITURES Water costs 6,184,900 6,184,900 5,154,083 6,322,562 (1,168,479) (22 67%) (8) 4,187,174 (2,135,389) (51 00%) Power costs 749,800 749,800 624,833 550,700 74,133 11.86% (8) 594,530 43,830 7.37% Interfund Transfers 2,616,600 2,696,900 2,247,417 382,717 1,864,699 82.97% (6) 2,369,372 1,986,655 83.85% Other costs 11,435,200 11,972,500 9,977,083 4,750,208 5,226,875 52.39% (9) 4,600,033 (150,175) (3.26%) Total expenditures 20,986,500 21,604,100 18,003,417 12,006,188 5,997,229 33.31% 11,751,109 (255,079) (2.17%) Net profit(loss) (143,100) (760,700) (633,917) 2,153,035 2,786,952 (439.64%) 1,686,641 466,394 27.65% SEWER FUND Revenues 10,340,500 10,340,500 8,617,083 4,576,205 (4,040,879) (46.89%) (11) 4,448,377 127,828 2.87% Expenditures 6,252,600 6,357,200 5,297,667 2,736,922 2,560,745 48.34% (9) 2,543,369 (193,553) (7.61%) Net profit(loss) 4,087,900 3,983,300 3,319,417 1,839,283 (1,480,134) 44.59% 1,905,007 (65,725) (3.45%) SOLID WASTE FUND Revenues 3,800,000 3,800,000 3,166,667 2,915,892 (250,774) (7.92%) 2,896,398 19,494 0.67% Expenditures 3,800,000 3,800,000 3,166,667 2,391,515 775,152 24.48%(10) 2,386,999 (4,516) (0.19%) Netrevenues re enues and expenditures 0 0 0 524,378 1 524,378 N/A 509,399 14,978 2.94% Page 2 of 3 111 IIINIT YEAR PRIOR YE Year to Date Prior Year Month: 10 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 Vanance DEVELOPMENT FUNDS(12) Revenues 19,080,000 19,080,000 15,900,000 6,135,467 (9,764,533) (61.41%)(11) 8,839,066 (2,703,598) (30.59%) Expenditures 19,211,000 17,924,800 14,937,333 3,490,706 I1,446,627 76.63%(I I) 11,155,708 7,665,002 68 71% Net revenues and expenditures (131,000) 1,155,200 962,667 2,644,761 1,682,095 (174.73%) (2,316,642) 4,961,404 (214.16%) CONSTRUCTION FUNDS Revenues 128,759,500 125,000,700 104,167,250 37,438,311 (66,728,939) (64.06%) (6) 26,702,374 10,735,937 40.21% Expenditures 128,759,500 124,999,500 104,166,250 37,589,748 66,576,502 63.91% (6) 32,438,909 (5,150,840) (15 88%) Net revenues and expenditures 0 1,200 1,000 (151,437) (152,437) N/A (5,736,534) 5,585,097 (97 36%) LANDSCAPE AND LIGHTING DISTRICT FUNDS Revenues 13,003,900 13,003,900 10,836,583 6,492,539 (4,344,045) (40.09%) (I) 6,553,848 (61,309) (0.94%) Expenditures 10,553,000 10,566,700 8,805,583 7,059,588 1,745,995 19.83% (6) 8,586,393 1,526,805 17 78% Net revenues and expenditure 2,450,900 2,437,200 2,031,000 (567,050) (2,598,050) 127.92% (2,032,546) 1,465,496 (72.10%) ASSESSMENT DISTRICT FUNDS Revenues 1,363,600 1,363,600 1,136,333 969,883 (166,450) (14.65%) (1) 1,798,656 (828,773) (46 08%) Expenditures 1,320,300 1,320,300 1,100,250 1,140,786 (40,536) (368%) 3,017,177 1,876,391 62.19% Net revenues and expenditures 43,300 43,300 36,083 (170,903) (206,986) 573.63% (1,218,520) 1,047,617 (85.97%) COMMUNITY FACILITIES DISTRICTS FUNDS Revenues 10,858,100 10,858,100 9,048,417 24,819,436 15,771,020 174.30% (I) 60,363,469 (35,544,033) (58.88%) Expenditures 77,711,100 74,446,400 62,038,667 54,647,799 7,390,867 11.91% (6) 19,755,114 (34,892,686) (176.63%) Net revenues and expenditures (66,853,000) (63,588,300) (52,990,250) (29,828,363) 23,161,887 43.71% 40,608,356 (70,436,719) (173 45%) MISCELLANEOUS FUNDS(13) Revenues 16,765,000 17,730,000 14,775,000 6,050,119 (8,724,881) (59 05%) (6) 6,730,312 (680,193) (10.11%) Expenditures 19,174,800 21,489,200 17,907,667 6,730,547 11,177,120 62.42% (6) 6,524,865 (205,682) (3 15%) Net revenues and expenditures (2,409,800) (3,759,200) (3,132,667) (680,428) 2,452,239 78.28% 205,447 (885,875) (431.19%) Page 3013 age 1 0OTNOTES: III 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,Affordable Housing Program, Street Sweeping, Sleepy Hollow Road Improv, Misc. Grant, Equipment Maintenance, Data Processing,Tres Hermanos Authority,Federal Emerg Mgmt Agency, CH Corp Debt Service